Document:

THIS OPTION HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS
REGISTERED PURSUANT TO APPLICABLE PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR EXEMPT FROM THE REGISTRATION REQUIREMENTS
THEREOF.

 

AMENDED AND RESTATED

GENEREX BIOTECHNOLOGY CORPORATION

2006 STOCK PLAN

NONQUALIFIED STOCK OPTION GRANT

 

This STOCK OPTION GRANT,
dated as of June 6, 2013 (the “Date of Grant”), is delivered by Generex Biotechnology Corporation (the “Company”)
to Eric von Hofe, an employee of the Company (the “Grantee”).

 

RECITALS

 

A.           The
Amended and Restated Generex Biotechnology Corporation 2006 Stock Plan (the “Plan”) provides for the grant of
options to purchase shares of common stock of the Company. The Board of Directors of the Company (the “Board”)
has decided to make a stock option grant. A copy of the Plan is attached as Exhibit A to this Agreement. Capitalized terms
used in this Agreement and not otherwise defined shall have the meanings assigned such terms in the Plan.

 

B.           The
Board is authorized to appoint a committee or individual to administer the Plan. If a committee or individual is appointed, all
references in this Agreement to the “Board” shall be deemed to refer to the committee or individual.

 

NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.      
    Grant of Option.

 

(a)          Subject
to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee an incentive
stock option (the “Option”) to purchase up to six hundred eighty-two thousand, two hundred and ten (682,210)
shares of common stock of the Company (“Shares”) at an exercise price of $0.001 per Share. The Option
shall become exercisable according to Paragraph 2 below.

 

(b)          Under
the terms and conditions contained in the Plan, the Option is granted as a nonqualified stock option and is not an incentive stock
options under section 422 of the Internal Revenue Code of 1986, as amended.

 

2.        
  Exercisability of Option. The Option shall be exercisable as set forth in the following schedule
provided that the Grantee is employed by or providing service to the Company (as defined in the Plan) on the applicable date
of exercise: 682,210 shares will be immediately exercisable as of the Date of Grant.

 

    	 

    	 

    

 

3.        
  Term of Option.

 

(a)          The
Option shall have a term of five (5) years from the Date of Grant and shall terminate at the expiration of that period, unless
it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan.

 

(b)          Unless
otherwise specified by the Board, the Option shall automatically terminate on the date on which the Grantee ceases to be employed
or provide service to the Company for any reason, except for the happening of any of the events described in Paragraph 3(c).

 

(c)          The
Option shall automatically upon the happening of the first of the following events:

 

(i)          The
date on which the Board determines that the Grantee has engaged in conduct that constitutes Cause at any time while the Grantee
is employed by or providing service to the Company. In addition, notwithstanding the other provisions of this Paragraph 3, if the
Board determines that the Grantee has engaged in conduct that constitutes Cause after the Grantee’s termination of employment
or service for any reason, the Option shall immediately terminate.

 

(ii)         The
expiration of the 90-day period after the Grantee ceases to provide services to the Company, as a result of a termination of service
without Cause or if the Grantee voluntarily terminated employment or service and provided the Company with at least 90 days advance
written notice of the effective date of such termination of employment or service with the Company.

 

(iii)        The
expiration of the one-year period after the Grantee ceases to provide services to the Company on account of the Grantee’s
Disability.

 

(iv)        The
expiration of the one-year period after the Grantee ceases to be employed by or provide services to the Company, if the Grantee
dies while employed by or in the service of the Company.

 

Notwithstanding the foregoing, in no event
may the Option be exercised after the date that is five (5) years from the Date of Grant. Any portion of the Option that is not
exercisable at the time the Grantee ceases to be employed by or provide service to the Company shall immediately terminate.

 

4.      
    Exercise Procedures.

 

(a)          Subject
to the provisions of the foregoing Paragraphs, the Grantee may exercise part or all of the exercisable Option by giving the Board
written notice of intent to exercise in the manner provided in this Agreement and Section 5(h) of the Plan, specifying the number
of whole Shares as to which the Option is to be exercised. On the delivery date, the Grantee shall pay the exercise price (i) in
cash, (ii) with the approval of the Board, by delivering Shares of the Company which shall be valued at their fair market value
on the date of delivery, (iii) payment through a broker in accordance with procedures permitted by Regulation T of the Federal
Reserve Board, which procedures may or may not be available, or (iv) by such other method as the Board may approve. The Board may
impose from time to time such limitations as it deems appropriate on the use of Shares of the Company to exercise the Option.

 

    	 

    	 

    

 

(b)          All
obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold
amounts required to be withheld for any taxes, if applicable. Subject to Board approval, the Grantee may elect to satisfy any income
tax withholding obligation of the Company with respect to the Option by having Shares withheld up to an amount that does not exceed
the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.

 

(c)          The
obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions as Company counsel
shall deem necessary or appropriate to comply with relevant securities laws and regulations.

 

5.    
      [Intentionally Omitted.]

 

6.        
  Change of Control. The provisions of the Plan applicable to a Change of Control shall apply to the
Option, and, in the event of a Change of Control, the Board may take such actions as it deems appropriate pursuant to the
Plan.

 

7.        
  Cancellation and Rescission of Options. The Grantee acknowledges and understands that the Option is
subject to the cancellation and rescission provisions of Section 12 of the Plan.

 

8.  
        Restrictions on Exercise. Only the Grantee may exercise the
Option during the Grantee’s lifetime. After the Grantee’s death, the Option shall be exercisable (subject to the
limitations specified in the Plan) solely by the legal representatives of the Grantee, or by the person who acquires the
right to exercise the Option by will or by the laws of descent and distribution, to the extent that the Option is exercisable
pursuant to this Agreement.

 

9.       
   Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which
are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The grant and
exercise of the Option are subject to the provisions of the Plan and to interpretations, regulations and determinations
concerning the Plan established from time to time by the Board in accordance with the provisions of the Plan, including, but
not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the
registration, qualification or listing of the Shares, (iii) changes in capitalization of the Company and (iv) other
requirements of applicable law. The Board shall have the authority to interpret and construe the Option pursuant to the terms
of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

    	 

    	 

    

 

10.     
    No Employment or Other Rights. The grant of the Option shall not confer upon the
Grantee any right to be retained by or in the employ or service of the Company and shall not interfere in any way with the
right of the Company to terminate the Grantee’s employment or service at any time. The right of the Company to
terminate at will the Grantee’s employment or service at any time for any reason is specifically reserved.

 

11.     
    No Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the
Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges of a
stockholder with respect to the Shares subject to the Option, until certificates for Shares have been issued upon the
exercise of the Option.

 

12.     
    Assignment and Transfers. The rights and interests of the Grantee under this Agreement
may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or
by the laws of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate,
or otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the
levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate
the Option by notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and void. The rights
and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s
parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent.

 

13.   
      Notice. Any notice to the Company provided for in this instrument shall be
addressed to the Company in care of the President, 33 Harbor Square, Suite 202, Toronto, Ontario, Canada, M5J 2G2, and any
notice to the Grantee shall be addressed to such Grantee at the current address shown on the books of the Company, or to such
other address as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy
or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post
office regularly maintained by the United States Postal Service or Canada Post.

 

[Signatures Appear on Following Page]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has
caused its duly authorized officers to execute and attest this Agreement, and the Grantee has executed this Agreement, effective
as of the Date of Grant.

 

	 	GENEREX BIOTECHNOLOGY CORPORATION
	 	 	 	 
	 	Per:	/s/ Stephen Fellows	 
	 	Name:	Stephen Fellows	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	Per:	/s/ Mark A. Fletcher	 
	 	Name:	Mark A. Fletcher	 
	 	Title:	Chief Executive Officer and General Counsel
	 	 	 	 
	 	ACCEPTED:	 
	 	 	 
	 	/s/ Eric von Hofe	 
	 	Eric von Hofe, GranteeTHIS OPTION HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS
REGISTERED PURSUANT TO APPLICABLE PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR EXEMPT FROM THE REGISTRATION REQUIREMENTS
THEREOF.

 

AMENDED AND RESTATED

GENEREX BIOTECHNOLOGY CORPORATION

2006 STOCK PLAN

NONQUALIFIED STOCK OPTION GRANT

 

This STOCK OPTION GRANT,
dated as of June 6, 2013 (the “Date of Grant”), is delivered by Generex Biotechnology Corporation (the “Company”)
to Stephen Fellows, an employee of the Company (the “Grantee”).

 

RECITALS

 

A.           The
Amended and Restated Generex Biotechnology Corporation 2006 Stock Plan (the “Plan”) provides for the grant of
options to purchase shares of common stock of the Company. The Board of Directors of the Company (the “Board”)
has decided to make a stock option grant. A copy of the Plan is attached as Exhibit A to this Agreement. Capitalized terms
used in this Agreement and not otherwise defined shall have the meanings assigned such terms in the Plan.

 

B.           The
Board is authorized to appoint a committee or individual to administer the Plan. If a committee or individual is appointed, all
references in this Agreement to the “Board” shall be deemed to refer to the committee or individual.

 

NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.           Grant
of Option.

 

(a)          Subject
to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee an incentive
stock option (the “Option”) to purchase up to five hundred ninety-five thousand, two hundred and thirty-nine
(595,239) shares of common stock of the Company (“Shares”) at an exercise price of $0.001 per Share.
The Option shall become exercisable according to Paragraph 2 below.

 

(b)          Under
the terms and conditions contained in the Plan, the Option is granted as a nonqualified stock option and is not an incentive stock
options under section 422 of the Internal Revenue Code of 1986, as amended.

 

2.           Exercisability
of Option. The Option shall be exercisable as set forth in the following schedule provided that the Grantee is employed
by or providing service to the Company (as defined in the Plan) on the applicable date of exercise: 595,239 shares will
be immediately exercisable as of the Date of Grant.

 

    	 

    	 

    

 

3.           Term
of Option.

 

(a)          The
Option shall have a term of five (5) years from the Date of Grant and shall terminate at the expiration of that period, unless
it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan.

 

(b)          Unless
otherwise specified by the Board, the Option shall automatically terminate on the date on which the Grantee ceases to be employed
or provide service to the Company for any reason, except for the happening of any of the events described in Paragraph 3(c).

 

(c)          The
Option shall automatically upon the happening of the first of the following events:

 

(i)          The
date on which the Board determines that the Grantee has engaged in conduct that constitutes Cause at any time while the Grantee
is employed by or providing service to the Company. In addition, notwithstanding the other provisions of this Paragraph 3, if the
Board determines that the Grantee has engaged in conduct that constitutes Cause after the Grantee’s termination of employment
or service for any reason, the Option shall immediately terminate.

 

(ii)         The
expiration of the 90-day period after the Grantee ceases to provide services to the Company, as a result of a termination of service
without Cause or if the Grantee voluntarily terminated employment or service and provided the Company with at least 90 days advance
written notice of the effective date of such termination of employment or service with the Company.

 

(iii)        The
expiration of the one-year period after the Grantee ceases to provide services to the Company on account of the Grantee’s
Disability.

 

(iv)        The
expiration of the one-year period after the Grantee ceases to be employed by or provide services to the Company, if the Grantee
dies while employed by or in the service of the Company.

 

Notwithstanding the foregoing, in no event
may the Option be exercised after the date that is five (5) years from the Date of Grant. Any portion of the Option that is not
exercisable at the time the Grantee ceases to be employed by or provide service to the Company shall immediately terminate.

 

4.           Exercise
Procedures.

 

(a)          Subject
to the provisions of the foregoing Paragraphs, the Grantee may exercise part or all of the exercisable Option by giving the Board
written notice of intent to exercise in the manner provided in this Agreement and Section 5(h) of the Plan, specifying the number
of whole Shares as to which the Option is to be exercised. On the delivery date, the Grantee shall pay the exercise price (i) in
cash, (ii) with the approval of the Board, by delivering Shares of the Company which shall be valued at their fair market value
on the date of delivery, (iii) payment through a broker in accordance with procedures permitted by Regulation T of the Federal
Reserve Board, which procedures may or may not be available, or (iv) by such other method as the Board may approve. The Board may
impose from time to time such limitations as it deems appropriate on the use of Shares of the Company to exercise the Option.

 

    	 

    	 

    

 

(b)          All
obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold
amounts required to be withheld for any taxes, if applicable. Subject to Board approval, the Grantee may elect to satisfy any income
tax withholding obligation of the Company with respect to the Option by having Shares withheld up to an amount that does not exceed
the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.

 

(c)          The
obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions as Company counsel
shall deem necessary or appropriate to comply with relevant securities laws and regulations.

 

5.           [Intentionally
Omitted.]

 

6.           Change
of Control. The provisions of the Plan applicable to a Change of Control shall apply to the Option, and, in the event of
a Change of Control, the Board may take such actions as it deems appropriate pursuant to the Plan.

 

7.           Cancellation
and Rescission of Options. The Grantee acknowledges and understands that the Option is subject to the cancellation and
rescission provisions of Section 12 of the Plan.

 

8.           Restrictions
on Exercise. Only the Grantee may exercise the Option during the Grantee’s lifetime. After the Grantee’s death,
the Option shall be exercisable (subject to the limitations specified in the Plan) solely by the legal representatives of the Grantee,
or by the person who acquires the right to exercise the Option by will or by the laws of descent and distribution, to the extent
that the Option is exercisable pursuant to this Agreement.

 

9.           Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference,
and in all respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject to the provisions
of the Plan and to interpretations, regulations and determinations concerning the Plan established from time to time by the Board
in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations
with respect to withholding taxes, (ii) the registration, qualification or listing of the Shares, (iii) changes in capitalization
of the Company and (iv) other requirements of applicable law. The Board shall have the authority to interpret and construe the
Option pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

    	 

    	 

    

 

10.          No
Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right to be retained by or in
the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s
employment or service at any time. The right of the Company to terminate at will the Grantee’s employment or service at any
time for any reason is specifically reserved.

 

11.          No
Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event of
the Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares subject to the
Option, until certificates for Shares have been issued upon the exercise of the Option.

 

12.          Assignment
and Transfers. The rights and interests of the Grantee under this Agreement may not be sold, assigned, encumbered or otherwise
transferred except, in the event of the death of the Grantee, by will or by the laws of descent and distribution. In the event
of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder,
except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar process upon the
rights or interests hereby conferred, the Company may terminate the Option by notice to the Grantee, and the Option and all rights
hereunder shall thereupon become null and void. The rights and protections of the Company hereunder shall extend to any successors
or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the
Company without the Grantee’s consent.

 

13.          Notice.
Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the President, 33 Harbor
Square, Suite 202, Toronto, Ontario, Canada, M5J 2G2, and any notice to the Grantee shall be addressed to such Grantee at the current
address shown on the books of the Company, or to such other address as the Grantee may designate to the Company in writing. Any
notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered
and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service or Canada Post.

 

[Signatures Appear on Following Page]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused its duly authorized officers to execute and attest this Agreement, and the Grantee has executed this Agreement,
effective as of the Date of Grant.

 

	 	GENEREX BIOTECHNOLOGY CORPORATION
	 	 	 
	 	Per:	/s/ Stephen Fellows	 
	 	Name:	Stephen Fellows	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	Per:	/s/ Mark A. Fletcher	 
	 	Name:	Mark A. Fletcher	 
	 	Title:	Chief Executive Officer and General Counsel
	 	 	 	 
	 	ACCEPTED:	 
	 	 	 
	 	/s/ Stephen Fellows	 
	 	Stephen Fellows, Grantee

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