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, issued by the Company to certain investors pursuant
to subscription agreements dated in or around December, 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 net 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.

 

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“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 (or into) New Round Stock in case
there is more than one tranche of New Round Stock or (B) twenty-five cents (0.25$).

 

(b)       Security
Interest. In the event the Company is unsuccessful in consummating a Qualified Financing by January 30, 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..

 

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(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.

 

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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;

 

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(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.

 

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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

 

 

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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

 

AGREEMENT

 

BETWEEN:

 

BIONIK LABORATORIES

("Bionik")

 

- and -

 

PETER BLOCH

("Mr. Bloch")

 

WHEREAS Mr. Bloch is an employee of Bionik;
and

 

AND WHEREAS Mr. Bloch and Bionik wish to
agree on the terms of Mr. Bloch's separation from Bionik as follows:

 

		1.	Mr. Bloch will continue in his
                                         current CEO role until a new CEO is appointed on September 1, 2017, at which time Mr.
                                         Bloch's employment shall terminate (without cause) and the severance terms in section
                                         5.4 of his July 7,2014 employment agreement will apply. Mr. Bloch shall be paid all severance
                                         amounts owing under section 5.4 within 1 month of: 1) a NASDAQ up list with a USD $7
                                         million in financing secured (from July 16, 2017); or 2) once an additional of
                                         USD $7 million in financing is secured (from July 16, 2017). If not paid earlier under
                                         1) or 2), the severance amount shall be paid on March 31, 2018.

 

		2.	Mr. Bloch will assist in the transition to the new CEO.

 

		3.	Effective September 1, 2017, Mr. Bloch shall commence a new consulting position of EVP
                                                               (Corporate Development and Finance) until the later of: 1) March 31, 2018; or 2) 3 months after a NASDAQ up list is
                                                               completed as far as NASDAQ up list is before March 31, 2018. Mr. Bloch will be paid a consulting fee of USD 30,000 plus HST
                                                               (recoverable by Bionik) per month plus benefits, payable every 2 weeks (USD 15,000 every 2 weeks plus HST).

 

		4.	Mr. Bloch is entitled to the following
                                         past earned bonus amounts which are payable within 1 month of: 1) a NASDAQ up list with
                                         a USD $7 million in financing secured (from July 16, 2017); or 2) once an additional
                                         of USD $7 million in financing is secured (from July 16, 2017). If not paid earlier under
                                         1) or 2), the bonus amounts shall be paid on March 31,2018.

 

     

     

    

 

o       FY2016
- 90% of target bonus as defined by the employment agreement

o       FY2017
- 50% of target bonus as defined by the employment agreement

 

		5.	Mr. Bloch is eligible for his full FY2018 bonus, payable
on March 31, 2018.

 

The bonus is calculated based on
the following 4 objectives:

 

		A)	completed Chinese JV agreement for distribution in China (already completed) (10%)

 

		B)	completed a co-development agreement with Wistron (already
completed) (10%)

 

		C)	completed a distribution agreement with Hyundia / Corexo
(10%)

 

		D)	up listing of Bionik to NASDAQ with a USD $7 million in financing secured (from July 16, 2017)
or securing an additional USD $7 million in financing from July 16, 2017 (70%)

 

		E)	If by the 31th of March 2018 Bionik is listed on the NASDAQ, the stock price is above USD
                                                               $25cts (equivalent taking into account the reverse split) and a USD $7 million in financing is secured (from July 16,
                                                               2017) a special allocation will be added to the bonus equal to 10% of the Full FY2018 bonus.

 

		6.	It is understood that the USD $7 million financing as referred above does not include the investment
under negotiation with European investors including André-Jacques Auberton-Hervé investment structures.

 

		7.	All Mr. Bloch's remaining stock options will automatically vest on the date at which he leaves
Bionik as an employee, however the departure is caused.

 

		8.	The permissible exercise term for all his stock options shall be 2 years from the date he leaves
Bionik as a consultant or an employee, however caused.

 

		9.	All Mr. Bloch's shares will be registered by December
31, 2017.

 

		10.	Mr. Bloch shall have no further salary deferral from July 2017 and all deferred income is payable
by September 1, 2017.

 

This agreement is to be finalized by July
31, 2017.

 

     

     

    

 

	09/01/17	 	09/01/17
	Date	 	Date

 

	/s/ Peter Bloch	 	/s/ Marc Mathieu
	Peter Bloch	 	Marc Mathieu who is authorized to bind the Bionik Labs Board of Directors on this matter.

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