Document:

Exhibit 4.3

 

 UNDERWRITER COMMON STOCK PURCHASE WARRANT

 

PharmaCyte Biotech, Inc.

 

	Warrant Shares: ______________	Issue Date: August 12, 2021
	 	 
	 	Initial Exercise Date: August 12, 2021

 

THIS
Underwriter COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and on or prior
to 5:00 p.m. (New York City time) on August 9, 2026 (the “Termination Date”) but not thereafter, to subscribe
for and purchase from PharmaCyte Biotech, Inc., a Nevada corporation (the “Company”), up to ______ shares (as subject
to adjustment hereunder, the “Warrant Shares”) of the Company’s Common Stock. The purchase price of one share
of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is being issued pursuant
to the Underwriting Agreement, as defined in Section 1 herein.

 

Section 1.        Definitions. In addition to the terms defined
elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

“Affiliate” means any Person that, directly or indirectly through
one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed
under Rule 405 under the Securities Act.

“Bid Price” means, for any date, the price determined by the first
of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common
Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if
OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share
of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

“Board of Directors” means the board of directors of the Company.

“Business Day” means any day other than Saturday, Sunday or other
day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York are generally are open for use by customers on such day.

 

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“Commission” means the United States Securities and Exchange Commission.

“Common Stock” means the common stock of the Company, par
value $0.0001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

“Common Stock Equivalents” means any securities of the Company or
the Subsidiaries which would entitle the holder thereof to acquire at any time shares of Common Stock, including, without limitation,
any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, Common Stock.

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

“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.

“Registration Statement” means the Company’s registration
statement on Form S-3 (File No. 333-255044), including the prospectus supplement filed in connection with the transaction contemplated
by the Underwriting Agreement.

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

“Subsidiary” means the subsidiaries of the Company set forth on
Exhibit 21.1 to the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2020, as filed with the Commission
on August 13, 2020, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after
the date hereof.

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

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

“Transfer Agent” means American Stock Transfer & Trust Company,
the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, NY 11219, and any successor transfer
agent of the Company.

“Underwriting Agreement” means that certain Underwriting Agreement,
dated as of August 9, 2021, by and among the Company and H.C. Wainwright & Co., LLC.

 

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“VWAP” means, for any date, the price determined by the first of
the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed
or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a Trading Day from 9:30 a.m. (New York City time)
to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d)
in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

“Warrants” means this Warrant and other Underwriter Warrants issued by the Company pursuant to the Underwriting Agreement and the Registration Statement.

Section 2.Exercise.

 

a)    Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the
“Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the
Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire
transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c)
below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of
Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of
Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the
face hereof.

 

b)   
Exercise Price. The exercise price per share of Common Stock under this Warrant shall
be $5.3125, subject to adjustment hereunder (the “Exercise Price”).

 

 

 

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c)   
Cashless Exercise. If at the time of exercise hereof there is no effective registration
statement registering, or the prospectus contained therein is not available for the issuance or resale of the Warrant Shares to or by
the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in
which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

(A) =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is

(1) 
both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on
the principal Trading Market as reported by Bloomberg as of the time of the Holder’s execution of the applicable Notice of Exercise
if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours
thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section
2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day
and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day;

 

(B) = the Exercise Price of this Warrant, as adjusted hereunder;
and

 

(X) =
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

If Warrant Shares
are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act,
the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position
contrary to this Section 2(c).

 

		d)	Mechanics of Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant
Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its
designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (A) the earlier of (i) two (2) Trading Days and (ii) the number of days comprising
the Standard Settlement Period, in each case after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment
of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject
to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing,
with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which
may be delivered at any time after the time of execution
of the Underwriting Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City
time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder.

 

 

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

 

iii.   
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.   
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any such failure that is solely
due to any action by the Holder with respect to such exercise), and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the
portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to

pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy- In and, upon request of the
Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
hereof.

 

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

 

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

 

 

 

 

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

 

e)    Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any
other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination
(including any determination as to group status pursuant to the next sentence). In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written
or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The
“Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon
notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of
this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The

provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this
paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of this Warrant.

 

 

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Section 3.Certain Adjustments.

 

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

 

b)   
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents 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 the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) 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 (provided, however, that to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)    Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other
than cash) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of
return of capital or otherwise (including, without limitation, any distribution of  stock or other securities, property or
options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the
Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if
the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any
limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of
which a record is taken for such Distribution, 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 participation in such Distribution (provided, however, that to the extent
that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

 

 

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d)     Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person,
(ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii)
any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has
been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more
related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or
group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e)
on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given
any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at
the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction
(or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by
paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this
Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that if the Fundamental Transaction is not
within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled to receive from
the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of
the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with
the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders
of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction;
provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following
such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant
based on the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation
of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and
the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg (determined utilizing a 365-day annualization factor) as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the
sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such
Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the announcement
of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the
Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal to the time between the
date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The
payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five (5) Trading Days of the Holder’s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant
to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay)
prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

 

 

    	 	8	 

     

    

 

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

 

f)      Notice
to Holder.

 

i.  
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.  
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile
number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set
forth herein.

 

 

 

    	 	9	 

     

    

 

Section 4.Transfer of Warrant.

 

a)                  Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this
Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on
which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

c)                 
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

Section 5.Miscellaneous.

 

a)                  No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set
forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and to receive
the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle
an exercise of this Warrant.

 

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

 

 

 

    	 	10	 

     

    

 

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

 

d)
                Authorized Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and

(iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

 

e)                  Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding 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 Warrant 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. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

 

 

    	 	11	 

     

    

 

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

 

g)                  Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact
that the right to exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this Warrant, if the
Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder,
the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant
hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)                  Notices. Any
and all notices or other communications or deliveries to be provided by the holders hereunder including, without limitation, any
Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at PharmaCyte Biotech, Inc., 23046 Avenida de la Carlota, Suite 600, Laguna
Hills, CA 92653, Attention: Kenneth L. Waggoner, Email: kwaggoner@pharmacyte.com with a copy to ctrujillo@PharmaCyte.com, facsimile:
917-595-2851, or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the
Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and
delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder
at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other
communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e- mail address set forth in this
Section prior to 5:30 p.m. (New York City time) on any date, (ii)  the
next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

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

 

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

 

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

 

 

 

    	 	12	 

     

    

 

l)                 
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company,
on the one hand, and the Holder of this Warrant, on the other hand.

 

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

 

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

 

********************

 

[Signature Page Follows]

 

 

 

    	 	13	 

     

    

 

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

 

 

	 	PharmaCyte Biotech, Inc.
	 	 
	 	 
	 	By: _______________________________
	 	Name:
	 	Title:
	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14	 

     

    

NOTICE OF EXERCISE

 

To:PharmaCyte
Biotech, Inc.

 

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

 

(2)  
Payment shall take the form of (check applicable box):

 

[_] in lawful money
of the United States; or

 

[_] if permitted the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise
this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in
subsection 2(c).

 

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

 

_______________________________

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

 

 

    	 	15	 

     

    

 

EXHIBIT B

 

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	________________________________
	 	(Please Print)
	 	 
	Address:	________________________________
	 	(Please Print)
	 	 
	
    

    Phone Number:

    
	
    

    ________________________________

	 	 
	Email Address:	________________________________
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature: ________________________________	 
	 	 
	Holder’s Address: ________________________________	 

 

 

 

 

    	 	16Exhibit 10.1
SEPARATION AGREEMENT
This Separation Agreement (“Agreement”) is entered into as of  July 14, 2021, by, between and among Dr. Eric Dusseux, an individual resident in France (“Dr. Dusseux”), Bionik Laboratories Inc., a corporation incorporated under the laws of Canada (“Bionik Canada”), and Bionik Laboratories Corp., a corporation incorporated under the laws of the state of Delaware (“Bionik USA”) (Bionik Canada and Bionik USA are collectively referred to as “Bionik”).
  WHEREAS, Dr. Dusseux and Bionik Canada entered into an Employment Agreement dated September 1, 2017, as amended pursuant to that Amendment #1 to Employment Agreement dated November 18, 2019 (as amended, the “Employment Agreement”), through which, among other things, Dr. Dusseux served as the Chief Executive Officer of Bionik Canada; and
WHEREAS, Dr. Dusseux also served as the Chief Executive Officer and/or President of Bionik USA and all other direct and indirect subsidiaries of Bionik USA; and
WHEREAS, Bionik USA is the indirect parent company of Bionik Canada, was a signatory to the Employment Agreement, and agreed to be liable for all obligations of Bionik Canada under the Employment Agreement; and
WHEREAS, on or about July 17, 2017, Dr. Dusseux was appointed to serve on the Board of Directors of Bionik USA, and has served as a Board Member continuously since that date; and
WHEREAS, Bionik has a number of other subsidiaries, affiliates or joint venture relationships (collectively, “Bionik Affiliates”) and Dr. Dusseux may have held positions (including officer and/or director positions) with such Bionik Affiliates; and
WHEREAS Dr. Dusseux desires to amicably end his relationship with Bionik and Bionik Affiliates, and Bionik and Bionik Affiliates desire to amicably end their relationship with Dr. Dusseux.
NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, the receipt and adequacy of which the parties acknowledge, the parties hereto, intending to be legally bound, hereby agree as set forth below.
1.Resignation from Employment. Dr. Dusseux agrees to resign as Chief Executive Officer of Bionik, and agrees to resign from any and all other employment and officer positions with Bionik and any and all other Bionik Affiliates, effective July 14, 2021.
2.Resignation from the Board. Dr. Dusseux agrees to resign as a member of the Board of Directors (or equivalent governing body) of Bionik and all Bionik Affiliates, effective July 14, 2021.
3.Press Release.  Bionik will issue the press release in substantially the form attached hereto as Attachment A.
​
​

4.Payment Through Resignation Date. Bionik will pay Dr. Dusseux his base salary through July 15, 2021 plus the cash value of unused but accrued PTO of CND$35,096. Payment shall be made on or promptly after July 15, 2021.  Dr. Dusseux’s eligibility for any benefits will cease as of his Resignation Date, including without limitation, any Short Term and Long Term Disability programs and any life insurance plan.  Dr. Dusseux is responsible for the payment of any corporate credit card late fees or any business expenses that Bionik has not approved and processed for payment on or before his Resignation Date.
5.Expense Reimbursement.
a.Amounts submitted.  The parties acknowledge that Bionik has reimbursed Dr. Dusseux for those business expenses he has previously submitted.
b.Amounts through the end of employment.  Bionik agrees to reimburse Dr. Dusseux EUR€350.30 for those business-related expenses he incurred through his last day of employment, but for which he has not yet submitted for reimbursement.  Dr. Dusseux agrees to submit documentation for these expenses by August 15, 2021, following his receipt of corresponding invoices.
c.Tax preparation for fiscal year 2022.  As provided in section 2.7(c) of the Employment Agreement, Bionik agrees to pay Dr. Dusseux the aggregate gross sum of CAN$6,000 which constitutes a good faith estimate of tax preparation fees and expenses for fiscal year 2022 (for services to be performed by Bionik’s tax accountant MNP or another company) for the country or countries in which Dr. Dusseux may be required to file such a return.
d. Tax preparation for fiscal year 2021. Bionik also agrees to pay MNP LLP any balance due on the MNP invoices related to Dr. Dusseux’s tax preparation fees and expenses for fiscal year 2021.  The invoices include the following:
		·
	Invoice #9708246, dated March 31, 2021, in the amount of CAN$5,695.20

		·
	Invoice #9921879, dated June 30, 2021, in the amount of CAN$2,669.62

		·
	Accumulated Service Charge in the amount of CAN$260.15 and other services, as reflected on MNP’s statements of account.

e.Payment Dates.  Payment of the amounts referred to in paragraphs 5(b), 5(c), and 5(d) and shall be made on or before August 30, 2021.
6.Payment Under Credit Assignment Agreement.  As required by section 4(ii)(6) of the Credit Assignment Agreement between RGD Investissements and Dr. Dusseux, dated March 26, 2021 (“Credit Assignment Agreement”), RGD Investissements, through its President Rémi Gaston-Dreyfus, is required to pay, and agrees to pay, Dr. Dusseux the amount of USD$138,618.50 which reflects the remaining amounts due under that agreement and which, under the terms of the agreement, are immediately payable to Dr. Dusseux on his last day as Chief Executive Officer. RGD Investissements shall make such payment on or promptly after July 14, 2021. Nothing in this Agreement shall alter, modify or reduce RGD Investissements’ or Dr. Dusseux’s obligations under the Credit Assignment Agreement.
​

2

7.Stock options.  The Company warrants, represents and agrees that (1) Dr. Dusseux holds options to purchase shares of Bionik USA stock pursuant to stock options issued by Bionik described on Attachment B (collectively, the “Options” and each individual grant, an “Option”); (2) certain material terms of the Options are accurately described on Attachment B; and (3) except as provided in paragraphs a and b below, the Options are and shall continue to be subject to the terms and conditions of (i) that certain Drywave Technologies, Inc. 2014 Equity Incentive Plan (the “Incentive Plan”), attached hereto as Attachment C (with respect to the Options granted on January 24, 2018, April 20, 2018 and May 31, 2019), (ii) that certain Equity Compensation Agreement dated September 1, 2017, between Bionik USA and Dr. Dusseux, attached hereto as Exhibit D (with respect to the Option granted on September 1, 2017) and (iii) that certain Equity Compensation Agreement dated October 15, 2019 but effective as of July 26, 2019, between Bionik USA and Dr. Dusseux, attached hereto as Exhibit E (with respect to the Option granted on July 26, 2019).
a.Upon the date hereof, all Unexercisable Options reflected on Attachment B will expire immediately and Dr. Dusseux shall no longer have any rights to exercise any such Unexercisable Options.
b.The Option described on Attachment B as granted on May 31, 2019 shall be exercisable until July 26, 2026.
For the avoidance of doubt, (i) the Option described on Attachment B as granted pursuant to the Equity Compensation Agreement dated September 1, 2017 and which are designated as “Exercisable” shall be exercisable until September 1, 2027 and (ii) the Option described on Attachment B as granted pursuant to the Equity Compensation Agreement dated October 15, 2019 but effective as of July 26, 2019 and which are designated as “Exercisable” shall be exercisable until July 26, 2026.
The Options granted on January 24, 2018, April 20, 2018, and May 31, 2019 may be exercised by Dr. Dusseux (i) in accordance with the terms and conditions of the Incentive Plan or, if there be no exercise mechanism or procedure therein (ii) by sending a written notice of exercise, together with a check for the applicable exercise price or notice of another methodology for paying the exercise price approved by Bionik USA, by certified mail to the CFO of Bionik USA at Bionik USA’s headquarters.
Except as set forth in this Agreement, the Options described on Attachment B shall remain in accordance with their respective terms, and any revisions or amendments to the terms of any of the Options specifically described in this paragraph 7 and/or Attachment B shall be deemed an amendment to the definitive document(s) (if any) representing such Options. To the extent not attached to this Agreement, Bionik, upon locating such documents, shall provide to Dr. Dusseux copies of any Options, Option Grants, Equity Compensation Agreements, or other documents which constitute the original terms of any of the Options (i.e., prior to the revisions and amendment made by this paragraph 7 and Attachment B).
8.Mutual General Releases.
a.General Release of Dr. Dusseux by Bionik.  Bionik Laboratories Inc., Bionik Laboratories Corp., and Bionik Affiliates for themselves, and their parents, subsidiaries,
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3

affiliates, predecessors, successors, and assigns, and each of their respective affiliates, officers, directors, shareholders, members, principals, trustees, joint venturers, partners, representatives, agents and assigns (all of whom are hereinafter individually and collectively referred to in this paragraph as “Bionik Releasors”), do hereby release, remise and forever discharge Dr. Dusseux and his heirs, executors, administrators, agents, representatives and assigns, and anyone acting by, through or under them (all of whom are hereinafter individually and collectively referred to in this paragraph as “Dusseux Releasees”) of and from any and all statutory, common law, contractual and/or other claims, demands, causes of action, actions, rights, judgments, costs, compensation, suits, debts, dues, accounts, bonds, covenants, agreements, expenses, attorneys’ fees, damages, penalties, liquidated damages, punitive damages, and liability of any nature whatsoever, in law or in equity or otherwise (whether under U.S. federal law, U.S. state law, local law, Canadian law, Canadian provincial law, French law, and/or the law of any other country or jurisdiction) which the Bionik Releasors have had, now have, shall or may have, whether known or unknown, foreseen or unforeseen, suspected or unsuspected, by reason of any cause, matter or thing whatsoever, from the beginning of the world to the Effective Date of this Agreement.  Notwithstanding anything contained in this paragraph 8(a) which may be construed to the contrary, this general release shall not apply to, shall not release and is not intended to release:  (i) Dr. Dusseux’ rights and benefits, or Bionik’s obligations, under this Agreement, (ii) any claims for breach of this Agreement, and/or (iii) Dr. Dusseux’s rights or entitlement to defense and/or indemnification which Dr. Dusseux may have under the Employment Agreement, under the Certificate of Incorporation or By-Laws of Bionik or Bionik Affiliates, under any other corporate document or policy, under any Director and Officer insurance policy that the Bionik or Bionik Affiliates may have in effect, or otherwise to the fullest extent as provided by statute or law.   The Bionik Releasors further agree, represent and warrant that they have not commenced any complaint or application, and undertake not to commence any complaint or application, against Dr. Dusseux or the Dusseux Releasees in connection with Dr. Dusseux’ employment with, his Board or other service to and/or his relationship with Bionik Affiliates.
b.General Release of Bionik by Dr. Dusseux.  Dr. Eric Dusseux, for himself and his heirs, executors, administrators, agents, representatives and assigns (all of whom are hereinafter individually and collectively referred to in this paragraph as “Dusseux Releasors”), do hereby release, remise and forever discharge, Bionik Laboratories Inc., Bionik Laboratories Corp., and Bionik Affiliates, all of their current and former parents, subsidiaries, affiliates, predecessors, successors, and assigns, and each of their respective affiliates, officers, directors, shareholders, members, principals, trustees, owners, investors, joint venturers, partners, insurers, attorneys, employees, representatives, agents and assigns, and anyone acting by, through or under them (all of whom are hereinafter individually and collectively referred to in this paragraph as  “Bionik Releasees”) of and from any and all statutory, common law, contractual and/or other claims, demands, causes of action, actions, rights, judgments, costs, compensation, suits, debts, dues, accounts, bonds, covenants, agreements, expenses, attorneys’ fees, damages, penalties, liquidated damages, punitive damages, and liability of any nature whatsoever, in law or in equity or otherwise (whether under U.S. federal law, U.S. state law, local law, Canadian law, Canadian provincial law, French law and/or the law of any other country or jurisdiction), which the Dusseux Releasors have had, now have, shall or may have, whether known or unknown, foreseen or unforeseen, suspected or unsuspected, by reason of any cause, matter or thing whatsoever, from the beginning of the world to the Effective Date of this Agreement, including, but not limited to, any and all claims for compensation of any type whatsoever, including but not limited
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to claims for salary, wages, bonuses, commissions, incentive compensation, vacation, and severance that may be legally waived and released and any and all claims under Title VII of the Civil Rights Act of 1964 (Title VII), the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA) (regarding existing but not prospective claims), the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA) (regarding unvested benefits), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Fair Credit Reporting Act (FCRA), the Worker Adjustment and Retraining Notification (WARN) Act, the National Labor Relations Act (NLRA), the Age Discrimination in Employment Act (ADEA), the Uniform Services Employment and Reemployment Rights Act (USERRA), the Genetic Information Nondiscrimination Act (GINA), the Immigration Reform and Control Act (IRCA), all including any amendments and their respective implementing regulations, and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner. Other than the payments referenced in paragraphs 4, 5, 6 and 7 of this Agreement, there are no other sums or benefits payable or owing to Dr. Dusseux by the Bionik Releasees, including, but not limited to any of compensation or expenses referenced in Article 2 of the Employment Agreement or any payments referenced in Article 5, including, without limitation, Section 5.4 of the Employment Agreement.  In addition, Dr. Dusseux agrees that there will be no reinstatement or re-employment with the Bionik Releasees and agrees not to bring any claim based upon the failure or refusal of any of the Bionik Releasees to employ Dr. Dusseux hereafter. Notwithstanding anything contained in this paragraph 8(b) which may be construed to the contrary, this general release shall not apply to, shall not release and is not intended to release: (i) Bionik’s rights and benefits, or Dr. Dusseux’s obligations, under this Agreement or the sections of the Employment Agreement referred to in Section 10 below, including, without limitation the Restrictive Covenants contained therein, or (ii) any claims for breach of this Agreement.
It is further agreed that the Dusseux Releasors shall not make any claims (including any cross-claims, counter-claims, third party claims, actions or applications) or take any proceedings against any person or corporation who might claim contribution or indemnity against the Bionik Releasees.
The Dusseux Releasors further covenant and agree to save harmless and indemnify the Bionik Releasees from and against any and all claims, charges, taxes, penalties or demands which may be made by the Canada Revenue Agency requiring the Bionik Releasees to pay income tax, charges, taxes or penalties under the Income Tax Act (Canada) in respect of income tax payable by the Dusseux Releasors in excess of income tax previously withheld; and in respect of any and all claims, charges, taxes or penalties and demands which may be made on behalf of or related to the Employment Insurance Commission and the Canada Pension Commission under the applicable statutes and regulations with respect to any amounts which may in the future be found to be payable by the Bionik Releasees in respect of the Dusseux Releasors.
The Dusseux Releasors further confirm that they have received, or though this Agreement will receive, all payments and amounts owing to him under the applicable employment standards legislation and that the payments made to him herein constitute a greater benefit and are in full
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5

and final satisfaction of any further entitlements he may have pursuant to the applicable employment standards legislation.
The Dusseux Releasors further agree that Dr. Dusseux has not been subjected to any form of discrimination whatsoever and hereby represents and warrants that he has not commenced any complaint or application, and undertake not to commence any complaint or application, under the applicable human rights legislation.
9.Confidentiality and Return of Property.  Dr. Dusseux and Bionik and Bionik Affiliates agree to keep the terms of this Agreement confidential, and agree not to disclose this Agreement or its terms, except and to the limited extent required by applicable law. Notwithstanding the above, the parties may disclose the terms and conditions of this Agreement to their attorney(s) and accountant(s), and additionally Dr. Dusseux may disclose the terms and conditions of this Agreement to his immediate family, in each such case, provided that they also keep this Agreement and its terms and conditions confidential.
Dr. Dusseux acknowledges that through Dr. Dusseux’s employment with Bionik, Dr. Dusseux may have acquired and had access to the Bionik Releasees’ confidential and proprietary business information and trade secrets.  Dr. Dusseux agrees that Bionik may prevent the use or disclosure of the Bionik Releasees’ confidential business information and proprietary business information and trade secrets and acknowledges that Bionik has taken all reasonable steps necessary to protect the secrecy of the information.  “Confidential Business Information” shall include any data or information that is valuable to the Bionik Releasees and not generally known to competitors of the Bionik Releasees or other outsiders, regardless of whether the Confidential Business Information is in printed, written or electronic form, retained in Dr. Dusseux’s memory or compiled or created by Dr. Dusseux.  This includes, but is not limited to:  technical, financial, personnel, staffing, payroll, computer systems, marketing, advertising, merchandising, product, vendor, or customer information or data, trade secrets, or other information similar to the foregoing.  Dr. Dusseux agrees that Dr. Dusseux has not and in the future will not use or disclose to any third party Confidential Business Information, unless compelled by law and after notice to Bionik, and further represents to Bionik that Dr. Dusseux will turn over to Bionik all of the Bionik property that was or is within Dr. Dusseux’s possession, custody or control including, without limitation, all documents, disks, or any other item or source containing Confidential Business Information.  Dr. Dusseux agrees and represents that Dr. Dusseux will not remove or destroy and has not removed or destroyed any confidential information either during Dr. Dusseux’s employment or at any time thereafter.
Dr. Dusseux is advised that pursuant to the Defend Trade Secrets Act (the “DTSA”) an individual 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.  Further, Dr. Dusseux understands that in the event disclosure of Bionik trade secrets was not done in good faith pursuant to the above, Dr. Dusseux may be subject to substantial damages under the DTSA, including punitive damages and attorneys’ fees.
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10.Restrictive Covenants in the Employment Agreement. Dr. Dusseux agrees to comply with the restrictive covenants set forth in Article 3 of the Employment Agreement including, without limitation, the Confidential Information (3.1), Intellectual Property, Inventions and Patents (3.2), Non-Solicitation of Employees (3.3), Non-Solicitation of Customers and Suppliers (3.4), and Non-Competition (3.5).  Employee acknowledges that the restrictions contained in that Section extend to and expressly prohibit conduct via Social Media that would violate that Section.
11.Non-Disparagement.
a.Dr. Dusseux agrees that Dr. Dusseux will not disclose to the public or any person, any false or misleading information, or any information that reflects negatively upon or otherwise disparages Bionik or Bionik Affiliates (including the officers, directors and employees of such companies) or which is intended to harm the reputation of Bionik or Bionik Affiliates including, but not limited to, any statements that disparage any product, service, capability or any other aspect of the business of the Bionik or Bionik Affiliates, including via Social Media. This Section 11(a) does not, in any way, restrict or impede Dr. Dusseux from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, or in the case of and to the extent in relation to legal proceedings against the other; provided that such exercise of rights or compliance does not exceed that required by the law, regulation, order or legal proceeding.
b. Bionik and Bionik Affiliates agree that (i) they will not through statements, press releases or regulatory filings, and (ii) their respective executive officers, directors and senior management will not, disclose to the public or any person, any false or misleading information, or any information that reflects negatively upon or otherwise disparages Dr. Dusseux or which is intended to harm the reputation of Dr. Dusseux including, but not limited to, any statements that disparage any product, service, capability or any other aspect of Dr. Dusseux’s business, capabilities, performance or management style, including via Social Media. This Section 11(b) does not, in any way, restrict or impede Bionik or the Bionik Affiliates from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, or in the case of and to the extent in relation to legal proceedings against the other; provided that such exercise of rights or compliance does not exceed that required by the law, regulation, order or legal proceeding.
12.Cooperation.  Dr. Dusseux agrees to reasonably cooperate with the Bionik or Bionik Affiliates in connection with the transition of any business matters and with respect to any litigation or regulatory matters in which Dr. Dusseux may have relevant knowledge or information.  This reasonable cooperation shall include, without limitation, the following: (a) to meet and confer, at a time mutually convenient to Dr. Dusseux and the Company, with Company’s designated in-house or outside attorneys pertaining to any claim or litigation matter, including without limitation for trial preparation purposes, answering questions, explaining factual situations, preparing to testify; (b) to appear for deposition or trial and give truthful trial testimony without the need to serve a subpoena for such appearance and testimony; and (c) to give truthful sworn statements to the Company’s attorneys upon their request and, for purposes of any deposition or trial testimony, to adopt the Company’s attorneys as Dr. Dusseux’s own attorneys (provided that there is no conflict of interest that would disqualify the attorneys from
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representing Dr. Dusseux). Bionik and/or Bionik Affiliates agree to pay Dr. Dusseux his reasonable expenses at an appropriate and reasonable rate for his time and required travel.
13.Older Workers Benefit Protection Act. In conformity with the Older Workers Benefit Protection Act (the “OWBPA”), Dr. Dusseux acknowledges the following: (i) that this Agreement is written in a manner calculated to be understood by Dr. Dusseux; (ii) that this Agreement represents Dr. Dusseux’s knowing and voluntary waiver and release of any and all claims that Dr. Dusseux might have including, but not limited to, any claims arising under the ADEA; (iii) that Dr. Dusseux has not waived any claim under the ADEA that may arise after the date of this Agreement; (iv) that the consideration that Dr. Dusseux will receive in exchange for this Agreement are something of value to which Dr. Dusseux is not already entitled; (v) that Dr. Dusseux is hereby being advised to consult with an attorney prior to executing this Agreement; (vi) that Dr. Dusseux was provided 21 days to consider this Agreement; (vii) that any changes to this Agreement, whether material or immaterial, will not restart that 21-day period; and (viii) if and to the extent required under applicable law, that Dr. Dusseux has 7 days following Dr. Dusseux’s execution of this Agreement in which to revoke it by written notice of revocation that must be delivered to and received by Bionik’s counsel, no later than 5:00 p.m. EST on the seventh day after Dr. Dusseux has signed this Agreement. If and to the extent required under applicable law, this Agreement will not become effective and enforceable until the eighth day after Dr. Dusseux’s signature (if not revoked pursuant to the terms of this paragraph).
14.Indemnification.  Dr. Dusseux shall have all rights or entitlement to defense and/or indemnification which Dr. Dusseux may have under the Employment Agreement, under the Certificate of Incorporation or By-Laws of Bionik or Bionik Affiliates, under any other corporate document or policy, under any Director and Officer insurance policy that the Bionik or Bionik Affiliates may have in effect, or otherwise to the fullest extent as provided by statute or law.
15.Miscellaneous.
a.No Admission:  This Agreement is not, and shall not be construed to be, an admission of liability, culpability or any other legal conclusion.
b.Governing Law:  This Agreement shall be interpreted, enforced and governed under the laws of the State of Delaware.
c.Construction:  If any provision of this Agreement is declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions of the Agreement shall not be affected thereby and the illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.
d.Entire Agreement:  This Agreement constitutes the entire understanding between the parties regarding the issues addressed herein.  There are no representations, oral or written, which are not set forth in this Agreement upon which any party relied in signing this Settlement Agreement.
e.Effective Date:  This Settlement Agreement shall become effective on the date that this Settlement Agreement is fully executed (the “Effective Date”).
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f.Headings.   The headings contained in this Settlement Agreement are inserted for convenience of reference only, and shall not be deemed to be a part of this Agreement.
g.Counterparts.  This Agreement may be signed in two or more counterparts, which counterparts when taken together shall constitute a single integrated agreement. Scanned electronic signatures are authorized.
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	BIONIK LABORATORIES INC.
	​
	BIONIK LABORATORIES CORP.

	By:
	/s/ Rich Russo Jr.
	​
	By:
	/s/ Rich Russo Jr.

	Title:
	Rich Russo Jr., CFO
	​
	Title:
	Rich Russo Jr., CFO

	​
	​
	​

	/s/ Eric Dusseux
	​
	​

	Eric Dusseux
	​
	​

​
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9

ATTACHMENT A
Bionik Laboratories announces resignation of CEO, names Interim CEO
​
TORONTO & BOSTON-July [__], 2021-Bionik Laboratories Corp., a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today has announced that Chief Executive Officer and Board Member Dr. Eric Dusseux has resigned as Chief Executive and stepped down from the board, to pursue an opportunity outside the rehabilitation robotic device industry. The resignation is effective as of July 14, 2021. Rich Russo Jr., Bionik’s current Chief Financial Officer, will assume the role of Interim CEO. The Board has begun a search for Dr. Dusseux’s successor.
“This was a difficult decision that I reached after much reflection. It has been a privilege working as CEO, shoulder-to-shoulder with the best team in the business since September 2017.  I am proud of all we have accomplished together to serve our patients and clients.  I want to thank the team and the Board of Directors for their support,” said Dr. Dusseux.
André Auberton-Herve, Chairman of the Board, said, “On behalf of the Board, we thank Eric for his service and many accomplishments during his tenure as CEO, particularly during the COVID-19 pandemic. The company has made great strategic, commercial and operational progress under Eric’s leadership. We wish Eric the very best.”
“Eric has assembled a talented and highly capable leadership team, including Rich Russo who will step in as Interim CEO,” Auberton added. “This will ensure continuity while we conduct a search for a permanent replacement.”
About BIONIK Laboratories Corp.
BIONIK Laboratories is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and two products in varying stages of development.
For more information, please visit www.BIONIKlabs.com and connect with us on Twitter, LinkedIn, and Facebook.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate,"
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“possible,” "believe," "intend," "seek," or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of robotic rehabilitation products and other Company products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, pipeline of potential sales, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the market and projected market for our existing and planned products, (v) the Company’s search for a permanent CEO and (vi) the assumptions underlying or relating to any statement described in points (i), (ii), (iii), (iv) or (v) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the inability to meet listing standards to uplist to a national stock exchange, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the impact on the Company’s business as a result of the Covid-19 pandemic, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.
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ATTACHMENT B
ERIC DUSSEUX OPTIONS
​
	

	

	

	

	

	

	

	Date of Option Grant
	Total Number of Options
	Exercisable
	Unexercisable1
	Exercise Price Per Share
	Expiration Date
	Deadline for Eric Dusseux to Exercise Vested (Exercisable) Options Pursuant to and Following Execution of the Separation Agreement

	​
	​
	​
	​
	​
	​
	​

	September 1, 2017
	40,718
	27,145
	13,573
	$24.15
	September 1, 2027
	September 1, 2027

	January 24, 2018
	3,333
	3,333
	-
	$23.25
	January 24, 2028
​
However, all vested and unvested options will immediately terminate and cease to be exercisable upon a termination for cause. In the event of a termination without cause, all options will terminate 90 days after the date on which service is terminated, but in any event no later than the option expiration date.
	October 14, 2021
​
​

	April 20, 2018
	40,000
	40,000
	-
	$9.735
	April 20, 2028
	October 14, 2021

	1
	All Unexercisable Options will terminate on the date of this Agreement and shall not be exercisable at any time.

​

​

	

	

	

	

	

	​
90 days after the date on which service is terminated, but in any event no later than the option expiration date.
​

	

	​
	​
	​
	​
	​
	However, all vested and unvested options will immediately terminate and cease to be exercisable upon a termination for cause. In the event of a termination without cause, all options will terminate 90 days after the date on which service is terminated, but in any event no later than the option expiration date.
	​

	May 31, 2019
	110,855
	110,855
	-
	$3.16
	May 31, 20262
	July 26, 2026

	July 26, 2019 (dated October 15, 2019)
	115,759
	77,173
	38,586
	$3.59
	July 26, 2026
	July 26, 2026

	2
	The May 31, 2026 expiration date will be extended to July 26, 2026.

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ATTACHMENT C
[2014 EQUITY INCENTIVE PLAN]
​
​

​

ATTACHMENT D
[SEPTEMBER 1, 2017 EQUITY COMPENSATION AGREEMENT]
​
​

​

ATTACHMENT E
[JULY 26, 2019 (DATED OCTOBER 15, 2019) EQUITY COMPENSATION AGREEMENT]

​

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