Document:

EXHIBIT 10.1

 

 

ADVAXIS, INC.

 

DEBT CONVERSION AND REPAYMENT AGREEMENT

 

This
Debt Conversion and Repayment Agreement (this “Agreement”) is made this 26th day of September,
2013 (the “Effective Date”), by and between Advaxis, Inc., a Delaware corporation (the “Company”)
and Thomas A. Moore (“Holder”), a Director of the Company. The Company and Holder are sometimes referred
to herein collectively as the “Parties.”

 

Recitals

 

Whereas,
the Company desires to reduce the debt on its balance sheet in anticipation of completing a major financing and being listed on
a major stock exchange (the “Financing”); and

 

Whereas,
Holder currently holds one or more outstanding promissory notes of the Company with an aggregate principal amount and accrued and
unpaid interest of Four Hundred Thirty-Two Thousand Sixty Six Dollars $423,883 (the “Moore Notes”)
as of the date hereof issued pursuant to that certain Note Purchase Agreement dated September 22, 2008, as amended from time to
time by and between the Company and Holder; and

 

Whereas,
the Parties have reached an understanding for the repayment and partial conversion of the Moore Notes in connection with the Financing,
which is illustrated on Annex A hereto.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and on the premises set forth herein, the Parties hereto agree as follows:

 

		1.	Partial Cash Payment and Partial Debt Conversion

 

Holder and the Company
agree to the payment in full of all of the Company’s obligations under the Moore Notes as follows:

 

(a)$100,000
Payment after Financing Closing. Within five (5) business days of the closing of the Financing, the Company shall pay, or arrange
for the payment of, the sum of One Hundred Thousand Dollars ($100,000), by wire transfer of immediately available funds to such
account as instructed in writing to the Company by Holder. Holder shall provide Company in writing such account information no
later than the date of the closing of the Financing. Such payment shall be in partial repayment of the outstanding balance under
the Moore Notes.

 

(b)Conversion.
Upon the closing of the Financing, a sum equal to one-half of the then outstanding aggregate principal amount of the Moore Notes
plus accrued and unpaid interest thereon less the payment in (a) above shall automatically convert into securities of the
Company as provided in Section 2 hereof.

 

    	 

    	 

    

 

(c)Final
Payment. No later than three (3) months after the closing of the Financing, the Company shall pay, or arrange for the payment
in full of the then outstanding aggregate principal amount of the Moore Notes plus accrued and unpaid interest thereon, by wire
transfer of immediately available funds to the account instructed in writing to the Company by Holder in (a) above. Such payment
shall be the final payment of all outstanding balances under the Moore Notes.

 

(d)Acknowledgment.
The Parties acknowledge and agree that after taking into account the payment of the sum as provided in (a) above, automatic conversion
into securities of the Company as provided in (b) above, and payment of the sum provided in (c) above, no further amounts shall
be due and outstanding under the Moore Notes and any and all obligations of the Company under the Moore Notes shall automatically,
and without further action, terminate and be null and void, and Holder hereby authorizes the Company to file a UCC-3 or other appropriate
form, if applicable, to terminate any and all liens against the assets and property of the Company, including the Company's intellectual
property, trademarks and trade names, or other security interest of Holder.

 

		2.	Partial Conversion into Company Securities

 

(a)Holder
agrees that, effective upon the closing of the Financing, a sum equal to 50% of (the then outstanding aggregate principal amount
and accrued and unpaid interest on the Moore Notes) less (One Hundred Thousand Dollars ($100,000)) shall automatically convert
(“Debt Conversion”), without any action on the part of the Company or the Holder, into shares of common
stock, par value $0.001, of the Company (the “Conversion Shares”) and, if any are offered and sold in
the Financing, warrants to purchase common stock of the Company (“Conversion Warrants,” and together
with the Conversion Shares the “Conversion Securities”), at a conversion price equal to the public offering
price of such Company securities in the Financing. The Conversion Warrants, if any, will have the same terms as the warrants offered
by the Company, if any, in the Financing and will be issued in the same ratio to the Conversion Shares as the ratio of the warrants
to the shares of common stock issued to purchasers in the Financing. Effective upon the closing of the Financing, the converted
Moore Notes shall no longer be outstanding and shall represent only the right to receive the Conversion Securities.

 

(b)The
Company shall comply with all legal requirements applicable and take such other actions as may be necessary to effectuate the Debt
Conversion, including, but not limited to, providing notices to, and responding to queries from, all applicable regulatory authorities
and stock exchanges and obtaining all necessary regulatory and third party consents.

 

(c)The
Company shall send to Holder at least two (2) business days prior to the closing of the Financing a notice indicating the amount
of unpaid interest accrued through the date of the closing of the Financing and the number of Conversion Securities Holder will
be issued upon the Debt Conversion. Within five (5) business days of the closing of the Financing, the Company shall deliver, or
arrange for delivery of, the Conversion Securities in the name of the Holder to the address of the Holder set forth in Section
7.

 

    	-2-

    	 

    

 

(d)In
the event that, as a result of the Debt Conversion, fractions of shares or warrants would be required to be issued, such fractional
shares or warrants, as the case may be, shall be rounded up or down to the nearest whole share or whole warrant, as the case may
be. The Company shall pay any documentary, stamp or similar issue or transfer tax due on such Debt Conversion.

 

		3.	Cancellation of Moore Notes

 

Prior to the payment
of the sums as provided in Section 1 above, and the automatic conversion into the Conversion Securities as provided in Section
2 above, Holder shall deliver the relevant Moore Notes for cancellation in part or in whole, as the case may be. If Holder
has lost the Moore Notes and is unable to deliver the relevant Moore Notes for cancellation as appropriate, Holder shall submit
an affidavit of loss and indemnity agreement so that the Moore Notes may be replaced and deemed cancelled in accordance with the
terms hereof.

 

		4.	Representations and Warranties of the Company

 

The Company hereby
represents and warrants to Holder that as of the date hereof and as of the closing of the Financing:

 

(a)The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has
all necessary corporate power and authority to (i) own, operate and occupy its properties and to carry on its business as presently
conducted and (ii) enter into this Agreement and the other agreements, instruments and documents contemplated hereby, and to consummate
the transactions contemplated hereby and thereby. The Company is qualified to do business and is in good standing in each jurisdiction
in which the failure to so qualify would have a material adverse effect on the Company.

 

(b)All
necessary corporate proceedings, votes, resolutions and approvals relating to the payments contemplated by Section 1 and
the issuance and sale of the Conversion Securities contemplated by Section 2 will have been completed by the Company prior
to such payment and issuance and sale, as the case may be. Upon execution, this Agreement will constitute a valid and legally binding
obligation of the Company, enforceable in accordance with its terms except as limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and
(ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

 

(c)The
Conversion Securities being issued pursuant to this Agreement will be, upon surrendering the Moore Notes in accordance with this
Agreement, duly authorized, validly issued, fully paid and non-assessable.

 

    	-3-

    	 

    

 

		5.	Representations and Warranties of Holder

 

Holder hereby represents
and warrants to the Company that as of the date hereof and as of the closing of the Financing:

 

(a)Holder
has full power and authority to enter into this Agreement. Upon execution, this Agreement will constitute a valid and legally binding
obligation of Holder, enforceable in accordance with its terms except as limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) laws relating
to the availability of specific performance, injunctive relief or other equitable remedies.

 

(b)The
Conversion Securities will be acquired for investment for Holder’s own account, not as a nominee or agent, and not with a
view to the resale or distribution of any part thereof, and Holder has no present intention of selling, granting any participation
in or otherwise distributing the same except in compliance with applicable U.S. securities laws.

 

(c)Holder
is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the U.S.
Securities Act of 1933, as amended (the “Securities Act”).

 

(d)Holder
is an experienced investor in securities of companies in the development stage, can bear the economic risk of its investment, including
a total loss, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits
and risks of the investment in the Conversion Securities. Holder has conducted his own due diligence review of the Company and
received copies or originals of all documents he has requested from the Company.

 

(e)Holder
understands that the issuance of the Conversion Securities is exempt from registration under the Securities Act by reason of a
specific exemption from the registration provisions of the Securities Act that depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of Holder’s representations as expressed herein. Holder understands that
the Conversion Securities are characterized as “restricted securities” under applicable U.S. federal
and state securities laws.

 

(f)Holder
acknowledges and agrees that the Conversion Securities may be required to be subject to a lock-up agreement in connection with
the Financing. Holder agrees to execute a lock-up agreement with the relevant underwriters of such Financing in customary form
consistent with this section.

 

		6.	Legends.

 

The Parties understand
and agree that the Conversion Securities will not be registered at the time of issuance, and the certificates evidencing the Conversion
Securities may bear the following legends (or a substantially similar legend) and such other legends as may be required by applicable
laws of any state or foreign jurisdiction:

 

    	-4-

    	 

    

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR UNLESS SUCH TRANSACTION IS IN COMPLIANCE
WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.”

 

		7.	Miscellaneous

 

(a)Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without regard
to principles of conflicts of law. The Parties hereby agree that any legal action, suit or proceeding arising out of or relating
to this Agreement will be brought in federal or state court located in Delaware.

 

(b)Entire
Agreement; Amendments. This Agreement constitutes the full and entire understanding and agreement between the Parties with
regard to the subjects hereof and thereof. Except as otherwise expressly provided herein, neither this Agreement nor any term hereof
or thereof may be amended, waived, discharged or terminated, except by a written instrument signed by the Company and Holder.

 

(c)Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to be effective upon delivery when delivered (i) personally; (ii) by e-mail, provided a positive
transmission report is received and a copy is mailed no later than the next business day through a nationally recognized overnight
delivery service; or (iii) by overnight delivery with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses for such communications will be,

 

in the case of Holder:

 

Thomas A. Moore

moore@advaxis.com

 

and in the case of the Company:

 

Mark Rosenblum

Chief Financial Officer

Advaxis, Inc.

305 College Road East

Princeton, NJ 08540

rosenblum@advaxis.com

 

or at such other mailing address or e-mail address
as the receiving party will have furnished to the sending party in writing.

 

    	-5-

    	 

    

 

(d)Severability.
The representations, warranties, covenants and agreements made and incorporated by reference herein will survive any investigation
made by or on behalf of Holder or the Company, and will survive for two (2) years after the Effective Date.

 

(e)Successors
and Assigns. Except as otherwise expressly provided herein, the provisions hereof will inure to the benefit of, and be binding
upon, the respective successors, assigns, heirs, executors and administrators of the Parties hereto. Holder may transfer or assign
all or any portion of its rights under this Agreement to any person or entity permitted under applicable securities laws.

 

(f)Interpretations.
All pronouns and any variations thereof will be deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person or persons or entity or entities may require. All references to “$” or dollars herein will be
construed to refer to U.S. dollars. The titles of the Sections and subsections of this Agreement are for convenience or reference
only and are not to be considered in construing this Agreement. All references to “including” shall be deemed to mean
“including, without limitation.”

 

(g)Severability.
In case any provision of this Agreement is determined to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions will not in any way be affected or impaired thereby.

 

(h)Counterparts.
This Agreement may be executed in counterparts, each of which when so executed and delivered will constitute a complete and original
instrument but all of which together will constitute one and the same agreement, and it will not be necessary when making proof
of this Agreement or any counterpart thereof to account for any counterpart other than the counterpart of the party against whom
enforcement is sought.

 

    	-6-

    	 

    

 

In
Witness Whereof, the Parties have executed this Debt Conversion Agreement
as of the date set forth in the first paragraph hereof.

 

 

 

	Company:	 
	 	 
	Advaxis, Inc.	 
	 	 
	 	 
	 	 	 
	By:	/s/Mark J. Rosenblum	 
	 	 	 
	Name:  	Mark J. Rosenblum	 
	Title:  	Chief Financial Officer	 
	 	 	 
	 	 	 
	 	 	 
	HOLDER:	 
	 	 
	Thomas A. Moore	 
	 	 
	 	 	 
	/s/ Thomas A. Moore	 

 

 

    	 

    	 

    

 

ANNEX AEXHIBIT 10.2

 

 

 

EXCHANGE AGREEMENT

 

EXCHANGE AGREEMENT
(the “Agreement”) is made as of the 27th day of September 2013 (the “Effective
Date”), by and between Advaxis, Inc., a Delaware corporation (the “Company”), and Redwood
Management, LLC (the “Investor”).

 

WHEREAS, on
June 21 2013, the Company and the Investor entered into that certain Securities Purchase Agreement (the “Purchase
Agreement”), pursuant to which, on June 21, 2013, the Investor purchased from the Company convertible promissory
notes with a stated principal amount of $277,777.77 for total consideration of $250,000.00 in cash (the “Notes”).

 

WHEREAS,
in exchange for the Notes, the Company has duly authorized the issuance to the Investor of One Hundred Twenty-Five Thousand
(125,000) shares of its common stock (the “Common Stock”), par value $0.001 per share (the “Exchange
Shares”);

 

WHEREAS, the
exchange of the Notes for the Exchange Shares is being made in reliance upon the exemption from registration provided by Section
3(a)(9) of the Securities Act (as defined below).

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the
premises and the mutual agreements, representations and warranties, provisions and covenants contained herein, the parties hereto,
intending to be legally bound hereby, agree as follows:

 

1.                 
Exchange. On the Effective Date, subject to the terms and conditions of this Agreement, the Investor shall,
and the Company shall, in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933,
as amended (the “Securities Act”), exchange the Notes for the Exchange Shares. On the Effective Date,
the following transactions shall occur (such transactions in this Section 1, the “Exchange”):

 

(a)Concurrently herewith,
the Investor shall deliver or cause to be delivered to the Company (or its designee) the Notes, free and clear of all liens. As
of the Effective Date, all of the Investor’s rights under the Notes shall be extinguished.

 

(b)Concurrently herewith,
in exchange for the Notes, (i) the Company shall cause the transfer agent for the Common Stock to issue the Exchange Shares to
the Investor. The parties agree that the holding period of the Exchange Shares, for purposes of Rule 144 under the Securities Act
of 1933 tacks back to the original issue dates of the Notes.

 

(c)The Company and
the Investor shall execute and/or deliver such other documents and agreements as are customary and reasonably necessary to effectuate
the Exchange.

 

    	 

    	 

    

 

2.                 
Waiver and Release.

 

2.1             
In consideration of the transactions contemplated by this Agreement, effective as of the Effective Date, the Investor on
behalf of itself and, to the extent permitted by law, its heirs, executors, administrators, devisees, trustees, partners, directors,
officers, shareholders, employees, consultants, representatives, predecessors, principals, agents, parents, associates, affiliates,
subsidiaries, attorneys, accountants, successors, successors-in-interest and assigns (collectively, the “Investor Releasing
Persons”), hereby, knowingly, voluntarily and with full understanding of its terms and effects, waives and releases,
to the fullest extent permitted by law, any and all actions, causes of action, covenants, contracts, claims and demands whatsoever,
known and unknown, relating to the Existing Claims (as defined below) that any of the Investor Releasing Persons had, currently
has or may have, that are directly or indirectly related to, based upon, arise out of, or arise in connection with any fact, matter,
act or omission, cause, transaction, occurrence or thing occurring up to the date of this release against (i) the Company, (ii)
any of the Company’s current or former parents, affiliates, subsidiaries, predecessors, assigns, attorneys or counsel, accountants,
auditors, employees, consultants or representatives, or (iii) any of the Company’s or such other persons’ or entities’
current or former officers, directors, employees, agents, principals, and signatories or, in the case of any person or entity other
than the Company or any of its subsidiaries, such other persons’ or entities’ current or former members, partners,
shareholders, agents, principals, signatories, advisors, spouses, heirs, estates, executors and associates and members of their
immediate families (the aforementioned persons and entities set forth in (i), (ii) and (iii) being hereinafter collectively referred
to as the “Company Parties”). Each Investor hereby acknowledges that such Investor has not relied on
any representations or statements of the Company or any other person not set forth herein.

 

2.2             
For purposes of this Agreement, “Existing Claims” shall mean all actions, causes of action, suits,
debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims, and demands whatsoever, whether known or unknown, in law,
admiralty, or equity, against any of the Company Parties, which the Investor Releasing Persons ever had, now has or hereafter can,
shall, or may have for, upon, or by reason of any violation of the Purchase Agreement prior to the day of the date of this Agreement.

 

3.                 
Amendment to the Purchase Agreement. Sections 4.1 and 4.11 are hereby deleted in their entirety as follows:

 

“4.1 [Intentionally
Omitted]”; and

 

“4.11 [Intentionally
Omitted].”

 

4.                 
Representations and Warranties of the Company. The Company hereby represents and warrants to Investor that:

 

    	2

    	 

    

 

4.1             
Organization, Good Standing and Qualification. The Company is a corporation
duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company is duly qualified to
transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse
effect on its business or properties.

 

4.2             
Capitalization and Voting Rights. The authorized capital of the Company
as of the date hereof consists of (i) 5,000,000 shares of Preferred Stock, par value $0.001 per share (the “Preferred Stock”),
of which 740 are presently issued and outstanding, and (ii) 25,000,000 shares of Common Stock, of which 5,024,081 shares of Common
Stock were issued and outstanding as of September 6, 2013. 

 

4.3             
Authorization. All corporate action on the part of the Company, its
officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and the performance
of all obligations of the Company hereunder and thereunder, including, without limitation, the authorization of the Exchange, and
the issuance (or reservation for issuance) of the Exchange Shares have been taken on or prior to the date hereof. 

 

4.4             
Securities Law Exemptions. Assuming the accuracy of the representations
and warranties of the Investor contained herein, the offer and issuance by the Company of the Exchange Shares is exempt from registration
under the Securities Act and all applicable state securities laws. The offer and issuance of the Exchange Shares is exempt from
registration under the Securities Act pursuant to the exemption provided by Section 3(a)(9) thereof.

 

4.5             
Valid Issuance of the Securities. The Exchange Shares when issued
and delivered in accordance with the terms of this Agreement, for the consideration expressed herein, will be duly and validly
issued, fully paid and non-assessable. .

 

4.6             
No Consideration Paid. No commission or other remuneration has been
paid by the Company for soliciting the exchange of the Notes for the Exchange Shares as contemplated hereby.

 

5.                 
Representations and Warranties of the Investor. The Investor hereby represents, warrants and covenants that:

 

5.1             
Organization; Authority. The Investor is an entity duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization with full right, corporate or partnership
power and authority to enter into and to consummate the transactions contemplated hereby and otherwise to carry out its obligations
hereunder. The execution and delivery of this Agreement and performance by the Investor of the transactions contemplated hereby
have been duly authorized by all necessary corporate or similar action on the part of the Investor. This Agreement has been duly
executed by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and
legally binding obligation of the Investor, enforceable against it in accordance with its terms, except: (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law

 

    	3

    	 

    

 

5.2             
Own Account. The Investor understands that the Exchange Shares are
“restricted securities” and have not been registered under the Securities Act or any applicable state securities law
and is acquiring the Exchange Shares as principal for its own account and not with a view to or for distributing or reselling such
securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention
of distributing any of such securities in violation of the Securities Act or any applicable state securities law and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such securities
(this representation and warranty not limiting the Investor’s right to sell the Exchange Shares pursuant to a registration
statement or otherwise in compliance with applicable federal and state securities laws) in violation of the Securities Act or any
applicable state securities law. The Investor is acquiring the Exchange Shares hereunder in the ordinary course of its business.

 

5.3             
Investor Status. At the time the Investor was offered the Exchange
Shares, it was, and as of the date hereof it is either: (i) an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule
144A(a) under the Securities Act. The Investor is not required to be registered as a broker-dealer under Section 15 of the Exchange
Act.

 

5.4             
Experience of the Investor. The Investor, either alone or together
with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable
of evaluating the merits and risks of the investment in the Exchange Shares, and has so evaluated the merits and risks of such
investment. The Investor is able to bear the economic risk of an investment in the Exchange Shares and, at the present time, is
able to afford a complete loss of such investment.

 

5.5             
Reliance on Exemptions. The Investor understands that the Exchange
Shares are being offered and issued to it in reliance on specific exemptions from the registration requirements of United States
federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Investor’s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein
in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the Exchange Shares. Investor
understands that the Exchange Shares are characterized as “restricted securities” under applicable U.S.
federal and state securities laws.

 

5.6             
Ownership. The Investor is the record and beneficial owner of, and
has good and marketable title to the Notes, free and clear of any and all liens, security interests, charges or encumbrances, agreements,
voting trusts, proxies or other arrangements or restrictions of any kind whatsoever.

 

    	4

    	 

    

 

5.7             
Rule 144 Representations. 

 

(a)               
Neither the Investor nor any of its affiliates is, and for the three months immediately preceding the date of this Agreement,
has been (i) an officer, director, employee or “affiliate” of the Company (as that term is defined in Rule 144(a)(1)
promulgated under the Securities Act) or (ii) a “beneficial owner” of more than 10% of the shares of Common Stock (as
defined for purposes of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b)              
No commission or other remuneration has been paid by the Investor to the Company in connection with the exchange of the
Notes for the Exchange Shares as contemplated hereby.

 

6.                 
Covenants of the Investor.

 

6.1             
Trading in Common Stock.

 

(a)               
The Investor hereby agrees that for the period commencing on the Effective Date and ending on the earlier to occur of (i)
the closing date (the “Offering Date”) after the Securities and Exchange Commission (“SEC”)
declares effective the registration statement on Form S-1 (File Number 333- 188637) originally filed with the SEC on May 15, 2013
(the “Registration Statement”), it shall not maintain a Net Short Position (as defined below), and (ii)
December 31, 2013. For purposes hereof, a “Net Short Position” by the Investor means a position whereby
the Investor has executed one or more sales of Common Stock that is marked as a short sale (but not including any sale marked “short
exempt”) and that is executed at a time when the Investor has no equivalent offsetting long position in the Common Stock
(or is deemed to have a long position hereunder or otherwise in accordance with Regulation SHO of the Exchange Act). For purposes
of determining whether the Investor has an equivalent offsetting long position in the Common Stock, all shares of Common Stock
that are owned by the Investor.

 

(b)              
The Investor hereby agrees that for the period commencing on the Effective Date and ending on the Offering Date, it shall
not sell, directly or indirectly (including, without limitation, through derivative transactions such as cash-settled total return
swaps and options), shares of Common Stock upon any trading day during such period in an amount, in the aggregate, exceeding 50%
of the composite aggregate share trading volume as reported on Bloomberg of the Common Stock measured at the time of each sale
of securities during such trading day.

 

6.2[Intentionally
omitted]

 

6.3             
Transfer Restrictions. (a) The Investor acknowledges and agrees that
the Exchange Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer
of the Exchange Shares other than pursuant to an effective registration statement or Rule 144, to the Company or in connection
with a pledge, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor
and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration of such transferred Exchange Shares under the Securities Act.

 

    	5

    	 

    

 

(b) The Investor agrees
to the imprinting, so long as is required by this Section 6.3, of a legend on the Exchange Shares in the following form:

 

THIS SECURITY
HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY
SUCH SECURITIES.

 

7.                 
Indemnification.

 

7.1             
Indemnification by the Company. The Company agrees to indemnify, hold harmless, reimburse and defend the Investor,
and its officers, directors, agents, affiliates, members, managers, control persons, and principal shareholders, against any claim,
cost, expense, liability, obligation, loss or damage (including reasonable legal fees) of any nature, incurred by or imposed upon
the Investor or any such person which results, arises out of or is based upon (i) any material misrepresentation by Company or
breach of any representation or warranty by Company in this Agreement or in any exhibits or schedules attached hereto, or other
agreement delivered pursuant hereto; or (ii) after any applicable notice and/or cure periods, any breach or default in performance
by the Company of any covenant or undertaking to be performed by the Company hereunder, or any other agreement entered into by
the Company and Investor relating hereto.

 

7.2             
Indemnification by the Investor. The Investor agrees to indemnify, hold harmless, reimburse and defend the
Company and any of its officers, directors, agents, affiliates, members, managers, control persons, and principal shareholders,
against any claim, cost, expense, liability, obligation, loss or damage (including reasonable legal fees) of any nature, incurred
by or imposed upon the Investor or any such person which results, arises out of or is based upon (i) any material misrepresentation
by the Investor or breach of any representation or warranty by the Investor in this Agreement or in any exhibits or schedules attached
hereto, or other agreement delivered pursuant hereto; or (ii) after any applicable notice and/or cure periods, any breach or default
in performance by the Investor of any covenant or undertaking to be performed by the Investor hereunder, or any other agreement
entered into by the Company and the Investor relating hereto.

 

    	6

    	 

    

 

8.                 
Miscellaneous

 

8.1             
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the parties hereto and the respective successors and assigns of the parties. Nothing
in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective
successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

 

8.2             
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state or federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

8.3             
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement.

 

8.4             
Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business
hours of the recipient; if not, then on the next business day, (c) five (5) business days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to (a) in the case
of the Company to Advaxis, Inc., 305 College Road East, Princeton, New Jersey 08540, Attention: Mark J. Rosenblum, with a copy
(which shall not constitute notice) to Reed Smith, LLP, 599 Lexington Avenue, New York, NY 10022, Attention: Yvan-Claude Pierre,
email: ypierre@reedsmith.com or (b) in the case of the Investor, to the address as set forth on the signature page or exhibit pages
hereof or, in either case, at such other address as such party may designate by TEN (10) business days advance written notice to
the other parties hereto.

 

    	7

    	 

    

 

8.5             
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent
of the Company and the Investor. Any amendment or waiver effected in accordance with this paragraph shall be binding upon Investor
and the Company, provided that no such amendment shall be binding on a holder that does not consent thereto to the extent such
amendment treats such party differently than any party that does consent thereto.

 

8.6             
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision
were so excluded and shall be enforceable in accordance with its terms.

 

8.7             
Entire Agreement. This Agreement represents the entire agreement and understandings between the parties concerning
the Exchange and the other matters described herein and therein and supersedes and replaces any and all prior agreements and understandings
solely with respect to the subject matter hereof and thereof.

 

8.8             
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

 

8.9             
Interpretation. Unless the context of this Agreement clearly requires otherwise, (a) references to the plural
include the singular, the singular the plural, the part the whole, (b) references to any gender include all genders, (c) “including”
has the inclusive meaning frequently identified with the phrase “but not limited to” and (d) references to “hereunder”
or “herein” relate to this Agreement.

 

[SIGNATURES ON THE FOLLOWING
PAGE]

 

    	8

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

 

	 	THE COMPANY
	 	 	 
	 	ADVAXIS, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

	 	INVESTOR:
	 	 	 
	 	REDWOOD MANAGEMENT, LLC
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

 

	 	Address for Notices:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

[Signature Page to Note Exchange
Agreement]

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