Document:

Employment Agreement

 EXHIBIT 10.2 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made on this 18th day of
July, 2016 (the “Effective Date”), by and between TapImmune Inc., a Nevada corporation (the “Company”), and John Bonfiglio, an individual (the “Executive”). 

WHEREAS, the Executive has served as a Strategic Advisor to TapImmune pursuant to the terms of a Consulting Agreement entered into by the
Company and the Executive as of February 10, 2015, and amended on February 9, 2016 (collectively, the “Prior Consulting Agreement”); and 

WHEREAS, the Company desires to employ the Executive as its President and Chief Operating Officer, and the Executive desires to accept such
employment with the Company, in each case upon the terms and conditions set forth herein. 
 NOW WITNESSETH: 

The Executive and the Company for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein,
intending to be legally bound, hereby agree to the following terms and conditions. 
 1.     EMPLOYMENT. The
Company hereby employs the Executive as President and Chief Operating Officer of the Company, and the Executive agrees to serve in such capacities and provide his services to the Company on the terms and conditions set forth in this Agreement. 

2.     POSITION AND DUTIES. On and after the date of this Agreement, the Executive will serve as President and
Chief Operating Officer of the Company. The Executive agrees that except as set forth below, during the Term (as defined below) he shall dedicate his full business time, attention and energies to performing his duties to the Company, as prescribed
by the CEO of the Company. The Executive will report to the CEO of the Company, and carry out the decisions and otherwise abide by and enforce the lawful rules and policies of the Company. 

The Executive shall devote his best business efforts to the business and affairs of the Company and, during the Term, shall observe at all
times the covenants regarding non-competition, and confidentiality provided in Sections 5, 6 and 7 below. The Company and Executive acknowledge and agree that, during the Term, Executive shall be permitted to (i) serve on
corporate, civic or charitable boards or committees, and (ii) manage passive personal investments, so long as any such activities do not unduly interfere with the performance of Executive’s responsibilities as an employee of the Company in
accordance with this Agreement. 

 3.     TERM. The term of this Agreement shall start on the Effective
Date and end on the day preceding the second anniversary of the Effective Date (the “Initial Term”). The term of the Agreement will be automatically extended for successive additional twelve (12) month periods after the end of
the Initial Term, unless terminated by the Company or the Executive by written notice to the other Party provided not later than twelve (12) months prior to the end of the Initial Term, or no later than ninety (90) days prior to the end of
any such successive 12 month term, subject to termination pursuant to Section 8 below (the “Term”). However, the provisions of Sections 5, 6 and 7 shall continue in force in accordance with the provisions
therein and shall survive the expiration or termination of the Term and this Agreement. 
 4.     COMPENSATION AND
BENEFITS. 
 (a)     Base Salary. The Executive’s annual base salary shall be two hundred and sixty
thousand dollars ($260,000) per year, which shall be paid by the Company to the Executive monthly, in accordance with normal payroll practices and subject to customary withholding as required by applicable law. This annual base salary shall be
reviewed by the Board periodically, and the Board may increase the Executive’s annual base salary from time to time as the Board deems to be appropriate subject to performance and market conditions. The Executive’s salary will not be
reduced without Executive’s prior written consent except in connection with a reduction in salary of all Company executives. 

(b)     Annual Incentive Compensation. During the Term, the Executive shall be eligible for an annual performance
bonus of up to fifty percent (50%) of the Executive’s annual base salary, based on goals and other conditions as the CEO shall determine on an annual basis according to annual guidelines from the Board of Directors (the “Annual
Performance Bonus”). The Annual Performance Bonus will be payable in the form of either cash, shares of the Company’s common stock, stock options or a combination thereof, according to annual guidelines from the Board of Directors, in
any case to be paid or delivered as soon as practicable after the end of the year in which they are earned and in any event not less than sixty (60) days after the end of such year. 

Any such Annual Performance Bonus, as well as any equity awards which are granted to the Executive or which become vested as a result of the
satisfaction of financial performance goals of the Company, shall be subject to the Company’s Policy on Recoupment of Executive Incentive Compensation, and that the Executive shall be obligated to repay to the Company, any and all amounts
received with respect to the Annual Performance Bonus or performance-based equity awards, to the extent such a repayment is required by the terms of the Policy on Recoupment of Executive Incentive Compensation, as such policy may be amended from
time to time. 
 (c)     Equity Awards. The Executive will be granted equity awards under the Company’s 2014
Omnibus Stock Ownership Plan consisting of (i) stock options to purchase 750,000 shares of the Company’s common stock at an exercise price equal to the fair market value of the common stock on the day immediately preceding the Effective
Date of this Agreement, which options shall vest one third (250,000) immediately and the remaining options shall vest in 23 equal monthly installments of 20,833 options on the last day of each of the 23 months following the grant date, and the
remaining 20,841 options shall vest on the last day of the 24th month, and (ii) 250,000 shares of unregistered, restricted common stock, all of which 

  
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shall vest upon the earlier to occur of (i) the listing of the Company’s common stock on a national securities exchange in the United States or (ii) the first anniversary of the
Effective Date, so long as Executive is employed with the Company at such time or on such date, either as an employee or consultant. The Company shall pay the withholding tax amount associated with the award of restricted stock which amount
Executive acknowledges will be taxable to Executive. Further, the consultant Stock Option Award Agreement existing between the Company and Executive, dated February 10, 2015, shall be amended as set forth in the form of amendment attached
hereto as Exhibit A. 
 (d)     Benefits. The Executive shall be entitled to participate in all group insurance,
vacation, retirement and other employee benefits established by Company for its full time employees generally, on terms comparable to those provided to such employees from time to time by the Company. Nothing in this Agreement will preclude the
Company from terminating or amending any employee benefit plan so as to change eligibility or other requirements or eliminate, reduce or otherwise change any benefit, provided that such termination or amendment applies equally to the Executive and
other full time employees of the Company. 
 (e)     Paid Time off. The Executive shall be entitled to twenty-one
(21) days paid vacation per calendar year plus such sick leave as he may reasonably and actually require. Accrued and unused vacation shall be paid at termination of employment for any reason. 

(f)     Reimbursement of Business Expenses. The Executive shall be entitled to receive reimbursement for all
appropriate business expenses incurred by him in connection with his duties under this Agreement in accordance with the written policies of the Company as in effect from time to time. 

The Company shall use its commercially reasonable efforts to maintain a Directors and Officers Insurance policy with no less than
$2 million coverage, and to list the Executive as one of the covered management employees under such policy. 

5.     CONFIDENTIAL INFORMATION. The Executive agrees that during and after his employment with the Company, he
will hold in the strictest confidence, and will not use (except for the benefit of the Company, or any of the Company’s other subsidiaries or affiliates) or disclose to any person, firm, or corporation any Company Confidential Information
except as necessary in carrying out his work for the Company. The Executive understands that his unauthorized use or disclosure of Company Confidential Information during his employment may lead to disciplinary action, up to and including immediate
termination and legal action by the Company. The Executive understands that “Company Confidential Information” means any non-public information that relates to the actual or anticipated business, research or development of the
Company, or subsidiaries or affiliates (collectively, for the purposes of this section, the “Company”), or to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product plans, or
other information regarding the Company’s products or services and markets therefor, customer lists 

  
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and customers (including, but not limited to, customers of the Company on which the Executive called or with which he may become acquainted during the term of his employment), software,
developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information; provided, however, Company Confidential Information does not include
any of the foregoing items to the extent the same have become publicly known and made generally available through no wrongful act of the Executive or, to the extent known by the Executive, of others. The Executive understands that nothing in this
Agreement is intended to limit the Executive’s rights to discuss the terms, wages, and working conditions of his employment, as protected by applicable law. 

The Executive recognizes that the Company may have received and in the future may receive from third parties associated with the Company,
e.g., the Company’s customers, suppliers, licensors, licensees, partners, or collaborators (“Associated Third Parties”), their confidential or proprietary information (“Associated Third Party Confidential
Information”). By way of example, Associated Third Party Confidential Information may include the habits or practices of Associated Third Parties, the technology of Associated Third Parties, requirements of Associated Third Parties, and
information related to the business conducted between the Company and such Associated Third Parties. The Executive agrees at all times during his employment with the Company and thereafter to hold in the strictest confidence, and not to use or to
disclose to any person, firm, or corporation, any Associated Third Party Confidential Information, except as necessary in carrying out his work for the Company consistent with the Company’s agreement with such Associated Third Parties. The
Executive further agrees to comply with any and all written Company policies and guidelines that may be adopted from time to time regarding Associated Third Parties and Associated Third Party Confidential Information. The Executive understands that
his unauthorized use or disclosure of Associated Third Party Confidential Information or violation of any Company policies during his employment may lead to disciplinary action, up to and including immediate termination and legal action by the
Company. 
 Notwithstanding anything in this Section 6 to the contrary, the Executive shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely
for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if the Executive should
file a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to the Executive’s attorney and use the trade secret information in the court proceeding, if the Executive
(A) files any document containing the trade secret under seal, and (B) does not disclose the trade secret, except pursuant to a court order. 

  
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 Upon termination of his employment with the Company, the Executive will promptly deliver to the
Company, and will not keep in his possession, recreate, or deliver to anyone else, any and all Company property, including, but not limited to, Company Confidential Information, Associated Third Party Confidential Information, as well as all devices
and equipment belonging to the Company (including computers, handheld electronic devices, telephone equipment, and other electronic devices), Company credit cards, records, data, notes, notebooks, reports, files, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, photographs, charts, any other documents and property, and reproductions of any and all of the aforementioned items that were developed by him pursuant to his employment with the Company,
obtained by him in connection with his employment with the Company, or otherwise belonging to the Company, its successors, or assigns. The Executive also consents to an exit interview to confirm his compliance with this Section 5, if
requested by the Company. 
 6.     INTELLECTUAL PROPERTY RIGHTS. Any and all concepts, improvements, computer
software, articles, pamphlets, brochures, marketing plans, or other information (collectively, “Developments”) which the Executive discovers, edits or develops during the Term of his/her employment, which relates to or is useful in
connection with the business of Company, shall be deemed work for hire and shall be the sole and exclusive property of the Company. The Executive hereby assigns, transfers and conveys to the Company all right, title and interest in, and to all such
Developments. The Executive shall make full disclosure thereof to the Company and shall do such acts and deliver all such instruments as the Company shall reasonably require of Executive, at the Company’s expense, to effect such ownership and
to enable the Company to file and prosecute applications for and to acquire, maintain and enforce any and all patents, trademark, registrations or copyrights under United States or foreign law with respect to such Developments or to obtain any
extension, valid action, reissuance, continuance or renewal of any such patent, trademark or copyright. 
 7.    
NON-COMPETITION AND NON-SOLICITATION COVENANTS. As additional consideration to the Company for entering into this Agreement, the Executive covenants that during the Restricted Period (as defined below), he shall not: 

(a)     compete against the Company, or any subsidiary or affiliate of the Company that is engaged in the Business (as
defined below) (collectively, the “Applicable Entities”), either directly or indirectly, by taking employment, assisting or serving as an independent contractor, consultant, partner, director or officer with a competitor of any of
the Applicable Entities, or starting his own business that would compete directly or indirectly with any of the Applicable Entities, or have a material interest in any business, corporation, partnership, limited liability company or other business
entity which competes directly or indirectly with any of the Applicable Entities. For purposes of this covenant, the term “the Business” shall mean developing, producing, designing, providing, soliciting orders for, selling, distributing,
or marketing Company Products and Services in any state of the United States of America in which any of the Applicable Entities does business. For purposes hereof, “Company Products and Services” means any cancer immunotherapy T-cell
vaccines and related applications (i) which the Applicable Entities currently and reasonably anticipate developing, producing, designing, providing, marketing, distributing or selling as of the date of the termination of Executive’s
employment with the Company, (ii) which the Applicable Entities develop, produce, design, provide, market or distribute while Executive is employed by the Applicable Entities or is otherwise providing services to the Applicable Entities, or
(iii) that 

  
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compete with any of the products and services of the Applicable Entities referenced in (i) or (ii) above. For the purpose of defining and enforcing this covenant, the competitors of the
Applicable Entities will be identified at the time the Company seeks enforcement of this covenant. This determination shall be based on the then-existing market area of the Applicable Entities at the time enforcement of this covenant is sought.
Notwithstanding the foregoing, investment by the Executive constituting less than five percent (5%) of the outstanding securities in a publicly-traded entity that may compete with the Applicable Entities shall not constitute a violation of this
Section 7(a) as long as the Executive is not actively involved in such entity’s business. 
 (b)    
solicit or encourage, or attempt to solicit or encourage, any current customer or vendor of any of the Applicable Entities to do business with any person or entity in competition with any of the Applicable Entities or to reduce the amount of
business which any such customer or vendor has customarily done or contemplates doing with any of the Applicable Entities, whether or not the relationship between any of the Applicable Entities and such customer or vendor was originally established
in whole or in part through the Executive’s efforts; provided, however, that this Section 7 (b) shall not be interpreted as preventing the Executive from conducting a business that does not consist of the Business
conducted by the Applicable Entities with any customers or vendors of the Applicable Entities; or 
 (c)     solicit or
encourage, or attempt to solicit or encourage, any employee of the Company or any of the Applicable Entities, whether as an officer, employee, consultant, agent or independent contractor, or any person who was so employed or engaged at any time
during the six (6) month period prior to the date of the Executive’s solicitation, to leave his or her employment with the Company or any of the Applicable Entities, to cease providing services to the Company or any of the Applicable
Entities, or to accept employment with any other person or entity; provided however, that general solicitations not specifically targeted to employees of the Company or any of the Applicable Entities shall not constitute a breach of this
Section 7(c). 
 These covenants not to compete and not to solicit shall apply during the entire Term of the Executive’s
employment with the Company and for a period of twelve (12) months following the date on which Executive is last employed by the Company (the “Restricted Period”). In the event of a breach by the Executive of any of the
covenants in this Section 7, the term of the Restricted Period will be extended by the period of the duration of such breach. 

The Executive agrees that the relevant public policy and legal aspects of covenants not to compete have been discussed with him and that every
effort has been made to limit the restrictions placed upon Executive to those that are reasonable and necessary to protect the legitimate interests of the Company, and the other Applicable Entities. The Executive acknowledges that, based upon his
education, experience, and training, the non-compete and non-solicitation provisions of this Section 7 will not prevent the Executive from earning a livelihood and supporting the Executive and his family during the relevant time period.

  
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 The Executive and the Company agree that the restrictions set forth in this Section 7
shall not prevent the Executive from serving as a member of the board of directors or board of managers of any organization after the Executive’s employment with the Company ends provided that: (a) the Executive does not provide services
to such organization other than through Executive’s role as a member of its board of directors or board of managers; and (b) the Executive does not violate his confidentiality and intellectual property obligations set forth in Sections
5 and 6 of this Agreement. 
 The existence of a claim, charge, or cause of action by the Executive against the Company, or any
other Applicable Entity shall not constitute a defense to the enforcement by the Company, or any other Applicable Entity of the foregoing restrictive covenants, but such claim, charge, or cause of action shall be litigated separately. 

If any restriction set forth in this Section 7 is found by any court of competent jurisdiction to be unenforceable because it extends for
too long a period of time or over too great a range of activities or in too broad a geographic area, the court is hereby expressly authorized to modify this Agreement or to interpret this Agreement to extend only over the maximum period of time,
range of activities, or geographic areas as to which it may be enforceable. 
 8.     TERMINATION OF EMPLOYMENT.
Notwithstanding anything else contained in this Agreement, the Term of Executive’s employment under this Agreement may be terminated prior to the end of the Term stated in Section 3 above upon the earliest to occur of the events
described in Subsections 8(a) or 8(b) below. To terminate the Executive’s employment with the Company and the Term pursuant to this Section 8, the terminating party shall provide to the other party a written notice of
termination (a “Termination Notice”), which shall (i) indicate the specific termination provision of this Agreement relied upon, (ii) briefly summarize the facts and circumstances that provide the bases for such
termination, (iii) specify the termination date in accordance with the requirements of this Agreement, and (iv) otherwise comply with any notice-related term in this Agreement applicable to the specific type of termination. 

(a)     Termination by the Company. The Company may terminate the Executive’s employment with the Company and
the Term under this Agreement: 
  

	 	(1)	Upon the Executive’s Disability (as defined below), such termination to be effective on the date of written notice by the Company that the Executive’s employment is being terminated as a result of such
Disability or such later date as may be specified in writing by the Company; 

  

	 	(2)	Upon the Executive’s death, to be effective immediately upon the date of death; 

  
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	 	(3)	For Cause (as defined below), which termination shall be effective on the date specified in the Termination Notice; 

  

	 	(4)	If the Board determines in good faith that the Company is unable to continue to pay the level of compensation due to the Executive under Section 4 of this Agreement, whether as a result of the Company’s
failure to obtain additional equity funding as needed to sustain its operations or otherwise; or 

  

	 	(5)	By the Company for any reason other than under Subsections (a)(1), (2), (3) or (4), or for no reason (it being understood that Executive’s employment is “at will”), upon written notice by the
Company to the Executive that the Executive’s employment is being terminated, which termination shall be effective on the date of such notice or such later date as may be specified in writing by the Company. 

(b)     Termination by the Executive. The Executive may terminate his employment with the Company and the Term
under this Agreement either (i) for Good Reason (as defined below) by providing a Termination Notice to the Company as described above; or (ii) without Good Reason by written notice of termination of his employment to the Company. 

(c)     Definition of “Disability.” For purposes of this Agreement, “Disability” shall
mean the Executive’s incapacity or inability to perform his duties and responsibilities as contemplated under this Agreement with any reasonable accommodation that the Company may be required to provide in accordance with the Americans with
Disabilities Act for one hundred twenty (120) consecutive days or for more than one hundred twenty (120) days within any one (1) year period (cumulative or consecutive) due to impairment to his physical or mental health. For this
purpose, the Executive shall be presumed to have suffered a Disability if he is determined to be entitled to Social Security disability benefits by the Social Security Administration. 

(d)     Definition of “Cause.” The Company shall have “Cause” to terminate the Executive only
for any of the following reasons: 
  

	 	(1)	The Executive’s fraudulent, dishonest or illegal conduct in the performance of services for or on behalf of the Company or any of its subsidiaries or affiliates or other conduct in violation of Company policy or
materially detrimental to the business, operations or reputation of the Company or any of its subsidiaries or affiliates, as determined by the Board in good faith; 

 

	 	(2)	The Executive’s embezzlement, misappropriation of funds or fraud, whether or not related to his employment with the Company; 

  
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	 	(3)	Insubordination, negligence, willful misconduct or willful failure to comply with directions of the Board; 

  

	 	(4)	A breach of the Executive’s duty of loyalty to the Company or any of its subsidiaries; 

  

	 	(5)	The Executive’s violation of any Company policy, including but not limited to, the Company’s Code of Ethics, and its policies regarding discrimination, harassment and retaliation as determined by the Board of
Directors in good faith; 

  

	 	(6)	The Executive’s gross misconduct or intentional failure to comply with any lawful direction of the Company’s CEO or Board consistent with his duties hereunder; 

 

	 	(7)	The conviction by a court of competent jurisdiction of the Executive of, or the entry of a plea of guilty or nolo contendere by the Executive to, any crime involving moral turpitude or any felony; or 

 

	 	(8)	A reasonable determination by a majority of the Board that the Executive has committed an act of fraud, embezzlement or conversion of property related to the Company or any of its customers or suppliers; or

  

	 	(9)	Any other intentional breach of the Executive’s obligations under this Agreement which is not promptly cured after notice and demand by the Board. 

(d)     Definition of “Good Reason.” For the purposes of this Agreement, “Good Reason” shall
mean without the prior written consent of the Executive: 
  

	 	(1)	A reduction by the Company of the Executive’s annual base salary from the amount specified in Section 4, provided that, such a reduction shall not be considered “Good Reason” if the reduction
results from a determination by the Board in good faith that the Company is unable to continue to pay the level of executive compensation due to the Executive and similarly situated executives, whether as a result of the Company’s failure to
obtain additional equity funding as needed to sustain its operations, or otherwise unless such determination occurs within ninety (90) days of a Change of Control (as defined below); 

 

	 	(2)	A demotion or other material diminution by the Company in the Executive’s authority, duties, or responsibilities from those specified in Section 2; or 

  
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	 	(3)	Any other material breach of this Agreement by the Company. 

 (e)    
Termination Notice and Cure. Notwithstanding the foregoing subsection (e) of this Section 8, “Good Reason” shall not be deemed to have occurred, and the Executive shall be deemed to have irrevocably waived his right
to terminate the Executive’s employment with the Company and the Term under this Agreement with respect thereto, unless: (i) the Executive has provided the Company with a Termination Notice describing one or more of the grounds set forth
in Section 8(e) as soon as reasonably practicable, but in no event later than one hundred fifty (150) days after such ground occurring or is discovered (as applicable), (ii) if such ground is capable of being cured, the Company has
failed to cure such ground within a period of thirty (30) days from the date of such written notice, and (iii) the Executive terminates the Executive’s employment with the Company within six (6) months from the date on which the
event constituting Good Reason first occurs or is discovered (as applicable). The Executive shall have the burden of proving the occurrence of an event constituting “Good Reason” hereunder. 

Similarly, notwithstanding the foregoing subsection (d) of this Section 8, “Cause” shall not be deemed to
have occurred, and the Company shall be deemed to have irrevocably waived their right to terminate the Executive’s employment with the Company and the Term under this Agreement with respect thereto, unless: (i) the Company has provided the
Executive with a Termination Notice describing one or more of the grounds set forth in Section 8(d) as soon as reasonably practicable, but in no event later than one hundred fifty (150) days after the Board first receives notice of
the grounds for termination (as applicable), (ii) if such ground is capable of being cured, the Executive has failed to cure such ground within a period of thirty (30) days from the date of such written notice, and (iii) the Company
terminates the Executive’s employment with the Company within six (6) months from the date on which the Board first received notice of the event constituting Cause. 

9.     SEVERANCE PAY. 

(a)     In the event the Executive’s employment with the Company is terminated by the Company during the Term for
Cause (as defined in Section 8(d) above), or by the Executive other than for Good Reason (as defined in Section 8(e) above), the compensation and benefits the Executive shall be entitled to receive from the Company shall be limited to:

 (i)     his then-current annual base salary pursuant to Section 4 through the date of
termination, payable in accordance with the Company’s standard payroll practices; 
 (ii)     any
reimbursable expenses for which the Executive has not yet been reimbursed as of the date of termination; 

(iii)     any accrued paid time off; and 

  
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 (iv)     any other rights and vested benefits (if any)
provided under employee benefit plans and programs of the Company, determined in accordance with the applicable terms and provisions of such plans and programs. 

(b)     If the Executive’s employment with the Company is terminated due to death or disability or the inability of
the Company to continue to pay Executive’s salary, the Company will pay all salary and bonuses to the date of termination. 

(c)     If the Executive’s employment with the Company is terminated during the Term, either by the Company without
Cause or by the Executive for Good Reason, in addition to the amounts in Subsection (a) of this Section 9, the Executive shall also be entitled to receive severance pay equal to six (6) months of his annual base salary
pursuant to Section 4, at the rate in effect on the date of termination plus accrued and unused paid time off. This severance pay shall be paid to the Executive in cash in a single lump sum payment, within sixty (60) days after the
date of the termination of the Executive’s employment with the Company, but no earlier than fifteen (15) days after the Executive’s execution and non-revocation of a general release of all claims against the Company, its officers,
directors, employees and affiliates, in form and substance satisfactory to the Company (the “Release”). In addition, the Executive shall also receive upon termination any Annual Performance Bonus that, as of the date of termination,
has been earned by the Executive but has not yet been paid by the Company to the Executive. In addition, the Company shall pay the cost for Executive to continue his health insurance benefits under COBRA for a period of six months after termination
of employment, or the Company will fund an alternative health care insurance plan for the same dollar amount as a six month Cobra plan. 

(d)     Notwithstanding anything in this Agreement to the contrary, it will be a condition to the Executive’s right
to receive any severance benefits under Subsection (c) of this Section 9 that he execute and deliver the Release to the Company upon his separation from service, and that he does not revoke the Release during the fifteen
(15) day period thereafter. Subject to Section 14 below, the severance payments under this Section 9 will be made no earlier than fifteen (15) days after the Executive has executed, delivered and not revoked the Release as
required under this Section 9. 
 10.     CHANGE OF CONTROL 

(a)     If the Executive’s employment with the Company is terminated either by the Company without Cause or by the
Executive for Good Reason during the period of ninety (90) days following a Change in Control of the Company (as that term is defined below), in addition to the amounts in Subsection (a) of Section 9, but in lieu of any
severance payments under Subsection (b) of Section 9, the Executive shall be entitled to receive a severance payment equal to the sum of (i) eight (8) months of his annual base salary pursuant to
Section 4, at the higher of the base salary rate in effect on the date of termination or the base salary rate in effect immediately before the effective date of the Change of Control, and (ii) the Executive ‘s Annual
Performance Bonus for the year which includes the effective date of the Change in 

  
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Control, payable at the full target level of performance including any bonus declared and not yet paid. This severance pay shall be paid to the Executive in cash in a single lump sum payment,
within sixty (60) days after the date of the termination of the Executive’s employment with the Company, but no earlier than fifteen (15) days after the Executive’s execution and non-revocation of the Release. In addition, the
Executive shall also receive in the same payment the amount of any annual performance bonus that, as of the date of termination, has been earned by the Executive but has not yet been paid by the Company to the Executive. In addition, the Company
shall pay the cost for the Executive to continue his health insurance benefits under COBRA for a period of eight (8) months. 

(b)     If the Executive holds any stock options or other stock awards granted under the Company’s equity plan which
are not fully vested at the time his employment with the Company is terminated either by the Company without Cause or by the Executive for Good Reason during the period of ninety (90) days following a Change in Control, such equity awards shall
become fully vested as of the termination date. 
 (c)     For purposes of this Agreement, the term “Change in
Control” shall mean a transaction or series of transactions which constitutes a sale of control of the Company, a change in effective control of the Company, or a sale of all or substantially all of the assets of the Company, or a
transaction which qualifies as a “change in ownership” or “change in effective control” of the Company or a “change in ownership of substantially all of the assets” of the Company under the standards set forth in
Treasury Regulation section l.409A-3(i)(5). 
 (d)     If any severance payments otherwise payable to the Executive
under this Agreement in connection with a Change in Control would, when combined with any other payments or benefits the Executive becomes entitled to receive that are contingent on the same Change in Control (such payments and benefits to be
referred to as “Parachute Payments”) would: (i) constitute a “parachute payment” within the meaning of Section 280G of the Code; and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the severance payments payable to the Executive under this Section 10 shall be reduced to such extent which would result in no portion of such severance benefits being
subject to the Excise Tax under Section 4999 of the Code (the “Reduced Amount”). Any determination of the Excise Tax or the Reduced Amount required under this Section 10(d) shall be made in writing by the Company’s
independent public accountants, whose determination shall be conclusive and binding upon the Company and the Executive for all purposes. For purposes of making the calculations required by this Section 10(d), the accountants may make
reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish such
information and documents as the accountants may reasonably request in order to make a determination under this Section 10(d). The Company shall bear all costs the accountants may reasonably incur in connection with any calculations
contemplated by this Section 10(d). 
 11.     NO BREACH. The Executive hereby represents to the Company
that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise

  
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contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise would be bound except for agreements entered into by and between the Executive and the
Company or any other member of the Company’s group pursuant to applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or
entity that would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this)
with any other person or entity except for the Company or other member(s) of the Company’s group, as the case may be. 

12.     NOTICES. All notices or communications required by or bearing upon this Agreement or between the Parties
shall be in writing and shall be deemed duly given (i) on the date of delivery if delivered personally, (ii) on the first business day following the date of dispatch if delivered using a next-day service by a recognized next-day courier or
(iii) on the earlier of confirmed receipt or the fifth (5th) business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to
the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice delivered to their respective addresses set forth below: 

(a)     if to the Executive, to: 

John Bonfiglio 

2021 N. Lemans Blvd 

No. 6206 

Tampa, FL 33607 

(b)     if to the Company, to: 

Taplmmune Inc. 

50 N. Laura St. – Suite 2500 

Jacksonville, FL 32202 

Attn: CEO 

13.     NON-ASSIGNMENT. The Executive and the Company each acknowledges the unique nature of services to be
provided by the Executive under this Agreement, the high degree of responsibility borne by him and the personal nature of his relationship to the Company’s business and customers. Therefore, the Executive and the Company agree that Executive
may not assign this Agreement or any of his rights or responsibilities hereunder without the prior written consent of the Company. Similarly, the Company may not assign this Agreement or any of its rights or responsibilities hereunder without the
prior written consent of the Executive except to another entity that survives a merger, acquisition or consolidation with the Company or which otherwise succeeds to all or substantially all of the Company’s assets or business. Any purported
assignment in violation hereof is void. 

  
 13 

 14.     COMPLIANCE WITH SECTION 409A OF THE CODE. The Executive and
the Company each acknowledges that each of the payments and benefits promised to Executive under this Agreement must either comply with the requirements of Section 409A of the Code (“Section 409A”), and the regulations thereunder or
qualify for an exception from compliance. To that end, the Executive and the Company agree that the severance payments described in Sections 9 and 10 are intended to be excepted from compliance with Section 409A as either short-term deferrals
pursuant to Treasury Regulation Section l.409A-l(b)(4) or separation pay pursuant to Treasury Regulation Section l.409A-1(b)(9). 
 In the
case of a payment that is not excepted from compliance with Section 409A, and that is not otherwise designated to be paid immediately upon a permissible payment event within the meaning of Treasury Regulation Section 1.409A-3(a), the
payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the later of the date sixty (60) days after the Executive’s earliest separation from service (within the meaning of Treasury Regulation
Section 1.409A-1(h)) and, if the Executive is a specified employee (within the meaning of Treasury Regulation Section l.409A-l(i)) of the Company on the date of his separation from service, the first day of the seventh month following the
Executive’s separation from service. Furthermore, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with Section 409A. 

15.     INJUNCTIVE RELIEF. The Executive acknowledges and accepts that his compliance with Sections 5, 6 and 7 is
an integral part of the consideration to be received by the Company and is necessary to protect the equity value, business and goodwill and other proprietary interests of the Company. The Executive and the Company each acknowledge that a breach by
the other Party of this Agreement (including a breach by the Executive of Sections 5, 6 and 7 will result in irreparable and continuing damage to the other Party for which the remedies at law will be inadequate, and agrees that, in the event of any
breach by the other Party of this Agreement, the non-breaching Party shall be entitled to injunctive relief and to have this Agreement specifically performed, which shall be in addition to, and not in lieu of, any other relief to which such Party
shall be entitled. 
 16.     ENFORCEABILITY. If any provision of this Agreement shall be found by a court with
proper jurisdiction to be invalid or unenforceable, in whole or in part, then such provision shall be deemed to be modified, narrowed, or restricted only to the limited extent and in the manner necessary to render the same valid and enforceable, as
the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified, narrowed, or restricted. 

17.     GENERAL PROVISIONS. 

(a)     This agreement shall be governed by the laws of the State of Florida, without giving effect to any principles of
conflicts of law that would result in application of the law of any other jurisdiction. 

  
 14 

 (b)     This Agreement represents the sole agreement of the Executive and the
Company concerning the subject matter hereof and supersedes all prior communications, representations and negotiations, whether oral or written, concerning such subject matter, including the Prior Consulting Agreement. 

(c)     This Agreement can only be modified or amended by the written consent of both Executive and the Company hereto
which states that it constitutes an amendment hereto. 
 (d)     No purported waiver of any provision of this Agreement
shall be legally effective unless upon the Party providing such waiver has duly executed and delivered to the other Party a written instrument which states that it constitutes a waiver of one or more provisions of this Agreement and specifies the
provision(s) that are being waived. Failure by either Party to pursue remedies or assert rights under this Agreement shall not be construed as waiver of that Party’s rights or remedies, nor shall a Party’s failure to demand strict
compliance with the terms and conditions of this Agreement prohibit or estop that Party from insisting upon strict compliance in the future. 

(e)     This Agreement shall bind the Parties’ respective heirs, successors, representatives and permitted assigns

 (f)     No Person other than Parties and their respective heirs, successors, representatives and permitted assigns of
the parties is a party to, or shall otherwise have any rights with respect to, this Agreement. 
 (g)     This Agreement
may be executed in any number of counterparts and it shall not be necessary for the parties to execute any of the same counterparts hereof. Counterparts to this Agreement may be delivered via facsimile, electronic mail (including pdf) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

[SIGNATURE PAGE FOLLOWS] 

  
 15 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above, to be effective on the Effective Date, for the purposes herein contained. 
  

							
	COMPANY – TapImmune Inc.	 		 	EXECUTIVE
				
	By:	 	 /s/Glynn Wilson
	 		 	 /s/John Bonfiglio

	Glynn Wilson, Chief Executive Officer	 		 	John Bonfiglio

  
 [Signature Page to
Employment Agreement] 

 EXHIBIT A 

AMENDMENT TO CONSULTING STOCK OPTION AWARD AGREEMENT 

THIS AMENDMENT TO CONSULTING STOCK OPTION AGREEMENT is made and entered into this 18th
day of July, 2016, by and between TapImmune Inc. (the “Company”) and Dr. John Bonfiglio (“Dr. Bonfiglio”), and amends that certain consulting stock option award agreement between the Company and Dr. Bonfiglio, dated
February 10, 2015, (the “Consulting Option Award Agreement”). 
 WHEREAS, since entering into a consulting agreement
with the Company, Dr. Bonfiglio has been appointed to the Company’s Board of Directors; 
 WHEREAS, Dr. Bonfiglio is
becoming a full time employee of the Company; entering into an employment agreement; and terminating his existing consulting agreement with the Company, all effective the date hereof; and 

WHEREAS, the Company and Dr. Bonfiglio desire to clarify that the options awarded to Dr. Bonfiglio at the time he became a
consultant have fully vested and, would continue to be exerciseable notwithstanding the termination of his consulting services, due to his continued services to the Company both as a full time employee and as a Director. 

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained herein, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
 1.     Paragraph 10 of the Consulting Option
Award Agreement is hereby replaced as follows: 
  

	 	10.	Termination of Services. In the event of Consultants’ termination of service to the Company as an employee and as a director (without any continuation of service as a consultant), other than a termination
that is either (i) for cause (as defined in Dr. Bonfiglio’s employment agreement), or (ii) voluntarily initiated on the part of the Dr. Bonfiglio and without the written consent of the Company. 

(a) Dr. Bonfiglio may exercise the vested portion of the Stock Options at any time within ninety (90) days after
such termination to the extent of the number of shares which were Purchasable Shares under the vesting schedule on the first page of this Award Agreement at the date of such termination. 

In the event of a termination of Dr. Bonfiglio’s services that is either (i) for Cause (as defined in Dr. Bonfiglio’s employment
agreement), or (ii) voluntarily initiated on the part of Dr. Bonfiglio and without the written consent of the Company, all of the Stock Options which have not previously been exercised shall terminate immediately and shall not thereafter
be or become exercisable. 

 2.     This Amendment may be executed in one or more counterparts (including
by electronic means), each counterpart is deemed an original, and all counterparts collectively constitute one and the same document. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written. 

 

							
	CONSULTANT:	 		 	COMPANY:
			
		 		 	TapImmune, Inc.
	  
	 		 	By:	 	  

	Dr. John Bonfiglio	 		 	Dr. Glynn Wilson, Chief Executive OfficerTransAKT Ltd. - Exhibit 10.1 - Filed by newsfilecorp.com

SECURITIES PURCHASE AGREEMENT 

            THIS
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as _July 15,
2016, is entered into by and between TransAKT Ltd., a Nevada corporation (the
“Company”), and Ho Kang-Wing (the “Purchaser”). 

            WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to
Section 4(2) of the Securities Act of 1933, as amended (the “Securities
Act” or “1933 Act”), and Rule 506 promulgated thereunder by the
United States Securities and Exchange Commission (the “SEC”), the Company
desires to issue and sell to the Purchaser, and the Purchaser desires to
purchase from the Company an 8% Convertible Note of the Company, in the form
attached hereto as Exhibit A, in the principal amount of US$1,000,000.00
(together with any note(s) issued in replacement thereof or as interest thereon
or otherwise with respect thereto in accordance with the terms thereof, the
“Note”), convertible into shares (“Conversion Shares”) of common
stock, $0.001 par value per share (the “Common Stock”), of the Company,
upon the terms and subject to the limitations and conditions set forth in such
Note.

            NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Purchaser agree as follows: 

            1.       
Purchase and Sale of Note. 

                      
a)        Purchase of Note. On the
Closing Date (as defined below), the Company shall issue and sell to the
Purchaser, and the Purchaser agrees to purchase from the Company, the Note for
an aggregate purchase price of US$1,000,000.00 (“Purchase Price”). 

                      
b)        Form of Payment. On the
Closing Date (i) the Purchaser shall pay the Purchase Price by wire transfer of
immediately available funds to the Company, in accordance with the Company’s
written wiring instructions, simultaneously with delivery of the Note, and (ii)
the Company shall deliver such Note duly executed on behalf of the Company to
the Purchaser, simultaneously with delivery of such Purchase Price. 

           
           
c)        Closing Date. Subject to the
satisfaction (or written waiver) of the conditions thereto set forth in Section
6 and Section 7 below, the closing of the transactions contemplated by this
Agreement (the “Closing”) shall occur on the first business day following
the date hereof or such other mutually agreed upon time (the “Closing
Date”) at the offices of Purchaser’s counsel. 

            2.       
Purchaser’s Representations and Warranties. The Purchaser represents and
warrants to the Company that: 

                       a)       
Investment Purpose. The Purchaser is acquiring the Note and Conversion
Shares (collectively, the “Securities”) for its own account and not with
a view towards, or for resale in connection with, the public sale or
distribution thereof in violation of applicable securities laws; provided,
however, by making the representations herein, the Purchaser does not agree, or
make any representation or warranty, to hold any of the Securities for any
minimum or other specific term and reserves the right to dispose of the
Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act. The Purchaser is acquiring the
Securities hereunder in the ordinary course of its business. The Purchaser does
not presently have any agreement or understanding, directly or indirectly, with
any person to distribute any of the Securities in violation of applicable
securities laws. 

                       b)       
Accredited Investor Status. The Purchaser is an “accredited investor” as
that term is defined in Rule 501(a) of Regulation D (an “Accredited
Investor”). 

                       c)       
Reliance on Exemptions. The Purchaser understands that the Securities are
being offered and sold to it in reliance upon specific exemptions from the
registration requirements of United States federal and state securities laws and
that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Purchaser set forth herein in order to determine the
availability of such exemptions and the eligibility of the Purchaser to acquire
the Securities. 

                       d)       
Information. The Purchaser and its advisors, if any, have been, and for
so long as the Securities remain outstanding will continue to be, furnished with
all materials relating to the business, finances and operations of the Company
and materials relating to the offer and sale of the Securities which have been
reasonably requested by the Purchaser or its advisors, provided that the
Purchaser has not been furnished with, and the Company shall not in the future
deliver to the Purchaser without its consent, any material non-public
information concerning the Company. The Purchaser and its advisors, if any, have
been, and for so long as the Securities remain outstanding will continue to be,
afforded the opportunity to ask questions of the Company. Neither such inquiries
nor any other due diligence investigation conducted by Purchaser or any of its
advisors or representatives shall modify, amend or affect Purchaser’s right to
rely on the Company’s representations and warranties contained in Section 3
below. The Purchaser understands that its investment in the Securities involves
a significant degree of risk. 

                       e)       
Governmental Review. The Purchaser understands that no United States
federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Securities. 

                       f)       
Transfer or Re-sale. The Purchaser understands that (i) the sale or
re-sale of the Securities has not been and is not being registered under the
1933 Act or any applicable state securities laws, and the Securities may not be
transferred unless (a) the Securities are sold pursuant to an effective
registration statement under the 1933 Act, (b) the Purchaser shall have
delivered to the Company an opinion of counsel that shall be in form, substance
and scope customary for opinions of counsel in comparable transactions to the
effect that the securities to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration, which opinion shall be
reasonably acceptable to the Company, (c) the Securities are sold or transferred
to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a
successor rule) (“Rule 144”)) of the Purchaser who agrees to sell or
otherwise transfer the Securities only in accordance with this Section 2(f) and
who is an Accredited Investor, (d) the Securities are sold pursuant to Rule 144,
or (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a
successor rule) (“Regulation S”) and the Purchaser shall have delivered
to the Company an opinion of counsel reasonably acceptable to the Company
relating to such Regulation S; (ii) any sale of such Securities made in reliance
on Rule 144 may be made only in accordance with the terms of such Rule and
further, if such Rule is not applicable, any re-sale of such Securities under
circumstances in which the seller (or the person through whom the sale is made)
may be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC thereunder; and (iii) neither the Company nor any other
person is under any obligation to register such Securities under the 1933 Act or
any state securities laws or to comply with the terms and conditions of any
exemption thereunder (in each case). Notwithstanding the foregoing or anything
else contained herein to the contrary, the Securities may be pledged as
collateral in connection with a bona fide margin account or other lending
arrangement. 

                       g)       
Legends. The Purchaser understands that the Securities have been issued
(or will be issued in the case of the Conversion Shares) pursuant to an
exemption from registration or qualification under the 1933 Act and applicable
state securities laws, and except as set forth below, the Securities shall bear
any legend as required by the “blue sky” laws of any state and a restrictive
legend in substantially the following form (and a stop-transfer order may be
placed against transfer of such stock certificates): 

  
    
      
        “NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED
          BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
          [CONVERTIBLE] [EXERCISABLE] HAVE BEEN][THE SECURITIES REPRESENTED BY THIS
          CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
          FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
          REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE
          COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS
          NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT
          TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE
          SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
          LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 

      

    

  

            The
legend set forth above shall be removed and the Company shall issue a
certificate without such legend to the holder of any Security upon which it is
stamped, if, unless otherwise required by applicable state securities laws, (a)
such Security is registered for sale under an effective registration statement
filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or
Regulation S without any restriction as to the number of securities as of a
particular date that can then be immediately sold, or (b) such holder provides
the Company with an opinion of counsel at the Company’s expense, in the form,
substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Security may
be made without registration under the 1933 Act, which opinion shall be
reasonably accepted by the Company so that the sale or transfer is effected. The
Purchaser agrees to sell all Securities, including those represented by a
certificate(s) from which the legend has been removed, in compliance with
applicable prospectus delivery requirements, if any. 

                       h)       
Authorization; Enforcement. This Agreement has been duly and validly
authorized. This Agreement has been duly executed and delivered on behalf of the
Purchaser, and this Agreement constitutes a valid and binding agreement of the
Purchaser enforceable in accordance with its terms. 

            3.       
Representations and Warranties of the Company. The Company represents and
warrants to the Purchaser, as of the date hereof and the Closing Date, that:

                       a)       
Authorization; Enforcement. (i) The Company has all requisite corporate
power and authority to enter into and perform this Agreement and the Note and to
consummate the transactions contemplated hereby and thereby and to issue the
Securities, in accordance with the terms hereof and thereof, (ii) the execution
and delivery of this Agreement and the Note by the Company and the consummation
by it of the transactions contemplated hereby and thereby (including without
limitation, the issuance of the Note and the issuance and reservation for
issuance of the Conversion Shares issuable upon conversion and exercise thereof)
have been duly authorized by the Company’s Board of Directors and no further
consent or authorization of the Company, its Board of Directors, or its
shareholders is required, (iii) this Agreement has been duly executed and
delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign
this Agreement and the other documents executed in connection herewith and bind
the Company accordingly, and (iv) this Agreement constitutes, and upon execution
and delivery by the Company of the Note and each of such instruments will
constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms. 

                       b)       
Issuance of Shares. The Conversion Shares are duly authorized and
reserved for issuance and, upon conversion of the Note, as the case may be, in
accordance with their respective terms, will be validly issued, fully paid and
non-assessable, and free from all taxes, liens, claims and encumbrances with
respect to the issue thereof and shall not be subject to preemptive rights or
other similar rights of shareholders of the Company and will not impose personal
liability upon the holder thereof. 

                       c)       
Acknowledgment of Dilution. The Company’s executive officers and
directors understand the nature of the Securities being sold hereby and
recognize that the issuance of the Securities will have a potential dilutive
effect on the equity holdings of other holders of the Company’s equity or rights
to receive equity of the Company. The board of directors of the Company has
concluded, in its good faith business judgment that the issuance of the
Securities is in the best interests of the Company. The Company specifically
acknowledges that its obligation to issue the Conversion Shares upon conversion
of the Notes is binding upon the Company and enforceable regardless of the
dilution such issuance may have on the ownership interests of other stockholders
of the Company or parties entitled to receive equity of the Company. 

            4.       
COVENANTS. 

                       a)       
Best Efforts. The parties shall use their best efforts to satisfy timely
each of the conditions described in Section 6 and 7 of this Agreement. 

                       b)       
Use of Proceeds. The Company shall use the proceeds from the sale of the
Securities for general corporate purposes, marketing and sales, product
development, key personnel recruiting and business development purposes. 

                       c)       
Listing. The Company will, so long as the Purchaser owns any of the
Securities, maintain the listing and trading of its Common Stock on the OTCQB,
OTC Pink, or any equivalent replacement exchange, the Nasdaq Stock Market
(“Nasdaq”), the New York Stock Exchange (“NYSE”), or the NYSE MKT,
f/k/a American Stock Exchange (“AMEX”), and will comply in all respects
with the Company’s reporting, filing and other obligations under the bylaws or
rules of the Financial Industry Regulatory Authority (“FINRA”) and such
exchanges, as applicable. The Company shall promptly provide to the Purchaser
copies of any notices it receives from the SEC, OTC Markets Group and any other
exchanges or quotation systems on which the Common Stock is then listed
regarding the continued eligibility of the Common Stock for listing on such
exchanges and quotation systems, provided that it shall not provide any notices
constituting material nonpublic information. 

                       d)       
Corporate Existence. So long as the Purchaser beneficially owns any
Securities, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except in the event of a
merger or consolidation or sale of all or substantially all of the Company’s
assets, where the surviving or successor entity in such transaction (i) assumes
the Company’s obligations hereunder and under the agreements and instruments
entered into in connection herewith and (ii) is a publicly traded corporation
whose Common Stock is listed for trading on the OTCQB. 

                       e)       
No Integration. The Company shall not make any offers or sales of any
security (other than the Securities) under circumstances that would require
registration of the Securities being offered or sold hereunder under the 1933
Act or cause the offering of the Securities to be integrated with any other
offering of securities by the Company for the purpose of any stockholder
approval provision applicable to the Company or its securities.

                       f)       
Securities Laws Disclosure; Publicity. The Company shall comply with
applicable securities laws by filing a Current Report on Form 8-K, within four
(4) Trading Days following the date hereof, disclosing all the material terms of
the transactions contemplated hereby, if the Company deems the transactions
contemplated hereby to constitute material non-public information. The Company
and Purchaser shall consult with each other in issuing any other press releases
with respect to the transactions contemplated hereby, and neither the Company
nor Purchaser shall issue any such press release or otherwise make any such
public statement without the prior consent of the Company, with respect to any
press release of any Purchaser, or without the prior consent of Purchaser, with
respect to any press release of the Company, except if such disclosure is
required by law, in which case the disclosing party shall promptly provide the
other party with prior notice of such public statement or communication. 

                       g)       
Non-Public Information. Except with respect to the material terms and
conditions of the transactions contemplated by this Agreement, the Company
covenants and agrees that neither it nor any other person acting on its behalf
will provide the Purchaser or its agents or counsel with any information that
the Company believes constitutes material non-public information, unless prior
thereto the Purchaser shall have executed a written agreement regarding the
confidentiality and use of such information. The Company understands and
confirms that the Purchaser shall be relying on the foregoing covenant in
effecting transactions in securities of the Company. 

            5.       
Injunction Posting of Bond. In the event the Purchaser shall elect to
convert the Note or any parts thereof, the Company may not refuse conversion or
exercise based on any claim that the Purchaser or anyone associated or
affiliated with the Purchaser has been engaged in any violation of law, or for
any other reason. In connection with any injunction sought or attempted by the
Company, the Company shall be required to post a bond at least equal to the
greater of either: (i) the outstanding principal amount of the Note; and (ii)
the market value of the Conversion Shares sought to be converted, exercised or
issued, based on the sale price per share of Common Stock on the principal
market on which it is traded. 

            6.       
Delivery of Unlegended Shares. 

                       a)       
Within ten (10) business days (such tenth business day being the “Unlegended
Shares Delivery Date”) after the business day on which the Company has
received (i) a notice that Conversion Shares, or any other Common Stock held by
the Purchaser has been sold pursuant to a registration statement or Rule 144
under the 1933 Act, (ii) a representation that the prospectus delivery
requirements, or the requirements of Rule 144, as applicable and if required,
have been satisfied, (iii) the original share certificates representing the
shares of Common Stock that have been sold, and (iv) in the case of sales under
Rule 144, customary representation letters of the Purchaser and, if required,
Purchaser’s broker regarding compliance with the requirements of Rule 144, the
Company at its expense, (v) shall deliver, and shall cause legal counsel
selected by the Company to deliver to its transfer agent (with copies to
Purchaser) an appropriate instruction and opinion of such counsel, directing the
delivery of shares of Common Stock without any legends including the legend set
forth in Section 3(g) above (the “Unlegended Shares”); and (vi) cause the transmission of
the certificates representing the Unlegended Shares together with a legended
certificate representing the balance of the submitted Common Stock certificate,
if any, to the Purchaser at the address specified in the notice of sale, via
express courier, by electronic transfer or otherwise on or before the Unlegended
Shares Delivery Date. 

            7.       
Conditions to the Company’s Obligation to Sell. The obligation of the
Company hereunder to issue and sell the Note to the Purchaser at the Closing is
subject to the satisfaction, at or before the Closing Date of each of the
following conditions thereto, provided that these conditions are for the
Company’s sole benefit and may be waived by the Company at any time in its sole
discretion: 

                       a)        The Purchaser shall have executed
this Agreement and delivered the same to the Company. 

                       b)        The Purchaser shall have delivered
the Purchase Price to the Company. 

                       c)        The representations and warranties
of the Purchaser shall be true and correct in all material respects as of the
date when made and as of the Closing Date as though made at that time (except
for representations and warranties that speak as of a specific date), and the
Purchaser shall have performed, satisfied and complied in all material respects
with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Purchaser at or prior to the
Closing Date. 

                       d)       
No litigation, statute, rule, regulation, executive order, decree, ruling or
injunction shall have been enacted, entered, promulgated or endorsed by or in
any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated
hereby which prohibits the consummation of any of the transactions contemplated
by this Agreement. 

            8.       
Conditions to The Purchaser’s Obligation to Purchase. The obligation of
the Purchaser hereunder to purchase the Note at the Closing is subject to the
satisfaction, at or before the Closing Date of each of the following conditions,
provided that these conditions are for the Purchaser’s sole benefit and may be
waived by the Purchaser at any time in its sole discretion: 

                       a)       
The Company shall have executed this Agreement and delivered the same to the
Purchaser. 

                       b)       
The Company shall have delivered to the Purchaser the duly executed Note (in
such denominations as the Purchaser shall request) in accordance with Section 1
above. 

                       c)       
The representations and warranties of the Company shall be true and correct in
all material respects as of the date when made and as of the Closing Date as
though made at such time (except for representations and warranties that speak
as of a specific date) and the Company shall have performed, satisfied and
complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the
Company at or prior to the Closing Date. The Purchaser shall have received a
certificate or certificates, executed by the chief executive officer of the
Company, dated as of the Closing Date, to the foregoing effect and as to such
other matters as may be reasonably requested by the Purchaser including, but not
limited to certificates with respect to the Company’s Certificate of
Incorporation, By-laws, incumbency, and Board of Directors’ resolutions relating
to the transactions contemplated hereby. 

                       d)       
No litigation, statute, rule, regulation, executive order, decree, ruling or
injunction shall have been enacted, entered, promulgated or endorsed by or in
any court or governmental authority of competent jurisdiction or any self-regulatory organization
having authority over the matters contemplated hereby which prohibits the
consummation of any of the transactions contemplated by this Agreement. 

                       e)       
No event shall have occurred which could reasonably be expected to have a
Material Adverse Effect on the Company including but not limited to a change in
the 1934 Act reporting status of the Company or the failure of the Company to be
timely in its 1934 Act reporting obligations. 

                       f)       
The Conversion Shares shall have been authorized for quotation on the OTCQB and
OTCBB and trading of the Common Stock on the OTCQB shall not have been suspended
by the SEC or the OTC Markets Group. 

            9.       
Governing Law; Miscellaneous. 

                       a)       
Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Nevada without regard to principles of
conflicts of laws thereof or any other State. Any action brought by any party
against any other party hereto concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of Nevada or in the federal
courts located in the state and county of Nevada. The parties to this Agreement
hereby irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of
jurisdiction or venue or based upon forum non conveniens. The parties
executing this Agreement and other agreements referred to herein or delivered in
connection herewith on behalf of the Company agree to submit to the in personam
jurisdiction of such courts and hereby irrevocably waive trial by jury. The
prevailing party shall be entitled to recover from the other party its
reasonable attorney’s fees and costs. In the event that any provision of this
Agreement or any other agreement delivered in connection herewith is invalid or
unenforceable under any applicable statute or rule of law, then such provision
shall be deemed inoperative to the extent that it may conflict therewith and
shall be deemed modified to conform with such statute or rule of law. Any such
provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of any agreement.
Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any suit, action or proceeding in connection
with this Agreement or any other transaction document contemplated hereby by
mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other
manner permitted by law. 

                       b)       
Removal of Restrictive Legends. In the event that Purchaser has any
shares of the Company’s Common Stock bearing any restrictive legends, and
Purchaser, through its counsel or other representatives, submits to the Transfer
Agent any such shares for the removal of the restrictive legends thereon in
connection with a sale of such shares pursuant to any exemption to the
registration requirements under the Securities Act, and the Company and or its
counsel refuses or fails for any reason (except to the extent that such refusal
or failure is based solely on applicable law that would prevent the removal of
such restrictive legends) to render an opinion of counsel or any other documents
or certificates required for the removal of the restrictive legends, then the
Company hereby agrees and acknowledges that the Purchaser is hereby irrevocably
and expressly authorized to have counsel to the Purchaser render any and all
opinions and other certificates or instruments which may be required for
purposes of removing such restrictive legends, and the Company hereby
irrevocably authorizes and directs the Transfer Agent to, without any further
confirmation or instructions from the Company, issue any such shares without
restrictive legends as instructed by the Purchaser, and surrender to a common
carrier for overnight delivery to the address as specified by the Purchaser,
certificates, registered in the name of the Purchaser or its designees, representing the shares of Common Stock to
which the Purchaser is entitled, without any restrictive legends and otherwise
freely transferable on the books and records of the Company. 

                       c)       
Filing Requirements. From the date of this Agreement until the Notes are
no longer outstanding, the Company will timely and voluntarily comply with all
reporting requirements that are applicable to an issuer with a class of shares
registered pursuant to Section 12(g) of the 1934 Act, whether or not the Company
is then subject to such reporting requirements, and comply with all requirements
related to any registration statement filed pursuant to this Agreement. The
Company will use reasonable efforts not to take any action or file any document
(whether or not permitted by the 1933 Act or the 1934 Act or the rules
thereunder) to terminate or suspend such registration or to terminate or suspend
its reporting and filing obligations under said acts until the Notes are no
longer outstanding. The Company will maintain the quotation or listing of its
Common Stock on the OTCQB OTC Pink (whichever of the foregoing is at the time
the principal trading exchange or market for the Common Stock (the “Principal
Market”), and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the Principal Market,
as applicable. The Company will provide Purchaser with copies of all notices it
receives notifying the Company of the threatened and actual delisting of the
Common Stock from any Principal Market. As of the date of this Agreement and the
Closing Date, the OTCQB is the Principal Market. Until the Note is no longer
outstanding, the Company will continue the listing or quotation of the Common
Stock on a Principal Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the
Principal Market. 

                       d)       
144 Default. In the event commencing twelve (12) months after the Closing
Date and ending twenty-four (24) months thereafter, the Purchaser is not
permitted to resell any of the Conversion Shares without any restrictive legend
or if such sales are permitted but subject to volume limitations or further
restrictions on resale as a result of the unavailability to Subscriber of Rule
144(b)(1)(i) under the 1933 Act or any successor rule (a “144 Default”),
for any reason except for Purchasers’ status as an Affiliate or “control person”
of the Company, or as a result of a change in current applicable securities
laws, then the Company shall pay such Purchaser as liquidated damages and not as
a penalty an amount equal to two percent (2%) of the value of Conversion Shares
(based on the closing sale of the Common Stock) subject to such 144 Default
during the pendency of the 144 Default of each thirty day period thereafter (or
portion thereof). 

                       e)       
Usury. To the extent it may lawfully do so, the Company hereby agrees not
to insist upon or plead or in any manner whatsoever claim, and will resist any
and all efforts to be compelled to take the benefit or advantage of, usury laws
wherever enacted, now or at any time hereafter in force, in connection with any
claim, action or proceeding that may be brought by the Purchaser in order to
enforce any right or remedy under the Note. Notwithstanding any provision to the
contrary contained in herein or under the Note, it is expressly agreed and
provided that the total liability of the Company under the Note for payments in
the nature of interest shall not exceed the maximum lawful rate authorized under
applicable law (the “Maximum Rate”), and, without limiting the foregoing,
in no event shall any rate of interest or default interest, or both of them,
when aggregated with any other sums in the nature of interest that the Company
may be obligated to pay under the Note or herein exceed such Maximum Rate. It is
agreed that if the maximum contract rate of interest allowed by law and
applicable to the Note is increased or decreased by statute or any official
governmental action subsequent to the date hereof, the new maximum contract rate
of interest allowed by law will be the Maximum Rate applicable to the Note from
the effective date forward, unless such application is precluded by applicable
law. If under any circumstances whatsoever, interest in excess of the Maximum
Rate is paid by the Company to the Purchaser with respect to indebtedness
evidenced by the Note, such excess shall be applied by the Purchaser to the
unpaid principal balance of any such indebtedness or be refunded to the Company,
the manner of handling such excess to be at the Purchaser’s election. 

                       f)       
Headings. The headings of this Agreement are for convenience of reference
only and shall not form part of, or affect the interpretation of, this
Agreement. 

                       g)       
Severability. In the event that any provision of this Agreement is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any provision hereof which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

                       h)       
Entire Agreement; Amendments. This Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect
to the matters covered herein and therein and, except as specifically set forth
herein or therein, neither the Company nor the Purchaser makes any
representation, warranty, covenant or undertaking with respect to such matters.
No provision of this Agreement may be waived or amended other than by an
instrument in writing signed by the Purchaser. 

                       i)       
Notices. All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing and, unless
otherwise specified herein, shall be (i) personally served, (ii) deposited in
the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, email or facsimile, addressed as set
forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile or email, with accurate confirmation generated by the
transmitting facsimile machine or computer, at the address, email or number
designated below (if delivered on a business day during normal business hours
where such notice is to be received), or the first business day following such
delivery (if delivered other than on a business day during normal business hours
where such notice is to be received) or (b) on the second business day following
the date of mailing by express courier service, fully prepaid, addressed to such
address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be:

	 	To the Company: 	TransAKT Ltd. 
	 	 	Unit 8, 3/F. Wah Yiu Industrial Centre, 30-32
      Au Pui Wan St. 
	 	 	Fotan, Hong Kong 
	 	 	Fax : (852) 3547 7993 
	 	 	  
	 	 	Attention: Yam Chi Wah 
	 	 	  
	 	To Purchaser: 	Ho Kang-Wing 
	 	 	Unit 8, 3/F. Wah Yiu Industrial Centre, 30-32
      Au Pui Wan St. 
	 	 	Fotan, Hong Kong 
	 	 	Fax : (852) 3547 7993 
	 	 	

            Each
party shall provide notice to the other party of any change in address. 

                       j)       
Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of the parties and their successors and assigns. Neither the Company
nor the Purchaser shall assign this Agreement or any rights or obligations hereunder
without the prior written consent of the other. Notwithstanding the foregoing,
subject to Section 2(f), the Purchaser may assign its rights hereunder to any
person that purchases Securities in a private transaction from the Purchaser or
to any of its “affiliates,” as that term is defined under the 1934 Act, without
the consent of the Company. 

                       k)       
Third Party Beneficiaries. This Agreement is intended for the benefit of
the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other
person. 

                       l)       
Survival. The representations and warranties of the Company and the
agreements and covenants set forth in this Agreement shall survive the closing
hereunder notwithstanding any due diligence investigation conducted by or on
behalf of the Purchaser. The Company agrees to indemnify and hold harmless the
Purchaser and all their officers, directors, employees and agents for loss or
damage arising as a result of or related to any breach or alleged breach by the
Company of any of its representations, warranties and covenants set forth in
this Agreement or any of its covenants and obligations under this Agreement,
including advancement of expenses as they are incurred. 

                       m)       
Further Assurances. 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. 

                       n)       
No Strict Construction. 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. 

                       o)       
Remedies. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Purchaser by vitiating the intent
and purpose of the transaction contemplated hereby. Accordingly, the Company
acknowledges that the remedy at law for a breach of its obligations under this
Agreement will be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Agreement, that the Purchaser
shall be entitled, in addition to all other available remedies at law or in
equity, and in addition to the penalties assessable herein, to an injunction or
injunctions restraining, preventing or curing any breach of this Agreement and
to enforce specifically the terms and provisions hereof, without the necessity
of showing economic loss and without any bond or other security being required.

                       p)       
Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which together shall be deemed to be one and the same
agreement. 

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 

                       q)       
Signatures. Any signature transmitted by facsimile, e-mail, or other
electronic means shall be deemed to be an original signature. 

                       IN
WITNESS WHEREOF, the undersigned Purchaser and the Company have caused this
Agreement to be duly executed as of the date first above written.

TRANSAKT LTD.

 

	By: 	s/s
      Yam Chi-Wah 	 
	  	Name: Yam Chi-Wah 	 
	  	Title: CFO 	 
	  	  	 
	  	  	 
	  	  	 
	  	  	 
	By: 	/s/Ho Kang-Wing 	 
	Name: 	Ho Kang-Wing

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