Document:

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of November 25, 2019 (the “Execution Date”),
is entered into by and between GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (the “Company”),
and OASIS CAPITAL, LLC, a Puerto Rico limited liability company (together with its permitted assigns, the “Buyer”).
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in that certain Equity
Purchase Agreement by and between the parties hereto, dated as of the Execution Date (as amended, restated, supplemented or otherwise
modified from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

The
Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer up to Forty Million
Dollars ($40,000,000.00) of Put Shares, and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to
provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or
any similar successor statute (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

		1.	DEFINITIONS.

 

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

 

a.    
“Investor” means the Buyer,
any transferee or assignee thereof to whom the Buyer assigns its rights under this Agreement in accordance with Section 9 and
who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee or
assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions
of this Agreement.

 

b.   
“Person” means any individual
or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization,
a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

c.    
“Register,” “Registered,”
and “Registration” refer to a registration effected by preparing and filing one or more registration statements
of the Company in compliance with the Securities Act and/or pursuant to Rule 415 under the Securities Act or any successor rule
providing for the offering of securities on a continuous basis (“Rule 415”), and the declaration or ordering
of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

 

d.   
“Registrable Securities” means
all of the (i) Commitment Shares, (ii) Put Shares which have been, or which may, from time to time be issued, including without
limitation

 

 

    	 	1	 

     

    

 

all
of the shares of Common Stock which have been issued or will be issued to the Investor under the Purchase Agreement (without regard
to any limitation or restriction on purchases), (iii) any and all shares of capital stock issued or issuable with respect to each
of the Transaction Documents, and (iv) any and all shares of capital stock issued or issuable with respect to the Put Shares,
Commitment Shares and the Purchase Agreement as a result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 

e.    
“Registration Statement” means
one or more registration statements of the Company on Form S-1 covering only the resale of the Registrable Securities including
the Initial Registration Statement and any New Registration Statement or Other Registration Statement (each as defined herein).

 

		2.	REGISTRATION.

 

a.    
Mandatory Registration. The Company shall,
by January 10, 2020, file with the SEC an initial Registration Statement on Form S-1 covering the maximum number of Registrable
Securities as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations
so as to permit the resale of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the
Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company and the Investor
in consultation with their respective legal counsel (the “Initial Registration Statement”). The Initial Registration
Statement shall register only Registrable Securities. The Company shall use its best efforts to have the Initial Registration
Statement and any amendment thereto declared effective by the SEC at the earliest possible date (in any event, within ninety (90)
calendar days after the Execution Date).

 

b.   
Rule 424 Prospectus. In
addition to the Initial Registration Statement, the Company shall, as required by applicable securities regulations, from
time to time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, such prospectuses and prospectus supplements,
if any, to be used in connection with sales of the Registrable Securities under each Registration Statement. The Investor and
its counsel shall have a reasonable opportunity to review and comment upon such prospectuses prior to its filing with the SEC,
and the Company shall give due consideration to all such comments. The Investor shall use its reasonable best efforts to comment
upon any prospectus within two (2) business days from the date the Investor receives the final pre-filing version of such prospectus.

 

c.    
Sufficient Number of Shares Registered.
In the event the number of shares available under the Initial Registration Statement is insufficient to cover all of the Registrable
Securities, the Company shall amend the Initial Registration Statement or file a new Registration Statement (a “New Registration
Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section 2(e))
as soon as practicable, but in any event not later than fifteen (15) business days after the necessity therefor arises, subject
to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its reasonable
best efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the
filing thereof. In the event that any of the Registrable Securities are not included in the Initial Registration Statement, or
have not been

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included
in any New Registration Statement, and the Company files any other registration statement under the Securities Act (other than
on Form S-4, Form S-8, or with respect to other employee related plans or rights offerings) (an “Other Registration Statement”),
then the Company shall include in such Other Registration Statement first all of such Registrable Securities that have not been
previously Registered, and second any other securities the Company wishes to include in such Other Registration Statement. The
Company agrees that it shall not file any such Other Registration Statement unless all of the Registrable Securities have been
included in such Other Registration Statement or otherwise have been Registered for resale as described above.

 

d.   
Effectiveness. The Investor and its counsel
shall have a reasonable opportunity to review and comment upon any Registration Statement and any amendment or supplement to such
Registration Statement and any related prospectus prior to its filing with the SEC, and the Company shall give due consideration
to all reasonable comments. The Investor shall furnish all information reasonably requested by the Company for inclusion therein.
The Company shall use reasonable best efforts to keep all Registration Statements effective, including but not limited to pursuant
to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities
covered thereby at all times until the earlier of

(i)
the date as of which the Investor may sell all of the Registrable Securities without restriction pursuant to Rule 144 promulgated
under the Securities Act without any restrictions (including any restrictions under Rule 144(c) or Rule 144(i)) and (ii) the date
on which the Investor shall have sold all the Registrable Securities covered thereby and no Put Shares remain issuable under the
Purchase Agreement (the “Registration Period”). In the event that any Registration Statement filed hereunder
is no longer effective and Rule 144 is available for sales of the Registrable Securities, the Company shall provide an opinion
upon request of the Investor that the Investor may sell any such Registrable Securities held by the Investor pursuant to Rule
144 with all costs related to such opinion to be borne by the Company. Each Registration Statement (including any amendments or
supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading.

 

e.    
Offering. If the staff of the SEC (the
“Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant
to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become or remain
effective and be used for resales by the Investor under Rule 415 at then- prevailing market prices (and not fixed prices) by comment
letter or otherwise, or if after the filing of the Initial Registration Statement with the SEC pursuant to Section 2(a),
the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial
Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Initial Registration
Statement (with the prior consent, which shall not be unreasonably withheld, of the Investor and its legal counsel as to the specific
Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement
to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this paragraph,
the Company shall file one or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable
Securities have been included in Registration Statements that have been declared

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effective
and the prospectus contained therein is available for use by the Investor. Notwithstanding any provision herein or in the Purchase
Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the
Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed
in this Section 2(e).

 

		3.	RELATED
                                         OBLIGATIONS.

 

With
respect to a Registration Statement and whenever any Registrable Securities are to be Registered pursuant to Section 2,
including on any Other Registration Statement, the Company shall use its reasonable best efforts to effect the registration of
the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall
have the following obligations:

 

a.    
The Company shall prepare and file with the SEC
such amendments (including post-effective amendments on Form S-1) and supplements to any Registration Statement and any Other
Registration Statement and the prospectus used in connection with such Registration Statement and Other Registration Statement,
which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration
Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities
Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or applicable
Other Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with
the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

b.   
The Company shall permit the Investor to review
and comment upon each Registration Statement or any Other Registration Statement and all amendments and supplements thereto at
least two (2) business days prior to their filing with the SEC, and not file any document in a form to which Investor reasonably
objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any Other Registration
Statement and any amendments or supplements thereto within two (2) business days from the date the Investor receives the final
version thereof. The Company shall furnish to the Investor, without charge, and within three (3) Business Day, any comments and/or
any other correspondence from the SEC or the Staff to the Company or its representatives relating to the Registration Statement
or any Other Registration Statement. The Company shall respond to the SEC or the Staff, as applicable, regarding the resolution
of any such comments and/or correspondence as promptly as practicable and in any event within two weeks upon receipt thereof.

 

c.    
Upon request of the Investor, the Company shall
furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration
Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits, (ii) upon the effectiveness of any Registration Statement, a copy of the prospectus included in such Registration
Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and
(iii) such other documents, including copies

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of
any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition
of the Registrable Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the
SEC’s live EDGAR system shall be deemed “furnished to the Investor” hereunder.

 

d.   
The Company shall use reasonable best efforts
to (i) register and qualify the Registrable Securities covered by a Registration Statement under such other securities or “blue
sky” laws of Puerto Rico, Kansas, Florida and such other jurisdictions in the United States as the Investor reasonably requests,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period,
and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to
do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject
itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.
The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification
with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities
or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening
of any proceeding for such purpose.

 

e.    
As promptly as practicable after becoming aware
of such event or facts, the Company shall notify the Investor in writing of the happening of any event or existence of such facts
as a result of which the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or amendment to such
Registration Statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the
Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor
in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration
Statement or any post-effective amendment thereto has become effective (notification of such effectiveness shall be delivered
to the Investor by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request by the
SEC for amendments or supplements to any Registration Statement or related prospectus or related information, and (iii) of the
Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

 

f.    
The Company shall use its reasonable best efforts
to prevent the issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension
of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued,
to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance
of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for

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such
purpose. In addition, if the Company shall receive any comment letter from the SEC relating to any Registration Statement under
which Registrable Securities are Registered, the Company shall notify the Investor of the issuance of such order and use its best
efforts to address such comments in a manner satisfactory to the SEC.

 

g.   
The Company shall (i) cause all the Registrable
Securities to be listed on each securities exchange on which securities of the same class or series issued by the Company are
then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii)
secure designation and quotation of all the Registrable Securities on the Principal Market. The Company shall pay all fees and
expenses in connection with satisfying its obligation under this Section.

 

h.   
The Company shall cooperate with the Investor
to facilitate the timely preparation and delivery of DWAC Shares representing the Registrable Securities to be offered pursuant
to any Registration Statement. “DWAC Shares” means shares of Common Stock that are

(i)  
issued in electronic form, (ii) freely tradable
and transferable and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s
specified DWAC account with The Depository Trust Company (“DTC”) under the DTC/FAST Program, or any similar
program hereafter adopted by DTC performing substantially the same function.

 

i.    
The Company shall at all times maintain the services
of its Transfer Agent and registrar with respect to its Common Stock.

 

j.    
If reasonably requested by the Investor, the
Company shall (i) immediately incorporate in a prospectus supplement or post-effective amendment such information as the Investor
believes should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other
terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post- effective
amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement or post-effective
amendment; and

(iii)
supplement or make amendments to any Registration Statement.

 

k.   
The Company shall use its reasonable best efforts
to cause the Registrable Securities covered by any Registration Statement to be registered with or approved by such other governmental
agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 

l.    
Within five (5) Business Day after any Registration
Statement which includes Registrable Securities is ordered effective by the SEC, or any prospectus supplement or post-effective
amendment including Registrable Securities is filed with the SEC, the Company shall deliver, and shall cause legal counsel for
the Company to deliver, to the Transfer Agent for such Registrable Securities (with copies to the Investor) confirmation that
such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A. Thereafter,
if requested by the Investor at any time, the Company shall require its counsel to deliver to the Investor a written confirmation
whether or not (i) the effectiveness of such Registration Statement has lapsed at any time for any reason (including, without
limitation, the

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issuance
of a stop order) (ii) any comment letter has been issued by the SEC and (iii) whether or not the Registration Statement is current
and available to the Investor for sale of all of the Registrable Securities.

 

m.   
The Company shall take all other reasonable actions
necessary to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to any Registration Statement.

 

		4.	OBLIGATIONS
                                         OF THE INVESTOR.

 

a.    
The Company shall notify the Investor in writing
of the information the Company reasonably requires from the Investor in connection with any Registration Statement hereunder.
The Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended
method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.
Notwithstanding the foregoing, the Registration Statement shall contain the “Selling Stockholder” and “Plan
of Distribution” sections, each in substantially the form provided to the Company by the Investor.

 

b.   
The Investor agrees to cooperate with the Company
as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder.

 

c.    
The Investor agrees that, upon receipt of any
notice from the Company of the happening of any event or existence of facts of the kind described in Section 3(f) or the
first sentence of Section 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant
to any Registration Statement(s) covering such Registrable Securities until withdrawal of a stop order contemplated by Section
3(f) or the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(e).
Notwithstanding anything to the contrary, the Company shall cause its Transfer Agent to promptly issue DWAC Shares in accordance
with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any
event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has
not yet settled.

 

		5.	EXPENSES
                                         OF REGISTRATION.

 

All
reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

		6.	INDEMNIFICATION.

 

a.    
To the fullest extent permitted by law, the Company
will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who controls or is under

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common
control with the Investor, the members, the directors, officers, partners, employees, agents, representatives of the Investor
and each Person, if any, who is an “affiliate” of the Investor within the meaning of the Securities Act or the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against
any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in
settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court
or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an
Indemnified Person is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based
upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement, any Other Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in
light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement
or any Other Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the foregoing
clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified Person
promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished
in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of a Registration Statement,
any Other Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available
by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not
inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that
are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material
fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such
revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified
Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such
Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a
failure of the Investor to deliver or to cause to be delivered the prospectus made

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available
by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e);
and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent
of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities
by the Investor pursuant to Section 9.

 

b.   
Promptly after receipt by an Indemnified Person
under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding)
involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against the Company under this Section
6, deliver to the Company a written notice of the commencement thereof, and the Company shall have the right to participate
in, and, to the extent the Company so desires, to assume control of the defense thereof with counsel mutually satisfactory to
the Company and to the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own
counsel with the fees and expenses to be paid by the Company, if, in the reasonable opinion of counsel retained by the Company,
the representation by such counsel of the Indemnified Person and the Company would be inappropriate due to actual or potential
differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified
Person shall cooperate fully with the Company in connection with any negotiation or defense of any such action or Claim by the
Company and shall furnish to the Company all information reasonably available to the Indemnified Person which relates to such
action or Claim. The indemnifying party shall keep the Indemnified Person fully apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. The Company shall not be liable for any settlement of any action,
Claim or proceeding effectuated without its written consent, provided, however, that the Company shall not unreasonably withhold,
delay or condition its consent. The Company shall not, without the consent of the Indemnified Person, consent to entry of any
judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such Claim or litigation. Following
indemnification as provided for hereunder, the Company shall be subrogated to all rights of the Indemnified Person with respect
to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver
written notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of
any liability to the Indemnified Person under this Section 6, except to the extent that the Company is prejudiced in its
ability to defend such action.

 

c.    
The indemnification required by this Section
6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when
bills are received or Indemnified Damages are incurred.

 

d.   
The indemnity agreements contained herein shall
be in addition to (i) any cause of action or similar right of the Indemnified Person against the Company or others, and (ii) any
liabilities the Company may be subject to pursuant to the law.

 

		7.	CONTRIBUTION.

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To
the extent any indemnification by the Company is prohibited or limited by law, the Company agrees to make the maximum contribution
with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty
of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited to

$100,000.00.

 

		8.	REPORTS
                                         AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With
a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar
rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without
registration (“Rule 144”), the Company agrees, at the Company’s sole expense, to:

 

a.    
make and keep “current public information”
available, as such term is understood and defined in Rule 144;

 

b.   
file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act;

 

c.    
furnish to the Investor so long as the Investor
owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting
and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be
reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

 

d.   
take such additional action as is requested by
the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering
all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be
requested from time to time by the Investor at the Company’s expense and otherwise fully cooperate with Investor and Investor’s
broker to effect such sale of securities pursuant to Rule 144.

 

The
Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and
that Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary
or permanent injunctions, without having to post any bond or other security, upon any breach or threatened breach of any such
terms or provisions.

 

		9.	ASSIGNMENT
                                         OF REGISTRATION RIGHTS.

 

The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Buyer,
or any Investor as assignee pursuant to

    	 	10	 

     

    

this
Section 9. The Buyer, or any Investor, may not assign its rights under this Agreement without the written consent of the
Company other than to an affiliate of such Investor.

 

		10.	AMENDMENT
                                         OF REGISTRATION RIGHTS.

 

No
provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived
other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party
to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall
not operate as a waiver thereof.

 

		11.	MISCELLANEOUS.

 

a.    
A Person is deemed to be a holder of Registrable
Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting
instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall
act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

 

b.   
Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by email (provided confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such
communications shall be:

 

If
to the Company:

 

Generex
Biotechnology Corporation 10102 USA Today Way

Miramar,
Florida33025

Email:
jmoscato@nugenerex.com

Attention:
Joseph Moscato, Chief Executive Officer If to the Investor:

Oasis
Capital, LLC

208
Ponce de Leon Ave, Suite 1600 San Juan, PR 00918

E-mal

Attention:
Adam Long, Managing Partner Phone:

with
a copy to (that shall not constitute notice) K&L Gates LLP

200
S. Biscayne Blvd., Suite 3900

    	 	11	 

     

    

Miami,
FL 33131

E-mail:
john.owens@klgates.com Attention: John D. Owens, III, Esq.

 

or
at such other address and/or email address and/or to the attention of such other person as the recipient party has specified by
written notice given to each other party three (3) business days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s email account containing the time, date, recipient email address, as applicable, and an image
of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by email or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

c.    
All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Kansas, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Kansas or any other jurisdictions) that
would cause the application of the laws of any jurisdictions other than the State of Kansas.

 

d.    
Any disputes, claims, or controversies hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein shall be referred to and resolved solely
and exclusively by binding arbitration to be conducted before the Judicial Arbitration and Mediation Service (“JAMS”),
or its successor pursuant the expedited procedures set forth in the JAMS Comprehensive Arbitration Rules and Procedures (the “Rules”),
including Rules 16.1 and

16.2
of those Rules. The arbitration shall be held in New York, New York, before a tribunal consisting of three (3) arbitrators each
of whom will be selected in accordance with the "strike and rank" methodology set forth in Rule 15. Either party to
this Agreement may, without waiving any remedy under this Agreement, seek from any federal or state court sitting in the State
of Kansas any interim or provisional relief that is necessary to protect the rights or property of that party, pending the establishment
of the arbitral tribunal. The costs and expenses of such arbitration shall be paid by and be the sole responsibility of the Company,
including but not limited to the Holder’s attorneys’ fees and each arbitrator’s fees. The arbitrators' decision
must set forth a reasoned basis for any award of damages or finding of liability. The arbitrators' decision and award will be
made and delivered as soon as reasonably possibly and in any case within sixty (60) days' following the conclusion of the arbitration
hearing and shall be final and binding on the parties and may be entered by any court having jurisdiction thereof.

 

e.    
If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction.

 

EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION

    	 	12	 

     

    

HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

g.   
This Agreement and the Purchase Agreement constitute
the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the Purchase
Agreement supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof
and thereof.

 

h.   
Subject to the requirements of Section 9,
this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.

 

i.    
The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

 

j.    
This Agreement may be executed in identical counterparts,
each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed
by a party, may be delivered to the other party hereto by facsimile transmission or by e-mail in a “.pdf” format data
file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

k.   
Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates,
instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

 

l.    
The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against
any party.

 

m.   
This Agreement is intended for the benefit of
the parties hereto and their respective successors and permitted assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other Person.

 

*
* * * * *

    	 	13	 

     

    

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the Execution Date.

 

 

			THE COMPANY:
	 	 	 
	 	 	GENEREX
    BIOTECHNOLOGY CORPORATION
	 	 	 
	 	By:
     	/s/
    Joseph Moscato
	 	Name:
     	Joseph
    Moscato
	 	Title:
     	Chief
    Executive Officer

 

	 		THE BUYER:
	 	 	 
	 	 	OASIS CAPITAL, LLC
	 	 	 
	 	By:
     	/s/ Adam Long
	 	Name:
     	Adam Long
	 	Title:
     	Managing Member

 

 

    	 	14	 

     

    

EXHIBIT
A

 

TO
REGISTRATION RIGHTS AGREEMENT

 

FORM
OF NOTICE OF EFFECTIVENESS OF REGISTRATION STATEMENT

 

November
25th, 2019

 

 

Broadridge
Financial Solutions, Inc. 51 51 Mercedes Way

Edgewood,
NY 11717

 

Re:
EFFECTIVENESS OF REGISTRATION STATEMENT

 

Ladies
and Gentlemen:

 

We
are counsel to GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (the “Company”), and have represented
the Company in connection with that certain Equity Purchase Agreement, dated as of November 25th, 2019 (the “Purchase
Agreement”), entered into by and between the Company and Oasis Capital, LLC (the “Buyer”) pursuant
to which the Company has agreed to issue to the Buyer shares of the Company’s Common Stock, $0.001 par value (the “Common
Stock”), in an amount up to Forty Million Dollars ($40,000,000.00) (the “Put Shares”), in accordance
with the terms of the Purchase Agreement. In connection with the transactions contemplated by the Purchase Agreement, the Company
has registered with the U.S. Securities & Exchange Commission the following shares of Common Stock:

 

		(1)	Put
                                         Shares to be issued to the Buyer upon purchase from the Company by the Buyer from time
                                         to time in accordance with the Purchase Agreement; and

 

(2)                                
1,228,501 Commitment
Shares which were issued to the Buyer pursuant to the Purchase Agreement.

Pursuant to the Purchase Agreement,
the Company also has entered into a Registration Rights Agreement, of even date with the Purchase Agreement with the Buyer (the
“Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the
Put Shares and the Commitment Shares under the Securities Act of 1933, as amended (the “Securities Act”). In
connection with the Company’s obligations under the Purchase Agreement and the Registration Rights Agreement, on November
25th, 2019, the Company filed a Registration Statement (File No. 333-]) (the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”) relating to the resale of the Put Shares and the Commitment
Shares.

 

In
connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has
entered an order declaring the Registration Statement effective under the Securities Act at [ ] [A.M./P.M.] on [ ],
2019 and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its
effectiveness has been issued or that any proceedings for that purpose are pending

    	 	15	 

     

    

before,
or threatened by, the SEC and the Put Shares are available for resale under the Securities Act pursuant to the Registration Statement
and may be issued without any restrictive legend.

 

	 	 	Very truly yours,
	 	 	[Company Counsel]
	 	 	 
	 	 	By:
	 	 	 
	cc: Oasis Capital, LLC	 	 

    	 	16PURCHASE
AGREEMENT 

This
Purchase Agreement (“Agreement”) is made and entered into on December 9, 2019 (“Effective Date”),
by and between Generex Biotechnology Corporation, a Delaware
corporation (“Company”), and the investor whose name appears on the signature page hereto (“Investor”).

Recitals

A.       The
parties desire that, upon the terms and subject to the conditions herein, Investor will purchase for $2,000,000.00 shares of Common
Stock and a Promissory Note that may become convertible into Common Stock; and

B.       The
offer and sale provided for herein are being made pursuant to the exemptions from registration under Section 4(a)(2) of the Act
as a transaction by an issuer not involving any public offering, and as a private placement pursuant to Rule 506 of Regulation
D.

Agreement

In
consideration of the foregoing, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:

I.       Definitions.
In addition to the terms defined elsewhere in this Agreement and the Transaction Documents,
capitalized terms that are not otherwise defined have the meanings set forth in the Glossary of Defined Terms attached hereto
as Exhibit 1.

II.       Purchase
and Sale.

A.       Purchase
Amount. Subject to the terms and conditions herein and the satisfaction of the conditions
to Closing set forth below, for an aggregate purchase price of $2,000,000.00 (“Purchase Amount”),
Investor hereby irrevocably agrees to purchase a Note in the Face Value of $2,200,000.00 with an original issue discount (“OID”)
and 100,000 shares of Common Stock, all in accordance with the terms, provisions, and schedule set forth in this Agreement and
in the Transaction Documents.

B.       Deliveries.
The following documents will be fully executed and delivered at the Closing:

1.       This
Agreement;

2.       Note,
in the form attached hereto as Exhibit 2;

3.       Transfer
Agent Instructions, in the form attached hereto as Exhibit 3;

4.       Legal
Opinion, in the form attached hereto as Exhibit 4;

5.       Officer’s
Certificate, in the form attached hereto as Exhibit 5;

    	 	1	 

     

    

 

6.       Secretary’s
Certificate, in the form attached hereto as Exhibit 6;

7.       Confession
of Judgment forms, in the form attached hereto as Exhibit 7; and

8.       Transfer
agent book entry for 100,000 shares of Common Stock.

C.       Closing
Conditions. The consummation of the transactions contemplated by this Agreement (each, a
“Closing”) is subject to the satisfaction of each of the following conditions:

1.       All
documents, instruments and other writings required to be delivered by Company to Investor pursuant to any provision of this Agreement
or in order to implement and effect the transactions contemplated herein have been fully executed and delivered, including without
limitation those enumerated in Section II.B above;

2.       The
Common Stock is listed for and currently trading on the same or higher Trading Market and Company is in compliance with all requirements
to maintain listing on the Trading Market, the Company has received no notice
of any suspension or delisting with respect to the trading of the shares of Common Stock on such
Trading Market, and Company is not aware of any current facts or circumstances that, with the passage of time, would reasonably
be expected to cause such disqualification;

3.       The
representations and warranties of Company and Investor set forth in this Agreement are true and correct in all material respects
as if made on such date (except for representations and warranties expressly made as of a specified date, which will be true as
of such date);

4.       No
material breach or default has occurred under any Transaction Document or any other agreement between Company and Investor;

5.       Company
has the number of duly authorized shares of Common Stock
reserved for issuance as required pursuant to the terms of this Agreement;

6.       There
is not then in effect any law, rule or regulation prohibiting or restricting the transactions contemplated in any Transaction
Document, or requiring any consent or approval which will not have been obtained, nor is there any completed, ongoing, pending,
threatened or, to Company’s knowledge, contemplated proceeding or investigation which may have the effect of prohibiting
or adversely affecting any of the transactions contemplated by this Agreement, including without limitation the sale, issuance,
listing, trading or resale of any Shares on the Trading Market; no statute, rule, regulation, executive order, decree, ruling
or injunction will have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction
that prohibits the transactions contemplated by this Agreement, and no actions, suits or proceedings will be completed, ongoing,
pending, threatened or, to Company’s knowledge, contemplated by any person other than Investor or any Affiliate of Investor,
that seek to enjoin or prohibit the transactions contemplated by this Agreement; and

    	 	2	 

     

    

 

7.       Any
rights of first refusal, preemptive rights, rights of participation, or any similar right to participate in the transactions contemplated
by this Agreement, if any, have been waived in writing.

D.       Closing.
Immediately when all conditions set forth in Section II.C have
been fully satisfied, Company will issue and sell to Investor and Investor will purchase the Note and Common Stock by payment
to Company of $2,000,000.00 in cash, by wire transfer of immediately available funds to an account designated by Company.

E.       Company
Option. Within one Trading Day of the Registration Statement being declared effective by
the Commission, Company may elect to sell and if so Investor will purchase for $250,000.00 in cash an additional Promissory Note
(with the initial Promissory Note, each a “Note”) in the Face Value of $275,000.00
when all conditions set forth in Section II.C have been fully satisfied.

III.       Representations
and Warranties.

A.       Representations
Regarding Transaction. Except as set forth under the corresponding section of the Disclosure
Schedules, if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

1.       Organization
and Qualification. Company and each Subsidiary is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and there is no completed, pending, threatened or, to the knowledge of Company, contemplated
proceeding in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

2.       Authorization;
Enforcement. Company has the requisite corporate
power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise
to carry out its obligations hereunder or thereunder. The execution and delivery of each of the Transaction Documents by Company
and the consummation by it of the transactions contemplated hereby or thereby have been duly authorized by all necessary action
on the part of Company and no further consent or action is required by Company. Each of the Transaction Documents has been, or
upon delivery will be, duly executed by Company and, when delivered in accordance with the terms hereof, will constitute the valid
and binding obligation of Company, enforceable against Company in accordance with its terms, except (a) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (c) insofar as indemnification and contribution provisions may be limited by
applicable law.

    	 	3	 

     

    

  

3.       No
Conflicts. The execution, delivery and performance of the Transaction Documents by Company, the issuance and sale of the
Securities and the consummation by Company of the other transactions contemplated thereby do not and will not (a) conflict with
or violate any provision of Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other
organizational or charter documents, (b) conflict with, or constitute a default (or an event that with notice or lapse of time
or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of Company or any
Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse
of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing Company or Subsidiary debt
or otherwise) or other understanding to which Company or any Subsidiary is a party or by which any property or asset of Company
or any Subsidiary is bound or affected, (c) conflict with or result in a violation of any material law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which Company or a Subsidiary is subject
(including U.S. federal and state securities laws and regulations), or by which any property or asset of Company or a Subsidiary
is bound or affected, or (d) conflict with or violate the terms of any material agreement by which Company or any Subsidiary is
bound or to which any property or asset of Company or any Subsidiary is bound or affected; except in the case of each of clauses
(b), (c) and (d), such as would not reasonably be expected to result in a Material Adverse Effect.

4.       Litigation.
 There is no action, suit, inquiry, notice of violation,
proceeding or investigation completed, ongoing, pending, threatened or, to the knowledge of Company, contemplated against or affecting
Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”), which
would reasonably be expected to have a Material Adverse Effect or challenge the legality, validity or enforceability of any of
the Transaction Documents. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by Company or any Subsidiary under the Exchange Act or the Act.

5.       Filings,
Consents and Approvals. Neither Company
nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with
the execution, delivery and performance by Company of the Transaction Documents, other than required federal and state securities
filings, and such filings and approvals as are required to be made or obtained under the applicable Trading Market rules in connection
with the transactions contemplated hereby, each of which has been, or if not yet required to be filed will be, timely filed.

6.       Issuance
of Shares. The Common Stock and Conversion Shares will be duly authorized and, when issued upon the conversion of the
Note in accordance with its terms, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens
except those created by the Investor.

    	 	4	 

     

    

7.       Disclosure;
Non-Public Information. If required by law,
the Company will timely file a current report on Form 8-K (“Current Report”) describing the material terms
and conditions of this Agreement, a copy of which has been provided to Investor prior to the Effective Date. There is no adverse
material information regarding Company that has not been disclosed to Investor prior to the Effective Date. All
information that Company has provided to Investor that constitutes or might constitute material, non-public information
will be included in the Current Report. Notwithstanding any other provision, except with respect to information that will be,
and only to the extent that it actually is, timely publicly disclosed by Company pursuant to the foregoing sentence, neither Company
nor any other Person acting on its behalf has provided Investor or its representatives, agents or attorneys with any information
that constitutes or might constitute material, non-public information, including without limitation this Agreement and the Exhibits
and Disclosure Schedules hereto. No information contained in the Disclosure Schedules constitutes material non-public information.
Company understands and confirms that Investor will rely on the foregoing representations and covenants in effecting transactions
in securities of Company.

8.       No
Integrated Offering. Neither Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering to be integrated with prior offerings by Company that cause a violation of the Act or any applicable
stockholder approval provisions, including, without limitation, under the rules and regulations of the Trading Market.

9.       Financial
Condition. The Public
Reports set forth as of the dates thereof all outstanding secured and unsecured Indebtedness of Company or any Subsidiary, or
for which Company or any Subsidiary has commitments, and any material default with respect to any Indebtedness. Company does not
intend to incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash
to be payable on or in respect of its debt, and represents that it will not do so.

10.       Section
5 Compliance. All information provided to Investor regarding Company, its business and the transactions contemplated hereby,
including without limitation the Disclosure Schedules and the representations and warranties in this Agreement, and the other
statements made by Company in the Transaction Documents, do not contain any material untrue statement or omit to state a material
fact necessary to make any of them, in light of the circumstances in which it was made, not misleading. Company is not aware of
any facts or circumstances that would cause the transactions contemplated by the Transaction Documents, when consummated, to violate
Section 5 of the Act or other federal or state securities laws or regulations.

11.       Investment
Company. Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Note, will not be
or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
Company will conduct its business in a manner so that it will not become subject to the Investment Company Act.

    	 	5	 

     

    

12.       Acknowledgments
Regarding Investor. Company’s decision to enter into this Agreement has been based solely on the independent evaluation
by Company and its representatives, and Company acknowledges and agrees that:

a.       Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider or control person of Company, or to Company’s knowledge 10% or greater shareholder or otherwise an affiliate
of Company as defined under Rule 12b-2 of the Exchange Act;

b.       Investor
and its representatives have not made and do not make any representations, warranties or agreements with respect to the Note,
Common Stock and Conversion Shares, this Agreement, or the transactions contemplated hereby other than those specifically set
forth in Section III.C below; Company has not relied upon, and expressly disclaims reliance upon, any and all written or
oral statements or representations made by any persons prior to this Agreement;

c.       The
conversion of Note and resale of Conversion Shares will result in dilution, which may be substantial; the number of Conversion
Shares will increase in certain circumstances; and Company’s obligation to issue and deliver Conversion Shares in accordance
with this Agreement and the Note is absolute and unconditional regardless of the dilutive effect that such issuances may have;
and

d.       Investor
is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of
its Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s purchase of the Shares.

13.       No
Bad Actor Disqualification. Neither Company, any predecessor of Company, any affiliate of Company, any director, executive
officer, other officer of Company participating in the offering, or any beneficial owner of 20% or more of Company’s outstanding
voting equity securities is subject to any bad actor disqualification as provided in Rule 506(d) of Regulation D, and Company
is not aware of any current facts or circumstances that, with the passage of time, would reasonably be expected to cause such
disqualification.

14.       Not
a Shell.  Company is not, and has never been, a shell company as defined in Rule 12b-2 of the Exchange Act.

B.       Representations
Regarding Company. Except as set forth in any Public Reports and attached exhibits, or under
the corresponding section of the Disclosure Schedules, if any, Company hereby represents and warrants to, and as applicable covenants
with, Investor as of the Closing:

    	 	6	 

     

    

 

1.       Capitalization.
The capitalization of the Company as of the Effective Date is as described in the Public Reports or Disclosure Schedules.
No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the
transactions contemplated by the Transaction Documents which has not been waived or satisfied. Except as a result of the purchase
and sale of the Note, Common Stock and Conversion Shares, there are no outstanding options, warrants, script rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable
for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings
or arrangements by which Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or securities
convertible into or exercisable for shares of Common Stock. The issuance and sale of the Shares will not obligate Company to issue
shares of Common Stock or other securities to any Person, other than Investor, and will not result in a right of any holder of
Company securities to adjust the exercise, conversion, exchange, or reset price under such securities. All of the outstanding
shares of capital stock of Company are validly issued, fully paid and nonassessable, have been issued in material compliance with
all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or
similar rights to subscribe for or purchase securities. No further
approval or authorization of any stockholder, the Board of Directors of Company or others is required for the issuance and sale
of the Shares. There are no existing or contemplated subscription or investment agreements, stockholder agreements, voting agreements
or other similar agreements with respect to Company’s capital stock to which Company is a party or, to the knowledge of
Company, between or among any of Company’s stockholders.

2.       Subsidiaries.
All of the direct and indirect subsidiaries of Company are set forth in the Public Reports or the corresponding section of
the Disclosure Schedules. Company owns, directly or indirectly,
all of the capital stock or other equity interests of each Subsidiary, and all of such directly or indirectly owned capital stock
or other equity interests are owned free and clear of any Liens. All
the issued and outstanding shares of capital stock of each Subsidiary are duly authorized, validly issued, fully paid,
nonassessable and free of preemptive and similar rights to subscribe for or purchase securities.

3.       Public
Reports; Financial Statements. Company has filed
all required Public Reports for the one year preceding the Effective Date. As
of their respective dates or as subsequently amended, the Public Reports complied in all material respects with the requirements
of the Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, as applicable, and none
of the Public Reports, when filed and, as applicable, amended, contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of Company included in the Public Reports, as amended, comply
in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with GAAP, except as may
be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not
contain all footnotes required by GAAP, and fairly present in all material respects the financial position of Company and its
consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

    	 	7	 

     

    

4.       Material
Changes. Since the end of the most recent year for which an Annual Report on Form 10-K has been filed with the Commission,
(a) there has been no event, occurrence or development that has had, or that would reasonably be expected to result in, a Material
Adverse Effect, (b) Company has not incurred any liabilities (contingent or otherwise) other than (i) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice, and (ii) liabilities not required to be reflected
in Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, (c)
Company has not altered its method of accounting, (d) Company has not declared or made any dividend or distribution of cash or
other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock, and (e) Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company equity incentive plans. Company does not have pending before the Commission any request for confidential treatment of
information.

5.       Litigation.
 There is no Action completed, ongoing, pending, threatened
or, to the knowledge of Company, contemplated, that would reasonably be expected to result in a Material Adverse Effect. Neither
Company nor any Subsidiary, nor any current director or officer thereof, nor to the knowledge of Company any former director or
officer of Company, and greater than 5% shareholder of Company, or any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, is not ongoing, pending or threatened, and to the knowledge of Company is not contemplated, any investigation
by the Commission or any law enforcement agency involving Company or any current director or officer of Company, or to the knowledge
of Company any former director or officer of Company, and greater than 5% shareholder of Company, or any director or officer thereof.

6.       No
Bankruptcy. The Company has not filed and, to the Company’s knowledge no other Person has filed or commenced, any
petition or application, or any judicial or administrative proceeding commenced which has not been discharged, with respect to
the Company or any Subsidiary or with respect to any of the properties or assets of Company or any Subsidiary under any applicable
law relating to bankruptcy, insolvency, reorganization, fraudulent transfer, compromise, arrangement of debt, creditors’
rights and no general assignment has been made by the Company or any Subsidiary for the benefit of creditors.

7.       Labor
Relations. No material labor dispute exists or,
to the knowledge of Company, is imminent with respect to any of the employees of Company, which would reasonably be expected to
result in a Material Adverse Effect.

8.       Compliance.
Neither Company nor any Subsidiary (a) is in material
default under or in material violation of (and no event has occurred that has not been waived that, with notice or lapse of time
or both, would result in a default by Company or any Subsidiary under), nor has Company or any Subsidiary received notice of a
claim that it is in material default under or that it is in material violation of, any indenture, loan or credit agreement or
any other similar agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or
not such default or violation has been waived), (b) is in violation of any order of any court, arbitrator or governmental body,
or (c) is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws applicable to its business, except in each case as would not reasonably be expected
to have a Material Adverse Effect.

    	 	8	 

     

    

 

9.       Regulatory
Permits. Company and each Subsidiary possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the Public Reports,
except where the failure to possess such permits would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect (“Material Permits”), and neither Company nor any Subsidiary has received any
notice of proceedings relating to the revocation or modification of any Material Permit.

10.       Title
to Assets. Company and each Subsidiary have good and marketable
title in fee simple to all real property owned by them that is material to the business of Company and each Subsidiary and
good and marketable title in all personal property owned by them that is material to the business of Company and each Subsidiary,
in each case free and clear of all Liens, except for Liens that do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by Company and each Subsidiary and Liens for the
payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property
and facilities held under lease by Company and each Subsidiary are held by them under leases which, to the Company’s knowledge,
are valid, subsisting and enforceable leases and as to which Company and each Subsidiary are in compliance, except where such
noncompliance could not reasonably be expected to have a Material Adverse Effect.

11.       Patents
and Trademarks. Company and each Subsidiary have,
or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights,
licenses and other similar rights that are necessary or material for use in connection with their respective businesses as described
in the Public Reports and which the failure to so have would have a Material Adverse Effect (collectively, “Intellectual
Property Rights”). Neither Company nor any Subsidiary has received a written notice that the Intellectual Property Rights
used by Company or any Subsidiary violates or infringes
upon the rights of any Person. To the knowledge of Company, all such Intellectual Property Rights are enforceable and there
is no existing infringement by another Person of any of the Intellectual Property Rights of Company or each Subsidiary.

12.       Insurance.
 Company and each Subsidiary are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which Company and each Subsidiary are engaged. To Company’s
knowledge, such insurance contracts and policies are in full force and complete in all material respects. Neither Company nor
any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without an increase in
cost that would constitute a Material Adverse Effect.

    	 	9	 

     

    

 

13.       Transactions
with Affiliates and Employees. None of the officers or directors of Company and, to the knowledge of Company, none of
the employees of Company is presently a party to any transaction with Company or any Subsidiary (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director
or such employee or, to the knowledge of Company, any entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee or partner, in each case in excess of $120,000 other than (i) for payment of salary
or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of Company and (iii) for other employee
benefits, including stock option agreements under any equity incentive plan of Company.

14.       Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement
as a result of any action by the Company or any Person acting on its behalf. Notwithstanding any other provision, Investor will
have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a
type contemplated in this section that may be due in connection with the transactions contemplated by this Agreement or the other
Transaction Documents.

15.       Registration
Rights. No Person has any right to cause Company to effect the registration under the Act of any securities of Company.

16.       Listing
and Maintenance Requirements. The Common
Stock is registered pursuant to Section 12 of the Exchange Act, and Company has taken no action designed to, or which to its knowledge
is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has Company received
any notification that the Commission is contemplating terminating such registration. Company has not, in the 12 months preceding
the Effective Date, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect
that Company is not in compliance with the listing or maintenance requirements of such Trading Market. Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all listing and
maintenance requirements of the Trading Market on which the Common Stock is currently quoted.

17.       Tax
Status. Company and each of its Subsidiaries has
made or filed all federal, state and foreign income and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject (unless and only to the extent that Company and each of its Subsidiaries has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes). Company has not executed a waiver with respect to the
statute of limitations relating to the assessment or collection of any foreign, federal, statute or local tax. None of Company’s
tax returns is presently being audited by any taxing authority. Company would not be classified as a PFIC for its most recently
completed taxable year, and does not expect to be classified as a PFIC for its current taxable year.

    	 	10	 

     

    

18.       Foreign
Corrupt Practices. Neither Company, nor to the knowledge of Company, any agent or other person acting on behalf of Company,
has (a) directly or indirectly, used any corrupt funds for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or
employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any
contribution made by Company, or made by any person acting on its behalf of which Company is aware, which is in violation of law,
or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

19.       Accountants.
Company’s accountants are set forth in the Public Reports
and such accountants are an independent registered public accounting firm.

20.       No
Disagreements with Accountants or Lawyers. There are no material disagreements presently existing, or reasonably anticipated
by Company to arise, between Company and the accountants or lawyers formerly or presently employed by Company.

21.       Powers
of Attorney. There are no outstanding powers of attorney executed on behalf of the Company or any Subsidiary.

22.       Computer
and Technology Security. Company has taken reasonable steps to safeguard the information technology systems utilized in
the operation of the business of Company, including the implementation of procedures designed to minimize the risk that such information
technology systems have any disabling codes or instructions, timer, copy protection device, clock, counter or other limiting design
or routing and any back door, virus, malicious code or other software routines or hardware components that in each case permit
unauthorized access or the unauthorized disablement or unauthorized erasure of data or other software by a third party, and, to
Company’s knowledge, to date there have been no successful unauthorized intrusions or breaches of the security of its information
technology systems.

23.       Data
Privacy. Company has: (a) complied with, and is presently in compliance in all material respects with, all applicable
laws in connection with data privacy, information security, data security and/or personal information; (b) complied in all material
respects with, and is presently in material compliance with, its policies and procedures applicable to data privacy, information
security, data security, and personal information; (c) not experienced any material incident in which personal information or
other sensitive data was or may have been stolen or improperly accessed; and Company is not aware of any facts suggesting the
likelihood of the foregoing, including without limitation, any breach of security or receipt of any notices or complaints from
any Person regarding personal information or other data.

C.       Representations
and Warranties of Investor. Investor hereby represents and warrants to Company as of the
Closing as follows:

    	 	11	 

     

    

1.       Organization;
Authority. Investor is an entity validly
existing and in good standing under the laws of the jurisdiction of its organization with full right, company power and authority
to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations
thereunder. The execution, delivery and performance by Investor of the transactions contemplated by this Agreement have been duly
authorized by all necessary company or similar action on the part of Investor. Each Transaction Document to which it is a party
has been, or will be, duly executed by Investor, and when delivered by Investor in accordance with the terms hereof, will constitute
the valid and legally binding obligation of Investor, enforceable against it in accordance with its terms, except (a) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies, and (c) insofar as indemnification and contribution provisions may be limited by
applicable law.

2.       Investor
Status.  At the time Investor was offered the Shares, it was, and at the Effective Date it is: (a) an accredited investor
as defined in Rule 501(a) under the Act; and (b) not a registered broker-dealer, member of FINRA, or an affiliate thereof.

3.       Experience
of Investor. Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the
Note, Common Stock and Conversion Shares, and has so evaluated the merits and risks of such investment. Investor is able to bear
the economic risk of an investment in the Note, Common Stock and Conversion Shares and, at the present time, is able to afford
a complete loss of such investment.

4.       Ownership.
 Investor is acquiring the Note as principal for its own account.

5.       No
Short Sales. Neither Investor nor any Affiliate holds any short position in, nor has engaged in any Short Sales of the
Common Stock, or engaged in any hedging transactions with regard to the Shares prior to the Effective Date.

IV.       Securities
and Other Provisions.

A.       Investor
Due Diligence. Investor will have the right and opportunity to conduct customary due diligence
with respect to any Registration Statement or Prospectus in which the name of Investor or any Affiliate of Investor appears.

B.       Furnishing
of Information. As long as Investor owns any Note, Common Stock and Conversion Shares, Company
will timely file all reports required to be filed by Company after the Effective Date pursuant to the Exchange Act. As long as
Investor owns any Note, Common Stock and Conversion Shares, Company will prepare and make publicly available such information
as is required for Investor to sell its Conversion Shares under Rule 144. Company further covenants that, as long as Investor
owns any Note, Common Stock and Conversion Shares, Company will take such further action as Investor may reasonably request, all
to the extent required from time to time to enable Investor to sell its Conversion Shares without registration under the Act within
the limitation of the exemptions provided by Rule 144.

    	 	12	 

     

    

C.       Integration.
Company will not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security, as defined in Section 2 of the Act, that would be integrated with the offer or sale of the Note, Common Stock
and Conversion Shares to Investor for purposes of the rules and regulations of any Trading Market such that it would require stockholder
approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent
transaction.

D.       Disclosure
and Publicity. Company will provide to Investor for review and approval prior to filing
or issuing that portion of any current, periodic or public report, registration statement, press release, public statement or
communication relating to or referencing Investor, any Transaction Documents or the transactions contemplated thereby, any such
approval not to be unreasonably withheld. 

E.       Shareholders
Rights Plan. No claim will be made or enforced by Company or, to the knowledge of Company,
any other Person that Investor is an “Acquiring Person” under any shareholders rights plan or similar plan or arrangement
in effect or hereafter adopted by Company, or that Investor could be deemed to trigger the provisions of any such plan or arrangement,
in either such case, by virtue of receiving Shares under the Transaction Documents or under any other agreement between Company
and Investor. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act of
1940, as amended.

F.       No
Non-Public Information. Company covenants and agrees that neither it nor any other Person
acting on its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably
should believe will constitute material non-public information after Closing. On and after Closing, neither Investor nor any Affiliate
of Investor will have any duty of trust or confidence that is owed directly, indirectly, or derivatively, to Company or the stockholders
of Company, or to any other Person who is the source of material non-public information regarding Company. Company understands
and confirms that Investor will be relying on the foregoing in effecting transactions in securities of Company, including without
limitation sales of the Shares.

G.       Indemnification
of Investor.

1.       Obligation
to Indemnify. Subject to the provisions of this Section IV.G,
Company will indemnify and hold Investor, its Affiliates, managers and advisors, and each of their officers, directors, shareholders,
partners, employees, representatives, agents and attorneys, and any person who controls Investor within the meaning of Section
15 of the Act or Section 20 of the Exchange Act (collectively, “Investor Parties”
and each a “Investor Party”), harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by Company in this Agreement or in the other Transaction Documents, (b) any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement, Prospectus, Prospectus Supplement,
or any information incorporated by reference therein, or
arising out of or based upon any omission or alleged omission to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or (c) any action by a creditor or stockholder
of Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by the Transaction Documents;
provided, however, that Company will not be obligated to indemnify any Investor Party for any Losses finally adjudicated to be
caused solely by (i) a false statement of material fact contained within written information provided by such Investor Party expressly
for the purpose of including it in the applicable Registration Statement, Prospectus, Prospectus Supplement, or (ii) such Investor
Party’s unexcused material breach of an express provision of this Agreement or another Transaction Document willful misconduct
or violation of applicable law.

2.       Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume
the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of
Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing,
(b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there
is, in the reasonable opinion of such separate counsel, a material conflict with
respect to the dispute in question on any material issue between the position of Company and the position of Investor
Parties such that it would be inappropriate for one counsel to represent Company and Investor Parties. Company will not
be liable to Investor Parties under this Agreement (i) for any settlement by an Investor Party effected without Company’s
prior written consent, which will not be unreasonably withheld or delayed; or (ii) to the extent, but only to the extent that
a loss, claim, damage or liability is either attributable
to Investor’s breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement
or in the other Transaction Documents. In no event will the Company be liable for the reasonable fees and expenses for more than
one separate firm of attorneys (plus local counsel as applicable) to represent all Investor Parties.

3.       Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement,
no Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the Note, Common Stock and Conversion Shares under
this Agreement.

H.       Reservation
of Shares. Company has reserved from its duly authorized Common Stock for issuance pursuant
to the Transaction Documents authorized shares of Common Stock in the amount required by the Transaction Documents and will at
all times maintain a reserve equal to 10 times the number of shares sufficient to immediately issue all Conversion Shares potentially
issuable at such time, free from preemptive rights (the “Reserved Amount”).
The Reserved Amount will, if necessary, be increased from time to time in accordance with the Company’s obligations hereunder.
If Company shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which the Note shall be convertible at the then current Conversion Price, Company will at the same time make proper
provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Note. Company (i) acknowledges that it has irrevocably instructed its transfer agent
to issue certificates for the Common Stock issuable upon conversion of the Note, and agrees that its issuance of the Note will
constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute
and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of the Note and Certificate
of Designation.

    	 	13	 

     

    

I.       Activity
Restrictions. For so long as Investor or any of its Affiliates holds any Shares, neither
Investor nor any Affiliate will: (1) vote any shares of Common Stock owned or controlled by it, sign or solicit any proxies, attend
or be present at a shareholder meeting for purposes of determining a quorum, or seek to advise or influence any Person with respect
to any voting securities of Company, except in accordance with the recommendation of Company’s board of directors; (2) engage
or participate in any actions, plans or proposals which relate to or would result in (a) acquiring additional securities of Company,
alone or together with any other Person, which would result in beneficially owning or controlling more than 9.99% of the total
outstanding Common Stock or other voting securities of Company, (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving Company or any of its Subsidiaries, (c) a sale or transfer of a material amount of assets
of Company or any of its Subsidiaries, (d) any change in the present board of directors or management of Company, including any
plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e) any material
change in the present capitalization or dividend policy of Company, (f) any other material change in Company’s business
or corporate structure, including but not limited to, if Company is a registered closed-end investment company, any plans or proposals
to make any changes in its investment policy for which a vote is required by Section 13 of the Investment Company Act of 1940,
(g) changes in Company’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition
of control of Company by any Person, (h) a class of securities of Company being delisted from a national securities exchange or
to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i)
a class of equity securities of Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the
Act, or (j) any action, intention, plan or arrangement similar to any of those enumerated above; or (3) request Company or its
directors, officers, employees, agents or representatives to amend or waive any provision of this section.

J.       No
Shorting. For so long as Investor holds any Note, Common Stock and Conversion Shares, neither
Investor nor any of its Affiliates will engage in or effect, directly or indirectly, any Short Sale of Common Stock. For the avoidance
of doubt, Investor selling Conversion Shares after Investor has delivered a Conversion Notice to Company is not a Short Sale.
There will be no restriction or limitation of any kind on Investor’s right or ability to sell or transfer any or all of
the Conversion Shares at any time, in its sole and absolute discretion. Investor may not sell, transfer or assign the Note or
any of its rights under this Agreement. 

K.       Stock
Splits. If Company at any time on or after the Effective Date subdivides (by any stock split,
stock dividend, recapitalization or otherwise) or combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a greater or lesser number of shares, the share numbers, prices and other amounts
set forth in this Agreement, as in effect immediately prior to such subdivision or combination, will be proportionately reduced
or increased, as applicable, effective at the close of business on the date the subdivision or combination becomes effective.

    	 	14	 

     

    

L.       Subsequent
Financings. As long as Investor holds any Note, Common Stock and Conversion Shares, Company
will not enter into any agreement that in any way restricts its ability to enter into any agreement, amendment or waiver with
Investor, including without limitation any agreement to offer, sell or issue to Investor any preferred stock, common stock or
other securities of Company. 

V.       Registration
Statement. 

A.       Filing.

1.       Company
will at its sole cost and expense prepare and file with the Commission as soon as practicable and in any event within 30 days
after the Effective Date a Registration Statement (“Registration Statement”) on Form S-3 or, if Form S-3 is
unavailable, Form S-1, registering the delayed and continuous resale of all Conversion Shares pursuant to Rule 415 under the Act,
and will use reasonable best efforts to cause such Registration Statement to be declared effective under the Act as promptly as
practicable, and to remain continuously effective until all Conversion Shares may be resold by Investor pursuant to Rule 144 without
volume restrictions, manner-of-sale restrictions, or Company being in compliance with any current public information requirement
(the “Registration Period”). In no event will Company withhold or delay any filing, amending or requesting
of acceleration of effectiveness for the Registration Statement in order to facilitate registration for any Person other than
Investor.

2.       If
at any time after the initial registration Statement is filed on Form S-3 or Form S-1, the Registration Statement does not remain
effective, Company shall use reasonable best efforts to amend the Registration Statement to continue effectiveness uninterrupted.

B.       Procedures.
In connection with the Registration Statement, Company will, as soon as reasonably practicable:

1.       Prepare
and file with the Commission such pre-effective and post-effective amendments and supplements to the Registration Statement and
the Prospectus used in connection with the Registration Statement, and file such reports under the Exchange Act, as may be necessary
to cause the Registration Statement to become effective, to keep the Registration Statement continuously effective during the
Registration Period and not misleading in any material respect, and as may otherwise be required or applicable under, and to comply
with the provisions of, the Act with respect to the disposition of all Conversion Shares covered by the Registration Statement
during the Registration Period.

2.       Furnish
to Investor such number of copies of the Prospectus, and each amendment or supplement thereto, in conformity with the requirements
of the Act, and such other documents as Investor may reasonably request in order to facilitate the disposition of Conversion Shares
owned by it.

3.       Notify
Investor: (a) when a Prospectus or any Prospectus supplement or post-effective amendment is proposed to be filed and, with respect
to any post-effective amendment, when the same has become effective, except for any filing to be made solely to incorporate by
reference a Current Report on Form 8-K, Quarterly Report on Form 10-Q or Annual Report on Form 10-K to be filed with the Commission;
(b) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or a Prospectus or for additional information; (c) of the issuance by the Commission of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that purpose; (d) of the receipt by the Company
of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Conversion
Shares for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (e) of the occurrence
of any event or circumstance that makes any statement made in the Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in
the Registration Statement, Prospectus or documents so that, in the case of a Registration Statement or the Prospectus, as the
case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, in no event shall any such notice contain any information which would constitute material, non-public information
regarding the Company.

    	 	15	 

     

    

4.       Use
reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of, any order suspending the effectiveness
of the Registration Statement, or the lifting of any suspension of the qualification, or exemption from qualification, of any
of the Conversion Shares for sale in any jurisdiction, at the earliest practicable moment.

5.       Incorporate
in a Prospectus supplement or post-effective amendment such information as Investor requests be included therein regarding Investor
or the plan of distribution of the Conversion Shares; and make all required filings of the Prospectus supplement or such post-effective
amendment as soon as practicable after the Company has received notification of such matters to be incorporated in such Prospectus
supplement or post-effective amendment; provided, however, that the Company shall not be required to take any action pursuant
to this paragraph that would violate applicable law.

6.       Whenever
necessary, prepare and deliver to Investor any required supplement or amendment, including a post-effective amendment, to the
Registration Statement or a supplement to the Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document, including such reports as may be required to be filed under the Exchange Act,
so that, as thereafter delivered, the Prospectus will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading.

7.       Use
reasonable best efforts to cause all Conversion Shares to be listed on the Trading Market or such other securities exchange or
automated quotation system, if any, as is then the principal securities exchange or automated quotation system on which the Common
Stock is then listed.

8.       Fully
cooperate with the Transfer Agent, Investor and its brokers to facilitate the timely clearing and delivery of Conversion Shares
to be sold pursuant to the Registration Statement free of any restrictive legends and in such denominations and registered in
such names as Investor may reasonably request, including timely completion and delivery of all forms, documents and instruments
requested by the Transfer Agent or any broker.

    	 	16	 

     

    

VI.       Confession
of Judgment.

Company
and its President and Chief Executive Officer, who hereby absolutely, unconditionally and irrevocably guarantees payment in full
of the Note and all obligations under all of the Transaction Documents, will execute the Confession of Judgment forms, which may
be filed upon any default or material breach under the Note, including without limitation failure to timely issue Conversion Shares
upon Conversion.

VII.       General
Provisions.

A.       Notice.
Unless a different time of day or method of delivery is specifically provided in the Transaction
Documents, any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in
writing and will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail prior to 5:00 p.m. New York time on a Trading Day and an electronic confirmation
of delivery is received by the sender, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered later than 5:00 p.m. New York time or on a day that is not a Trading Day, (c) the next Trading Day following the
date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom
such notice is required to be given. The addresses for such notices and communications are such other address as may be designated
in writing, in the same manner, by such Person.

B.       Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

C.       No
Third-Party Beneficiaries. Except as otherwise set forth in Section IV.G,
this Agreement and the Transaction Documents will inure solely to the benefit of the parties hereto, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person. Other than the Investor Parties described in Section
IV.G, a Person who is not a party to this Agreement shall not have any rights under the Contracts
(Rights of Third Parties) Law, 2014 of the Cayman Islands to enforce any term of this Agreement or any Transaction Document.

D.       Fees
and Expenses. Except as otherwise provided in this Agreement, each party will pay the fees
and expenses of its own advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company acknowledges
and agrees that Investor’s counsel solely represents Investor, and does not represent Company or its interests in connection
with the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes and duties,
if any, levied in connection with the sale or issuance of the Shares to Investor.

    	 	17	 

     

    

E.       Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, will incorporate such substitute provision in this Agreement.

F.       Replacement
of Certificates. If
any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, Company will issue or cause to be
issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably satisfactory to Company of such loss, theft or destruction and customary
and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances will also
pay any reasonable third-party costs associated with the issuance of such replacement certificates.

G.       Governing
Law. All matters between the parties, including without limitation questions concerning
the construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and
enforced in accordance with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would
require or permit the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company
which will be governed by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by
jury. In any action, arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents
or otherwise involving the parties, the prevailing party will be awarded its reasonable attorneys’ fees and other costs
and expenses reasonably incurred in connection with the investigation,
preparation, prosecution or defense of such action or proceeding.

H.       Arbitration.
Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection
with this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS, or its successor, in the Territory
of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available. Any interim
or final award may be entered and enforced by any court of competent jurisdiction. The final award will include the prevailing
party’s reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing, Investor
may in its sole discretion bring an action in aid of arbitration or for temporary, preliminary or provisional relief pending completion
of arbitration. 

I.       Remedies.

1.       In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of Investor
and Company will be entitled to specific performance under the Transaction Documents, and equitable and injunctive relief to prevent
any actual or threatened breach under the Transaction Documents, to the full extent permitted under applicable laws. 

    	 	18	 

     

    

2.       Without
limitation of the foregoing, Company acknowledges that the rights and benefits of Investor pursuant to Section I.G.1. of the Note
are unique and that no adequate remedy exists at law if Company breaches or fails timely perform any of its obligations thereunder,
that it would be difficult to determine the amount of damages resulting therefrom, that it would cause irreparable injury to Investor,
and that any potential harm to Company would be adequately and fully compensable with monetary damages; accordingly, Investor
will be entitled to a compulsory remedy of immediate specific performance, temporary, interim, preliminary and final injunctive
relief to enforce the provisions thereof, including without limitation requiring Company and its transfer agent, attorneys, officers
and directors to immediately take all actions necessary to issue and deliver the number of Conversion Shares stated by Investor,
and prohibiting any Common Stock from being issued or transferred until after all Conversion Shares have been received by Investor
in electronic form and fully cleared for trading, which requirements will not be stayed for any reason, without the necessity
of posting any bond. Company hereby absolutely, unconditionally and irrevocably waives all objections and rights to oppose any
motion, application or request by Investor to issue any number of Conversion Shares, and all rights to stay or appeal any resulting
order, and any appeal filed by Company or on its behalf will be immediately and automatically dismissed. Company further acknowledges
that it has an adequate remedy at law with respect to Section I.G.1. of the Note in a claim for money damages; accordingly, Company
may not restrain or enjoin its transfer agent, Investor or any brokers from receiving or reselling any Conversion Shares, and
any action for temporary, preliminary or final injunctive relief filed by Company or on its behalf will be immediately and automatically
dismissed.

3.       Notwithstanding
any other provision, the sole and exclusive venue for any action, claim or proceeding against Investor shall be St. Thomas, U.S.
Virgin Islands. Any action, claim or proceeding filed or brought against Investor anywhere else will be immediately and automatically
dismissed.

J.       Payment
Set Aside. To the extent that Company makes a payment or payments to Investor pursuant to
any Transaction Document or Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds
of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Company, a trustee, receiver
or any other person under any law, including, without limitation, any bankruptcy law, state or federal law, common law or equitable
cause of action, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied
will be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had
not occurred.

K.       Headings.
The titles and headings in this Agreement and the Transaction Documents are for convenience
only, do not constitute a part of this Agreement and will not be deemed to limit or affect any of the provisions hereof.

    	 	19	 

     

    

L.       Time
of the Essence. Time is of the essence with respect to all provisions of this Agreement,
the Note, and all Transaction Documents.

M.       Survival.
The representations and warranties contained herein will survive the Closing and the delivery
of the Shares until all Note issued to Investor have been converted or redeemed. Neither party will be under any obligation to
update or supplement any of its representations or warranties following the Closing due to a change that occurred after the Closing.

N.       Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments
hereto. The language used in this Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. All currency
references in any Transaction Document are to U.S. dollars.

O.       Further
Assurances. Each party will take all further actions and execute all further documents as
may be reasonably necessary to implement the provisions and carry out the intent of this Agreement fully and effectively. 

P.       Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together
will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by portable document format, facsimile or electronic transmission, such signature will create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature
page were an original thereof.

Q.       Entire
Agreement. This Agreement, including the Exhibits hereto,
which are hereby incorporated herein by reference, contains the entire agreement and understanding of the parties,
and supersedes all prior and contemporaneous agreements,
term sheets, letters, discussions, communications and understandings, both oral and written, which
the parties acknowledge have been merged into this Agreement. No party, representative, advisor, attorney or agent has
relied upon any collateral contract, agreement, assurance, promise, understanding, statement or representation not expressly set
forth herein. The parties hereby absolutely, unconditionally and irrevocably waive all rights and remedies, at law and in equity,
directly or indirectly arising out of or relating to, or which may arise as a result of, any Person’s reliance on any such
statement or assurance.

    	 	20	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
on the Effective Date.

 

Company:

 

GENEREX
BIOTECHNOLOGY CORPORATION

 

 

By:
/s/ Joseph Moscato

Name:
Joseph Moscato

Title:
President/CEO

 

 

Investor:

 

 

Discover
Growth Fund LLC

Investor
Name

 

 

By:
/s/ John Kirkland

Name:
John Kirland

Title:
President of GP of Member

 

    	 	21	 

     

    

 

Exhibit
1

Glossary
of Defined Terms

“$”
means the currency of the United States of America, in which all dollar amounts in the Transaction Documents will be expressed.

“Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

“Action”
has the meaning set forth in Section III.A.4.

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Act.

“Agreement”
means this Purchase Agreement.

“Closing”
has the meaning set forth in Section II.D.

“Commission”
means the U.S. Securities and Exchange Commission.

“Common
Stock” means the Common Stock of Company and any replacement or substitute thereof, or any share capital into which
such Common Stock will have been changed or any share capital resulting from a reclassification of such Common Stock.

“Company”
has the meaning set forth in the first paragraph of the Agreement.

“Conversion
Shares” includes all shares of Common Stock potentially issuable in relation to the Note, including Common Stock that
must be issued upon conversion of the Note, and Common Stock that must or may be issued in payment of any Interest.

“Disclosure
Schedules” means the disclosure schedules of Company attached hereto as Exhibit 9. The Disclosure Schedules contain
no material non-public information.

 

“DTC”
means The Depository Trust Company, or any successor performing substantially the same function for Company.

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
thereunder.

“Effective
Date” has the meaning set forth in the first paragraph of the Agreement.

“Equity
Conditions” has the meaning set forth in the Note.

“GAAP”
means U.S. generally accepted accounting principles applied on a consistent basis during the periods involved.

    	 	22	 

     

    

 

“Indebtedness”
means (a) any liabilities for borrowed money or amounts owed in excess of $250,000, other than trade accounts payable incurred
in the ordinary course of business, (b) all guaranties, endorsements and other contingent obligations in respect of Indebtedness
of others, whether or not the same are or should be reflected in Company’s
balance sheet, or the notes thereto, except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $250,000 due under
leases required to be capitalized in accordance with GAAP.

“Intellectual
Property Rights” has the meaning set forth in Section III.B.11.

“Investor”
has the meaning set forth
in the first paragraph of the Agreement.

“Legal
Opinion” means an opinion from Company’s legal counsel, in the form attached as Exhibit 4.

“Liens”
means a lien, charge, security interest or encumbrance in excess of $250,000, or a right of first refusal, preemptive right
or other restriction.

“Material
Adverse Effect” includes any material adverse effect on (a) the legality, validity or enforceability of any Transaction
Document, (b) the results of operations, assets, business, or financial condition of Company and the Subsidiaries, taken as a
whole, which is not disclosed in the Public Reports prior to the Effective Date, (c) Company’s ability to perform in any
material respect on a timely basis its obligations under any Transaction Document, or (d) the sale, issuance, registration, listing,
resale and trading on the Trading Market of the Conversion Shares.

“Material
Permits” has the meaning set forth in Section III.B.9.

“Note”
means the Promissory Note issued by Company, in the form attached as Exhibit 2, together with, if issued, the second
such Note.

“Obligations”
include the full and punctual observance and performance of all present and future duties, covenants, and responsibilities
due to Investor by Company under this Agreement, the Note and the other Transaction Documents, including without limitation all
present and future obligations and liabilities of Company for the payment of money (extending to all principal amounts, interest,
late charges, fees, and all other charges and sums, as well as all costs and expenses payable by Company).

“Officer’s
Certificate” means a certificate executed by an authorized officer of Company, in the form attached as Exhibit 5.

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government, or an agency or subdivision thereof, or other entity of any kind.

“Public
Reports” means the reports filed with the Commission by the Company pursuant to the Exchange Act (see Exhibit 9).

    	 	23	 

     

    

“Purchase
Amount” has the meaning
set forth in Section II.A.1.

“Receivables”
include all accounts receivable and all rights to the payment of a monetary obligation, whether or not earned by performance,
and whether evidenced by an account, chattel paper, instrument, general intangible, or otherwise.

“Secretary’s
Certificate” means a certificate, in the form attached as Exhibit 6, signed by the secretary of Company.

“Shares”
include the initially delivered shares of Common Stock and the Conversion Shares.

“Short
Sale” means a “short sale” as defined in Rule 200 of Regulation SHO of the Exchange Act.

“Subsidiary”
means any Person owned or controlled by the Company, or in which Company, directly or indirectly, owns a majority of the capital
stock or similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b) (21).

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market; provided
that it will not include any day on which the Common Stock is (a) scheduled to trade for less than 5 hours, or (b) suspended from
trading.

“Trading
Market” has the meaning set forth in the Note.

“Transaction
Documents” means this Agreement, the other agreements, certificates and documents referenced herein or the form of which
is attached hereto, and the exhibits, schedules and appendices hereto and thereto.

“Transfer
Agent” means the transfer agent for Company.

“Transfer
Agent Instructions” means a letter agreement executed by Company, its current transfer agent, and any successor transfer
agent for the Common Stock, in the form attached as Exhibit 3.

    	 	24	 

     

    

Exhibit
2

Note

 

GENEREX
BIOTECHNOLOGY CORPORATION

 

PROMISSORY
NOTE

 

 

I.       Terms
of Note.

A.       Designation
and Amount. This Promissory Note (“Note”) is issued and delivered to the holder of this Note (each,
a “Holder” and collectively, the “Holders”) by Generex Biotechnology Corporation, a Delaware
corporation (“Company”), in the initial face value of $2,200,000.00 (“Face Value”) on December
9, 2019 (“Issuance Date”). The Company will pay the Face Value to Investor in full on the Maturity Date.

B.       Ranking.
This Note will rank senior to all common stock, preferred stock, other existing and all future indebtedness of the Company.
This Note constitutes a debt instrument, Holder is a creditor not an equity security holder, and Holder will not be holder of
an equity security unless, until and to the extent that Holder converts this Note into Conversion Shares as provided below.

C.       Interest.

1.       Commencing
on the Issuance Date, this Note will accrue compound interest (“Interest”) at a rate equal to 12% per annum,
all subject to adjustment as provided in this Note (“Interest Rate”), of
the Face Value. The Interest Rate will retroactively increase by 10% per annum upon each
occurrence of any Trigger Event (e.g. to 22% upon the first Trigger Event). Interest will be payable with respect to any portion
of the Face Value of the Note upon any of the following: (a) upon redemption of the Note in accordance with Section I.F;
(b) upon conversion of all or any portion of the Note in accordance with Section I.G, only with respect to that portion
which is converted; (c) when, as and if otherwise declared by the board of directors of the Company; and (d) the Maturity Date.
The Interest Rate used for calculation of the Liquidation Value, Early Redemption Price and Conversion Premium, as applicable,
and the amount of Interest owed will be calculated and determined at close of the Trading Market immediately prior to the Notice
Time.

2.       Interest,
as well as any applicable Liquidation Value payable hereunder, will be paid: (a) provided no Trigger Event has occurred, in the
Company’s sole and absolute discretion, immediately in cash; or (b) following the occurrence of a Trigger Event, or if Company
does not for any reason whatsoever timely notify and pay Holder as provided in Section I.G.1.c below, in shares of Common
Stock valued at the Market Price. In no event will the Market Price be below the par value per share. All amounts that are required
or permitted to be paid in cash pursuant to this Note will be paid by wire transfer of immediately available funds to an account
designated by Holder.

    	 	25	 

     

    

3.       So
long as any portion of this Note is outstanding, the Company will not repurchase shares of Common Stock other than as payment
of the exercise or conversion price of a convertible security or payment of withholding tax, and no dividends or other distributions
will be paid, declared or set apart with respect to any Common Stock, except for Purchase Rights.

D.       Protective
Provision.

1.       So
long as any portion of this Note is outstanding, the Company will not, without written approval of the Holders of a majority of
the Note then outstanding, alter or amend this Note.

2.       A
“Deemed Liquidation Event” will mean: (a) a merger or consolidation in which the Company is a constituent party
or a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock pursuant to such merger
or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of capital
stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into
or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority,
by voting power, of the capital stock of the surviving or resulting corporation or if the surviving or resulting corporation is
a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of
such surviving or resulting corporation; (b) Company issues securities that are senior to the Note in any respect, (c) Holder
does not receive the number of Conversion Shares stated in a Conversion Notice with 5 Trading Days of the Notice Time; (d) trading
of the Common Stock is halted or suspended by the Trading Market or any U.S. governmental agency for 5 or more consecutive trading
days; or (e) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions,
by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken
as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially
all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries. 

3.       The
Company will not have the power to close or effect a voluntary Deemed Liquidation Event unless the agreement or plan of merger
or consolidation for such transaction provides that the consideration payable to the stockholders of the Company will be allocated
among the holders of capital stock of the Company in accordance with Section I.E, and the required amount is paid to Holder
prior to or upon closing, effectuation, or occurrence of the Deemed Liquidation Event.

E.       Liquidation.

1.       Upon
any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, prior to any distribution or payment
made to any other creditors or the holders of any Common Stock by reason of their ownership thereof, the Holders of this Note
will be entitled to be paid out of the assets of the Company available for distribution to its creditors an amount with respect
to the then-outstanding Face Value, plus an amount equal to any accrued but unpaid Interest
thereon (collectively with the Face Value, the “Liquidation Value”).
If, upon any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the amounts payable with
respect to the Note are not paid in full, the Holders will share equally and ratably in any distribution of assets of the Company
in proportion to the liquidation preference and an amount equal to all accumulated and unpaid Interest, if any, to which each
such Holder is entitled.

    	 	26	 

     

    

2.       If,
upon any liquidation, dissolution or winding up of the Company, the assets of the Company will be insufficient to make payment
in full to all Holders, then the assets distributable to the Holders will be distributed among the Holders at the time outstanding,
ratably in proportion to the full amounts to which they would otherwise be respectively entitled.

F.       Redemption.

1.       Company’s
Redemption Option.  On the Maturity Date, the Company may redeem paying Holder in cash an amount per share equal to 100%
of the Liquidation Value for the shares redeemed.

2.       Early
Redemption. Prior to the Maturity Date, provided that no Trigger Event has occurred, the Company will have the right at
any time upon 30 Trading Days’ prior written notice, in its sole and absolute discretion, to redeem all or any portion of
the Note then outstanding by paying Holder in cash by wire transfer of immediately available funds an amount (the “Early
Redemption Price”) equal to 120% of the then-outstanding Face Value. Company shall, at Holder’s option, redeem
the Note for the Early Redemption Price from the proceeds of debt or equity financing with gross proceeds of $5 million or more.

4.       Mandatory
Redemption.  If the Company determines to liquidate, dissolve or wind-up its business and affairs, or effect any Deemed
Liquidation Event, the Company will, within three Trading Days of such determination and prior to effectuating any such action,
redeem this Note for cash, by wire transfer of immediately available funds to an account designated by Holder, at the Early Redemption
Price set forth in Section I.F.2 if the event is prior to the Maturity Date, or at the Liquidation Value if the event is
on or after the Maturity Date.

5.       Mechanics
of Redemption. In order to redeem any portion of this Note then outstanding, 30 Trading Days prior to payment the Company
must deliver written notice (each, a “Redemption Notice”) to Holder setting forth (a) the Face Value the Company
is redeeming, (b) the applicable Interest Rate, Liquidation Value and Early Redemption Price, and (c) the calculation of the amount
paid. Upon receipt of full payment in cash for the entire Note, each Holder will promptly submit to the Company such Holder’s
Note. For the avoidance of doubt, the delivery of a Redemption Notice shall not affect Holder’s rights under Section
I.G until after receipt of cash payment by Holder.

G.       Conversion.

1.       Mechanics
of Conversion.

    	 	27	 

     

    

a.       All
or any portion of the Face Value of the Note may be converted, in part or in whole, into shares of Common Stock, at any time or
times beginning on the earlier of effectiveness of the Registration Statement or 6 months after the Issuance Date, in the sole
and absolute discretion of Holder or, subject to the terms and conditions hereof, the Company; (i) if at the option of Holder,
by delivery of one or more written notices to the Company or its transfer agent (each, a “Holder Conversion Notice”),
of the Holder’s election to convert any or all of the Note or (ii) if at the option of the Company, if the Equity Conditions
are met, delivery of written notice to Holder (each, a “Company Conversion Notice” and, with the Holder Conversion
Notice, each a “Conversion Notice”), of the Company’s election to convert all of any portion of the Note.

b.       Each
Delivery Notice (as defined below) will set forth the amount of Face Value of Note being converted, the Conversion Premium and
the minimum number of Conversion Shares as of the time the Delivery Notice is given (the “Notice Time”), and
the calculation thereof.

c.       As
soon as practicable, and in any event within 1 Trading Day after the Notice Date, time being of the essence, the Company will
do all of the following: (i) transmit the Delivery Notice by facsimile or electronic mail to the Company’s transfer agent
(the “Transfer Agent”), copying Holder, with instructions to immediately comply with the Delivery Notice and
deliver the number of Conversion Shares stated in the Delivery Notice forthwith; (ii) either (A) if the Company is approved through
The Depository Trust Company (“DTC”), authorize and instruct the credit by the Transfer Agent of the number
of Conversion Shares set forth in the Delivery Notice, to Holder’s or its designee’s balance account with the DTC
Fast Automated Securities Transfer (FAST) Program, through its Deposit/Withdrawal at Custodian (DWAC) system, or (B) only if the
Company is not approved through DTC, issue and surrender to a common carrier for overnight delivery to the address as specified
in the Delivery Notice a certificate bearing no restrictive legend, registered in the name of Holder or its designee, for the
number of Conversion Shares set forth in the Delivery Notice; and (iii) if it contends that the Delivery Notice is in any way
incorrect, so notify Holder and provide a thorough written explanation and its own calculation, or the Delivery Notice and the
calculations therein will conclusively be deemed correct for all purposes. The Company will at all times diligently take or cause
to be taken all actions necessary to cause the Conversion Shares to be issued forthwith. If the Conversion Shares are not registered
for resale, Investor will provide a legal opinion that they are exempt from registration. Under no circumstances will the Company
issue a share certificate bearing a restrictive legend.

d.       If
at any time or times during or at the end of the Measurement Period the Holder is entitled to receive additional Conversion Shares
with regard to an Initial Notice, including without limitation because the Conversion Price has changed for any reason, Holder
may at any time in its sole and absolute discretion deliver one or more additional written notices to the Company or its transfer
agent (each, an “Additional Notice” and with the Initial Notice, each a “Delivery Notice”)
setting forth the additional number of Conversion Shares to be delivered, and the calculation thereof.

    	 	28	 

     

    

e.       If
the Company for any reason does not issue or cause to be issued to the Holder within 3 Trading Days after the date of a Delivery
Notice, the number of Conversion Shares stated in the Delivery Notice, then, in addition to all other remedies available to the
Holder, as liquidated damages and not as a penalty, the Company will pay in cash to the Holder on each day after such 2nd Trading
Day that the issuance of such Conversion Shares is not timely effected an amount equal to 2% of the product of (i) the aggregate
number of Conversion Shares not issued to the Holder on a timely basis and to which the Holder is entitled and (ii) the highest
Closing Price of the Common Stock between the date on which the Company should have issued such shares to the Holder and the actual
date of receipt of Conversion Shares by Holder. It is intended that the foregoing will serve to reasonably compensate Holder for
any delay in delivery of Conversion Shares, and not as punishment for any breach by the Company. The Company acknowledges that
the actual damages likely to result from delay in delivery are difficult to estimate and would be difficult for Holder to prove.

f.       Notwithstanding
any other provision: all of the requirements of Section I.F and this Section I.G are each independent covenants;
the Company’s obligations to issue and deliver Conversion Shares upon any Delivery Notice are absolute, unconditional and
irrevocable; any breach or alleged breach of any representation or agreement, or any violation or alleged violation of any law
or regulation, by any party or any other person will not excuse full and timely performance of any of the Company’s obligations
under these sections; and under no circumstances may the Company seek or obtain any temporary, interim or preliminary injunctive
or equitable relief to prevent or interfere with any issuance of Conversion Shares to Holder.

g.       Company
acknowledges and agrees that monetary damages would be difficult to quantify and prove, and that Holder would not have an adequate
remedy at law for any failure to fully perform under this Section G. If for any reason whatsoever Holder does not timely
receive the number of Conversion Shares stated in any Delivery Notice, Holder will be entitled to a compulsory remedy of immediate
specific performance, temporary, interim and, preliminary and final injunctive relief requiring Company and its transfer agent,
attorneys, officers and directors to immediately issue and deliver the number of Conversion Shares stated by Holder, which requirement
will not be stayed for any reason, without the necessity of posting any bond, and which Company may not seek to stay or appeal.

h.       No
fractional shares of Common Stock are to be issued upon conversion of this Note, but rather the Company will round up to the nearest
full share. The Holder will not be required to deliver the original of this Note in order to effect a conversion hereunder. The
Company will pay any and all taxes which may be payable with respect to the issuance and delivery of any Conversion Shares.

2.       Holder
Conversion. In the event of a conversion of any portion of this Note pursuant to a Holder Conversion Notice, the Company
will (a) satisfy the payment of Conversion Premium as provided in Section I.C.2, and (b) issue to the Holder of this Note
a number of Conversion Shares equal to the Face Value divided by the applicable Conversion Price with respect to the amount of
Note converted; all in accordance with the procedures set forth in Section I.G.1.

3.       Company
Conversion. The Company will have the right to send the Holder a Company Conversion Notice at any time in its sole and
absolute discretion, if the Equity Conditions are met as of the time such Company Conversion Notice is given. Upon any conversion
of any portion of this Note pursuant to a Company Conversion Notice, the Company will on the date of such notice (a) satisfy the
payment of Conversion Premium as provided in Section I.C.2, and (b) issue to the Holder of this Note a number of Conversion
Shares equal to the Face Value divided by the applicable Conversion Price with respect to the amount of Note converted; all in
accordance with the procedures set forth in Section I.G.1.

    	 	29	 

     

    

4.       Stock
Splits. If the Company at any time on or after the issuance of this Note subdivides (by any stock split, stock dividend,
recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares,
the applicable Conversion Price and other share based metrics in effect immediately prior to such subdivision will be proportionately
reduced and the number of shares of Common Stock issuable will be proportionately increased. If the Company at any time on or
after such Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares
of Common Stock into a smaller number of shares, the applicable Conversion Price and other share based metrics in effect immediately
prior to such combination will be proportionately increased and the number of Conversion Shares will be proportionately decreased.
Any adjustment under this Section will become effective at the close of business on the date the subdivision or combination becomes
effective.

5.       Rights.
Except for those issued under the Company’s 2017 Equity Incentive Plan, in addition to any other adjustments, if at
any time the Company grants, issues or sells any options, convertible securities or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
Holder could have acquired if Holder had held the number of shares of Common Stock acquirable upon conversion of the entire Note
held by Holder immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights.

6.       Definitions.
 The following terms will have the following meanings:

a.                 
“Conversion Premium” with respect to any amount of this Note that is converted prior to the Maturity Date
means the Face Value of the amount converted, multiplied by the product of (i) the applicable Interest Rate, and (ii) the number
of whole years between the Issuance Date and the Maturity Date.

b.                 
“Conversion Price” means, if there has never been a Trigger Event, a price per share of Common Stock equal
to 95% of the Market Price less $0.05 per share, but no less than the Floor Price, subject to adjustment as otherwise provided
herein. Upon the occurrence of each Trigger Event the percentage in the preceding sentence will decrease by 10% (e.g. to 80% upon
the first Trigger Event).

c.                  
“Conversion Shares” means all shares of Common Stock that are required to be or may be issued upon conversion
of this Note.

    	 	30	 

     

    

d.                 
“Equity Conditions” means on each day during the Measuring Period, (i) the Common Stock is not under chill
or freeze from DTC, (ii) the Common Stock is designated for trading on a OTCQB or higher stock market and shall not have been
suspended from trading on such market, and delisting or suspension by the Trading Market has not been threatened or pending, either
in writing by such market or because Company has fallen below the then effective minimum listing maintenance requirements of such
market; (iii) the Company has delivered Conversion Shares upon all conversions or redemptions of this Note in accordance with
their terms to the Holder on a timely basis; (iv) the Company will have no knowledge of any fact that would cause both of the
following (A) a registration statement not to be effective and available for the resale of all Conversion Shares, and (B) Section
3(a)(9) under the Securities Act of 1933, as amended, not to be available for the issuance of all Conversion Shares, or Securities
Act Rule 144 not to be available for the resale of all the Conversion Shares without restriction; (v) there has been a minimum
average trading volume of $2 million per day in the prior 40 Trading Days; (vi) all shares of Common Stock to which Holder is
entitled have been timely received into Holder’s designated account in electronic form fully cleared for trading; (vii)
the Company otherwise shall have been in compliance with and shall not have breached any provision, covenant, representation or
warranty of any Transaction Document; and (viii) not more than 3 Trigger Events shall have occurred.

e.                  
“Floor Price” means $0.35 per share of Common Stock after Approval is obtained, and $1.00 per share of
Common Stock before Approval is obtained.

f.                   
“Maturity Date” means the date that is the 18-month anniversary of the Issuance Date.

g.                 
“Market Price” means the mathematical average of the 5 lowest individual daily volume weighted average
prices of the Common Stock during the Measuring Period, which may be non-consecutive.

h.                 
“Measuring Period” means the period beginning on the Issuance Date and ending on the Maturity Date.

i.                   
 “Purchase Agreement” means the Purchase Agreement or other agreement pursuant to which the Note is issued,
including all exhibits thereto and all related Transaction Documents as defined therein.

j.                   
 “Trading Day” means any day on which the Common Stock is traded on the Trading Market.

k.                 
“Trading Market” means OTCQB or whatever higher market is at the applicable time, the principal U.S. trading
exchange or market for the Common Stock. All Trading Market data will be measured as provided by the appropriate function of the
Bloomberg Professional service of Bloomberg Financial Markets or its successor performing similar functions.

7.       Issuance
Limitation. Notwithstanding any other provision, at no time may the Company issue shares of Common Stock to Holder which,
when aggregated with all other shares of Common Stock then deemed beneficially owned by Holder, would result in Holder owning
more than 4.99% of all Common Stock outstanding immediately after giving effect to such issuance, as determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder; provided, however, that Holder may
increase such amount to 9.99% upon not less than 61 days’ prior notice to the Company. Company and its transfer agent will
immediately provide Holder with the then total number of outstanding shares of Common Stock at any time upon request. No provision
of this paragraph may be waived by Holder or the Company.

    	 	31	 

     

    

8.       Conversion
at Maturity. Subject to the foregoing paragraph, provided no Trigger Event has occurred, on the Maturity Date, all remaining
outstanding Note will be automatically converted into shares of Common Stock at the Conversion Price.

H.       Trigger
Event.

1.       Any
occurrence of any one or more of the following, at any time and for any reason whatsoever, will constitute a “Trigger
Event”:

a.       Holder
does not timely receive the number of Conversion Shares stated in any Conversion Notice, time being of the essence;

b.       The
issuance of restricted shares if Holder provides a legal opinion that shares may be issued without restrictive legend, or the
issuance of a certificate if Holder requests electronic delivery via DTC;

c.       Any
violation of or failure to timely perform any covenant or provision of this Note, the Purchase Agreement, or any Transaction Document,
related to payment of cash, registration, authorization, reservation, issuance or delivery of Conversion Shares, time being of
the essence;

d.       Any
violation of or failure to perform any covenant or provision of this Note, the Purchase Agreement, or any Transaction Document,
which in the case of a default that is curable, is not related to payment of cash, registration, reservation or delivery of Conversion
Shares, and has not occurred before, is not cured within 5 Trading Days of written notice thereof;

e.       Any
representation or warranty made in the Purchase Agreement or any Transaction Document is untrue or incorrect in any respect as
of the date when made or deemed made;

f.       The
occurrence of any default or event of default under any material agreement, lease, document or instrument to which the Company
or any subsidiary is obligated with a value of $250,000 or more, including without limitation of an aggregate of at least $250,000
of indebtedness, not disclosed in the Disclosure Schedules;

g.       While
any Registration Statement is required to be maintained effective pursuant to any Transaction Document, the effectiveness of the
Registration Statement lapses for any reason, including, without limitation, the issuance of a stop order, or the Registration
Statement, or the prospectus contained therein, is unavailable to Holder sale of all Conversion Shares for any 10 or more Trading
Days, which may be non-consecutive;

    	 	32	 

     

    

h.       The
suspension from trading or the failure of the Common Stock to be trading or listed on the Trading Market, or failure to meet the
requirements for continued listing on the Trading Market;

i.       The
Company’s notice, written or oral, to Holder, including without limitation, by way of public announcement or through any
of its attorneys, agents, or representatives, of its intention not to comply, as required, with a Conversion Notice at any time,
including without limitation any objection or instruction to its transfer agent not to comply with any notice from Holder;

j.       Bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Company or any subsidiary and, if instituted against the Company or any subsidiary by a third party, an order for
relief is entered or the proceedings are not dismissed within 30 days of their initiation;

k.       The
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, or other similar official of the
Company or any subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of
creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding,
or the admission by it in writing of its inability to pay its debts generally as they become due, the taking of corporate action
by the Company or any Subsidiary in furtherance of any such action or the taking of any action by any person to commence a foreclosure
sale or any other similar action under any applicable law;

l.       A
judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company or any of its
subsidiaries and are not stayed or satisfied within 30 days of entry;

m.       The
Company does not for any reason timely comply with any applicable reporting requirement of the Securities Exchange Act of 1934,
as amended, and the regulations promulgated thereunder, including without limitation timely filing when first due all public reports
and filings;

n.       Any
regulatory, administrative or enforcement proceeding is initiated against Company or any subsidiary (except to the extent an adverse
determination would not have a material adverse effect on the Company’s business, properties, assets, financial condition
or results of operations or prevent the performance by the Company of any material obligation under the Transaction Documents);

o.       Any
material provision of this Note is at any time for any reason, other than pursuant to the express terms thereof, cease to be valid
and binding on or enforceable against the parties thereto, or the validity or enforceability thereof shall be contested by any
party thereto, or a proceeding shall be commenced by the Company or any subsidiary or any governmental authority having jurisdiction
over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company or any subsidiary denies that
it has any liability or obligation purported to be created under this Note; or

p.       The
failure of one or more Equity Conditions other than (v).

    	 	33	 

     

    

2.       It
is intended that all adjustments made following a Trigger Event will serve to reasonably compensate Holder for the change in circumstances,
potential consequences and increased risk in light of the occurrence of a Trigger Event, and not as a penalty or punishment for
any breach by the Company. The Company acknowledges that the actual damages likely to result from a Trigger Event are difficult
to estimate and would be difficult for Holder to prove.

II.       Miscellaneous.

A.       Notices.
Any and all notices to the Company will be addressed to the Company’s
Chief Executive Officer at the Company’s principal
place of business on file with the Secretary of State of the State of Delaware.
Any and all notices or other communications or deliveries to be provided by the Company to any Holder hereunder will be in writing
and delivered personally, by electronic mail or facsimile, sent by a nationally recognized overnight courier service addressed
to each Holder at the electronic mail, facsimile telephone number or address of such Holder appearing on the books of the Company,
or if no such electronic mail, facsimile telephone number or address appears, at the principal place of business of the Holder.
Any notice or other communication or deliveries hereunder will be deemed given and effective on the earliest of (1) the date of
transmission, if such notice or communication is delivered via facsimile or electronic mail prior to 5:30 p.m. New York time,
(2) the date after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail later
than 5:30 p.m. but prior to 11:59 p.m. New York time on such date, (3) the second business day following the date of mailing,
if sent by nationally recognized overnight courier service, or (4) upon actual receipt by the party to whom such notice is required
to be given, regardless of how sent.

B.       Lost
or Mutilated Note. Upon receipt of evidence reasonably satisfactory to the Company (an affidavit of the registered Holder
will be satisfactory) of the ownership and the loss, theft, destruction or mutilation of any certificate evidencing this Note,
and in the case of any such loss, theft or destruction upon receipt of indemnity reasonably satisfactory to the Company (provided
that if the Holder is a financial institution or other institutional investor its own agreement will be satisfactory) or
in the case of any such mutilation upon surrender of such certificate, the Company will, at its expense, execute and deliver in
lieu of such certificate a new certificate of like kind representing the Face Value represented by such lost, stolen, destroyed
or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate.

C.       Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and will not be deemed to limit
or affect any of the provisions hereof.

IN
WITNESS WHEREOF, the undersigned have executed this Note
on December 9, 2019.

 

Signed:

Name:

Title:

    	 	34	 

     

    

Exhibit
3

 

Transfer
Agent Instructions

GENEREX
BIOTECHNOLOGY CORPORATION

 

 

December
9, 2019

 

Broadridge
Financial Solutions Inc.

51
Mercedes Way

Edgewood,
NY 11717

 

 

Re:Generex
Biotechnology Corporation

 

Ladies
and Gentlemen:

 

In
accordance with the Purchase Agreement (“Agreement”), dated December 9, 2019, by and between Generex Biotechnology
Corporation, a Delaware corporation (“Company”), and Discover Growth Fund, LLC (“Investor”),
pursuant to which Company is required to issue and deliver 100,000 shares (“Shares”) of Company’s common
stock (“Common Stock”) immediately upon request, and to reserve, issue and deliver additional Shares upon conversion
of the Promissory Note (each a “Note”) in the initial principal amounts of $2,200,000 and $275,000 purchased
by Investor, this will serve as our irrevocable, absolute and unconditional instruction, authorization and direction to you to:
(a) at any time upon Investor’s request, issue and deliver 100,000 Shares to Investor, (b) immediately reserve 100 million
Shares for Investor, (d) upon receipt of written notice, from either Company or from Investor with a copy to Company, reserve
any additional Shares requested to be reserved, (e) provide Investor with the then total outstanding number of shares of Common
Stock at any time upon request; and (f) whenever either Company or Investor provides you with a Delivery Notice in the form attached
hereto as Appendix I, immediately issue the Shares requested. Capitalized terms used herein without definition will have
the respective meanings ascribed to them in the Agreement.

 

The
Shares will remain in the created reserve until the earlier of their issuance or such date as both Investor and Company provide
written instructions that the Shares or any part of them may be taken out of the reserve and will no longer be subject to the
terms of these instructions.

 

Upon
your receipt of a Delivery Notice from either Company or Investor, you are to immediately process the notice in accordance with
your most-expedited rush procedures which will be requested on submission, and use your commercially reasonable best efforts to
issue and deliver to Investor forthwith the number of Shares stated in the Delivery Notice, either: (a) only if Company is not
approved through DTC, and either Company or Investor provides an opinion of counsel to the effect that the Shares may be issued
without restrictive legend, by delivering by overnight carrier to the address specified in the notice a physical certificate bearing
no restrictive legend; or (b) if Company is DTC eligible and either Company or Investor provides an opinion of counsel to the
effect that the Shares may be issued without restrictive legend, by issuing pursuant to the DTC Fast Automated Securities Transfer
(FAST) Program and crediting to Investor’s balance account with DTC through its Deposit and Withdrawal At Custodian (DWAC)
system, and notifying Investor to cause its bank or broker to post the DWAC transaction. You will, at all times, diligently take
or cause to be taken all actions necessary to cause the Shares to be issued immediately.

 

    	 	35	 

     

    

Company
hereby confirms that the Shares should not be subject to any stop-transfer restrictions and will otherwise be freely transferable
on the books and records of Company, and if the Shares are certificated, the certificates will not bear any legend restricting
transfer of the Shares represented thereby, if a legal opinion is provided as set forth in the preceding paragraph.

 

Company
hereby confirms that no instructions other than as contemplated herein will or may be given to you by Company with respect to
the Shares. Company may not instruct you to delay or disregard any reserve request or Delivery Notice and you may not do so. You
are to comply promptly with any Delivery Notice or share reservation notice received from Investor, notwithstanding any contrary
instructions from Company.

 

Company
will not replace you as Company’s transfer agent, until a reputable registered transfer agent has agreed in writing to serve
as Company’s transfer agent and to be bound by all terms and conditions of this letter agreement. In the event that you
resign as Company’s transfer agent, Company will engage a suitable replacement reputable registered transfer agent that
will agree to serve as transfer agent for Company and be bound by the terms and conditions of these irrevocable instructions as
soon as practicable and in any event within 2 Trading Days. In any event, you will not transfer any records of Company to any
new transfer agent unless and until Investor has first confirmed in writing that the new transfer agent is reasonably suitable
and has agreed in writing to be bound by these instructions.

 

Company
must keep its bill current with you. If Company is not current and is on suspension, Investor will have the right to pay the amount
of your standard fees for a share issuance in order for you to act upon these instructions. If payment for the reservation or
issuance is not paid by Company or Investor, you have no obligation to act under instructions until your fees are paid.

 

Company
and you hereby acknowledge and confirm that complying with the terms of these instructions does not and will not prohibit you
from satisfying any and all fiduciary responsibilities and duties you may owe to Company.

 

Company
will indemnify you and your officers, directors, principals, partners, advisors, attorneys, agents and representatives, and hold
each of them harmless from and against any and all loss, cost, liability, damage, claim or expense (including the reasonable fees
and disbursements of attorneys) incurred by or asserted against you or any of them arising out of or in connection with any Delivery
Notice or the instructions set forth herein, the performance of your duties hereunder and otherwise in respect hereof, including
the costs and expenses of defending yourself or themselves against any claim or liability hereunder, except that Company will
not be liable hereunder as to amounts in respect of which it is finally determined by a court of competent jurisdiction to be
due solely to your fraud, willful misconduct or gross negligence. You will be entitled to indemnity and will have no liability
to Company in respect of any action taken in compliance with any Delivery Notice or instruction from Investor, notwithstanding
any contrary instructions from Company. Accordingly, you shall have no duty or obligation to confirm the accuracy of any calculations
or information set forth in any Delivery Notice submitted by the Investor.

 

    	 	36	 

     

    

Investor
is intended to be and is a third-party beneficiary hereof, and no amendment or modification to the instructions set forth herein
may be made without the prior written consent of Investor. The above instructions cannot be revoked, cancelled or modified without
prior written approval of Investor.

 

The
Board of Directors of Company has approved the foregoing irrevocable instructions and does hereby extend Company’s irrevocable
agreement to indemnify your firm for all loss, liability or expense in carrying out the authority and direction herein contained
on the terms herein set forth. You have not previously received contrary instructions from Company or its agents, nor are you
aware of any facts or circumstances that would make the transaction improper or illegal under applicable laws or regulations.

 

IN
WITNESS WHEREOF, the parties have caused this letter agreement regarding Transfer Agent Instructions to be duly executed and delivered
as of the date first written above.

 

GENEREX
BIOTECHNOLOGY CORPORATION

 

 

By:

Name:

Title:

 

ACCEPTED
AND AGREED:

 

DISCOVER
GROWTH FUND, LLC

 

 

By:

Name:

Title:

    	 	37	 

     

    

 

Appendix
I

 

Form
of Delivery Notice

 

DELIVERY
NOTICE

 

Reference
is made to the Promissory Note (“Note”) issued by Generex Biotechnology Corporation, a Delaware corporation
(“Company”) to the Investor named below pursuant to the Purchase Agreement dated December 9, 2019. In accordance
with and pursuant to the Note, Investor hereby converts that amount of Face Value of the Note stated below into shares of Common
Stock (“Common Stock”) of Company, as of the date and time first stated below.

Notice
Time: XX/XX/20XX, XX:XX x.m. New York time

Amount
of Face Value of Note to be converted: $XXX,000.00

Accrued
Interest: $XX, XXX.00

Estimated
5 lowest daily VWAPs during Measurement Period: $X.XX

 

Estimated
Conversion Price: $X.XX

Estimated
Number of Conversion Shares to be Issued: 

Prior
Common Stock issuances related to this Delivery Notice: 0

Shares
of Common Stock to be issued now, subject to X.99% issuance limitation: XX,XXX

Please
issue the Common Stock being converted via DWAC in the following name and to the following broker(s), and notify when Company’s
transfer agent is ready for broker to initiate DWAC:

	

    Shares:	XX,XXX
	Issue
    to:	INVESTOR
    NAME
	Broker:	BROKER
    NAME
	Account
    #:	XXX-XXX
	DTC#	XXXX
	Contact:	NAME
    AND TELEPHONE

 

 

 

    	 	38	 

     

    

Exhibit
4

 

Form
of Legal Opinion

 

 

1.                  
The Company is a corporation validly existing and in good standing under the laws of the state of its incorporation.

2.                  
The Company has the corporate power to execute, deliver and perform its obligations under the Transaction Documents, to sell and
issue the Note and Common Stock, and to issue the Common Stock issuable upon conversion of the Note (the “Conversion Shares”).

3.                  
The Note has been duly executed and delivered by the Company, and upon issuance and delivery in accordance with the terms of the
Purchase Agreement, the Note will constitute a valid and binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability
of equitable relief, including specific performance. The Conversion Shares issuable upon conversion of the Note and Preferred
Stock have been duly authorized and reserved for issuance, and upon issuance and delivery upon conversion thereof in accordance
with the terms of the Note and Preferred Stock, will be validly issued, fully paid and nonassessable. Such issuance of the Not,
the Preferred Stock and the Conversion Shares will not be subject to any statutory preemptive rights of any stockholder of the
Company.

4.                  
The execution and delivery of the Purchase Agreement, the Note and other Transaction Documents and the issuance and sale of the
Note, Common Stock and Conversion Shares have been duly authorized by all necessary corporate action on the part of the Company,
and the Transaction Documents have been duly executed and delivered by the Company.

5.                  
Each Transaction Document constitutes a valid and binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability
of equitable relief, including specific performance.

6.                  
The execution and delivery of the Transaction Documents by the Company does not, and the Company’s issuance and sale of
the Note, Common Stock and Conversion Shares will not (a) violate the Certificate of Incorporation or the Bylaws, each as in effect
on the date hereof, (b) violate in any U.S. federal or applicable state law, rule or regulation that, in our experience, is applicable
to transactions of the type contemplated by the Transaction Documents (except that no opinion is given with respect to applicable
federal and state securities laws),, or (c) to our knowledge, require the authorization, consent, approval of or other action
of, notice to or filing or qualification with, any state or federal governmental authority, except (i) as have been, or will be
prior to the Closing, duly obtained or made, or (ii) any filings which may be required under applicable federal securities, state
securities or blue sky laws, as to which no opinion is given,.

    	 	39	 

     

    

 

7.                  
The Company is not, and immediately after the consummation of the transactions contemplated by the Transaction Documents will
not be, an investment company within the meaning of Investment Company Act of 1940, as amended.

8.                  
To our knowledge, there is no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened, before
any court or governmental or administrative body or agency, or any private arbitration tribunal, against the Company that challenges
the validity or enforceability of, or seeks to enjoin the performance of, the Transaction Documents.

 

    	 	40	 

     

    

Exhibit
5

Officer’s
Certificate

 

GENEREX
BIOTECHNOLOGY CORPORATION

December
9, 2019

The
undersigned hereby certifies that:

The
undersigned is the duly appointed Chief Executive Officer of Generex Biotechnology Corporation, a Delaware corporation (“Company”).

This
Officer’s Certificate (“Certificate”) is being delivered to ____________________ (“Investor”),
by Company, to fulfill the requirement under the Purchase Agreement, dated December 9, 2019, between Investor and Company (“Agreement”).
Terms used and not defined in this Certificate have the meanings set forth in the Agreement.

The
representations and warranties of Company set forth in the Agreement are true and correct in all material respects as if made
on the above date (except for any representations and warranties that are expressly made as of a particular date, in which case
such representations and warranties will be true and correct as of such particular date), and no default has occurred under the
Agreement, or any other agreement with Investor or any Affiliate of Investor.

Company
is not, and will not be as a result of the Closing, in default of the Agreement or any other agreement with Investor or any Affiliate
of Investor.

All
of the conditions to the Closing required to be satisfied by Company prior to the Closing have been satisfied in their entirety.

IN
WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date set forth above.

 

Signed:

Name:

Title:

 

    	 	41	 

     

    

Exhibit
6

Secretary’s
Certificate

 

December
9, 2019

The
undersigned hereby certifies that:

The
undersigned is the duly appointed Secretary of Generex Biotechnology Corporation, a Delaware corporation (the “Company”).

This
Secretary’s Certificate (“Certificate”) is being delivered to ____________________ (“Investor”),
by Company, to fulfill the requirement under the Purchase Agreement, dated December 9, 2019, between Investor and Company (“Agreement”).
Terms used and not defined in this Certificate have the meanings set forth in the Agreement.

Attached
hereto as Exhibit “A” is a true, correct and complete copy of the Certificate of Incorporation of Company,
as in effect on the Effective Date.

Attached
hereto as Exhibit “B” is a true, correct and complete copy of the Bylaws of Company, as in effect on the Effective
Date.

Attached
hereto as Exhibit “C” is a true, correct and complete copy of the resolutions of the Board of Directors of
Company authorizing the Agreement, the Note, the Conversion Shares, the other Transaction Documents, and the transactions contemplated
thereby. Such resolutions have not been amended or rescinded and remain in full force and effect as of the date hereof.

IN
WITNESS WHEREOF, the undersigned has executed this Secretary’s Certificate as of the date set forth above.

 

Signed:

Name:

Title:

 

 

    	 	42	 

     

    

Exhibit
6

 

Confession
of Judgment

 

IN
THE SUPERIOR COURT OF THE STATE OF DELAWARE

 

DISCOVER
GROWTH FUND, LLC, a U.S.)

Virgin
Islands limited liability company,)

)

Plaintiff,       )

)

v.       )

)

GENEREX
BIOTECHNOLOGY)

CORPORATION,
a Delaware corporation,)

and
JOSEPH MOSCATO, an individual,)

)

Defendants.       )

)

 

WARRANT
OF ATTORNEY

TO
CONFESS JUDGMENT

 

The
undersigned, Generex Biotechnology Corporation (“Generex”), a corporation organized and existing under the
laws of the State of Delaware, is indebted to Discover Growth Fund, LLC (“Discover”), a limited liability company
organized and existing under the laws of the Territory of the United States Virgin Islands, on the Promissory Note (“Note”)
executed on December 9, 2019 in the initial principal amount of $2,200,000.00.

 

Generex
hereby appoints any attorney duly admitted to practice in the State of Delaware to be its attorney, to appear in any court of
record, at any time after this Warrant of Attorney to Confess Judgment (“Warrant”) becomes due, and there to
waive service of process and confess a judgment against Generex in favor of Discover on the Note for the amount of $2,475,000.00,
together with costs and attorney fees; giving its attorney full power and authority to perform every act necessary, including
the power to waive and release all errors incident to the exercise of this power and the entry and enforcement of the judgment,
and all right of review predicated on it; ratifying and confirming all that its attorney may do or cause to be done by virtue
of this Warrant.

 

GENEREX
BIOTECHNOLOGY CORPORATION

 

 

By:

Name:
Joseph Moscato

Title:
President and Chief Executive Officer

 

    	 	43	 

     

    

 

IN
THE SUPERIOR COURT OF THE STATE OF DELAWARE

 

DISCOVER
GROWTH FUND, LLC, a U.S.)

Virgin
Islands limited liability company,)

)

Plaintiff,       )

)

v.       )

)

GENEREX
BIOTECHNOLOGY)

CORPORATION,
a Delaware corporation,)

and
JOSEPH MOSCATO, an individual,)

)

Defendants.       )

)

 

WARRANT
OF ATTORNEY

TO
CONFESS JUDGMENT

 

I,
the undersigned, Joseph Moscato, the President and Chief Executive Officer of Generex Biotechnology Corporation (“Generex”),
a corporation organized and existing under the laws of the State of Delaware, am indebted to Discover Growth Fund, LLC (“Discover”),
a limited liability company organized and existing under the laws of the Territory of the United States Virgin Islands, as guarantor
of the Promissory Note (“Note”) executed by Generex on December 9, 2019 in the initial principal amount of
$2,200,000.00.

 

I
hereby appoint any attorney duly admitted to practice in the State of Delaware to be my attorney, to appear in any court of record,
at any time after this Warrant of Attorney to Confess Judgment (“Warrant”) becomes due, and there to waive
service of process and confess a judgment against me in favor of Discover on the guarantee of the Note for the amount of $2,475,000.00,
together with costs and attorney fees; giving my attorney full power and authority to perform every act necessary, including the
power to waive and release all errors incident to the exercise of this power and the entry and enforcement of the judgment, and
all right of review predicated on it; ratifying and confirming all that my attorney may do or cause to be done by virtue of this
Warrant.

 

 

Signed:

Name:
Joseph Moscato

 

 

    	 	44	 

     

    

 

IN
THE SUPERIOR COURT OF THE STATE OF DELAWARE

 

DISCOVER
GROWTH FUND, LLC, a U.S.)

Virgin
Islands limited liability company,)

)

Plaintiff,       )

)

v.       )

)

GENEREX
BIOTECHNOLOGY)

CORPORATION,
a Delaware corporation,)

and
JOSEPH MOSCATO, an individual,)

)

Defendants.       )

)

 

AFFIDAVIT
BY DEFENDANT-OBLIGOR

FOR
CONFESSION OF JUDGMENT

 

STATE
OF FLORIDA:

:
SS.:

COUNTY
OF BROWARD:

 

JOSEPH
MOSCATO, being duly sworn, deposes and says:

 

1.       I
am the President and Chief Executive Officer of Generex Biotechnology Corporation (“Generex”), a corporation
organized and existing under the laws of the State of Delaware, and am indebted to Discover Growth Fund, LLC (“Discover”),
a limited liability company organized and existing under the laws of the Territory of the United States Virgin Islands, as guarantor
of the Promissory Note (“Note”) executed by Generex on December 9, 2019 in the initial principal amount of
$2,200,000.00.

2.       
Judgment may be entered against me for the sum of $2,475,000.00, together with costs and attorney fees.

3.       I
hereby authorize entry of judgment in the Superior Court of the State of Delaware in and for New Castle County.

4.       The
contact with the State of Delaware in the transaction is that Generex is a Delaware corporation, that I am the President and Chief
Executive Officer of said Delaware corporation, and am the guarantor of the Note issued by said Delaware corporation.

5.       My
mailing address and residence where I most likely would receive mail is .

 

 

______

Joseph
Moscato

 

NOTARY
SIGNATURE AND SEAL APPEARING ON PAGE 2:

 

    	 	45	 

     

    

 

The
foregoing Affidavit by Defendant-Obligor for Confession of Judgment was Sworn to and subscribed before me, the undersigned authority,
by Joseph Moscato personally on his own behalf, who is [ ] personally known by me or [ ] produced _______________________________
as identification this 9th day of December, 2019.

 

 

_____________________________

Notary
Public

 

Seal:

 

    	 	46

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