Document:

Exhibit 10.2

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH, OR PURSUANT TO AN EXEMPTION FROM,
THE REQUIREMENTS OF SUCH ACT OR SUCH LAWS. 

 

 

 

BIONIK LABORATORIES CORP.

 

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: US$[_____] 	Issue Date: [_____], 2017

 

Bionik
Laboratories Corp., a Delaware corporation (the “Company”), for value received, hereby promises
to pay to [_____] or his permitted assigns or successors (the “Holder”), the principal amount of [_____]
Dollars (US$[___]) (the “Principal Amount”), without demand, on the Maturity Date (as hereinafter defined),
together with any accrued and unpaid interest due thereon. This Note shall bear interest at a fixed rate of 3% per month, beginning
on the Issue Date. Interest shall be computed based on a 360-day year of twelve 30-day months and shall be payable, along with
the Principal Amount, on the Maturity Date. Except as set forth in Section 3.1, payment of all principal and interest due
shall be in such coin or currency of the United States of America as shall be legal tender for the payment of public and private
debts at the time of payment.

 

This Note is a convertible
promissory note referred to in that certain Subscription Agreement dated as of the date hereof, or series of like subscription
agreements (the “Subscription Agreement”), among the Company and the subscribers named therein, pursuant
to which the Company is seeking to borrow up to $2,000,000.

 

1.    
      Definitions.

 

1.1           Definitions.
The terms defined in this Section 1 whenever used in this Note shall have the respective meanings hereinafter specified.

 

“Change in
Control”  means a merger or consolidation of the Company with or into any other entity in which the stockholders
of the Company immediately prior to the merger or consolidation do not own more than 50% of the outstanding voting power (assuming
conversion of all convertible securities and the exercise of all outstanding options and warrants) of the surviving entity or the
sale, lease, licensing, transfer or other disposition of all or substantially all the assets of the Company; provided, however,
that any new issuance of capital stock (or securities convertible or exercisable into capital stock) of the Company to one or more
third parties for the sole purpose of providing funding for the Company shall not constitute a Change in Control.

 

“Common Stock”
means the common stock, par value $0.001 per share, of the Company.

 

    	 	1	 

     

    

 

“Conversion
Shares” means the New Round Stock issued or issuable to the Holder upon a Conversion Date pursuant to Article
3.

 

“Conversion
Date” shall mean the date, if any, of the conversion of this Note into Conversion Shares, as provided in Section
3.1.

 

“Event of Default”
shall have the meaning set forth in Section 6.1.

 

“Existing Notes”
means those certain convertible promissory notes, as amended, in an aggregate principal amount of $2,000,000, issued by the Company
to certain investors in December 2016 – March 2017, including pursuant to that certain subscription agreement dated December
20, 2016.

 

“Holder”
or “Holders” means the person named above or any Person who shall thereafter become a recordholder of
this Note in accordance with the terms hereof.

 

“Issue Date”
means the issue date stated above.

 

“Maturity Date”
shall mean the earlier of: (a) March 31, 2018 and (b) the consummation of a Qualified Financing.

 

“New Round
Stock” means, the securities (or units of securities if more than one security are sold as a unit) issued by the
Company in one or more tranches in the context of the Qualified Financing.

 

“Note”
means this Convertible Note, as amended, modified or restated.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.

 

“Premium”
means, with respect to the repayment or conversion of the Principal Amount, an amount equal to twenty-five percent (25%) of the
Principal Amount less the interest accrued and unpaid through the measurement date.

 

“Qualified
Financing” means the next equity or equity-linked round of financing of the Company in whatever form or type that
raises in one or more tranches aggregate gross proceeds of $7,000,000 or more, less the aggregate amount raised by the Company
pursuant to the Subscription Agreement and the Existing Notes.

 

“Securities
Act” means the United States Securities Act of 1933, as amended.

 

“Trading Market”
means the OTCQX market place of the OTC Markets; provided however, that in the event the Company’s Common Stock is
ever listed or traded on the New York Stock Exchange, the NYSE Amex Equities, the Nasdaq Global Select Market, the NASDAQ Global
Market, the NASDAQ Capital Market, or the OTCQB market place of the OTC Markets, then the “Trading Market” shall mean
such other market or exchange on which the Company’s Common Stock is then listed or traded.

 

    	 	2	 

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted
for trading on a Trading Market and if prices for the Common Stock are then reported on the OTC Markets, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (c) in all other cases, the fair market value of a share of Common Stock as determined by the Board of Directors of the Company
in good faith.

 

2.        
  GENERAL PROVISIONS.

 

2.1           Loss,
Theft, Destruction of Note. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security reasonably
satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Note, the Company
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a new Note of like tenor and unpaid principal
amount dated as of the date hereof. This Note shall be held and owned upon the express condition that the provisions of this Section
2.1 are exclusive with respect to the replacement of a mutilated, destroyed, lost or stolen Note and shall preclude any and
all other rights and remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to
the replacement of negotiable instruments or other securities without their surrender.

 

2.2           Prepayment;
Redemption. This Note may not be prepaid by the Company in whole or in part, except with the prior written consent of
the Holder. This Note may not be redeemed by the Company in whole or in part, except with the prior written consent of the Holder.

 

3.    
      CONVERSION OF NOTE.

 

3.1           Conversion.

 

(a)          Conversion
upon Qualified Financing. Upon the consummation of a Qualified Financing, without any action on the part of the Holder, the
(i) outstanding principal, (ii) accrued and unpaid interest under the Notes and (iii) the Premium, will be converted into shares
of New Round Stock based upon the lesser of (A) the lowest issuance (or conversion) price of New Round Stock in case there is more
than one tranche of New Round Stock or (B) twenty-five cents ($0.25).

 

    	 	3	 

     

    

 

(b)          Security
Interest. In the event the Company is unsuccessful in consummating a Qualified Financing by March 31, 2018, the Company shall
promptly grant to the Holder a security interest on all of the Company’s assets and shall file a UCC-1 Financing Statement
to perfect such security interest, and shall execute and deliver such other documents, agreements and instruments that the Holder
reasonably requires to so grant and perfect the security interest in the Company’s assets; provided, however, that such security
interest shall be subject to an intercreditor agreement or other similar agreement, in customary form, if and to the extent the
Company enters into one or more secured loans with third party lenders from the Issue Date through the Maturity Date, providing
for pari passu rights among the Holder, the other lenders pursuant to the Subscription Agreement and such other third parties.

 

(c)          Conversion
upon Change of Control. If a Change of Control transaction occurs prior to the Qualified Financing, the (i) outstanding principal,
(ii) accrued and unpaid interest under the Note and (iii) the Premium would, at the election of the holders of a majority of the
outstanding principal of the Notes, be either (A) payable upon demand as of the closing of such Change of Control transaction or
(B) convertible into shares of the Common Stock immediately prior to such Change of Control transaction at a price per share equal
to the lesser of (A) the VWAP, or (B) the per share consideration to be received by the holders of the Common Stock in such Change
of Control transaction.

 

(d)          Cancellation.
Upon and as of the Conversion Date, this Note will be cancelled on the books and records of the Company and shall solely represent
the right to receive the Conversion Shares.

 

3.2           Delivery
of Securities Upon Conversion.

 

(a)          As
soon as is practicable after a Conversion Date, the Company shall deliver to the Holder a certificate or certificates evidencing
the Conversion Shares issuable to the Holder.

 

(b)          The
issuance of certificates for Conversion Shares upon conversion of this Note shall be made without charge to the Holder for any
issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance
of securities. Upon conversion of this Note, the Company shall take all such actions as are necessary in order to ensure that the
Conversion Shares so issued upon such conversion shall be validly issued, fully paid and nonassessable.

 

3.3           Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon conversion of this Note. If
any conversion of this Note would create a fractional share or a right to acquire a fractional share, the Company shall round to
the nearest whole number.

 

4.    
      STATUS; RESTRICTIONS ON TRANSFER.

 

4.1           Status
of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes a valid and legally
binding obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general
principles of equity. This Note does not confer upon the Holder any right to vote or to consent or to receive notice as a stockholder
of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder, prior to conversion
hereof into Conversion Shares.

 

    	 	4	 

     

    

 

4.2           Restrictions
on Transferability. This Note and any Conversion Shares issued with respect to this Note, have not been registered under
the Securities Act, or under any state securities or so-called “blue sky laws,” and may not be offered, sold, transferred,
hypothecated or otherwise assigned except (a) pursuant to a registration statement with respect to such securities which is effective
under the Act or (b) upon receipt from counsel satisfactory to the Company of an opinion, which opinion is satisfactory in form
and substance to the Company, to the effect that such securities may be offered, sold, transferred, hypothecated or otherwise assigned
(i) pursuant to an available exemption from registration under the Act and (ii) in accordance with all applicable state securities
and so-called “blue sky laws.” The Holder agrees to be bound by such restrictions on transfer. The Holder further consents
that the certificates representing the Conversion Shares that may be issued with respect to this Note may bear a restrictive legend
to such effect. In addition, this Note shall be subject to the restrictions on transfer set forth in Article III of the Subscription
Agreement.

 

5.     
     COVENANTS. In addition to the other covenants and agreements of the Company set forth in
this Note, the Company covenants and agrees that so long as this Note shall be outstanding:

 

5.1           Payment
of Note. Upon a Maturity Date that is not also a Conversion Date, the Company will punctually, according to the terms
hereof, pay or cause to be paid all amounts due under this Note.

 

5.2           Notice
of Default. If any one or more events occur which constitute or which, with the giving of notice or the lapse of time
or both, would constitute an Event of Default or if the Holder shall demand payment or take any other action permitted upon the
occurrence of any such Event of Default, the Company will forthwith give notice to the Holder, specifying the nature and status
of the Event of Default or other event or of such demand or action, as the case may be.

 

6.     
     REMEDIES.

 

6.1           Events
of Default. “Event of Default” wherever used herein means any one of the following events:

 

(a)          The
Company shall fail to issue and deliver the Conversion Shares in accordance with Section 3;

 

(b)          Default
in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest), this Note when
and as the same shall become due and payable;

 

(c)          Default
in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a
default in the performance of which is specifically provided for elsewhere in this Section 6.1), and the continuance of
such default for a period of 10 days after there has been given to the Company by the Holder a written notice specifying such default
and requiring it to be remedied;

 

    	 	5	 

     

    

 

(d)          The
entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal
Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator
(or other similar official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 calendar days;

 

(e)          The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under the Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official)
of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;

 

(f)          The
Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an arrangement or
composition with or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments
or other relief of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting all or any
material part of the indebtedness of the Company; or

 

(g)          It
becomes unlawful for the Company to perform or comply with its obligations under this Note.

 

6.2           Effects
of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this
Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall
pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note
is paid in full.

 

6.3           Remedies
Not Waived; Exercise of Remedies. No course of dealing between the Company and the Holder or any delay in exercising
any rights hereunder shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power
or privilege under this Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. By acceptance hereof, the Holder acknowledges
and agrees that this Note is one of a series of Convertible Subordinated Promissory Notes of similar tenor issued by the Company
(collectively, the “Related Notes”) and that upon the occurrence and during the continuance of any Event
of Default, the holders of a majority in original principal amount of the Related Notes shall have the right to act on behalf of
the holders of all such Notes in exercising and enforcing all rights and remedies available to all of such holders under this Note,
including, without limitation, foreclosure of any judgment lien on any assets of the Company. By acceptance hereof, the Holder
agrees not to independently exercise any such right or remedy without the consent of the holders of a majority in original principal
amount of the Related Notes.

 

    	 	6	 

     

    

 

7.     
     MISCELLANEOUS.

 

7.1           Severability.
If any provision of this Note shall be held to be invalid or unenforceable, in whole or in part, neither the validity nor the enforceability
of the remainder hereof shall in any way be affected.

 

7.2           Notice.
Where this Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided) in writing
and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid or (c) sent by facsimile
or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic
transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as provided in the Subscription
Agreement or, if to the Company, to its principal office.

 

7.3           Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Delaware (without giving
effect to any conflicts or choice of law provisions that would cause the application of the domestic substantive laws of any other
jurisdiction).

 

7.4           Forum.
The Holder and the Company hereby agree that any dispute which may arise out of or in connection with this Note shall be adjudicated
before a court of competent jurisdiction in the State of Delaware and they hereby submit to the exclusive jurisdiction of the courts
of the State of Delaware, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, with respect
to any action or legal proceeding commenced by either of them and hereby irrevocably waive any objection they now or hereafter
may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is
an inconvenient forum.

 

7.5           Headings.
The headings of the Articles and Sections of this Note are inserted for convenience only and do not constitute a part of this Note.

 

7.6           Amendments.
This Note may be amended or waived only with the written consent of the Company and the holders of a majority in original aggregate
principal amount of this Note and the Related Notes. Any such amendment or waiver shall be binding on all holders of the Notes,
even if they do not execute such consent, amendment or waiver.

 

7.7           No
Recourse Against Others. The obligations of the Company under this Note are solely obligations of the Company and no
officer, employee or stockholder shall be liable for any failure by the Company to pay amounts on this Note when due or perform
any other obligation.

 

7.8           Assignment;
Binding Effect. This Note may be assigned by the Company without the prior written consent of the Holder. This Note
shall be binding upon and inure to the benefit of both parties hereto and their respective permitted successors and assigns.

 

Signature
on the Following Page

    	 	7	 

     

    

 

In
Witness Whereof, the Company has caused this Note to be signed by its duly authorized officer on the date hereinabove
written.

 

	 	Bionik Laboratories Corp.
	 	 	 
	 	By:	 
	 	Name: Eric Dusseux
	 	Title: CEO

 

Signature
Page to Convertible Promissory NoteExhibit 10.3

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

BIONIK LABORATORIES CORP.

 

Issue Date: As
of August 14, 2017

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [____________] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Pricing Date (the “Initial Exercise Date”) and on or prior to 5:30 p.m. (New York time) on the
Five (5) year anniversary of the Issue Date (the “Termination Date”) but not thereafter, to subscribe for and
purchase from BIONIK LABORATORIES CORP., a Delaware corporation (the “Company”), a maximum number of shares
(as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock equal to the Share Limit. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). The Warrant
is one of a series of like common stock purchase warrants issued by the Company as of August 14, 2017, to certain of the Company’s
holders of outstanding indebtedness (the “Other Warrantholders”).

 

Section 1.          Definitions.

 

		a)	“Common Stock” means the common shares of the Company, $0.001 par value per
share, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

		b)	“New Round Stock” means, the securities (or units of securities
if more than one security are sold as a unit) issued by the Company in one or more tranches in the context of the Qualified Financing

 

		c)	“Pricing Date” means the date that the
actual Exercise Price is determined pursuant to Section 2(b).

 

d)       “Promissory
Notes” means, if any, the promissory note or notes issued by the Company in favor of the Holder from August 14, 2017
through September 27, 2017.

 

e)       “Qualified
Financing” means the next equity or equity-linked round of financing of the Company in whatever form or type.

 

f)         “Share
Limit” means the number of shares determined by multiplying the aggregate principal amount of Promissory Notes by 20%,
and then dividing such product by the Exercise Price.

 

g)       “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, OTCQX, OTCQB or the OTC Bulletin Board (or any successors to any of the foregoing).

 

     

     

    

 

h)       “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on a Trading Market or the
OTC Bulletin Board (if the OTC Bulletin Board is not a Trading Market), (c) if the Common Stock is not then listed or quoted for
trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published
by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Shares then
outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Section 2.          Exercise.

 

a)    Exercise
of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto and within
three (3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment
of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States
bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise Form within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof.

 

b)       Exercise
Price.  The exercise price per share of the Common Stock under this Warrant shall be the lowest issuance (or conversion)
price of A) New Round Stock in case there is more than one tranche of New Round Stock in a Qualified Financing or B) the average
VWAP for the sixty (60) Trading Days immediately prior to January 30, 2018, or C) twenty-five cents ($0.25) in all cases subject
to adjustment hereunder (the “Exercise Price”).

 

c)       Mechanics
of Exercise.

 

i.    Delivery
of Warrant Shares Upon Exercise.  Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant
to Rule 144, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that
is three (3) Trading Days after the latest of (A) the delivery to the Company of a duly completed and executed Notice of Exercise,
(B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set forth above (such date, the
“Warrant Share Delivery Date”).  The Warrant Shares shall be deemed to have been issued, and Holder or
any other person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for
all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such Warrant Shares, having been paid.

 

    	 	2	 

     

    

 

ii.    Delivery
of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii.    No
Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise,
the Company shall, at its election, either pay a cash adjustment in respect of such fraction in an amount equal to the fraction
multiplied by the Exercise Price or round up to the next whole share of Common Stock.

 

iv.   Charges,
Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by
the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of
the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.

 

v.    Closing
of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant pursuant to the terms hereof.

 

Section 3.          Certain
Adjustments.

 

a)   Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of Warrant Shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section
3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    	 	3	 

     

    

 

b)   Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all, or substantially all, of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, and shall accept, for the same aggregate consideration, upon
exercise of the Warrants, in lieu of the number of shares of Common Stock to which the Holder was theretofore entitled upon the
exercise of the Warrants, the kind and aggregate number of shares of Common Stock and other securities or property resulting from
the Fundamental Transaction which the Holder would have been entitled to receive as a result of the Fundamental Transaction if,
on the effective date thereof, the Holder has been the registered holder of the number of shares of Common Stock to which the Holder
was theretofore entitled to purchase or receive upon the exercise of the Warrants. If necessary, as a result of any Fundamental
Transaction, appropriate adjustments shall be made in the application of the provisions of this Warrant with respect to the rights
and interest thereafter of the Holder to the end that the provisions of this Warrant shall thereafter correspondingly be made applicable
as nearly as may reasonably be possible in relation to any shares or other securities or property thereafter deliverable upon the
exercise of this Warrant.

 

c)   Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

d)   Voluntary
Adjustment by Company.  The Company may at any time, upon written notice to the Holder during the term of this Warrant
(i) reduce the then current Exercise Price to any amount and for any period of time and/or (ii) extend the Termination Date, in
each case, as deemed appropriate by the Board of Directors.

 

Section 4.          Transfer
of Warrant.

 

a)   Transferability.  Subject
to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such assignment, and shall issue to the assignor
a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. This Warrant,
if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having
a new Warrant issued.

 

b)   New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue
Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

    	 	4	 

     

    

 

c)   Representation
by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and,
upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view
to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state or provincial securities laws, except pursuant to sales registered or exempted under the Securities Act and any applicable
state or provincial securities laws.

 

Section 5.          Miscellaneous.

 

a)   No
Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i).

 

b)   Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of this Warrant, shall not include the posting of any bond), and upon surrender and cancellation of this Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu thereof.

 

c)   Saturdays,
Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)   Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

e)   Restrictions.  The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state, provincial and federal securities laws.

 

f)   Nonwaiver No
course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such
right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder
terminate on the Termination Date.

 

g)   Notices.  All
notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under or by reason
of the provisions of the Warrant or in connection with the transactions contemplated hereby shall be in writing and shall be deemed
to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day of such delivery
(as evidenced by the receipt of the personal delivery service); (ii) if mailed certified or registered mail return receipt requested,
two (2) business days after being mailed; or (iii) if delivered by overnight courier (with all charges having been prepaid), on
the business day of such delivery (as evidenced by the receipt of the overnight courier service of recognized standing). If any
notice, demand, consent, request, instruction or other communication cannot be delivered because of a changed address of which
no notice was given (in accordance with this Section 3.1, or the refusal to accept same, the notice, demand, consent, request,
instruction or other communication shall be deemed received on the second business day the notice is sent (as evidenced by a sworn
affidavit of the sender). All such notices, demands, consents, requests, instructions and other communications will be sent to
the following addresses or facsimile numbers as applicable: 

 

	If to the Company to:	 	
        Bionik Laboratories Corp.

        483 Bay Street, N105

        Toronto, ON M5G 2C9

        Attention:  CEO

 

If to the Holder, to the address in the
books and records of the Company.

 

Any such person may by notice given in
accordance with this Section 5(g) to the other parties hereto designate another address or person for receipt by such person
of notices hereunder.

 

    	 	5	 

     

    

 

h)   Limitation
of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

i)   Remedies.  The
Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

j)   Successors
and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

k)   Amendment.  This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and a majority of the
Other Warrantholders (including the Holder).

 

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

 

m)   Headings.  The
headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.

 

(Remainder of page intentionally left
blank. Next page is signature page.)

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	BIONIK LABORATORIES CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	 	7	 

     

    

 

NOTICE OF EXERCISE

 

		TO:	BIONIK LABORATORIES CORP.

 

(1)    The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant and
tenders herewith payment of the exercise price, together with all applicable transfer taxes, if any.

 

(2)    Payment
shall take the form of lawful money of the United States.

 

(3)    Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 

  

The Warrant Shares shall be delivered
as follows (i) to the following DWAC Account Number:

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

Or (ii) by physical delivery
of a certificate to:

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

(4)  Accredited
Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:   	 

 

	Signature of Authorized Signatory of Investing Entity:    	 

 

	Name of Authorized Signatory:    	 

 

	Title of Authorized Signatory:    	 

 

	Date:    	 

 

    	 	8	 

     

    

 

ASSIGNMENT
FORM

 

(To assign
the Warrant referenced herein, execute

this form
and supply required information.

Do not use
this form to exercise the Warrant.)

 

FOR VALUE
RECEIVED, [____] hereby sells, assigns and transfers [all of] or [_______] shares of the foregoing Warrant and all rights evidenced
thereby are hereby assigned to _________________________________ whose address is: _____________________________________________________________________________________________

 

Dated:  _____,_______

 

	Holder’s Signature: ______________________________	 
	 	 
	Holder’s Address:  ______________________________	 

 

	 	 

 

	Signature Guaranteed:  ___________________________________	 

 

NOTE:  The signature
to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to assign the Warrant.

 

    	 	9

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