Document:

Exhibit 10.1

 

	 	BUSINESS
    ASSET
 PURCHASE AGREEMENT

 

THIS
AGREEMENT is made and entered by and between:

 

BUYER:

Legal
Name of BUYER ("BUYER")                  Tower
Aquatic LLC                                                          

Individual
[_] Corporation [_] Limited Liability Company [X] Partnership [_] Other [__] authorized agents or assigns.

Address
   80 Coolidge Hill Rd.               City
       Watertown       State    MA   
Zip Code     02472    

Mobile
Phone       617-926-4800        Email         rrusso@bioniklabs.com                        

 

SELLER:

Legal
Name of SELLER ("SELLER")                 Dearman
 & Dearman PT LLC                                                

Individual
[_] Corporation [__] Limited Liability Company [X] Partnership [__] Other [__] authorized agents or assigns.

Fictitious
Name, Trade Name, or DBA (alternatively referred to as "Business")    Tower Aquatic & Sports Physical
Therapy

Business
Address (The "Premises")      290 Citrus Tower Blvd. #108     City    Clermont   
State    Fl    Zip Code    34771  

Mobile
Phone         352-242-9022         Email         ldearman@cfl.rr.com                

 

1.             PURCHASE
PRICE

 

1.1.                  SELLER
agrees to sell to BUYER, and BUYER agrees to purchase from SELLER the assets owned by the Business, authorized agents(s) or assigns,
as set forth below. The Business to be conveyed to BUYER by SELLER at Closing includes all Business furnishings, furniture, fixtures,
and equipment (the "FF&E", a list of which is attached to this Agreement), goodwill, inventory, customer records,
materials, supplies, transferable licenses, business name(s), telephone number(s), lease, leasehold interest and improvements, contract
rights, software and software licenses, trade secrets, patents, intellectual property, web sites and domain names, business email addresses,
and all other assets of the business as agreed to by the parties altogether, the "Assets").

The
following assets are excluded: cash, pre-paid expenses, security deposits and marketable securities and                 .

 

	2.             	$215,000            	 	TOTAL PURCHASE
    PRICE (“Purchase Price”) - To be paid as follows:
	2.1.          	$215,000            	 	By
        BUYER making an initial GOOD FAITH DEPOSIT within 2 business days of signing this agreement, to be included in the Down Payment,
        to the escrow/trust account of               Steven
        R. Kutner, PA               

    Address:
         260 Lookout Place #205 Maitland, Florida 32751       

    Phone:
          4070644-1104      Email:     skutnerlaw@earthlink.net    

    (“Escrow
    Agent”);

     

    The
    named BUYER on the Agreement must be the remitter of any deposit.

     

	2.2.          	$____________	 	By
        BUYER making a deposit to the escrow/trust account of Escrow Agent within four (4) business days following the final execution
        of this Agreement, to be included in the Down Payment;

     

	2.3.          	$____________	 	By
        BUYER executing and delivering to SELLER, at Closing, a Promissory Note (the “Note”) bearing interest at the
        rate of           % per annum, payable in                       
        equal monthly installments of principal and interest in the sum of $                      
        each;

     

	2.4.          	$____________	 	By third party financing delivered to SELLER at Closing;
	 	 	 	 
	2.5.          	$000                  	 	BALANCE DUE AT CLOSING By BUYER submitting
    wired funds to the escrow/trust account of Escrow Agent no less than 24 hours prior to confirmed closing time and delivered to SELLER
    at Closing, (subject to pro rations & adjustments).

 

	Buyer’s
    Initials    /s/ RR   	Seller’s
    Initials /s/ LD/BD

 

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3.             AGREEMENT
CONDITIONS

 

3.1.                  BUYER'S
OFFER: This Offer by BUYER shall be in effect until    5 PM    AM/PM on                
8/30/2022              . If SELLER does not accept this Offer
by such time, the Down Payment deposit(s) under paragraphs 2.1 and/or 2.2 shall be returned by Escrow Agent to BUYER on demand, and BUYER
and SELLER shall have no further obligation one to the other.

 

3.2.                  DATE
OF AGREEMENT: The ("Date") of this Agreement shall be the last date this Agreement is fully executed by both SELLER
and BUYER.

 

3.3.                  TIME:
With the exception of the Closing date specified under paragraph 4.1, TIME IS OF THE ESSENCE in the performance of this Agreement.
Time is computed in calendar business days and any time periods provided for, or dates specified, in this Agreement, which shall end
or occur on a Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shall extend to 11:59 P.M. (where the Business is located)
of the next business day.

 

3.4.                  CONTRACT
REVIEW: From the date of the execution of this Agreement, SELLER and BUYER shall have (5) Business days to have this Agreement (including
any addendum or amendments) reviewed by their respective attorney to verify that the FORM AND LANGUAGE used herein adequately protects
the interests of their respective clients, and to make any necessary agreed changes within such time, provided the substance of and the
material terms and provisions contained in this Agreement remain unchanged.

 

4.             CLOSING

 

4.1.                  CLOSING
DATE: This transaction shall close on/about           9/07/2022        
("Closing Date").

 

4.2.                  CLOSING
AGENT: The parties hereby appoint:

 

         Steven
R. Kutner, PA          at 260 Lookout Place #205 Maitland, Florida 32751         
as ("Closing Agent") to receive, deposit and distribute funds for the parties as set forth in this Agreement.

 

5.             ALLOCATION
OF PURCHASE PRICE:

 

5.1.                  BUYER
and SELLER agree to cooperate fully with each other to determine the appropriate asset allocation for this transaction.

 

5.2.                  BUYER
and SELLER acknowledge that certain income tax laws may be applicable to this transaction.

 

5.3.                  BUYER
and SELLER acknowledge that each party may be required to report this transaction to the Internal Revenue Service (IRS) and allocate
the Purchase Price among the applicable asset classifications found on IRS Form 8594.

 

5.4.                  BUYER
and SELLER agree to complete, sign, and submit the appropriate IRS form 8594 for this transaction.

 

5.5.                  BUYER
and SELLER [X]agree to have the asset allocation completed at Closing, [_] do not agree to have the asset allocation completed at Closing.

 

6.             CONDITIONS
TO CLOSING: On or prior to Closing, SELLER agrees to obtain all necessary consents from third parties required for the transfer of
the business and Assets to BUYER, including, but not limited to, the consent from the holders of mortgages or other liens, if any, assumed
by BUYER.

 

6.1.                  CLOSING
COSTS: The parties agree to execute all closing documents as are reasonably requested by their respective attorneys and each party
shall pay the cost of their own attorney, or will appoint an independent Closing Agent, to be mutually agreed upon and whose fee will
be split evenly by BUYER and SELLER. These closing documents shall include SELLER and BUYER Affidavits, Closing Agreement, Bill of Sale,
Promissory Notes, Security Agreement, Closing Statements, and other documents as may be reasonably necessary to effectuate the transaction.
Fees related to BUYER's financing of the transaction, including but not limited to intangible tax, doc stamps, and recording of UCC-1
financing statement shall be paid by BUYER.

 

6.2.                  PRORATIONS
AND ADJUSTMENTS: All pro-ratable items shall be prorated as of the Closing Date. Except as otherwise provided under paragraph 6.1,
all customary adjustments and prorations shall be made at Closing and shall increase or decrease the cash payable by BUYER to SELLER
under paragraph 2.5.

 

6.3.                  UTILITIES
AND DEPOSITS: SELLER and BUYER agree to arrange to notify all utility companies to take final readings as of the Closing Date, and
BUYER shall have the obligation to advise such utilities to provide future services in BUYER'S name. SELLER shall be entitled to be reimbursed
for any and amounts on deposit and pre-payments of all deposits held for the benefit of BUYER.

 

	Buyer’s
    Initials    /s/ RR   	Seller’s
    Initials /s/ LD/BD

 

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7.             THIRD
PARTY FINANCING

 

7.1.                  FINANCING
CONTINGENCY:

[X]
This Agreement IS NOT CONTINGENT upon any third-party financing.

[___]
This Agreement IS CONTINGENT upon third-party financing, consequently:

 

(a)           BUYER
shall make written application to lender within (___) calendar days of the Date of this Agreement.

(b)           BUYER
shall have (___) calendar days from the Date of this Agreement to receive a written loan commitment on terms acceptable to BUYER at BUYER's
sole discretion.

(c)           BUYER
shall provide SELLER and BROKER Notice of acceptance or rejection by the lender by providing a copy of the same.

(e)
SELLER shall reasonably cooperate with the BUYER'S Lender.

 

7.2.                  FINANCING
CANCELLATION: If such SBA or other third party financing is not obtained before the date indicated in paragraph 7.1 through no fault
of the BUYER, BUYER shall have the option of canceling this Agreement by written Notice to SELLER and BROKER within three (3) business
days following BUYER'S receipt of written notification from Lender, and thereafter, upon request, BUYER and SELLER agree that, the Escrow
Agent shall be vested with the authority to immediately refund deposits listed in paragraphs 2.1 and/or 2.2.

 

7.3.                  EFFECT
OF NO FINANCING CANCELLATION NOTICE: In the event Notice to cancel the agreement is not sent pursuant to paragraph 7.6, then this
Agreement shall continue to be binding upon SELLER and BUYER.

 

8.                  
SELLER FINANCING, PROMISSORY NOTE

 

8.1.                  PROMISSORY
NOTE - N/A

 

8.2.                  SUBORDINATION:
In the event BUYER obtains SBA or other third-party financing, the Note shall provide that it will be subject to any subordination
or "stand still" requirements of the SBA/Lender. BUYER shall pay all recording/filing charges and documentary taxes relative
to the creation of the Note and Security Documents.

 

8.3.                  SECURITY
AGREEMENT: If BUYER executes a Note in favor of SELLER and BUYER has assigned this Agreement to its new entity, BUYER shall make
the Note in the entity's name and, along with all fiduciaries of the entity, shall personally guaranty the Note. BUYER shall also execute
a Security Agreement securing interest in all of its tangible and intangible Assets. The Security Agreement shall continue until the
Note is satisfied or until SELLER regains ownership and/or control of the business. BUYER shall further permit a Financing Statement
(UCC-l), which shall be recorded in the appropriate County and filed with the State of Florida, as per the requirements of the Florida
Uniform Commercial Code.

 

8.4.1
The collateral for the Security Agreement and Note shall be the following:

(a)           The
properties, assets, and rights of the Debtor, wherever located, whether now owned or hereafter acquired or arising, and all proceeds
and products thereof (all of the same being hereinafter called the "Collateral") hereinafter described;

(b)           All
business, personal, and fixture property of every kind and nature including, without limitation, all goods (including inventory, equipment
and any accessions thereto), instruments (including promissory notes), documents, accounts, contracts and contract rights, chattel paper
(whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing),
commercial tort claims, securities and all other investment property, supporting obligations, any other contract rights or rights to
the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles);

(c)           All
trademarks (including common law), service marks and trade names, the entire goodwill of or associated with the businesses now or hereafter
conducted by Debtor connected with and symbolized by any of the aforementioned properties and Assets;

(d)           All
general intangibles and all intangible intellectual or other similar property of Debtor of any kind or nature, associated with or arising
out of any of the aforementioned properties and assets and not otherwise described above; and

 

	Buyer’s
    Initials    /s/ RR   	Seller’s
    Initials /s/ LD/BD

 

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(e)           All
proceeds of any and all of the foregoing collateral and, to the extent not otherwise included, all payments under insurance (whether
or not SELLER is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with
respect to the foregoing collateral.

 

9.             BUYER'S
DUE DILIGENCE INSPECTION

 

9.1.                  This
Agreement is contingent upon BUYER'S review and inspection of SELLER'S Business Records, Assets and Lease within a period of     
zero     (0) calendar days following the Date of this Agreement ("Due Diligence Period").

 

9.2.                  DUE
DILIGENCE CONTINGENCY: At any time during Due Diligence Period, if BUYER is not satisfied for any reason whatsoever,
BUYER shall have the option of canceling this Agreement by written Notice to SELLER and BROKER made no later than the last day of the
Due Diligence Period under paragraph 9.1.

 

9.3.                  DUE
DILIGENCE CANCELLATION: BUYER and SELLER agree that if BUYER cancels this Agreement because of the failure of Due Diligence, the
Escrow Agent shall be vested with the authority to immediately refund deposits listed in paragraphs 2.1 and/or 2.2. Upon cancellation,
BUYER shall destroy, delete, or return the information received during the Due Diligence Period.

 

9.4.                  EFFECT
OF NO DUE DILIGENCE CANCELLATION NOTICE: In the event a Notice to cancel the Agreement is not timely sent in writing by BUYER to
SELLER and BROKER pursuant to paragraph 9.3, then this Agreement shall continue to be binding upon SELLER and BUYER.

 

10.           LEASE:

 

10.1.                LEASE
SELECTION

[X]
BUYER shall assume the lease on the Business Premises with Landlord's written consent, and this Agreement shall be subject to such consent
where consent is required.

[__]
SELLER shall cooperate with BUYER in obtaining a new premises lease on substantially the same terms and conditions as SELLER's existing
lease, to be effective as of the Closing Date.

[___]
No lease shall be assumed or obtained.

 

10.2.                LEASE
APPLICATION: Immediately following the Due Diligence Period under paragraph 9.1, BUYER agrees to diligently file a complete and accurate
written application with Landlord per Landlord's requirements. BUYER agrees to pay to Landlord any reasonable application or similar
fees for Landlord's costs of preparation and delivery of such assignment or new Lease.

 

10.3.                LEASE
ASSUMPTION AND GUARANTEE: At Closing, BUYER assumes and agrees to pay all amounts as they become due and payable under the existing
Lease, if and when assigned by SELLER to BUYER, and upon Landlord's request, agrees to cause its equity owners to personally guarantee
the existing Lease and/or a new Lease.

 

10.4.                LEASE
TRANSFER FEE: SELLER agrees to pay to Landlord any transfer or similar fees, as stated in the lease agreement. SELLER agrees to cooperate
with BUYER in securing Landlord's written consent to the assignment of the Lease or a new Lease.

 

10.5.                LEASE
CANCELLATION: BUYER and SELLER agree that if BUYER cancels this Agreement because of the failure to obtain a lease assumption or
new lease, the Escrow Agent shall be vested with the authority to immediately refund any and all deposits.

 

10.6.                EFFECT
OF NO LEASE CANCELLATION NOTICE: In the event BUYER does not provide Notice of cancellation as provided by paragraph 14.14 to SELLER
and BROKER this Agreement shall continue to be binding upon SELLER and BUYER.

 

10.7.                MAINTAIN
PREMISES: Until possession is transferred to BUYER at Closing, SELLER agrees to maintain the Business Premises, including heating,
cooling, plumbing and electrical systems, built-in fixtures, together with all other equipment and Business assets included in this sale,
in good working order, and to maintain and leave the premises in a clean, orderly condition.

 

10.8.                LOSS/DAMAGE:
In the event there is any loss or damage to the Business Premises, or any Assets included in this sale at any time prior to the Closing,
the risk of loss shall be upon SELLER. Immediately from and after the Close of this sale, all risk of loss or damage shall be upon BUYER.

 

	Buyer’s
    Initials    /s/ RR   	Seller’s
    Initials /s/ LD/BD

 

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10.9.                DEFERRALS/ABATEMENTS:
SELLER represents that they have not received any rent deferrals or abatement from the Landlord.

 

10.10.              REAL
PROPERTY:

 

[X]
This Agreement DOES NOT include real estate property.

 

[___]
This Agreement DOES include real estate property, consequently:

 

The
terms and conditions of the real estate property sale shall be found on a separate commercial real estate contract attached hereto and
incorporated herein. If this Agreement shall terminate according to its terms, any contingent commercial real estate contract shall also
terminate.

 

11.           ASSETS

 

11.1.                CONDITION
OF FURNITURE FIXTURES EQUIPMENT: All furniture, fixtures, and equipment ("FF&E"), whether tangible or intangible,
(the "Assets") included in this sale, as per the attached Schedule "A," which, by this reference, is incorporated
herein, for which SELLER warrants that it has good and marketable title, free and clear of all liens and encumbrances, except any liens
or encumbrances disclosed herein are being purchased on an "as is" basis. SELLER represents and warrants that to the best of
SELLER's knowledge all Assets conveyed in this Agreement and delivered to BUYER, at Closing, are in good working order. BUYER shall be
responsible for inspecting Assets prior to Closing to determine that Assets are in good working order. If any Business Assets are not
in good working order prior to closing, SELLER shall repair or replace the Business Asset at issue. If repair or replacement is not possible,
BUYER shall be credited for the value of repair or replacement at Closing. Any failure of BUYER to object, in writing delivered to SELLER,
to the condition of the FF&E prior to the Closing Date shall constitute a waiver by BUYER.

 

11.2.                INVENTORY:
The Purchase Price includes saleable and marketable inventory to be transferred to BUYER at Closing at SELLER'S wholesale purchase cost
amounting to $         0       . In the event the cost value
of the inventory is more than the stated amount, the Purchase Price and the Note shall appropriately be increased, and if there is no
Note, then the cash payable at Closing shall be increased. If such value is less, then the Purchase Price, and the cash payable at Closing
shall be appropriately decreased. Upon BUYER'S request, within three (3) days prior to Closing, SELLER and BUYER agree to conduct an
itemized physical count of SELLER'S inventory, and SELLER agrees to make available to BUYER SELLER'S purchase invoices and/or statements
to substantiate the inventory cost.

 

11.3.                BUSINESS
MAIL/TELEPHONE/WEBSITE/EMAIL: SELLER agrees to transfer ownership, possession, and control of Business telephone number(s), directory
listings, domain name(s), software, business email address(es), or other advertising to BUYER at Closing, and BUYER agrees to accept
all of SELLER's right, title, interest, and responsibility of SELLER.

 

11.4.                BUSINESS
TRADE NAME: SELLER hereby grants BUYER, effective with Closing of this sale, all rights held by SELLER in the Trade Name. SELLER
hereby waives any rights thereto, and shall not, after Closing, make use of such names and/or domain name(s), directly or indirectly.
If corporate and/or business Trade Name(s) of SELLER are the same or similar, SELLER shall be obligated to apply to change its entity
name to a name unrelated to such name within three (3) business days of closing.

 

	Buyer’s
    Initials    /s/ RR   	Seller’s
    Initials /s/ LD/BD

 

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11.5.                ACCOUNTS
RECEIVABLE: Check which is appropriate:

[___]
$_________, of SELLER's accounts receivable, shall be included in the purchase price.

If
included, SELLER shall provide BUYER with account details including the name on the account, the account number, amount owing and aging,
at the time of Closing. The accounts receivables transferred at Closing shall be guaranteed by SELLER, and if not fully collected within
one hundred and twenty (120) days of Closing, BUYER may set-off the difference against the Note, provided that BUYER shall assign SELLER
the right to collect said receivables. If the accounts receivable is less than the number listed above then the Purchase Price, and the
cash payable at Closing shall be appropriately decreased.

-OR-

[X]
SELLER's accounts receivable shall NOT be included in the purchase price and SELLER shall retain the accounts receivable of the Business
after Closing. BUYER agrees (a) to forward to SELLER any and all of SELLER's accounts receivable payments received by BUYER; and (b)
shall cooperate with SELLER in providing any and all correspondence or other documents received by BUYER with respect to SELLER's accounts
receivable and will otherwise cooperate with SELLER in the collection of SELLER's accounts receivable.

 

11.6.                ACCOUNTS
PAYABLE: 

All
accounts payable accruing to the Closing Date shall remain the responsibility of SELLER and are not included in this sale. Immediately
from and after the Closing, all subsequent accounts payable shall be the sole responsibility of BUYER.

 

11.7.                BILL
OF SALE: SELLER shall deliver to BUYER at the Closing a Bill of Sale for all Assets purchased.

 

12.           SELLER

 

12.1.                SELLER'S
REPRESENTATIONS: SELLER represents to BUYER that:

(a)           If
SELLER is a formed entity, SELLER is in good standing and has the power to sell the Business and Assets as provided for herein;

(b)           SELLER
is the owner of and has good and marketable title to the Business and Assets, free and clear of any and all liens, encumbrances or claims
whatsoever, except those to be paid and satisfied at Closing or assumed by BUYER as agreed by the parties;

(c)           SELLER
possesses all licenses and/or permits necessary to operate the business, and where capable and/or permitted by law, agrees to assign/transfer
them to BUYER at Closing;

(d)           there
will be no judgments, liens, debts, accounts payable, claims, or taxes (sales or otherwise) due, fixed and contingent, or actions or
proceedings pending or threatened by or against SELLER at Closing;

(e)           SELLER
agrees to conduct and operate the business up to the Closing Date in accordance with all laws, rules and regulations, in the regular
course of business, and in the same manner as presently conducted and operated;

(f)            SELLER
agrees not to violate the terms of any business contract with third parties;

(g)           SELLER
will pay in full and satisfy all sales taxes, interest and penalties which may be due and/or owing to the _____ Department of Revenue
at or prior to Closing, and

(h)           at
Closing, SELLER agrees to execute and deliver to BUYER an agreement to indemnify and hold BUYER harmless from any and all sales taxes,
interest and penalties that may be asserted against BUYER as a result of SELLER'S operations prior to Closing.

(i)            SELLER
has not entered into contracts or indebtedness outside of the ordinary course of business, including, but not limited to, governmental
loans (e.g., CARES Act, PPP Loan, or SBA EIDL), or other assistance.

 

12.2.                SURVIVAL
OF REPRESENTATIONS AND SET-OFF: The representations and provisions under paragraph 12.1 (a) through (h) shall survive the Closing.
In the event BUYER pays a claim made against the business or the Assets related to SELLER'S operation and ownership of the business and
Assets prior to Closing, following SELLER'S failure to pay and satisfy same within a ten (10) day prior written Notice period from BUYER
to SELLER, then BUYER shall have the right of set-off against any Note or other obligation which may then be owing from BUYER to SELLER
in addition to seeking appropriate judicial relief which shall include BUYER'S reasonable attorney's fees and costs incurred. In the
event of an "all cash" sale, or 100% third party financing, the parties agree that the .Escrow Agent shall retain $  1,000.00  
from SELLER'S Closing proceeds for a period of      thirty     (30) business
days to secure SELLER'S responsibilities under paragraph 12.1 above. The amount of the Note or the amount held in escrow/trust shall
not limit the liability of SELLER to BUYER.

  

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12.3.                MANAGEMENT
ASSISTANCE: SELLER and/or mutually agreed upon representative agrees to provide assistance and training to BUYER and BUYER's employees
in the transfer of management and operation of the business during normal business hours at Premises for a period of    five   
(5) business days following Closing, all without additional consideration by BUYER to SELLER.

 

12.4.                SELLER'S
ACKNOWLEDGMENT: SELLER acknowledges and agrees that BROKER made no representations concerning the creditworthiness, integrity, or
ability of BUYER to complete this transaction. SELLER has relied solely on BUYER's representations with respect thereto. SELLER acknowledges
and agrees that the BROKER has performed all its duties pursuant to the listing agreement and has earned its compensation as set forth
therein.

 

12.5.                SELLER'S
FAILURE TO CLOSE:

(a)           In
the event SELLER, without fault, is unable to consummate the sale of the Business and Assets in accordance with the provisions of this
Agreement, all deposits held in escrow/trust by Escrow Agent shall be returned to BUYER upon demand;

(b)           In
the event SELLER willfully defaults under this Agreement, BUYER may elect to either:

(1)   terminate
this Agreement, at which time BUYER shall be entitled to receive from SELLER on demand all deposits paid plus reimbursement for all reasonable
legal, accounting, and other costs incurred or alternatively

(2)   seek
against SELLER specific performance of this Agreement, in which case, all deposits shall continue to be held in escrow/trust until the
happening of either of the following events:

(i)            BUYER
in writing relinquishes the right to seek specific performance and terminates this Agreement, or

(ii)           a
court of competent jurisdiction denies BUYER'S claim for specific performance, then, in either of such events, on BUYER'S demand, all
deposits listed in paragraphs 2.1 and/or 2.2 held in escrow/trust shall be returned to BUYER.

 

13.          BUYER

 

13.1.                NON-DISCLOSURE:
BUYER has been confidentially furnished information related to the Business ("Confidential Information"). BUYER'S obligations,
include without limitation, the obligation to keep strictly confidential information relating to non-public, confidential, and proprietary
operations, properties, personnel, financial information, materials, products, technology, computer programs, manuals, business plans,
software, marketing plans, and other information disclosed or submitted, orally, in writing, or by any other media solely relating to
BUYER's interest in purchasing the Business. BUYER agrees not to disclose, publish, or otherwise reveal any of the Confidential Information
to any other parties, agents, representative or employees whatsoever without the prior written consent of SELLER, except that BUYER may
disclose the Confidential Information to BUYER's legal counsel, accountant or lender. BUYER represents and warrants that it does not
represent any third-party competitor of the Business and is not an employee of a competitor business. In the event BUYER executes a separate
non-disclosure/confidentiality agreement the terms of that agreement control.

 

***POST-SIGNING,
the buyers will have full and complete ability to announce the Purchase and expose the name of said business and publicly disclose this
agreement***.

 

13.2.                PRE-CLOSING:
BUYER agrees not to visit business premises, or communicate in any way with SELLER's employees, agents, or customers prior to closing
without SELLER's prior written approval.

 

13.3.                BUYER
MAY FORM NEW ENTITY: BUYER may elect to form a corporation or a limited liability company after this Agreement has been executed.
The original BUYER shall cause the corporation or the limited liability company to ratify all of the terms and conditions of this Agreement.
In such event, the new entity shall become BUYER.

 

13.4.                BUYER
WARRANTIES: BUYER represents and warrants that the sole purpose of requesting and receiving information on the Business is to perform
a due diligence investigation relating to the purchase or merger and/or acquisition, and none other, and BUYER knows that SELLER and
BROKER are relying upon such representations in disclosing the Confidential Information to BUYER. BUYER further warrants that it is financially
capable of purchasing the Business, has not filed for an undisclosed bankruptcy, and has not been convicted of any felony or crime.

 

13.5.                BUYER'S
ACKNOWLEDGMENT: BUYER hereby acknowledges that BUYER is relying solely on BUYER's own inspection of the Business and the representations
of SELLER regarding the Business operating history, the value of the Assets being purchased and all other material facts. BROKER(s) neither
represented nor warranted the accuracy of any facts, figures, books, records, memoranda, financial information, or data of any kind,
concerning the operations of SELLER. BROKER has not conducted any independent investigation whatsoever of the Business or the information
provided to BROKER by SELLER. Moreover, BUYER acknowledges that BROKER has not verified any of the representations made by SELLER.

 

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13.6.                BUYER'S
FAILURE TO CLOSE: In the event BUYER willfully fails or refuses to complete the purchase pursuant to this Agreement with no fault
on SELLER'S part, BUYER authorizes and agrees that fifty (50%) percent of all deposits listed in paragraphs 2.1 and/or 2.2 made by BUYER
shall be paid to SELLER as liquidated damages, with the remaining fifty (50%) paid to BROKER also as liquidated damages, upon demand.

 

14.          CONTRACT
PERFORMANCE

14.1.                AUTHORITY:

(a)           BUYER
and SELLER have full authority to enter into this Agreement and to conclude the transaction described herein.

(b)           Neither
BUYER nor SELLER is a party to any agreement that shall prevent either BUYER or SELLER from concluding this transaction; nor is any consent
required from any third party.

(c)           The
execution, delivery and performance of this Agreement shall not constitute a violation of SELLER's Articles of Incorporation if a corporation
or SELLER's Articles of Organization if a Limited Liability Company or the entity's by-laws.

 

14.2.                ESCROW
DEPOSITS: Escrow Agent shall hold deposits in an escrow/trust account, which will not bear interest and, subject to clearance, dispense
deposits in accordance with the terms of this Agreement. In the event of a dispute between BUYER, SELLER and/or BROKER, which may involve
funds held in escrow/trust by Escrow Agent, all parties shall agree to be bound under terms of Paragraph 14.8 hereunder. The parties
acknowledge that the Escrow Agent undertakes to perform only those duties as are expressly set forth in this agreement, and no implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent may act in reliance on any writing
or instrument or signature that it, in good faith, believes to be genuine, may assume the validity or accuracy of any statement or assertion
contained in the writing or instrument, and may assume that any person purporting to give any writing, Notice, or instructions in connection
with the provisions hereof has been duly authorized to do so. SELLER and BUYER jointly and severally agree to indemnify Escrow Agent
and hold it harmless from any and all claims, liabilities, losses, actions, lawsuits, or proceedings at law or in equity, or any other
expenses, fees, or charges of any character or nature, that it may incur, or with which it may be threatened, by reason of its acting
as Escrow Agent, against any and all expense, including reasonable attorneys' fees and the cost of any action, lawsuit, or proceeding,
or the resistance of any claim. If the parties disagree about the rights and obligations of, or the propriety of any action contemplated
by, the Escrow Agent, the Escrow Agent in its sole discretion may file an action of interpleader or for a declaratory judgment or any
other action as it deems necessary to resolve the disagreement and retains the right to use said escrowed/trust funds to offset any cost
or expenses incurred in the discharging of its duties and the filing of such action of interpleader or for declaratory judgment. The
Escrow Agent shall be indemnified for all costs, including reasonable attorneys' fees, in connection with any of the above actions, and
shall be fully protected in suspending all or a part of its activities under this Agreement until a final judgment in the action is received.
Upon notifying all parties concerned of such judgment, all liability on the part of the Escrow Agent shall fully terminate once the Escrow
Agent accounts for any items previously delivered out of escrow/trust.

 

14.3.                LEGAL
ADVICE: The parties acknowledge that they are aware of their right to employ legal counsel and that it is advisable to do so. SELLER
AND BUYER hereby release BROKER, its agents, and associates from any and all suits, actions, proceedings, claims, and demands by either
party made which resulted in any loss occasioned by reason of either party's failure to obtain separate legal counsel and advice.

 

14.4.                NON-COMPETE:
Check which is appropriate:

[X]
BUYER, SELLER, and SELLER'S directors, officers, managing members, managers, and principals shall enter into a written valid non-compete
agreement protecting the legitimate business interests associated with or conveyed in this transaction. The non-compete shall comport
in all respects with state of    FL    Statutes. BUYER and SELLER agree that the non-compete shall
have a term of

 

Twelve
(12) months and shall be enforced within a radius of       fifty      (50)
miles from the business Premises. The Parties further agree that the Non-Compete Agreement shall contain a non-solicitation of customers
and employees.

 

This
paragraph 14.4 shall survive the Closing.

-OR-

[___]
BUYER and SELLER shall NOT enter in to a non-compete agreement.

 

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14.5.                BUYER
 & SELLER ACKNOWLEDGEMENTS/HOLD HARMLESS: BUYER and SELLER hereby acknowledge that in view of the important legal and financial
aspects and complexity of the transaction, that they were advised by BROKER, to obtain the appropriate counsel from legal, accounting,
and other professionals concerning the transaction. BUYER and SELLER each acknowledge that neither BROKER nor any of BROKER's agents,
employees, officers, directors, shareholders, co-BROKERs, independent contractors and affiliates, made any representations or warranties
regarding any facts regarding the Business being sold, any legal issues, aspects or ramifications connected with the Agreement, or any
representations or warranties to either BUYER or SELLER concerning the financial condition of the Business, or any matter relating to
either BUYER or SELLER. BROKER has made no independent investigation or verification of any representations, warranties, documents, or
pieces of information presented by either BUYER or SELLER. Both BUYER and SELLER have either done their own independent investigation
with respect to such items or were advised by BROKER to do so. BUYER and SELLER agree that BROKER is hereby released, indemnified, and
held harmless under any agreement connected with the purchase of the Business described above. BROKER shall not be liable or responsible
for and the BUYER and SELLER hereby indemnify and hold BROKER harmless from and against any and all claims and damages, including all
costs and expenses, and reasonable attorney's fees at all levels of any kind that were made or could have been made relating to the above-referenced
purchase, including BROKER's referral, recommendation or retention of any vendor or professional on behalf of a party, except for BROKER's
intentionally wrongful or grossly negligent acts.

 

14.6.                BROKER'S
DISCLAIMER: SELLER and BUYER acknowledge and agree that BROKER is a transactional agent and does not represent either BUYER or SELLER
in a fiduciary capacity or as a single agent. The parties acknowledge and agree that all information concerning SELLER'S Business, Assets,
and Premises, whether furnished before or after the execution of this Agreement, was and is supplied by SELLER to BUYER. BROKER has not
made, nor does BROKER make any warranty or representation as to the genuineness, accuracy, and truthfulness of any and all information
of the business, notwithstanding the fact that any such information may have been delivered by BROKER to BUYER and/or BUYER'S representatives,
it being understood that in so doing, BROKER has acted merely as a conduit for the information between SELLER and BUYER.

 

14.7.                ATTORNEYS'
FEES: In the event any party retains legal counsel to enforce the terms of this Agreement, whether or not any action or proceeding
is commenced, the prevailing party shall be entitled to be reimbursed for all reasonable attorneys' fees and court costs and all expenses
even if not taxable court costs (including, without limitation, all such fees, costs, and expenses incident to arbitration, appellate,
bankruptcy, and post-judgment proceedings), incurred in that action or proceeding or any appeal, in addition to any other relief to which
the party or parties may be entitled. Attorneys' fees include legal assistant fees, expert witness fees, investigative fees, administrative
costs, and all other charges billed by the attorney.

 

14.8.                DISPUTES
BETWEEN SELLER AND BUYER: In the event any dispute arises under this Agreement between SELLER and BUYER resulting in BROKER being
made a party to any action or proceeding, judicial or administrative, SELLER and BUYER, jointly and severally, agree to indemnify BROKER
for all reasonable attorney's fees and costs incurred as a result of BROKER having been made a party to such action or proceeding, provided
a judgment is not rendered stating that BROKER acted improperly regarding such dispute. All of BROKER'S reasonable attorney's fees, costs
and interest at the highest rate allowed by law incurred shall be shared equally between SELLER and BUYER, unless the decision of the
Court or other tribunal determines that BROKER was improperly or needlessly made a party solely as a result of the actions of either
SELLER or BUYER, in which case such party shall immediately thereafter pay and satisfy all of BROKER'S reasonable attorney's fees and
costs incurred.

 

14.9.                GOVERNING
LAW/JURISDICTION/JURY TRIAL WAIVER: The laws of the State of Florida (without giving effect to its conflicts of law principles) govern
all matters arising out of or relating to this Agreement, including, without limitation, its validity, interpretation, construction,
performance, and enforcement. Any Party bringing a legal action or proceeding against any other Party arising out of or relating to this
Agreement shall bring the legal action or proceeding in the County of Orange, state of Florida. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

14.10.              FEES
TO BROKER: SELLER acknowledges that BROKER has earned a fee as provided for in a separate Marketing and/or Listing Agreement between
SELLER and BROKER, which fee shall be fully paid and satisfied at Closing, and for such limited purpose only, BROKER shall be considered
a third-party beneficiary hereunder. In the event SELLER refuses or is unable to close this transaction by reason of SELLER'S default,
SELLER shall be liable for and agrees to pay the full agreed fee to BROKER upon demand.

 

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14.11.              AMENDMENTS
AND FURTHER COOPERATION: This Agreement may be amended at any time whether typewritten, handwritten or through attached rider or
addendum if initialed or executed by both SELLER and BUYER; however, no such amendment shall affect BROKER'S interest unless the BROKER
joins in the execution of any such amendment. SELLER and BUYER agree to take whatever action may be necessary to carry out the terms
of this Agreement following Closing. Typewritten or handwritten provisions placed into this Agreement and acknowledged by the parties
by their initials, shall control all printed provisions in conflict with this Agreement.

 

14.12.              ENTIRE
AGREEMENT: This Agreement (as amended) constitutes the entire agreement between the parties and supersedes all prior negotiations,
preliminary agreements, and all prior and discussions and understandings, and shall not be modified except in writing executed by the
parties.

 

14.13.              BINDING
EFFECT: This contract shall bind and inure to the benefit of successors, assigns, personal representatives, heirs, and legatees of
the parties.

 

14.14.              NOTICE
AND CAPTIONS: all Notice required to be given under this Agreement must be in writing, signed in person or through electronic signature
by the party to be charged or by such party's attorney, and delivered preferably by electronic mail or otherwise in person, by USPS,
UPS, or similar shipper to the other party and to BROKER. All captions and paragraph headlines in this Agreement are for reference purposes
only, and are not intended to define, interpret, or limit the provisions thereof.

 

	IF TO SELLER:	 	If TO BUYER:
	 	 	 
	Leah & Burke
    Dearman	 	Rich Russo
	Name	 	Name
	290 Citrus Tower
    Blvd. #108	 	80 Coolidge
    Hill Road
	Mailing Address	 	Mailing Address
	Clermont, Fl
    34771	 	Watertown MA
    02472
	City, State, Zip	 	City, State, Zip
	352-242-9022	 	617-926-4800
	Phone	 	Phone
	ldearman@cfl.rr.com
    	 	rrusso@bioniklabs.com
	Email	 	Email
	 	 	 
	IF TO LISTING BROKER:	 	IF TO SELLING BROKER:
	 	 	 
	Transworld Business
    Advisors	 	Transworld Business
    Advisors
	Business Brokerage Company Name	 	Business Brokerage Company Name
	Douglas R. Dickerson
    	 	Douglas R. Dickerson
	Selling Agent Name	 	Selling Agent Name
	3751 Maguire
    Blvd. #150 	 	3751 Maguire
    Blvd. #150
	Mailing Address	 	Mailing Address
	Orlando, Florida
    32803	 	Orlando, Florida
    32803
	City, State, Zip	 	City, State, Zip
	407-421-6288	 	407-421-6288
	Phone	 	Phone
	doug@tworld.com
    	 	doug@tworld.com
	Email	 	Email

 

The
parties to this Agreement may change their addresses for Notice by notifying the other parties in the manner provided in this Section
14.14 An electronically transmitted copy of this Agreement, and any signatures thereon, shall be considered the same as an original.

 

15.           WIRE
TRANSFERS: BROKER WILL NEVER REQUEST OR SEND WIRE INSTRUCTIONS BY ELECTRONIC MAIL AND BUYER ACKNOWLEDGES AND AGREES TO VERBALLY VERIFY
ACCOUNT INFORMATION DIRECTLY FROM ANY ESCROW AGENT AND NOT RELY ON ACCOUNT OR CONTACT INFORMATION OBTAINED VIA EMAIL WITHOUT VERBALLY
CONFIRMING THE ACCURACY OF SUCH INFORMATION.

 

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16.           SURVIVABILITY:
The parties hereto acknowledge and agree that this Contract, including all covenants, representations, warranties, and agreements, shall
survive the Closing Date of this transaction.

 

17.           FORCE
MAJEURE: BUYER or SELLER shall not be required to perform any obligation under this Contract or be liable to each other for damages
so long as performance or non-performance of the obligation, or the availability of services, insurance or required approvals essential
to Closing, is disrupted, delayed, caused, or prevented by Force Majeure. "Force Majeure" means hurricanes, floods, extreme
weather, earthquakes, fire, or other acts of God, unusual transportation delays, or wars, insurrections, or acts of terrorism, or pandemic,
epidemic, or COVID-19, which, by exercise of reasonable diligent effort, the non-performing party is unable in whole or in part to prevent
or overcome. The "Force Majeure" may cause travel restrictions, self-imposed and/or governmental required isolations, potential
closures of offices and institutions required to perform due diligence, fund and close. All time periods, including Closing, will be
extended for a reasonable amount of time after the Force Majeure no longer prevents performance under this Agreement, provided, however,
if such Force Majeure continues to prevent performance under this Agreement more than one hundred and eighty (180) days beyond the Closing
Date, then the parties may agree in writing to extend the appropriate time periods or either BUYER or SELLER may terminate this Agreement
at their sole discretion by delivering Notice to the other and any deposits shall be returned immediately to the BUYER, thereby releasing
BUYER and SELLER from any further obligations to one another.

 

18.           RIDERS:
BUYER and SELLER acknowledge that there is

[]
no RIDER attached to this Agreement.

[X]
a RIDER attached to this Agreement that is signed by the parties and made a part hereof.

 

19.          ADDITIONAL
CONTINGENCY SELECTIONS

 

CHOOSE
ALL THAT APPLY

 

20.          VISA

[X]
This Agreement IS NOT contingent on BUYER obtaining a visa.

[__]
This Agreement IS contingent on BUYER obtaining a visa.

 

If
BUYER's purchase is subject to a visa contingency, then BUYER shall have until                                 
(insert date) at 5:00 pm EST (visa contingency period) to either obtain the visa and complete the closing of the transaction, waive
the visa contingency and complete the closing of the transaction, or terminate the Agreement in writing provided to SELLER and BROKER
prior during the visa contingency period. If BUYER defaults in the above requirements, SELLER shall have the right to terminate the Agreement.
It is understood by BUYER and SELLER that the transaction may need to close in escrow to meet the requirements of the visa. In such event,
the transaction will close in escrow/trust and SELLER will continue in operation of the Business during the escrow/trust period.

 

21.          LICENSURE

[X]
This Agreement IS NOT contingent on BUYER obtaining licensure.

[___]
This Agreement IS contingent on BUYER obtaining a                                            
license.

 

If
BUYER's purchase is subject to a contingency that BUYER obtain a license as a condition of closing, then BUYER shall have until           
N/A             (insert date) at 5:00 pm EST (licensure contingency period)
to either obtain the license and complete the closing of the transaction, waive the licensure contingency and complete the closing of
the transaction, or terminate the Agreement in writing provided to SELLER and BROKER during the licensure contingency period. If BUYER
defaults in the above requirements, SELLER shall have the right to terminate the Agreement.

 

22.          FRANCHISOR
APPROVAL

[X]
This Agreement IS NOT contingent on BUYER obtaining a franchisor approval.

[___]
This Agreement IS contingent on BUYER obtaining a franchisor approval.

 

If
BUYER's purchase is subject to a contingency that BUYER obtain approval of a franchisor as a condition of closing, then BUYER shall have
until            N/A            
(insert date) at 5:00 pm EST (franchisor approval contingency period) to either obtain the franchisor approval and complete the closing
of the transaction, waive the franchisor approval contingency and complete the closing of the transaction, or terminate the Agreement
in writing provided to SELLER and BROKER during the franchise approval contingency period. If BUYER defaults in the above requirements,
SELLER shall have the right to terminate the Agreement.

 

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23.          OFFER
AND ACCEPTANCE

 

OFFERED
and DATED as of         8-29-22        

 

BUYER
offers and agrees to purchase the above-described business assets in accordance with this agreement.

 

	 	Tower Aquatic
    LLC	 
	Print BUYER (Legal Name) 	 
	 	 
	X
    /s/ Rich Russo Jr.   CFO & Interim CEO	 
	Signature, Title	 
	 	 
	 	Rich
    Russo	 
	Print Name of Authorized Agent	 
	 	 
	Signature of Authorized Agent, Individually,
    as Guarantor	 

 

SELLER
accepts BUYER's offer and agrees to sell the above-described business assets accordance with this agreement.

 

ACCEPTED
and DATED as of         8-30-22        

 

	Dearman
    & Dearman PT LLC	 
	Print SELLER Name (Legal Name)	 
	 	 
	X
    /s/ Leah Dearman owner	X
    /s/ Burke Dearman owner	 
	Signature, Title	 
	 	 
	Leah Dearman	Burke Dearman	 
	Print Name of Authorized Agent	 
	 	 
	X	X	 
	Signature of Authorized Agent, Individually,
    as Guarantor	 

 

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                                            12 of
                                            13 

     

    

  

 

 

RIDER:

 

NO
SHOP clause: In consideration of the expenses that BUYER has incurred and will incur in connection with this Offer, SELLER agrees
that until the earlier of September 15, 2022 and the termination or expiration of this Agreement in accordance with its terms (such period,
the "Exclusivity Period"), neither SELLER or any of its representatives, officers, employees, directors, agents, stockholders,
members, managers, subsidiaries or affiliates (collectively, the "Seller Group") shall initiate, solicit, entertain, negotiate,
accept or discuss, directly or indirectly, any proposal or offer from any person or group of persons other than BUYER and its affiliates
(an "Acquisition Proposal") to acquire all or any significant part of the business and properties, capital stock or capital
stock equivalents of SELLER, whether by merger, purchase of stock, purchase of assets, tender offer or otherwise, or provide any non-public
information to any third party in connection with an Acquisition Proposal or enter into any agreement, arrangement or understanding requiring
it to abandon, terminate or fail to consummate the transaction with BUYER. SELLER agrees to immediately notify BUYER if any member of
the Seller Group receives any indications of interest, requests for information or offers in respect of an Acquisition Proposal and will
communicate to BUYER in reasonable detail the terms of any such indication, request or offer. SELLER shall, and shall cause the Seller
Group to, terminate any and all existing discussions or negotiations with any person or group of persons other than BUYER and its affiliates
regarding an Acquisition Proposal. SELLER represents that no member of the Seller Group is party to or bound by any agreement with respect
to an Acquisition Proposal other than under this Agreement.

 

Short
Term Billing clause: All billing will continue to go out under the Sellers Tax ID until buyer receives their own Medicare registration
number. As well as other minor contracts such as UHC, Aetna, Cigna/Ash, VACCN & TriCare. Upon receipt of a complete and approved
application, Medicare will assign an effective date for billing under the Buyers new entity. This will be the date that billing will
cease under the Sellers tax id.

 

Promptly
after receipt of any such reimbursements or payments to Seller, Seller shall transfer all such amounts to Buyer or as designated by Buyer.

 

 

  /s/
Leah Dearman /s/ Burke Dearman Seller signature

 

 

  /s/
Rich Russo Jr.                                 
Buyer signature

 

    Page 13 of 13Exhibit 10.2

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE
SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH, OR PURSUANT TO AN EXEMPTION FROM, THE REQUIREMENTS
OF SUCH ACT OR SUCH LAWS.

 

_______________________________

 

BIONIK LABORATORIES CORP.

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: US$250,000	Issue Date: September 2, 2022

 

Bionik
Laboratories Corp., a Delaware corporation (the “Company”), for value received, hereby promises to
pay to GD HOLDING or its permitted assigns or successors (the “Holder”), the principal amount of Two Hundred
Fifty Thousand Dollars (US$250,000) (the “Principal Amount”), without demand, on the Maturity Date (as hereinafter
defined), together with any accrued and unpaid interest due thereon. This Note shall bear interest at a fixed rate of 1% per month, beginning
on the Issue Date. Interest shall be computed based on a 360-day year of twelve 30-day months and shall be payable, along with the Principal
Amount, on the Maturity Date. Except as set forth in Section 3.1, payment of all principal and interest due shall be in such
coin or currency of the United States of America as shall be legal tender for the payment of public and private debts at the time of payment.

 

This Note is the Secured Note
referred to in the Collateral Pledge Agreement entered into as of the Issue Date by and between the Company and the Holder (the “Pledge
Agreement”), and is subject to the terms of the Pledge Agreement. This Note is secured, among other things, by the Pledge
Agreement and by any other security agreements, mortgages, deeds of trust, assignments or other instruments or agreements that may subsequently
be given for good and valuable consideration as security for this Note.

 

1.            Definitions.

 

1.1            Definitions.
The terms defined in this Section 1 whenever used in this Note shall have the respective meanings
hereinafter specified.

 

“Common
Stock” means the common stock, par value $0.001 per share, of the Company.

 

“Conversion
Date” shall mean the date, if any, of the conversion of this Note into Conversion Shares, as provided in Section 3.1.

 

“Conversion
Shares” means the New Round Stock or Common Stock, as applicable, issued or issuable to the Holder pursuant to Article 3.

 

“Event
of Default” shall have the meaning set forth in Section 5.1.

 

    1

     

    

 

“Holder”
or “Holders” means the person named above or any Person who shall thereafter become a recordholder of this Note
in accordance with the terms hereof.

 

“Issue
Date” means the issue date stated above.

 

“Maturity
Date” shall mean the two (2) year anniversary of the Issue Date.

 

“Note”
means this Convertible Note, as amended, modified or restated.

 

“New
Round Stock” means, the securities (or units of securities if more than one security are sold as a unit) issued by
the Company in one or more tranches in the context of the Qualified Financing.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.

 

“Qualified
Financing” means the next equity or equity linked round of financing of the Company for cash proceeds.

 

“Securities
Act” means the United States Securities Act of 1933, as amended.

 

2.            GENERAL
PROVISIONS.

 

2.1            Loss,
Theft, Destruction of Note. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security
reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Note, the Company
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a new Note of like tenor and unpaid principal amount
dated as of the date hereof. This Note shall be held and owned upon the express condition that the provisions of this Section 2.1
are exclusive with respect to the replacement of a mutilated, destroyed, lost or stolen Note and shall preclude any and all other rights
and remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement of negotiable
instruments or other securities without their surrender.

 

2.2            Prepayment;
Redemption. This Note may not be prepaid by the Company in whole or in part, except with the
prior written consent of the Holder. This Note may not be redeemed by the Company in whole or in part, except with the prior written consent
of the Holder.

 

3.            CONVERSION
OF NOTE.

 

3.1            Conversion.

 

(a)            Conversion
upon Maturity Date. On the Maturity Date without any action on the part of the Holder, the outstanding
principal and accrued and unpaid interest under the Notes will be converted into shares of Common Stock at a conversion price equal to
the closing price of the Common Stock on the Maturity Date.

 

    2

     

    

 

(b)            Conversion
upon a Qualified Financing. Upon the consummation of a Qualified Financing, without any action
on the part of the Holder, the outstanding principal and accrued and unpaid interest under the Note will be converted into shares of New
Round Stock based upon the issuance (or conversion) price of New Round Stock.

 

(c)            Cancellation.
Upon and as of the Maturity Date or Conversion Date, as applicable, this Note will be cancelled on the books and records of the Company
and shall solely represent the right to receive the Conversion Shares.

 

3.2            Delivery
of Securities Upon Conversion.

 

(a)            As
soon as is practicable after the Maturity Date or Conversion Date, as applicable, the Company shall deliver to the Holder a certificate
or certificates evidencing the Conversion Shares issuable to the Holder.

 

(b)            The
issuance of certificates for Conversion Shares upon conversion of this Note shall be made without charge to the Holder for any issuance
tax in respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of securities.
Upon conversion of this Note, the Company shall take all such actions as are necessary in order to ensure that the Conversion Shares so
issued upon such conversion shall be validly issued, fully paid and nonassessable.

 

3.3            Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon conversion
of this Note. If any conversion of this Note would create a fractional share or a right to acquire a fractional share, the Company shall
round to the nearest whole number.

 

4.            STATUS;
RESTRICTIONS ON TRANSFER.

 

4.1            Status
of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes
a valid and legally binding obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general
principles of equity. This Note does not confer upon the Holder any right to vote or to consent or to receive notice as a stockholder
of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder, prior to conversion
hereof into Conversion Shares.

 

4.2            Restrictions
on Transferability. This Note and any Conversion Shares issued with respect to this Note, have
not been registered under the Securities Act, or under any state securities or so-called “blue sky laws,” and may not be offered,
sold, transferred, hypothecated or otherwise assigned except (a) pursuant to a registration statement with respect to such securities
which is effective under the Act or (b) upon receipt from counsel satisfactory to the Company of an opinion, which opinion is satisfactory
in form and substance to the Company, to the effect that such securities may be offered, sold, transferred, hypothecated or otherwise
assigned (i) pursuant to an available exemption from registration under the Act and (ii) in accordance with all applicable state
securities and so-called “blue sky laws.” The Holder agrees to be bound by such restrictions on transfer. The Holder further
consents that the certificates representing the Conversion Shares that may be issued with respect to this Note may bear a restrictive
legend to such effect.

 

    3

     

    

 

5.            REMEDIES.

 

5.1            Events
of Default. “Event of Default”
wherever used herein means any one of the following events:

 

(a)            The
Company shall fail to issue and deliver the Conversion Shares in accordance with Section 3;

 

(b)            Default
in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest), this Note when and
as the same shall become due and payable;

 

(c)            Default
in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a default
in the performance of which is specifically provided for elsewhere in this Section 5.1), and the continuance of such default
for a period of 10 days after there has been given to the Company by the Holder a written notice specifying such default and requiring
it to be remedied;

 

(d)            The
entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly filed
a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy
Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60 calendar days;

 

(e)            The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy
or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the
Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Company or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors;

 

(f)            The
Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an arrangement or composition
with or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments or other relief
of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting all or any material part of the indebtedness
of the Company;

 

(g)            It
becomes unlawful for the Company to perform or comply with its obligations under this Note; or

 

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(h)            The
Company institutes or implements, or the Board of Directors of the Company votes to institute or implement, a plan to (i) wind down
the Company’s operations or divest all or substantially all of the Company’s assets or (ii) wind down the operations
of any business owned directly or indirectly by the Company of which the acquisition thereof was funded with some or all of the Principal
Amount, or divest all or substantially all of such business’ assets.

 

5.2            Effects
of Default. If an Event of Default occurs and is continuing, then and in every such case the
Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration,
the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date
the Note is paid in full. Holder shall further have the right to exercise any and all rights and remedies provided for herein, under the
Pledge Agreement, under the Uniform Commercial Code and at law or equity generally.

 

5.3            Remedies
Not Waived; Exercise of Remedies. No course of dealing between the Company and the Holder or
any delay in exercising any rights hereunder shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising
any right, power or privilege under this Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege.

 

6.            MISCELLANEOUS.

 

6.1            Severability.
If any provision of this Note shall be held to be invalid or unenforceable, in whole or in part, neither
the validity nor the enforceability of the remainder hereof shall in any way be affected.

 

6.2            Notice.
Where this Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly
provided) in writing and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid
or (c) sent by facsimile or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile
or other electronic transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as provided
to the Company from time to time or, if to the Company, to its principal office.

 

6.3            Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State
of Delaware (without giving effect to any conflicts or choice of law provisions that would cause the application of the domestic substantive
laws of any other jurisdiction).

 

6.4            Forum.
The Holder and the Company hereby agree that any dispute which may arise out of or in connection with this
Note shall be adjudicated before a court of competent jurisdiction in the State of Delaware and they hereby submit to the exclusive jurisdiction
of the courts of the State of Delaware, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts,
with respect to any action or legal proceeding commenced by either of them and hereby irrevocably waive any objection they now or hereafter
may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an inconvenient
forum.

 

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6.5            Headings.
The headings of the Articles and Sections of this Note are inserted for convenience only and do not constitute
a part of this Note.

 

6.6            Amendments.
This Note may be amended or waived only with the written consent of the Company and the Holder.

 

6.7            No
Recourse Against Others. The obligations of the Company under this Note are solely obligations
of the Company and no officer, employee or stockholder shall be liable for any failure by the Company to pay amounts on this Note when
due or perform any other obligation.

 

6.8            Assignment;
Binding Effect. This Note may not be assigned by the Company without the prior written consent
of the Holder. This Note shall be binding upon and inure to the benefit of both parties hereto and their respective permitted successors
and assigns.

 

Signature
on the Following Page

 

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In
Witness Whereof, the Company has caused this Note to be signed by its duly authorized officer on the date hereinabove written.

 

	 	Bionik Laboratories Corp.
	 	 	 
	 	By:	Rich Russo Jr.
	 	Name:	Rich Russo Jr.
	 	Title:	CFO and Interim CEO

 

Signature
Page to Convertible Promissory Note

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