Document:

Unassociated Document

     

    Exhibit
4.1

     

    
      NEITHER,
THE ISSUANCE AND SALE OF THE SECURITIES, REPRESENTED BY THIS CERTIFICATE, NOR,
THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED (i) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR
THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL, IN A FORM GENERALLY ACCEPTABLE TO THE COMPANY’S LEGAL COUNSEL, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (ii) UNLESS SOLD PURSUANT TO RULE
144 OR RULE 144A UNDER SAID ACT.

       

      THIS NOTE HAS BEEN ISSUED WITH
ORIGINAL ISSUE DISCOUNT (“OID”).  PURSUANT TO TREASURY REGULATION
§1.1275-3(b)(1), THOMAS A. MOORE, A REPRESENTATIVE OF THE BORROWER HEREOF WILL,
BEGINNING TEN DAYS AFTER THE ISSUE DATE OF THIS NOTE, PROMPTLY MAKE AVAILABLE TO
THE HOLDER UPON REQUEST THE INFORMATION DESCRIBED IN TREASURY REGULATION
§1.1275-3(b)(1)(i).  THOMAS A. MOORE MAY BE REACHED AT TELEPHONE
NUMBER (732) 545-1590.

      
        
           

          
            

          

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      Principal
      Amount:

                                    	 
      	
                                      $ _________

                                    
	 	 	 
	
                                      Purchase
      Price:

                                    	 
      	
                                      $ _________

                                    
	 	 	 
	
                                      Issue
      Date:

                                    	 
      	
                                      ____________

                                    
	 	 	 
	
                                      Maturity
      Date:

                                    	 
      	
                                       

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
 

      

      CONVERTIBLE PROMISSORY
NOTE

       - SERIES [ ], TRANCHE [
] -

       

      FOR VALUE
RECEIVED, ADVAXIS, INC., a Delaware corporation (hereinafter called “Borrower”),
hereby promises to pay to _________ (the “Holder”)
or order, without demand, the aggregate principal amount of _________ ($_______)
(the “Principal
Amount”), payable on [     ]
(the “Maturity
Date”).

       

      This
Series [  ] Note (“Note”) is
one of the Notes issued pursuant to the terms of a Note Purchase Agreement (the
“Purchase
Agreement”), by and between the Borrower and the Holder, dated as of the
Issue Date, and shall be governed by the terms of such Purchase
Agreement.  Unless otherwise separately defined herein, all
capitalized terms used in Note shall have the same meaning as is set forth in
the Purchase Agreement.  The following terms shall apply to
Note:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ARTICLE
I

      GENERAL
PROVISIONS

      1.1 Payment Grace
Period.  The
Borrower shall have a FIFTEEN (15) day grace period to pay any monetary amounts
due under Note.

       

      1.2 Conversion
Privileges.  The
conversion privileges set forth in Article II shall remain in full force and
effect immediately from the date hereof and until Note is paid in full
regardless of the occurrence of an Event of Default but subject to Article
II.  The Principal Amount of Note, or such portion thereof, shall not
have previously been converted into common stock, $0.001 par value, of the
Company (the “Common
Stock”) in accordance with Article II hereof, if any, shall be payable in
full on the Maturity Date.

       

      1.3 Prepayment.  Note
may be prepaid at anytime by the Borrower without penalty.

       

      1.4 Borrower Has Senior
Indebtedness Outstanding;  Borrower is Permitted to Issue Other
Indebtedness; This Indebtedness is Subordinate to Senior
Indebtedness.  The
Borrower has outstanding, currently-secured indebtedness that is senior in right
of payment with the indebtedness evidenced by this Note (the “Senior
Indebtedness”) and the Borrower is permitted in the future to issue and
create indebtedness and security interests of any kind, including without
limitation, indebtedness that is senior to or pari passu with the Company's
obligations under Note.  Any such future senior indebtedness shall be
deemed to be part of the Senior Indebtedness as defined above.  The
Holder expressly acknowledges that the indebtedness represented by Note is
expressly subordinate to the Senior Indebtedness and that no payment hereunder
shall be made to the Holder until the repayment in full or conversion of the
Senior Indebtedness.

       

      1.5 Interest.  There
shall be no periodic payments of interest on this Note.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      ARTICLE
II

      CONVERSION
RIGHTS

      The
Holder shall have the right to convert the Principal Amount of this Note into
shares of the Borrower’s Common Stock, $.001 par value per share (“Common
Stock”) as set forth below.

       

      2.1 Conversion into the
Borrower’s Common Stock.

       

      (a) Conversion.  The
Holder shall have the option, but shall not be required, to convert all or a
portion of the Note into that number of fully paid and non-assessable shares of
Common Stock priced at $ .15.

       

      (b) Mechanics of
Conversion.  As a condition to effecting the conversion set
forth in Sections 2.1(a) above, the Holder shall properly complete and deliver
to the Company a Notice of Conversion, a form of which is annexed hereto as
Exhibit A (the
“Notice of
Conversion”), which notice must be received by the Company at least one
(1) business day prior to the Maturity Date.  Upon timely delivery to
the Borrower of the Notice of Conversion, the Borrower shall issue and deliver
to the Holder within three (3) business days after the Maturity Date (such third
day being the “Delivery
Date”) that number of shares of Common Stock for the portion of the Note
converted in accordance herewith.

       

      (c) Adjustment.  The
number and kind of shares or other securities to be issued upon conversion
determined pursuant to Section 2.1(a), shall be subject to adjustment from time
to time upon the happening of certain events while this conversion right remains
outstanding, as follows:

       

      A. Merger, Sale of Assets,
etc.  If the Borrower, at any time, shall consolidate with,
merge into or sell or convey all or substantially all its assets to any other
corporation, Note, as to the unpaid principal portion thereof and accrued
interest thereon, shall thereafter be deemed to evidence the right to purchase
such number and kind of shares or other securities and property as would have
been issuable or distributable on account of such consolidation, merger, sale or
conveyance, upon or with respect to the securities subject to the conversion or
purchase right immediately prior to such consolidation, merger, sale or
conveyance.  The foregoing provision shall similarly apply to
successive transactions of a similar nature by any such successor or
purchaser.  Without limiting the generality of the foregoing, the
anti-dilution provisions of this Section shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or
conveyance.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      B. Reclassification,
etc.  If the Borrower at any time shall, by reclassification or
otherwise, change the Common Stock into the same or a different number of
securities of any class or classes that may be issued or outstanding, Note, as
to the unpaid principal portion thereof and accrued interest thereon, shall
thereafter be deemed to evidence the right to purchase an adjusted number of
such securities and kind of securities as would have been issuable as the result
of such change with respect to the Common Stock immediately prior to such
reclassification or other change.

       

      (d) Notice of
Adjustment.  Upon the occurrence of an event specified in
Section 2.1(c), the Borrower shall promptly mail to the Holder a notice setting
forth the adjustment and setting forth a statement of the facts requiring such
adjustment.

       

      (e) Reservation of
Shares.  At such time when necessary, Borrower:

       

      A. will
reserve from its authorized and unissued Common Stock a sufficient amount of
Common Stock to permit the full conversion of Note;

       

      B. represents
that upon issuance, such shares will be duly and validly issued, fully paid and
non-assessable

       

      C. agrees
that its issuance of Note shall constitute full authority to its officers,
agents, and transfer agents who are charged with the duty of executing and
issuing stock certificates to execute and issue the necessary certificates for
shares of Common Stock upon the conversion of Note.

       

      2.2 Method of
Conversion.  Note
may be converted by the Holder, in whole or in part, as described in Section
2.1(a) hereof and the Purchase Agreement.  Upon partial conversion of
Note, a new Note containing the same date and provisions of Note shall, at the
request of the Holder, be issued by the Borrower to the Holder for the principal
balance of Note and interest which shall not have been converted or
paid.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      2.3 Limitations on
Conversion.  Notwithstanding
anything to the contrary contained in this Note, this Note shall not be
convertible by the Holder hereof, and the Company shall not effect any
conversion of this Note or otherwise issue any shares of Common Stock pursuant
hereto, to the extent (but only to the extent) that the Holder or any of its
affiliates would beneficially own in excess of 9.99% (the “Maximum
Percentage”) of the Common Stock. To the extent the above limitation
applies, the determination of whether this Note shall be convertible (vis-à-vis
other convertible, exercisable or exchangeable securities owned by the Holder)
shall, subject to such Maximum Percentage limitation, be determined on the basis
of the first submission to the Company for conversion, exercise or exchange (as
the case may be). No prior inability to convert this Note, or to issue shares of
Common Stock, pursuant to this paragraph shall have any effect on the
applicability of the provisions of this paragraph with respect to any subsequent
determination of convertibility. For purposes of this paragraph, beneficial
ownership and all determinations and calculations (including, without
limitation, with respect to calculations of percentage ownership) shall be
determined in accordance with Section 13(d) of the Securities Act of 1934, as
amended, and the rules and regulations promulgated thereunder. The provisions of
this paragraph shall be implemented in a manner otherwise than in strict
conformity with the terms of this paragraph to correct this paragraph (or any
portion hereof) which may be defective or inconsistent with the intended Maximum
Percentage beneficial ownership limitation herein contained or to make changes
or supplements necessary or desirable to properly give effect to such Maximum
Percentage limitation. The limitations contained in this paragraph shall apply
to a successor Holder of this Note. The holders of Common Stock shall be third
party beneficiaries of this paragraph and the Company may not waive this
paragraph without the consent of holders of a majority of its Common Stock. For
any reason at any time, upon the written or oral request of the Holder, the
Company shall within two (2) business days confirm orally to the Holder and, if
requested, in writing to the Holder the number of shares of Common Stock then
outstanding, including by virtue of any prior conversion or exercise of
convertible or exercisable securities into Common Stock, including, without
limitation, pursuant to this Note or securities issued pursuant to the Purchase
Agreement.  By written notice to the Company, any Holder may increase
or decrease the Maximum Percentage to any other percentage not in excess of
9.99% specified in such notice; provided that (i) any such increase will not be
effective until the 61st day after such notice is delivered to the Company, and
(ii) any such increase or decrease will apply only to the Holder sending such
notice and not to any other holder of Notes (as defined in the Purchase
Agreement).

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

      ARTICLE
III

      EVENT
OF DEFAULT

       

      The
occurrence of any of the following events of default (“Event of
Default”) shall, at the option of the Holder hereof, make all sums of
principal then remaining unpaid hereon and all other amounts payable hereunder
immediately due and payable, upon demand, all of which hereby are expressly
waived, except as set forth below:

       

      3.1 Failure to
Pay.  The
Borrower fails to pay the Principal Amount or other sum due under Note when due
(subject to Section 1.1 above).

       

      3.2 Breach of
Covenant.  The
Borrower breaches any material covenant of the Purchase Agreement or Note in any
material respect and such breach, if subject to cure, continues for a period of
FIFTEEN (15) business days after written notice to the Borrower from the
Holder.

       

      3.3 Breach of Representations
and Warranties.  Any
material representation or warranty of the Borrower made herein, in the Purchase
Agreement or in any agreement, statement or certificate given in writing
pursuant hereto or in connection therewith shall be false or misleading in any
material respect as of the date made and the Closing Date.

       

      3.4 Receiver or
Trustee.  The
Borrower shall make an assignment for the benefit of creditors, or apply for or
consent to the appointment of a receiver or trustee for it or for a substantial
part of its property or business; or such a receiver or trustee shall otherwise
be appointed.

       

      3.5 Judgments.  Any
money judgment, writ or similar final process shall be entered or filed against
Borrower or any of its property or other assets for more than $1,000,000 and
shall remain unvacated, unbonded or unstayed for a period of forty-five (45)
days.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

      

      3.6 Bankruptcy.  Bankruptcy,
reorganization, insolvency proceeding, liquidation proceedings or other
proceedings or relief under any bankruptcy law or any law, or the issuance of
any notice in relation to such event, for the relief of debtors shall be
instituted by or against the Borrower and if instituted against them are not
dismissed within FORTY-FIVE (45) days of initiation.

       

      3.7 Non-Payment.  A
default by the Borrower under any one or more obligations in an aggregate
monetary amount in excess of $1,000,000 for more than TWENTY (20) business days
after notice to the Borrower from the Holder, unless the Borrower is contesting
the validity of such obligation in good faith and has segregated cash funds
equal to not less than one-half of the contested amount.

       

      3.8 Failure to Deliver Common
Stock or Replacement Note

       

      .  Borrower’s
failure to deliver Common Stock to the Holder pursuant to and in the form
required by Note within FIVE (5) business days after the applicable conversion
date.

       

      3.9 Reservation
Default.  Failure
by the Borrower to have reserved for issuance upon conversion of this Note the
amount of Common Stock as set forth in this Note for more than NINETY (90) days
after notice to the Borrower from the Holder.

       

      ARTICLE
IV

      UNSECURED
NOTE

       

      4.1 Unsecured
Note.  Note
is an unsecured obligation of the Borrower.

       

      ARTICLE
V

      MISCELLANEOUS

       

      5.1 Failure or Indulgence Not
Waiver.  No
failure or delay on the part of Holder hereof in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or
privilege.  All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise
available.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

      5.2 Notices.  All
notices, requests, demands, consents, instructions or other communications
required or permitted hereunder shall be in writing and shall be either faxed,
mailed or delivered to each party at the respective addresses of the parties as
set forth in the Purchase Agreement or at such other address or facsimile number
as a party shall furnished to the other party in writing.  All such
notices and communications shall be effective (a) when sent by Federal Express
or other overnight service of recognized standing on the business day following
the deposit with such service; (b) when mailed, by registered or certified mail,
first class postage prepaid and addressed as aforesaid through the United States
Postal Service, upon receipt; (c) when delivered by hand, upon delivery; and/or
(d) when faxed, upon confirmation of receipt.

       

      5.3 Amendment
Provision.  The
term “Note” and all reference thereto, as used throughout this instrument, shall
mean this instrument as originally executed, or if later amended or
supplemented, then as so amended or supplemented.

       

      5.4 Assignability.  Note
shall be binding upon the Borrower and its successors and assigns, and shall
inure to the benefit of the Holder and its successors and assigns.

       

      5.5 Cost of
Collection.  If
default is made in the payment of Note, Borrower shall pay the Holder hereof
reasonable costs of collection, including reasonable attorneys’
fees.

       

      5.6 Governing
Law.  Note
shall be governed by and construed in accordance with the laws of the State of
New York, including, but not limited to, New York statutes of
limitations.  Any action brought by either party against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the civil or state courts of New York or in the federal courts located in the
State and county of New York.  Both parties and the individual signing
this Agreement on behalf of the Borrower agree to submit to the jurisdiction of
such courts.  The prevailing party shall be entitled to recover from
the other party its reasonable attorney’s fees and costs.  In the
event that any provision of Note is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute or rule of law.  Any such
provision, which may prove invalid or unenforceable under any law, shall not
affect the validity or unenforceability of any other provision of
Note.  Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Borrower
in any other jurisdiction to collect on the Borrower’s obligations to Holder, or
to enforce a judgment or other decision in favor of the Holder.  Note shall be deemed an unconditional
obligation of Borrower for the payment of money and, without limitation to any
other remedies of Holder, may be enforced against Borrower by summary proceeding
pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar
rule or statute in the jurisdiction where enforcement is sought.  For
purposes of such rule or statute, any other document or agreement to which
Holder and Borrower are parties or which Borrower delivered to Holder, which may
be convenient or necessary to determine Holder’s rights hereunder or Borrower’s
obligations to Holder are deemed a part of Note, whether or not such other
document or agreement was delivered together herewith or was executed apart from
Note.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      5.7 Maximum
Payments.  Nothing
contained herein shall be deemed to establish or require the payment of a rate
of interest or other charges in excess of the maximum permitted by applicable
law.  In the event that the rate of interest required to be paid or
other charges hereunder exceed the maximum permitted by such law, any payments
in excess of such maximum shall be credited against amounts owed by the Borrower
to the Holder and thus refunded to the Borrower.

       

      5.8 Construction.  Each
party acknowledges that its legal counsel participated in the preparation of
Note and, therefore, stipulates that the rule of construction that ambiguities
are to be resolved against the drafting party shall not be applied in the
interpretation of Note to favor any party against the other.

       

      5.9 Shareholder
Status.  The
Holder shall not have rights as a shareholder of the Borrower with respect to
unconverted portions of Note.  However, the Holder will have the
rights of a shareholder of the Borrower with respect to the Shares of Common
Stock to be received after delivery by the Holder of a Conversion Notice to the
Borrower.

       

      5.10 Non-Business
Days.  Whenever
any payment or any action to be made shall be due on a Saturday, Sunday or a
public holiday under the laws of the State of New York, such payment may be due
or action shall be required on the next succeeding business day and, for such
payment, such next succeeding day shall be included in the calculation of the
amount of accrued interest payable on such date.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      [SIGNATURES
ON THE FOLLOWING PAGE]

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, Borrower
has caused Note to be signed in its name by an authorized officer as of the
[      ] day
of [_____ 2010].

       

      

      

      ADVAXIS,
INC.

      

      

      

      ____________________________________

      Thomas A.
Moore

      Chairman/
CEO

      

      

      

      

      

      WITNESS:

      

      

      ______________________________________

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      NOTICE OF
CONVERSION

       

      (To be
executed by the Registered Holder in order to convert the Note)

       

      The
undersigned hereby elects to convert $_________ of the principal and $_________
of the interest due on the Note issued by ADVAXIS, INC. on [_____________, 2010]
into shares of common stock of ADVAXIS, INC. (the “Borrower”) according to the
conditions set forth in such Note, as of the date written below.

       

      Date of
Conversion:
_____________________________________________________________

       

      Conversion
Price:
_______________________________________________________________

       

      Number of
Shares of Common Stock Beneficially Owned on the Conversion Date: Less than 5%
of the outstanding Common Stock:
___________________________________________

       

      

       

      Shares to
Be Delivered:
_________________________________________________________

       

      Notwithstanding
anything to the contrary contained herein, this Conversion Notice shall
constitute a representation by the Holder of the Note submitting this Conversion
Notice that, after giving effect to the conversion provided for in this
Conversion Notice, such Holder (together with its affiliates) will not have
beneficial ownership (together with the beneficial ownership of such person's
affiliates) of a number of shares Common Stock which exceeds the Maximum
Percentage (as defined in the Note) of the total outstanding shares Common Stock
of the Company as determined pursuant to the provisions of Section 2.3 of the
Note.

       

      Signature:   
_____________________________________________________________________

       

      Print
Name:  ___________________________

       

      Address:      ___________________________

       

                    ___________________________

       

    

     

    
      
        
        

      

      
        12Unassociated Document

     

    
      Exhibit
4.2

    

     

    

     

    
      NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE
SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR
THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A
UNDER SAID ACT.

       

      Right to
Purchase ______ shares of Common Stock
of Advaxis, Inc. (subject to adjustment as provided herein)

      

       

      COMMON
STOCK PURCHASE WARRANT

       

      No. ______________

       

      Issue
Date: ________ ___, _______

       

      ADVAXIS,
INC., a corporation organized under the laws of the State of Delaware (the
“Company”),
hereby certifies that, for value received, _______ or its assigns (the
“Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company
at any time after the Issue Date until 5:00 p.m., E.S.T on the fourth
anniversary of the Issue Date (the “Expiration
Date”), up to __________ fully paid and
non-assessable shares of Common Stock at a per share purchase price of $0.17.
 The aforedescribed purchase price per share, as adjusted from time to time
as herein provided, is referred to herein as the “Exercise
Price.”  The number and character of such shares of Common
Stock and the Exercise Price are subject to adjustment as provided
herein.  The Company may reduce the Exercise Price for some or all of
the Warrants, temporarily or permanently.  Capitalized terms used and
not otherwise defined herein shall have the meanings set forth in that certain
Note Purchase Agreement (the “Purchase
Agreement”), dated as of the Issue Date, entered into by the Company and
the Holder.  This Warrant is one of a series of Warrant issued
purchased to the terms of the Purchase Agreement.

       

      As used
herein the following terms, unless the context otherwise requires, have the
following respective meanings:

       

      (a)           The
term “Company”
shall include Advaxis, Inc. and any corporation, which shall succeed or assume
the obligations of Advaxis, Inc. hereunder.

       

      (b)           The
term “Common
Stock” means (a) the Company’s Common Stock, $0.001 par value per share,
as authorized on the date of the Purchase Agreement and (b) any other securities
into which or for which any of the securities described in (a) may be converted
or exchanged pursuant to a plan of recapitalization, reorganization, merger,
sale of assets or otherwise.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (c)           The
term “Common Stock
Deemed Outstanding” means, at any given time, the number of shares of
Common Stock actually outstanding at such time, plus the number of shares of
Common Stock issuable upon the exercise of all options or securities convertible
into Common Stock.

       

      (d)           The
term “Exempt
Issuances” means the issuance of (a) shares of Common Stock or options to
employees, officers or directors of the Company pursuant to any stock or option
plan duly adopted for such purpose by a majority of the non-employee members of
the Board of Directors or a majority of the members of a committee of
non-employee directors established for such purpose, (b) securities upon the
exercise or exchange of or conversion of any securities issued under the
Purchase Agreement and/or other securities exercisable or exchangeable for or
convertible into shares of Common Stock issued and outstanding on the date
hereof, provided that such securities have not been amended since the date
hereof to increase the number of such securities or to decrease the exercise,
exchange or conversion price of such securities,  (c) securities
pursuant to acquisitions or strategic transactions approved by a majority of the
disinterested directors of the Company, provided that any such issuance shall
only be to a person which is, itself or through its subsidiaries, an operating
company in a business synergistic with the business of the Company and in which
the Company receives benefits in addition to the investment of funds, but shall
not include a transaction in which the Company is issuing securities primarily
for the purpose of raising capital or to an entity whose primary business is
investing in securities and (d) shares of Common Stock with an aggregate value
of no more than $150,000 issued to vendors of the Company.

       

      (e)           The
term “Other
Securities” refers to any shares of capital stock other than Common Stock
and other securities of the Company or any other person, corporate or otherwise,
which the Holder of the Warrant at any time shall be entitled to receive, or
shall have received, on the exercise of the Warrant, in lieu of or in addition
to Common Stock, or which at any time shall be issuable or shall have been
issued in exchange for or in replacement of Common Stock or Other Securities
pursuant to Section 4 or otherwise.

       

      (f)           The
term “Warrant
Shares” shall mean the Common Stock issuable upon exercise of this
Warrant.

       

      1. Exercise of
Warrant.

       

      1.1. Number of Shares Issuable
upon Exercise.  From
and after the Issue Date through and including the Expiration Date, the Holder
hereof shall be entitled to receive, upon exercise of this Warrant in whole in
accordance with the terms of subsection 1.2 or upon exercise of this
Warrant in part in accordance with subsection 1.3 shares of Common Stock of
the Company, subject to adjustment pursuant to Section 4.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

         

      

      1.2. Full
Exercise.  This
Warrant may be exercised in whole by the Holder hereof by delivery of an
original or facsimile copy of the form of subscription attached as Exhibit A hereto
(the “Subscription
Form”) duly executed by such Holder and delivery of payment, in cash,
wire transfer or by certified or official bank check payable to the order of the
Company, in the amount obtained by multiplying the number of shares of Common
Stock for which this Warrant is then exercisable by the Exercise Price then in
effect.  The original Warrant is not required to be surrendered to the
Company until it has been fully exercised.

       

      1.3. Partial
Exercise.  This
Warrant may be exercised in part (but not for a fractional share) by delivery of
a Subscription Form in the manner and at the place provided in
subsection 1.2 except that the amount payable by the Holder on such partial
exercise shall be the amount obtained by multiplying (a) the number of
whole shares of Common Stock designated by the Holder in the Subscription Form
by (b) the Exercise Price then in effect.  On any such partial
exercise, provided the Holder has surrendered the original Warrant, the Company,
at its expense, will forthwith issue and deliver to or upon the order of the
Holder hereof a new Warrant of like tenor, in the name of the Holder hereof or
as such Holder (upon payment by such Holder of any applicable transfer taxes)
may request, the whole number of shares of Common Stock for which such Warrant
may still be exercised for the balance of.

       

      1.4. Fair Market
Value. Fair
Market Value of a share of Common Stock as of a particular date (the “Determination
Date”) shall mean:

       

      (a) If the
Company’s Common Stock is listed on a national securities exchange, then the
average of the closing or last sale prices, respectively, reported for the five
trading days immediately preceding but not including the Determination
Date;

       

      (b) If the
Company’s Common Stock is not listed on a national securities exchange but is
quoted in the over-the-counter market or the “pink-sheets,” then the average of
the closing bid prices reported for the five trading days immediately preceding
but not including the Determination Date;

       

      (c) Except as
provided in clause (d) below and Section 3.1, if the Company’s Common Stock
is not publicly traded, then as the Holder and the Company agree, or in the
absence of such an agreement, by arbitration in accordance with the rules then
standing of the American Arbitration Association, before a single arbitrator to
be chosen from a panel of persons qualified by education and training to pass on
the matter to be decided; or

       

      (d) If the
Determination Date is the date of a liquidation, dissolution or winding up, or
any event deemed to be a liquidation, dissolution or winding up pursuant to the
Company’s certificate of incorporation (as amended and/or restated from time to
time, the “Charter”),
then all amounts to be payable per share to holders of the Common Stock pursuant
to the Charter in the event of such liquidation, dissolution or winding up, plus
all other amounts to be payable per share in respect of the Common Stock in
liquidation under the Charter, assuming for the purposes of this clause
(d) that all of the shares of Common Stock then issuable upon exercise of
all of the Warrants are outstanding at the Determination Date.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

         

      

      1.5. Company
Acknowledgment.  The
Company will, at the time of the exercise of the Warrant, upon the request of
the Holder hereof, acknowledge in writing its continuing obligation to afford to
such Holder any rights to which such Holder shall continue to be entitled after
such exercise in accordance with the provisions of this Warrant. If the Holder
shall fail to make any such request, such failure shall not affect the
continuing obligation of the Company to afford to such Holder any such
rights.

       

      1.6. Trustee for Warrant
Holders.  In
the event that a bank or trust company shall have been appointed as trustee for
the Holder of the Warrants pursuant to Subsection 3.2, such bank or trust
company shall have all the powers and duties of a warrant agent (as hereinafter
described) and shall accept, in its own name for the account of the Company or
such successor person as may be entitled thereto, all amounts otherwise payable
to the Company or such successor, as the case may be, on exercise of this
Warrant pursuant to this Section 1.

       

      1.7. Delivery of Stock
Certificates, etc. on Exercise.  The
Company agrees that the shares of Common Stock purchased upon exercise of this
Warrant shall be deemed to be issued to the Holder hereof as the record owner of
such shares as of the close of business on the date on which delivery of a
Subscription Form shall have occurred and payment made for such shares as
aforesaid.  As soon as practicable after the exercise of this Warrant
in whole or in part, the Company at its expense (including the payment by it of
any applicable issue taxes) will cause to be issued in the name of and delivered
to the Holder hereof, or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct in compliance with applicable securities
laws, a certificate or certificates for the number of duly and validly issued,
fully paid and non-assessable shares of Common Stock (or Other Securities) to
which such Holder shall be entitled on such exercise, plus, in lieu of any
fractional share to which such Holder would otherwise be entitled, cash equal to
such fraction multiplied by the then Fair Market Value of one full share of
Common Stock, together with any other stock or other securities and property
(including cash, where applicable) to which such Holder is entitled upon such
exercise pursuant to Section 1 or otherwise.

       

      2. Exercise.

       

      (a) Payment
upon exercise may be made at the option of the Holder either (i) in cash, wire
transfer or by certified or official bank check payable to the order of the
Company equal to the applicable aggregate Exercise Price, (ii) by delivery of
Common Stock issuable upon exercise of the Warrants in accordance with
Section (b) below or (iii) by a combination of any of the
foregoing methods, for the number of shares of Common Stock specified in such
form (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the Holder per the terms of
this Warrant) and the Holder shall thereupon be entitled to receive the number
of duly authorized, validly issued, fully-paid and non-assessable shares of
Common Stock (or Other Securities) determined as provided herein.

       

      (b) The
Holder may employ the exercise at the $ .17 per share basis feature at any
time.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

         

      

      For
purposes of Rule 144 promulgated under the Securities Act of 1933, as amended,
it is intended, understood and acknowledged that the Warrant Shares issued in
said for cash exercise transaction shall be deemed to have been acquired by the
Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the date this Warrant was originally issued pursuant to the
Purchase Agreement.

       

      3. Adjustment for
Reorganization, Consolidation, Merger, etc.

       

      3.1. Fundamental
Transaction.  If,
at any time while this Warrant is outstanding,

       

      (A) the
Company effects any merger or consolidation of the Company with or into another
entity, (B) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (C) any tender offer or
exchange offer (whether by the Company or another entity) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (D) the Company effects any
reclassification 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 (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, 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 upon or as a result of such merger,
consolidation or disposition of assets by a Holder of the number of shares of
Common Stock for which this Warrant is exercisable immediately prior to such
event.  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. To the extent necessary to effectuate the foregoing provisions, any
successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new warrant consistent with the foregoing provisions
and evidencing the Holder’s right to exercise such warrant into Alternate
Consideration.  The terms of any agreement pursuant to which a
Fundamental Transaction is effected shall include terms requiring any such
successor or surviving entity to comply with the provisions of this Section 3.1
and insuring that this Warrant (or any such replacement security) will be
similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.  Notwithstanding anything to the contrary in this
Warrant, in the event of a Fundamental Transaction that is (1) an all cash
transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the
Securities Exchange Act of 1934 (as amended, the “Exchange
Act”) or (3) a Fundamental Transaction involving a person or entity not
traded on a national securities exchange, the Company or any successor entity
shall pay at the Holder’s option, exercisable at any time concurrently with or
within 30 days after the consummation of the Fundamental Transaction, an amount
of cash equal to the value of this Warrant as determined in accordance with the
Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
L.P. using (i) a price per share of Common Stock equal to the volume weighted
average price of the Common Stock for the trading day immediately preceding the
date of consummation of the applicable Fundamental Transaction, (ii) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the
remaining term of this Warrant as of the date of consummation of the applicable
Fundamental Transaction and (iii) an expected volatility equal to the 100 day
volatility obtained from the “HVT” function on Bloomberg L.P. determined as of
the trading day immediately following the public announcement of the applicable
Fundamental Transaction.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

         

      

      3.2. Dissolution.  In
the event of any dissolution of the Company following the transfer of all or
substantially all of its properties or assets, the Company, prior to such
dissolution, shall at its expense deliver or cause to be delivered the stock and
other securities and property (including cash, where applicable) receivable by
the Holder of the Warrants after the effective date of such dissolution pursuant
to this Section 3 to a bank or trust company (a “Trustee”)
having its principal office in New York, NY, as trustee for the Holder of
the Warrants.  Such property shall be delivered only upon payment of
the Warrant exercise price.

       

      3.3. Continuation of
Terms.  Upon
any reorganization, consolidation, merger or transfer (and any dissolution
following any transfer) referred to in this Section 3, this Warrant shall
continue in full force and effect and the terms hereof shall be applicable to
the Other Securities and property receivable on the exercise of this Warrant
after the consummation of such reorganization, consolidation or merger or the
effective date of dissolution following any such transfer, as the case may be,
and shall be binding upon the issuer of any Other Securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Company, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in
Section 4.  In the event this Warrant does not continue in full
force and effect after the consummation of the transaction described in this
Section 3, then only in such event will the Company’s securities and
property (including cash, where applicable) receivable by the Holder of the
Warrants be delivered to the Trustee as contemplated by
Section 3.2.

       

      4. Reservation of Stock,
etc.  Issuable on
Exercise of Warrant; Financial Statements.  The Company will at
all times reserve and keep available, solely for issuance and delivery on the
exercise of the Warrants, sufficient shares of Common Stock (or Other
Securities) from time to time issuable on the exercise of the
Warrant.  This Warrant entitles the Holder hereof to receive copies of
all financial and other information distributed or required to be distributed to
the holders of the Company’s Common Stock.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

         

      

      5. Assignment; Exchange of
Warrant.  Subject
to compliance with applicable securities laws, this Warrant, and the rights
evidenced hereby, may be transferred by any registered Holder hereof (a “Transferor”).  On
the surrender for exchange of this Warrant, with the Transferor’s endorsement in
the form of Exhibit B
attached hereto (the “Transferor
Endorsement Form”) and together with an opinion of counsel reasonably
satisfactory to the Company that the transfer of this Warrant will be in
compliance with applicable securities laws, the Company will issue and deliver
to or on the order of the Transferor thereof a new Warrant or Warrants of like
tenor, in the name of the Transferor and/or the transferee(s) specified in such
Transferor Endorsement Form (each a “Transferee”),
calling in the aggregate on the face or faces thereof for the number of shares
of Common Stock called for on the face or faces of the Warrant so surrendered by
the Transferor.

       

      6. Replacement of
Warrant.  On
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of any such loss,
theft or destruction of this Warrant, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the
case of any such mutilation, on surrender and cancellation of this Warrant, the
Company at its expense, twice only, will execute and deliver, in lieu thereof, a
new Warrant of like tenor.

       

      7. Limitations on
Exercise.  Notwithstanding
anything to the contrary contained in this Warrant, this Warrant shall not be
exercisable by the Holder hereof to the extent (but only to the extent) that the
Holder or any of its affiliates would beneficially own in excess of 9.99% (the
“Maximum
Percentage”) of the Common Stock.  To the extent the above
limitation applies, the determination of whether this Warrant shall be
exercisable (vis-à-vis other convertible, exercisable or exchangeable securities
owned by the Holder) and of which such securities shall be exercisable (as among
all such securities owned by the Holder) shall, subject to such Maximum
Percentage limitation, be determined on the basis of the first submission to the
Company for conversion, exercise or exchange (as the case may be). No prior
inability to exercise this Warrant pursuant to this paragraph shall have any
effect on the applicability of the provisions of this paragraph with respect to
any subsequent determination of exercisability. For the purposes of this
paragraph, beneficial ownership and all determinations and calculations
(including, without limitation, with respect to calculations of percentage
ownership) shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. The provisions of this
paragraph shall be implemented in a manner otherwise than in strict conformity
with the terms of this paragraph to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Maximum
Percentage beneficial ownership limitation herein contained or to make changes
or supplements necessary or desirable to properly give effect to such Maximum
Percentage limitation. The limitations contained in this paragraph shall apply
to a successor Holder of this Warrant. The holders of Common Stock shall be
third party beneficiaries of this paragraph and the Company may not waive this
paragraph without the consent of holders of a majority of its Common Stock. For
any reason at any time, upon the written or oral request of the Holder, the
Company shall within two (2) business days confirm orally and in writing to the
Holder the number of shares of Common Stock then outstanding, including by
virtue of any prior conversion or exercise of convertible or exercisable
securities into Common Stock, including, without limitation, pursuant to this
Warrant or securities issued pursuant to the Securities Purchase
Agreement.  By written notice to the Company, any Holder may increase
or decrease the Maximum Percentage to any other percentage not in excess of
9.99% specified in such notice; provided that (i) any such increase will not be
effective until the 61st day after such notice is delivered to the Company, and
(ii) any such increase or decrease will apply only to the Holder sending such
notice and not to any other holder of Warrants.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

         

      

      8. Warrant
Agent.  The
Company may, by written notice to the Holder of the Warrant, appoint an agent (a
“Warrant
Agent”) for the purpose of issuing Common Stock or Other Securities on
the exercise of this Warrant pursuant to Section 1, exchanging this Warrant
pursuant to Section 7, and replacing this Warrant pursuant to
Section 8, or any of the foregoing, and thereafter any such issuance,
exchange or replacement, as the case may be, shall be made at such office by
such Warrant Agent.

       

      9. Transfer on the Company’s
Books.  Until
this Warrant is transferred on the books of the Company, the Company may treat
the registered Holder hereof as the absolute owner hereof for all purposes,
notwithstanding any notice to the contrary.

       

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

       

      11. Law Governing This
Warrant.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of
laws.  Any action brought by either party against the other concerning
the transactions contemplated by this Warrant shall be brought only in the state
courts of New York or in the federal courts located in the state and county of
New York.  The parties to this Warrant hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall
not assert any defense based on lack of jurisdiction or venue or based upon
forum
non-conveniens.  The Company and Holder waive trial by
jury.  In the event that any provision of this Warrant or any other
agreement delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute or rule of law.  Any such
provision, which may prove invalid or unenforceable under any law, shall not
affect the validity or enforceability of any other provision of any
agreement.  Each party hereby irrevocably waives personal service of
process and consents to process being served in any suit, action or proceeding
in connection with this Warrant 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.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      [SIGNATURES
ON THE FOLLOWING PAGE]

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

         

      

      IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first
written above.

       

      

      ADVAXIS,
INC.

      

      

      

      

      ______________________________

      Thomas A.
Moore

      Chairman/CEO

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

         

        

         

      

      Exhibit A

       

      FORM OF
SUBSCRIPTION

      (to be
signed only on exercise of Warrant)

       

      

       

      

       

      TO:  ADVAXIS,
INC.

       

      The
undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable
box):

       

      
        	
                ___

              	
                ________
      shares of the Common Stock covered by such Warrant;
  or

              

      

       

      
        	
                ___

              	
                the
      maximum number of shares of Common Stock covered by such Warrant pursuant
      to the cashless exercise procedure set forth in
      Section 2.

              

      

       

      The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant, which is
$______.  Such payment takes the form of (check applicable box or
boxes):

       

      
        	
                ___

              	
                $__________
      in lawful money of the United States;
and/or

              

      

       

      
        	
                ___

              	
                the
      cancellation of such portion of the attached Warrant as is exercisable for
      a total of _______ shares of Common
Stock

              

      

       

      
        	
                ___

              	
                the
      cancellation of such number of shares of Common Stock as is necessary to
      exercise this Warrant with respect to the maximum number of shares of
      Common Stock purchasable pursuant to the exercise procedure set forth
      herein.

              

      

       

      The
undersigned requests that the certificates for such shares be issued in the name
of, and delivered to ___________________ whose
address is ______________________________

       

      Notwithstanding
anything to the contrary contained herein, this Exercise Notice shall constitute
a representation by the Holder of the Warrant submitting this Exercise Notice
that, after giving effect to the exercise provided for in this Exercise Notice,
such Holder (together with its affiliates) will not have beneficial ownership
(together with the beneficial ownership of such person's affiliates) of a number
of shares Common Stock which exceeds the Maximum Percentage (as defined in the
Warrant) of the total outstanding shares Common Stock of the Company as
determined pursuant to the provisions of Section 7 of the Warrant.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

       

      The
undersigned represents and warrants that all offers and sales by the undersigned
of the securities issuable upon exercise of the within Warrant shall be made
pursuant to registration of the Common Stock under the Securities Act of 1933,
as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities
Act.

       

       

      
        	
                Dated:
      _______________________

              	
                __________________________________________

                 

                 

                 

              

      

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

         

        

         

      

      Exhibit B

       

      FORM OF
TRANSFEROR ENDORSEMENT

      (To be
signed only on transfer of Warrant)

       

      For value
received, the undersigned hereby sells, assigns, and transfers unto the
person(s) named below under the heading “Transferees” the right represented by
the within Warrant to purchase the percentage and number of shares of Common
Stock of ADVAXIS, INC. to which the within Warrant relates specified under the
headings “Percentage Transferred” and “Number Transferred,” respectively,
opposite the name(s) of such person(s) and appoints each such person Attorney to
transfer its respective right on the books of ADVAXIS, INC. with full power of
substitution in the premises.

       

      
        	
                Transferees

              	
                Percentage Transferred

              	
                Number Transferred

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      

      
        	
                Dated:  ______________,
      ___________

                 

                Signed
      in the presence of:

                ___________________________________

                (Name)

                ACCEPTED
      AND AGREED:

                [TRANSFEREE]

                __________________________________

                (Name)

              	
                _____________________________________

                (Signature
      must conform to name of Holder

                as
      specified on the face of the warrant)

                 

                _____________________________________

                _____________________________________

                (address)

                _____________________________________

                _____________________________________

                (address)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]