Document:

Exhibit 10.1

 

Media Advertising Agreement

 

This Agreement (the “Agreement”)
is made this October 3rd, 2017 (the “Execution Date”), by and between Al & J Media INC. Located at 48 Wall
Street, 11th Floor, New York, New York 10005 hereinafter sometimes referred to as Consultant and IsoRay, Inc.
350 Hills Street Suite 106, Richland, WA 99354, United States hereinafter sometimes referred to as the Company.

 

WHEREAS, Consultant is a media company
which specializes in assisting companies identify the proper media outlets which allow companies to disseminate information about
their business plan. AI & J Media INC. does not and will not promote said company. The Consultant is strictly
a media agent for advertising.

 

WHEREAS, the Company, its subsidiaries,
affiliates, directors, representatives and clients, collectively referred to as the Company, desires to have Consultant
identify and arrange meeting(s) with advertising sources for IsoRay, Inc.

 

WHEREAS, the Company desires to
retain Consultant for the purposes of consulting with the Company for potential sources of media in addition to making
strategic advertising introductions.

 

WHEREAS, Consultant is willing to
accept the Company as a client.

 

NOW THEREFORE, in consideration of the
mutual covenants herein contained, it is agreed:

 

		1.	ENGAGEMENT: Consulting services (the “Services”)
consist of the following: Consultant will introduce the Company to potential sources of media, marketing agreement(s)
and/or other strategic alliances which may benefit the Company in the performance of implementing its business plan(s),
including but not limited to radio and television media spots; various media publications; and internet podcasts.

 

		2.	TIME OF PERFORMANCE: The Services to be performed under
this Agreement shall commence upon execution of this Agreement and shall continue until completion, which is generally expected
to be one hundred and eighty (180) days. Company obtains the right to cancel after the first 90 days.

 

		3.	COMPENSATION TO BE PAID BY THE COMPANY: The Company
agrees to pay a fee to Consultant for the Services described herein and pay for work performed on behalf of the Company
in the form of cash and/or common stock as agreed by the parties. Said fees are payable as follows:

		i	$20,000 USD due in cash at execution of this Agreement,

		ii	250,000 AT THE MARKET ISR warrants that are based off execution date and are due at execution of
this agreement.

		iii	$20,000 USD due in cash 30 days after execution of this Agreement,

		iv	$20,000 USD due in cash 60 days after execution of this Agreement,

		v	$20,000 USD due in cash 90 days after execution of this Agreement,

 

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		vi	250,000 AT THE MARKET ISR warrants that are based off execution date and are due 90 days after
execution of this agreement.

		vii	$20,000 USD due in cash 120 days after execution of this Agreement,

		viii	$20,000 USD due in cash 150 days
after execution of this Agreement.

		viiii.	Initial warrants shall vest immediately. Second warrant
award will be issued after 90 day cancellation period expires. If Agreement is cancelled, total warrants issue will be $250,000.

 

All cash payments shall be made
by wire transfer as follows:

Account Name: Al & J Media,
Inc.

TD Bank, 535 Columbus Ave.,
New York, NY 10024

ABA No. 026013673

Account No.: 4315085393

 

		4.	LIMITATION OF LIABILITY: If Consultant fails
to perform its duties under the Agreement, its entire liability to the Company shall not exceed the amount of compensation
Consultant has received from the Company. The company’s entire liability under this contract shall not exceed
the payment in cash.

 

		5.	CONFIDENTIALITY/NONDISCLOSURE/NON-CIRCUMVENTION:

 

		i	Until such time as the same may become publicly known,
Consultant agrees that any information of a confidential nature will not be revealed or disclosed to any person or entity,
except in the performance of this Agreement, and upon written request of the Company all materials provided by the Company
will be returned to the Company.

 

		6.	NOTICES: All notices hereunder shall be in writing
and addressed to the party at the address herein set forth, or at such other address as to which notice pursuant to this section
may be given, and shall be given by personal delivery, by certified mail, express mail, or national overnight courier services.
Notices will be deemed given upon the earlier of the actual receipt or three (3) business days after being mailed or delivered
to such courier service.

 

Notices shall be addressed
to Consultant at:

 

Al & J Media INC.

48 Wall Street, 11th Floor

New York, NY 10005

United States

 

Notices shall be addressed
to Company at:

 

IsoRay, Inc.

350 Hills Street

Suite 106

Richland, WA 99354

United States

 

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Any notices to be given hereunder will
be effective if executed by and sent by the attorneys for the parties giving such notice, and in connection therewith the parties
and their respective counsel agree that in giving such notice such counsel may communicate directly in writing with such parties
to the extent necessary to giving such notice.

 

		7.	SEPARABILITY: If one or more of the provisions of this
Agreement shall be held invalid, illegal or unenforceable in any respect, such provision, to the extent invalid, illegal or unenforceable,
and provided that such provision is not essential to the transaction provided for by this Agreement, shall not affect other provisions
hereof, and the Agreement shall be construed as if such provision had been contained herein.

 

		8.	MISCELLANEOUS:

 

		i	Governing Law: This Agreement shall be governed by the laws of the State of New York, New York
County, and of the United States District Court for the Southern District of New York for any lawsuits, actions or other proceedings
arising out of or relating to this Agreement and agree not to commence any such lawsuit, action or other proceeding except in such
courts. The Company and the Consultant further agree that service of any process, summons, notice or document by mail, return receipt
requested, to the address of such party set forth above shall be effective service of process for any lawsuit, action or other
proceeding brought against such party in any such court. The Company and the Consultant hereby irrevocably and unconditionally
waive any objection to the laying of venue of any lawsuit, action or other proceeding arising out of or relating to this Agreement
in the courts of the State of New York, New York County, and of the United States District Court for the Southern District of New
York, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such
lawsuit, action or other proceeding brought in any such court has been brought in an inconvenient forum.;

 

		ii	Currency: In all instances, references to dollars shall
be deemed to be United States dollars;

 

		iii	Amendment: This Agreement may only be amended
or modified in a writing signed by both of the parties and referring to this Agreement.

 

Entire Agreement: This Agreement constitutes
the entire agreement and final understanding of the parties with respect to the subject matter of this Agreement and supersedes
and terminates all prior and/or contemporaneous understandings and/or discussions between the parties, whether written or verbal,
express or implied, relating in any way to the subject matter of this Agreement. Executed as a sealed instrument as of the day
and year first above written.

 

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	Al & J Media INC.	 
	 	 	 
	By: 	/s/ Alexander Antonopoulos	 
	 	Mr. Alexander Antonopoulos, Duly Authorized Signatory	 
	 	 	 
	IsoRay, Inc.	 
	 	 	 
	By:  	/s/ Thomas C. LaVoy	 
	 	 	 
	Mr. Thomas C. LaVoy CEO	 

 

    4Exhibit 10.2

 

ISORAY, INC.

 

Warrant
To Purchase Common Stock

 

Warrant No.: CS-1

Number of Shares of Common Stock: 250,000

Date of Issuance: October 3, 2017 (“Issuance
Date”)

 

IsoRay, Inc., a Minnesota
a corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Al & J Media, Inc., the registered holder hereof or its permitted assigns (the
“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or
before the three year anniversary of the date hereof, but not after 11:59 p.m., New York time, on the Expiration Date (as defined
below), TWO HUNDRED FIFTY THOUSAND (250,000) fully paid nonassessable shares of Common Stock (as defined below); (the “Warrant
Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 12. This Warrant is issued in connection with the transaction contemplated by and among the Company and Al & J
Media, Inc. pursuant to that certain Media Advertising Agreement dated October 3, 2017 (the “Agreement”).

 

1.     
EXERCISE OF WARRANT.

 

(a)  
Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on
any day on or after issuance, in whole or in part, by (i) delivery to the Company of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant
and payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to
which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by wire transfer of immediately
available funds. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution
and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation
of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares.
On or before the first (1st) Trading Day following the date on which the Company has received the Exercise Notice (such
date, the “Exercise Date”), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt
of the Exercise Notice to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before
the third (3rd) Trading Day following the date on which the Company has received the Exercise Notice (the “Share
Delivery Date”), so long as the Holder delivers the Aggregate Exercise Price on or prior to the Share Delivery Date,
the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through
its Deposit/Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which
the Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent
and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any. Upon delivery of the Exercise Notice,
so long as the Holder delivers the Aggregate Exercise Price on or prior to the Share Delivery Date, 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 such Warrant Shares are credited to the Holder’s DTC account or the date of delivery
of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise
pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than
the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later
than three (3) Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 5(d)) representing
the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this Warrant, less the number
of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the
exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole
number.

 

     

     

    

 

(b)  
Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.54 (subject to adjustment
for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or
other similar events).

 

2.     
ADJUSTMENT OF EXERCISE PRICE. The Exercise Price shall be adjusted from time to time as follows: If the Company at
any time on or after the date of issuance subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or
more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If
the Company at any time on or after the date of issuance combines (by combination, reverse stock split or otherwise) one or more
classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior
to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment
under this Section 2 shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

3.     
RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend 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 cash, 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, upon an exercise of this Warrant, in whole or in part, the Holder
will be entitled to receive the amount of any such Distribution that the Holder would have received if the Holder had held, immediately
before the date on which a record is taken for the declaration or payment of the Distribution, or, if no such record date is taken,
the date as of which the record holders of shares of Common Stock are to be determined for the declaration or payment of the Distribution,
the number of shares of Common Stock that the Holder is entitled to receive upon such exercise (without taking into account any
limitations or restrictions on the convertibility of this Warrant).

 

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4.     
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in
such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder
of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any
right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of
stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due
exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the
Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 4, the Company shall provide
the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

 

5.     
REISSUANCE OF WARRANTS.

 

(a)  
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company,
whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant, registered as the Holder may
request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the
total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant to the Holder representing the
right to purchase the number of Warrant Shares not being transferred. No transfer of this warrant may be completed unless and until
(i) the Company has received an opinion of counsel for the Company that such securities may be sold pursuant to an exemption from
registration under the Securities Act of 1933, as amended (the “Securities Act”), or (ii) a registration statement
relating to this Warrant has been filed by the Company and declared effective by the Commission. Subject to the foregoing, this
Warrant and all rights hereunder are transferable, in whole or in part, at the principal office of the Company by the Holder in
person or by duly authorized attorney, upon surrender of this Warrant properly endorsed to any person or entity who represents
in writing that he/she/it is acquiring the Warrant for investment and without any view to the sale or other distribution thereof.
Each Holder of this Warrant, by taking or holding the same, consents and agrees that the bearer of this Warrant, when endorsed,
may be treated by the Company and all other persons dealing with this Warrant as the absolute owner hereof for any purpose and
as the person entitled to exercise the rights represented by this Warrant or perform the obligations required hereby, or to the
transfer hereof on the books of the Company, any notice to the contrary notwithstanding; but until such transfer on such books,
the Company may treat the registered owner hereof as the owner for all purposes.

 

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(b)  
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant representing the right to purchase the Warrant Shares
then underlying this Warrant.

 

(c)  
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants representing in the aggregate the right to purchase the number of
Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such
Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional
shares of Common Stock shall be given.

 

(d)  
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 10, the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the
other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant),
(iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the original issuance date,
and (iv) shall have the same rights and conditions as this Warrant.

 

6.     
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in accordance with Section 6 of the Agreement. The Company shall provide the Holder with prompt written notice of
all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor.
Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment
of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least
fifteen days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution
upon the shares of Common Stock, or (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock.

 

7.     
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company
has obtained the written consent of the Holder.

 

8.     
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of
the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
Delaware.

 

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9.     
HEADINGS. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the
interpretation of, this Warrant.

 

10. 
TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

11. 
SEVERABILITY.If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

12. 
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)  
“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.

 

(b)  
“Common Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share,
and (ii) any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification
of such Common Stock.

 

(c)  
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

(d)  
“Expiration Date” means the date three (3) years after the date of issuance, or, if such date falls on
a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”),
the next date that is not a Holiday.

 

(e)  
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities.

 

(f)   
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

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(g)  
“Principal Market” means the NYSE Amex Equities.

 

(h)  
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market
on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common
Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from
trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

 

	 	ISORAY,
    INC.
	 	 	 
	 	 	 
	 	By:	/s/
    Thomas LaVoy
	 	Name:	Thomas LaVoy
	 	Title:	CEO and Chairman

  

    

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

ISORAY, INC.

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
IsoRay, Inc., a Minnesota corporation (the “Company”), evidenced by the attached Warrant to Purchase Common
Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

 

1. Holder shall pay
the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

 

2. Delivery of Warrant
Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

 

Date: _______________ __, ______

 

 

 

	Name of Registered Holder	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

ACKNOWLEDGMENT

 

 

The Company hereby
acknowledges this Exercise Notice and hereby directs Computershare
Trust Company, N.A. to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent
Instructions dated ___________ from the Company and acknowledged and agreed to by Computershare
Trust Company, N.A..

 

	 	ISORAY, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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