Document:

Exhibit 10.1

 

FACTORING AGREEMENT

 

THIS FACTORING AGREEMENT (the
“Agreement”) made and entered into this 22 day of APRIL, 2016 (the “Effective
Date”) by and between RTS FINANCIAL SERVICE, INC., (“Factor”), a Kansas Corporation; and CARTESIAN,
INC. (“Assignor”), a Delaware Corporation.

 

RECITALS

 

1. Assignor desires
to sell to Factor certain existing and future Accounts Receivable (“Accounts”) arising from goods sold or services
performed in the regular course of Assignor’s business; and

 

2. Factor desires to
purchase certain of those Accounts (the "Purchased Accounts"), which Factor in its sole discretion deems acceptable for
purchase, according to the terms and conditions provided in this Agreement.

 

In consideration of the above recitals
and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

SECTION 1. DEFINITIONS

 

An “Account” means any right
to payment for services rendered and goods sold by or on behalf of Assignor. “Account Debtor” means a person or other
entity that is obligated to pay the Account. For purposes of clarity, the term "Accounts" shall not include: (a) Assignor's
right, title and interest in any present or future Accounts arising in connection with a Maestro Technology Project (as defined
in Exhibit A attached hereto and incorporated herein by reference) so long as Elutions Capital Ventures S.a.r.l or its assigns
("Elutions") has a security interest therein, and (b) Assignor's right, title and interest in any present or future Accounts
on which AT&T Services, Inc. or its subsidiaries or affiliates (collectively "AT&T") is the Account Debtor so
long as CitiBank, N.A., its branches, subsidiaries and affiliates (collectively "CitiBank"), or their respective assigns
or any entity that replaces CitiBank as the purchaser of AT&T Accounts from Assignor, has a security interest therein (collectively,
together with the books and records related thereto, the "Excluded Accounts").

 

SECTION 2.
PURCHASE OF ACCOUNTS

 

2.1 Assignor agrees
to present to Factor for purchase, with recourse, certain Accounts as determined by Assignor arising from the activities and services
performed and goods sold by Assignor. Assignor agrees that it will not present to Factor for purchase any Excluded Accounts.

 

2.2 Factor, in its
sole discretion, may purchase such Accounts from Assignor as Factor determines to be acceptable. Assignor hereby agrees to sell,
assign, transfer, convey and deliver to Factor such Accounts as Factor shall elect to purchase. Assignor will notify each Account
Debtor of the sale of its Account or Accounts to Factor and shall place a clear statement or legend, approved by Factor, on each
such Account invoice, bill of lading, purchase order or statement, stating that such Account has been sold and assigned, and is
payable to Factor at its office at 9300 Metcalf Ave., Overland Park, Kansas 66212 or at such other address as Factor shall designate
in writing. Factor shall become the absolute owner of all Purchased Accounts hereunder. All remittances received by Assignor for
payment of Purchased Accounts are the property of Factor, and Assignor shall hold such proceeds in trust for Factor, and shall
promptly deliver to Factor, in the identical form received, all payments received by Assignor on each such Purchased Account, together
with all documents accompanying the remittance to Assignor.

 

    	 	1	 

     

    

 

 

SECTION 3. PURCHASE PRICE AND
FACTORING CHARGE; SECURITY RESERVES

 

3.1 The purchase price
for each Account purchased by Factor hereunder shall be the net amount (as defined below) of such Account. The Factor’s fee
payable on each Purchased Account shall consist of the following: for each day from the date of the initial advance of the purchase
price to the Assignor (the “Advance Date”) until the Account has been paid in full, a daily fee (the “daily fee”)
in an amount equal to the sum of the Prime Rate (“PRIME”) in effect on the Advance Date, plus 6.49% (the “SPREAD”),
divided by 360 ((PRIME + 6.49%) / 360) shall be charged on the full net amount of the Purchased Account. The PRIME rate in effect
on the date of this Agreement is 3.5%. The PRIME rate in effect on the Advance Date of a Purchased Account shall remain fixed as
to that Purchased Account and shall not be adjusted to reflect subsequent changes in the PRIME rate. Factor shall at its sole discretion
nevertheless in all cases retain the right to require repurchase by the Assignor of any Account as provided in Section 5 below.
“Net amount” means the gross amount of the Purchased Account less any discount or allowance of any nature allowed by
Assignor to the Account Debtor.

 

3.2 Payment of the
purchase price to Assignor shall be made as follows:

 

(a) Initial Payment
and Security Reserve. Upon the presentation by Assignor to Factor of documents reasonably acceptable to Factor, for an Account
approved for purchase by Factor, and provided no claim or dispute shall then exist with the Account Debtor as to the Account, Factor
will pay to the Assignor the net amount of the Account, less a Security Reserve equal to Twenty Percent (20.0%) of the net amount
of the Purchased Account.

 

(b) Final Payment.
Upon Factor’s receipt of full payment of the Account invoice from the Account Debtor, and provided Assignor shall not be
obligated to repurchase the Account under Section 5, or otherwise be in default in any respect under this Agreement, Factor will
remit to the Assignor the Security Reserve, less the deduction for the Factor’s daily fee payable under Section 3.1 and less
any other amounts owing to Factor under this Agreement, in complete and full payment of the purchase price.

 

SECTION 4. SECURITY INTEREST

 

Assignor hereby grants
to Factor as collateral to secure all of the debts, liabilities and obligations of Assignor to Factor under this Agreement, including
all costs and expenses incurred by Factor in connection with the enforcement of its rights under this Agreement, a security interest
in the following property of Assignor: (a) all Accounts (other than Excluded Accounts), wherever located or situated, and whether
now existing or arising in the future, and whether now owned or at any time in the future acquired by Assignor, together with all
proceeds and monies due or becoming due on such Accounts (other than Excluded Accounts); all guaranties, insurance and security
for such Accounts (other than Excluded Accounts) ; all security reserves related to any Purchased Accounts; all of Assignor’s
rights and interests in the goods giving rise to such Accounts (other than Excluded Accounts), and the rights associated with or
related or pertaining to such goods, including without limitation the right of stoppage in transit and any and all related insurance,
any items substituted therefore as replacements and all additions thereto; (b) all of Assignor’s  chattel paper, instruments,
general intangibles, securities, contract rights and insurance  evidencing or relating to the Accounts (other than Excluded
Accounts); (c) all equipment and inventory (other than Excluded Equipment), and (d) all proceeds of any of the foregoing (other
than the proceeds of Excluded Accounts and Excluded Equipment).  Factor in its own name, or Factor’s collateral agent
Electus 116 Trust in its name as the agent of Factor, may file financing statements and all amendments thereto describing the foregoing
collateral in any jurisdiction or office Factor or its collateral agent deems appropriate to perfect Factor’s security interest
in foregoing collateral. The term "Excluded Equipment" means any present or future equipment or inventory of Assignor
which is subject to a security interest in favor of Elutions as described on Exhibit A as long as Elutions has a security
interest therein.

 

    	 	2	 

     

    

 

 

In the event of Assignor’s
breach of any warranty made in this Agreement or the Assignor’s failure to observe or perform any of the provisions or obligations
of this Agreement, which breach or failure to observe or perform continues beyond five (5) business days after written notice of
such breach or failure to observe or perform from Factor to Assignor, Assignor shall be in default, and Factor may enforce payment
and exercise any and all of the rights and remedies provided by Article 9 of the Uniform Commercial Code; provided, however, that
notwithstanding the foregoing, an immediate default shall exist under this Agreement, and no notice of default shall be required,
if Assignor fails to make any payment to Factor when due under this Agreement, including, without limitation, any payment required
under Section 5 of this Agreement. Assignor agrees that any notice of default to be given by Factor to Assignor may be given by
e-mail directed to John Ferrara (john.ferrara@cartesian.com) and Kimberly Allen (kimberly.allen@cartesian.com) (which notice shall
include reasonable detail regarding the nature of such default). In addition, upon default by Assignor, Factor shall also have
the right to take all actions necessary to collect the Accounts (other than Excluded Accounts) directly from the Account Debtors.

 

SECTION 5. REPURCHASE OF ACCOUNTS

 

All Accounts purchased
by Factor from Assignor are purchased with full recourse. If Assignor breaches any warranty or otherwise violates or defaults on
any of its obligations hereunder, or if any Purchased Account is not paid in full on or before the payment due date of such Purchased
Account, then upon request by Factor, Assignor shall immediately repurchase such Purchased Account from Factor for an amount equal
to the purchase price paid by Factor for the Purchased Account plus interest from the Advance Date to the repurchase date at the
rate specified in Section 3.1 (less any payments received by Factor on such Purchased Account from or on behalf of the Account
Debtor). Any security reserve held by Factor for such Purchased Account shall be released only in accordance with Section 3.2(b)
and Factor shall in all events also be entitled to and shall retain its Factor’s fee on the Purchased Account. Typically,
Factor will require repurchase of any unpaid Purchased Account no later than 90 days after the Purchased Account invoice date,
unless Factor, in its sole discretion chooses otherwise. However, in all cases, any unpaid Purchased Account must be repurchased
by Assignor within 120 days after the Account invoice date.

 

    	 	3	 

     

    

 

 

SECTION 6. REPRESENTATIONS AND WARRANTIES

 

Assignor represents,
covenants, warrants and agrees as follows:

 

6.1 If Assignor is
a corporation, that it is a corporation duly organized, existing and in good standing under the laws of the state of DELAWARE;
that the execution, delivery and performance of this Agreement are in every respect within its corporate powers and have been duly
authorized by appropriate corporate action; and that this Agreement, when duly executed and delivered by the Assignor and the Factor,
will constitute a legal, valid and binding agreement of the Assignor fully enforceable in accordance with its terms and conditions,
except as enforceability may be limited by bankruptcy or similar laws affecting creditor's rights and general principles of equity.

 

6.2 The Assignor’s
address set out in Section 14 of this Agreement is the address of Assignor’s principal office and its principal place of
business. Assignor shall give Factor immediate written notice of any change in the location of its principal office, the addition
of any new place or places of business and their addresses, any name change by Assignor or the addition of any name under which
Assignor does business, or any material and adverse change in the nature or status of Assignor’s business or operations.

 

6.3 As to each Account
purchased by Factor under this Agreement: (1) the Account is not yet past due, arose in the ordinary course of Assignor’s
business and represents a bona fide completed transaction; (2) the title of Assignor to the Account is absolute and subject to
no assignment, claim, lien or security interest; (3) the Account, as shown on Assignor’s books and records and on any invoices,
bills of lading or statements, delivered to Factor is a legally enforceable debt owed by Account Debtor to Assignor in its full
face amount; (4) no partial payment has been made by anyone on such Account; (5) no set off, credit, allowance, adjustment, counterclaim
or defense to such Account exists or will exist and no agreement has been made or will be made with any person or entity under
which any deduction or discount may be claimed on such Account; (6) the Account is payable not more than sixty (60) days from the
date of assignment of the Account to Factor.

 

6.4 Assignor shall
execute any and all documents or instruments which Factor deems reasonably necessary to protect its security interest in the collateral
under this Agreement.

 

6.5 Assignor shall
indemnify, defend and hold Factor harmless from and against any and all misrepresentations or breaches of warranty or other defaults
hereunder by Assignor, and from any losses, expenses, attorney’s fees or other costs incurred by Factor caused by or arising
out of any such defaults or breaches of this Agreement by the Assignor and from any costs, expenses or attorney’s fees incurred
by Factor in enforcing Factor’s rights under this Agreement; from any dispute or claim resulting in liability, loss, expense,
cost or attorney’s fees caused by or arising out of the rejection of any work performed or services rendered by Assignor;
or from any alleged claim, dispute, action, defense or set off of every kind and nature asserted by any Account Debtor; provided
that Assignor shall have no obligation to indemnify Factor with respect to any liability arising out of or related to the gross
negligence or willful misconduct of Factor.

 

    	 	4	 

     

    

 

 

6.6 The Assignor shall
not, without the express written consent of the Factor, release, compromise, settle or adjust any Account purchased hereunder,
or grant any discounts, allowances or credits thereon.

 

SECTION 7. POWER OF ATTORNEY

 

7.1 In order to carry
out this Agreement, Assignor irrevocably appoints Factor as Assignor’s true and lawful attorney with the full power and right
to, which power of attorney shall become exercisable by Factor upon the occurrence and during the construction of a default under
this Agreement: (a) invoice or bill for, collect, receive, and deposit to Assignor’s bank accounts any and all amounts which
may be due or become due to Assignor from Account Debtors, and to use Assignor’s name for purposes of billing and collection
of any and all amounts due; (b) receive, accept, open, dispose of and redirect any and all mail addressed to Assignor; (c) negotiate
any checks received in payment of Accounts whether payable to Assignor or Factor or both, and endorse the name of Assignor on any
checks or other evidences of payment or other instruments or documents that may come into the possession of Factor on Accounts
purchased by Factor and on any invoices or other documents or instruments relating to any of the Accounts or relating to any collateral
or security hereby granted by Assignor to Factor; (d) in Assignor’s name, or otherwise, demand, make claim for, sue for,
collect, grant extensions, compromise, discharge, and get or give releases for any and all monies or funds due or to become due
on Accounts; (e) execute and deliver receipts or acknowledgments to Account Debtors for such amounts due which shall be binding
upon Assignor and Factor; (f) notify Account Debtors of the sale of Accounts to Factor and notify and instruct Account Debtors,
in Assignor’s name, of the address and procedures for making payments on any Accounts that are sold to Factor or which constitute
collateral hereby granted by Assignor to Factor; (g) take all steps necessary to insure payment of such amounts and monies due,
and do any and all things in Assignor’s name necessary or proper to carry out the purposes intended by this Agreement; and
(h) file financing statements and all amendments thereto, describing as collateral any or all of the collateral described in Section
4 hereof in any jurisdiction or office Factor deems appropriate to perfect its security interest in the collateral described in
Section 4 hereof. It is understood that this power of attorney is coupled with an interest, and is irrevocable until all obligations
of Assignor to Factor under this Agreement have been satisfied.

 

7.2 Exercise of the
foregoing powers shall be in the sole and absolute discretion of Factor, but Factor shall have no obligation to exercise any of
the foregoing powers. Nothing contained in this Agreement shall in any way require Factor to initiate or become a party to any
litigation or other legal proceedings.

 

7.3 The Factor shall
not, under any circumstances, or in any event whatsoever, have any liability for any error, omission or delay of any kind occurring
in the collection, payment or settlement of any Account or of any instrument received in full or in part payment thereof or in
dealing with any lien, security or guaranty of any such Account, other than liability arising from or relating to the gross negligence
or willful misconduct of Factor.

 

    	 	5	 

     

    

 

 

SECTION 8. BOOKS, RECORDS AND FINANCIAL STATEMENTS

 

All of Assignor’s
books, accounts, ledgers, correspondence, records and papers pertaining to all of the Assignor’s Accounts and business shall
be accurately and properly prepared and maintained in all material respects by Assignor and shall disclose the sale of Accounts
purchased by Factor.  All such books, ledgers, accounts, records, correspondence and papers shall be opened by Assignor at
all reasonable times during Assignor's regular business hours and, provided no default by Assignor exists and is continuing under
this Agreement, upon at least 48 hours prior written notice to Assignor, for Factor’s inspection, audit and copying. 
Upon request, but not more often than quarterly, Assignor shall furnish Factor with financial statements including income statements
and balance sheets showing Assignor’s financial condition.  Upon request, Assignor shall also provide Factor with annual
financial statements acceptable to Factor. Information required to be delivered by Assignor to Factor pursuant to this Section
8 shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information,
shall be available on the website of the Securities and Exchange Commission at http://www.sec.gov.

 

SECTION 9. ATTORNEY’S FEES AND EXPENSES

 

If Factor retains the
services of an attorney to enforce any obligation of Assignor to Factor under this Agreement following default by Assignor under
this Agreement, Factor shall be entitled to recover from Assignor all reasonable attorney’s fees, court costs and expenses,
regardless of whether or not an action is commenced.

 

SECTION 10. GOVERNING LAW AND CONSENT
TO JURISDICTION

 

10.1 This Agreement
is accepted and made in the state of Kansas and this Agreement and the rights of the parties hereunder shall be interpreted under
and governed as to construction, enforcement and validity by the laws of the state of Kansas.

 

10.2 Factor and Assignor
agree that any legal suit, action or proceeding arising out of or related to this Agreement shall be instituted, heard and resolved
solely and exclusively in a State or Federal Court in or for Johnson County, Kansas. Factor and Assignor submit to the jurisdiction
of the State and Federal Courts for Johnson County, Kansas for the purpose of deciding any questions, disputes or causes, arising
under this Agreement, and in the event Assignor is not qualified to do business in the State of Kansas, the Secretary of State
of the State of Kansas is hereby designated as Assignor’s agent for service of process for any actions commenced under or
to enforce this Agreement in the State of Kansas, provided that a copy of any such process shall be mailed to Assignor in accordance
with the notice provisions of this Agreement.

 

    	 	6	 

     

    

 

 

SECTION 11. TERMINATION

 

11.1 This Agreement
shall have an initial term of twenty-four (24) months from the Effective Date (the “Original Term”). Thereafter, the
Agreement shall automatically renew for successive periods of twelve (12) months (“Renewal Periods”), unless sooner
terminated as hereinafter provided. Assignor may terminate this Agreement other than at the end of the applicable Original Term
or Renewal Period by providing Factor at least thirty (30) days prior written notice and paying Factor an early termination fee
equal to (i) two percent (2.0%) of the average monthly amount purchased during the term of the Agreement if Assignor exercises
this option during the first 12 month period of the Original Term, or (ii) one percent (1.0%) of the average monthly amount purchased
during the term of the Agreement if Assignor exercises this option during the second 12 month period of the Original Term or during
a subsequent Renewal Period (the “Early Termination Fee”). Any such termination shall be effective upon payment to
Factor in full of all obligations under this Agreement, including the applicable Early Termination Fee. In addition to the foregoing,
Factor may terminate this Agreement at any time upon ninety (90) days prior written notice to Assignor; provided however, that
this Agreement shall terminate immediately, at the option of Factor, upon the filing of a petition in bankruptcy by or against
the Assignor or upon any default or breach of this Agreement by Assignor (each an “Event of Default”). Upon notice
of termination following an Event of Default, all obligations under the Agreement, including the Early Termination Fee, shall be
due and payable in full and such obligations shall survive this Agreement. Assignor acknowledges and agrees that the Early Termination
Fee payable under this section represents a reasonable and genuine estimate of liquidated damages to Factor. Assignor hereby acknowledges
and agrees that Factor will incur significant time and expense setting up this financing relationship (the “Due Diligence
Expenses”).  In the event that Factor does not purchase any Accounts from Assignor under this Agreement for any reason
out of the control of Factor (including, but not limited to, the inability of Assignor to completely terminate its relationship
with another financing company), Assignor hereby agrees to pay Factor a fee equal to $5,000.00 to cover the Due Diligence Expenses.

 

11.2 All of the Assignor’s
covenants, warranties and agreements under this Agreement made to Factor, and all rights and remedies of the Factor under this
Agreement, shall survive the termination of this Agreement and shall continue in full force and effect until all Accounts purchased
hereunder are paid in full and all debts and obligations to of Assignor to Factor hereunder have been satisfied in full. Upon
termination Assignor shall remain liable to Factor for any and all unpaid Accounts, and for all other amounts and monies as may
be owed to Factor under the terms and conditions of this Agreement. Upon termination, any security reserve and any other funds
or monies from any source whatsoever which would otherwise be owing to Assignor by Factor may be retained by Factor until such
time as all obligations and debts of Assignor to Factor have been fully satisfied, and Factor’s security interest provided
in Section 4 hereof shall continue until all obligations of Assignor to Factor are paid in full. Factor shall have the right, in
its sole discretion, to set off against the security reserve and any other sums owing to Assignor by Factor all obligations and
debts of Assignor to Factor.

 

11.3 Notwithstanding
anything to the contrary contained in this Agreement, if during any calendar month during the terms of this Agreement, Factor declines
to purchase at least seventy percent (70%) of the Accounts (not including the Excluded Accounts) presented to Factor for purchase
during such month, Assignor may terminate this Agreement by providing Factor at least thirty (30) days prior written notice of
termination without premium or penalty including, without limitation, the Early Termination Fees. Such termination shall be effective
upon payment to Factor in full of all obligations of Assignor under this Agreement (excluding any Early Termination Fee). Upon
payment in full to Factor of all obligations of Assignor under this Agreement, Factor shall promptly terminate all financing statements
filed by Factor showing Factor, as secured party, and Assignor, as debtor.

 

    	 	7	 

     

    

 

SECTION 12. MODIFICATION,
SEVERABILITY, SUCCESSORS AND ASSIGNS, ETC.

 

This Agreement may
be modified only by written instrument signed by the parties hereto. In the event that any one or more of the provisions contained
in this Agreement should be held by any court of competent jurisdiction to be unenforceable, the holding or decision shall not
affect or impair any of the other provisions of this Agreement. This Agreement supersedes all prior agreements between the parties,
and shall bind the successors and assigns of Assignor and shall inure to the benefit of the successors and assigns of Factor. As
used in this Agreement, the singular shall be deemed to include the plural and vice versa, and the neuter shall be deemed to include
the masculine or feminine, and vice versa.

 

SECTION 13. NO DELAY

 

13.1 No delay or omission
on the part of Factor in enforcing or exercising any right hereunder shall operate as a waiver of such right or any other right.
The waiver by Factor of the breach by Assignor of any provision of this Agreement, or of Assignor’s compliance with such
provisions, shall not be construed as a waiver of any other breach or of the provision itself. No waiver or modification of the
Agreement shall be chargeable against Factor unless in writing, signed by Factor and delivered by Factor to Assignor.

 

13.2 The waiver, compromise,
discharge, extension or release by Factor, of any duty or obligation of any Account Debtor shall not reduce, diminish, limit, or
restrict in any way Assignor’s obligations and liabilities to Factor.

 

 

SECTION 14. NOTICE

 

Notices under this
Agreement shall be in writing and shall be hand delivered, mailed postage prepaid, registered or certified mail, return receipt
requested, or sent by overnight delivery service, addressed to the addressees set forth below, or to such other address as either
party notifies the other in writing. All such notices shall be effective upon receipt if delivered by hand or overnight delivery
service; otherwise upon three (3) business days after the notice is placed in the U.S. Mail. Addresses for notices are as follows:

 

	In the case of Assignor, to:	In the case of Factor, to:
	CARTESIAN, INC.	RTS FINANCIAL SERVICE, INC.
	7300 COLLEGE BOULEVARD, STE 302	9300 METCALF AVE.
	OVERLAND PARK, KANSAS  66210	OVERLAND PARK, KANSAS  66212
	TEL: (617) 999-1222	TEL:  (800)  860-7926

 

 

    	 	8	 

     

    

 

 

SECTION 15.  COUNTERPARTS; FACSIMILE
SIGNATURES

 

               
This Agreement may be executed in one or more counterparts and by different signatories thereto, all of which counterparts, when
taken together, shall constitute but one agreement.  This Agreement may be validly executed and delivered by facsimile, by
electronic mail in a pdf file, or by other electronic transmission and any such execution or delivery shall be fully effective
as if executed and delivered in person.

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their duly authorized officers, as of APRIL 21, 2016.

 

	 	 	ASSIGNOR:
	 	 	 
	 	 	CARTESIAN, INC.
	 	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 
	By: /s/ Carolyn
    Hughes                              	 	By: /s/ John Ferrara                                     
	Name (Print): Carolyn
    Hughes                   	 	John Ferrara
	Title: Office
    Manager                                  	 	Chief Financial Officer
	 	 	 
	 	 	 
	 	 	FACTOR:
	 	 	 
	 	 	RTS FINANCIAL SERVICE, INC.

 

	ATTEST:	 	 
	 	 	 
	By: /s/
    Ken Bowman                                  	 	By: /s/ Martin
    J. Ryan                                 
	Ken Bowman	 	Martin J. Ryan
	Vice President	 	President

 

 

    	 	9Exhibit 10.1

 

Escrow Agreement

 

THIS ESCROW AGREEMENT
(the “Agreement”) is made and dated as of April 21, 2016 by and among BIONIK LABORATORIES CORP., a Delaware
corporation (“Bionik”), RUSKIN MOSCOU FALTISCHEK, P.C., a New York professional corporation, as Escrow
Agent (the “Escrow Agent”), and HERMANO IGO KREBS, acting as Stockholders’ Representative (the
“Stockholders’ Representative”) by virtue of the Agreement and Plan of Merger, dated as of March 1, 2016,
(the “Merger Agreement”).

 

WITNESSETH:

 

WHEREAS, Bionik,
Interactive Motion Technologies, Inc., a Massachusetts corporation (the “Company”) Bionik Mergerco Inc. (“Mergerco”)
and the Stockholders’ Representative have entered into the Merger Agreement, providing for the merger of Mergerco with and
into the Company, and in connection with which the Stockholders of the Company shall receive as consideration a number of shares
of Common Stock of Bionik (the “Bionik Common Stock”) as set forth in the Merger Agreement;

 

WHEREAS, pursuant
to the Merger Agreement, the parties thereto have agreed that the rights of indemnification under Article VI of the Merger
Agreement shall survive the consummation of the transactions contemplated by the Merger Agreement as provided therein and shall
be secured, pursuant to this Agreement, by certain shares of Bionik Common Stock (together with any accumulations thereto as provided
herein, the “Escrow Shares”), to be registered in the name of the Escrow Agent, as escrow agent hereunder, and
deposited in escrow with the Escrow Agent;

 

WHEREAS, the
Escrow Agent is willing to act in the capacity of Escrow Agent hereunder subject to, and upon the terms and conditions of this
Agreement;

 

WHEREAS, pursuant
to the Merger Agreement, the Stockholders’ Representative has been appointed as the Stockholders’ attorney-in-fact
and authorized and empowered to act, for and on behalf of any or all of the Stockholders (with full power of substitution in the
premises) in connection with the indemnity provisions of the Merger Agreement, this Escrow Agreement, and such other matters as
are reasonably necessary for the consummation of the transactions contemplated hereby and thereby; and

 

WHEREAS, capitalized
terms used and not defined herein have the meanings assigned to such terms in the Merger Agreement.

 

NOW, THEREFORE,
in consideration of the promises, covenants and agreements set forth in this Agreement and of other good and valuable consideration,
the receipt and legal sufficiency of which they hereby acknowledge, and intending to be legally bound hereby, and as an inducement
for the execution and delivery of the Merger Agreement, Bionik, the Escrow Agent and the Stockholders’ Representative hereby
agree as follows:

 

    	 	 	 

     

    

 

ARTICLE 1

 

DESIGNATION OF ESCROW AGENT AND CAPITAL
SHARES SUBJECT TO ESCROW

 

1.1            Designation
of Escrow Agent. Bionik and the Stockholders’ Representative hereby mutually designate and appoint Ruskin Moscou
Faltischek, P.C., as Escrow Agent for the purposes set forth herein. The Escrow Agent hereby accepts such appointment in accordance
with the terms and conditions provided in this Agreement.

 

1.2            Capital
Stock Subject to Escrow. In accordance with Section 6.2 of the Merger Agreement, Bionik shall, promptly after the
date hereof, issue and deliver, or cause to be delivered, on behalf of the Stockholders to the Escrow Agent one or more stock certificates
(the “Escrow Certificates”), each of which shall be registered in the name of the Escrow Agent as escrow agent
hereunder evidencing the Escrow Amount. The Escrow Agent shall hold and distribute the Escrow Certificates and Escrow Shares in
accordance with the terms hereof.

 

1.3            Value
of Escrow Shares. For all purposes pursuant to this Agreement, including without limitation the distribution of Escrow
Shares, the value of each Escrow Share shall be equal to the Per Share Price (as adjusted for stock dividends, stock splits or
combinations affecting the Escrow Shares).

 

ARTICLE 2

 

TREATMENT OF ACCUMULATIONS TO ESCROW
SHARES

 

2.1            Escrow
Period; Distribution Upon Termination of Escrow Periods. Subject to the following requirements, the Escrow Fund shall be
in existence immediately following the Closing Date and shall terminate on such date as there are not Escrow Shares or other funds
or assets held by the Escrow Agent in the Escrow Fund (the “Escrow Period”).

 

(i)            On the
first anniversary of the date hereof (the “Escrow Release Date”), the Escrow Fund shall be delivered by the
Escrow Agent in accordance with the provisions of Section 2.l(ii) below, provided, however, that the Escrow Release Date
shall not apply with respect to any amount which, in the reasonable judgment of Bionik, is necessary to satisfy any Losses incurred
by Bionik (or properly accrued in accordance with GAAP applied on a consistent basis for a Loss that Bionik reasonably believes
it will have to pay with respect to a third-party claim of which Bionik has received notice prior to the Escrow Release Date and
specified in any Officer’s Certificate (as defined below) delivered to the Escrow Agent prior to the Escrow Release Date
with respect to facts and circumstances existing prior to the Escrow Release Date).

 

(ii)            The
Escrow Agent shall promptly deliver to Bionik’s transfer agent, for distribution to the Stockholders, the remaining portion
of the Escrow Fund not required to satisfy the claims referred to in Section 2.1(i) above following the Escrow Release Date.
The number of Escrow Shares to be released to each Stockholder shall be rounded up to the next whole share to avoid the release
of fractional shares. As soon as all such claims have been resolved and obligations have been satisfied, the Escrow Agent shall
deliver to Bionik’s transfer agent for distribution to the Stockholders all portions of the Escrow Fund not required to satisfy
such claims.

 

    	 	2	 

     

    

 

2.2            Protection
of Escrow Fund.

 

(a)            The Escrow Agent
shall hold and safeguard the Escrow Fund during the Escrow Period, shall treat such fund as a trust fund for the benefit of the
Stockholders in accordance with the terms of this Agreement and not as the property of Bionik, and shall hold and dispose of the
Escrow Fund only in accordance with the terms hereof.

 

(b)            Any shares of
Bionik Common Stock or other equity securities issued or distributed by Bionik (including shares issued upon a stock split) (“New
Shares”) in respect of Bionik Common Stock in the Escrow Fund which have not been released from the Escrow Fund shall
be added to the Escrow Fund and become a part thereof. New Shares issued in respect of shares of Bionik Common Stock which have
been released from the Escrow Fund shall not be added to the Escrow Fund but shall be distributed to the record holders thereof.
Cash dividends, if any, on Bionik Common Stock shall not be added-to the Escrow Fund but shall be distributed to the Stockholders
in proportion to their respective original contributions to the Escrow Fund.

 

(c)            Each Stockholder
shall have voting rights and the right to distributions of cash dividends with respect to the Escrow Shares contributed to the
Escrow Fund by such Stockholder (and on any voting securities added to the Escrow Fund in respect of such shares of Bionik Common
Stock). As the record holder of such shares, the Escrow Agent shall vote such shares in accordance with the instructions of the
Stockholders having the beneficial interest therein and shall ensure that copies of all proxy solicitation materials are promptly
delivered to such Stockholders.

 

2.3            Additional
Property Subject to Escrow. If at any time after the date hereof and prior to the distribution of the Escrow Shares any
of the Stockholders shall become entitled to receive or shall receive in connection with the Escrow Shares any (i) non-taxable
distribution of securities of Bionik or of any other entity including, without limitation, any certificate in connection with any
increase or reduction of capital, reclassification, recapitalization, merger, business combination, consolidation, sale of assets,
stock split-up or spin-off; or (ii) any non-taxable distribution of stock options, warrants or rights, whether as an addition to
or in substitution of or exchange for any of the Escrow Shares; or (iii) non-taxable stock dividend or other non-taxable distribution
payable in securities or property of any description, all of the shares of capital stock, or other property resulting from any
such distribution, stock option, warrant, right or stock dividend shall be deemed to be Escrow Shares and shall be subject to the
terms hereof to the same extent as the original Escrow Shares. Any cash dividends and any taxable stock dividends paid with respect
to the Escrow Shares shall be paid to the Stockholders in accordance with their respective proportionate interests in the Escrow
Shares and any taxable stock dividends. Each of the Stockholders shall recognize as income on a current basis all of the cash dividends
which such Stockholder is entitled to receive and for any non-cash dividend and any other non-taxable distribution shall, through
the Stockholders’ Representative, execute stock powers or other appropriate instruments of transfer for all shares, options,
warrants or rights as required for transfer.

 

    	 	3	 

     

    

 

2.4            Retained
Voting and Other Rights. The Escrow Agent shall hold the Escrow Shares and any additional property acquired with respect
thereto pursuant to Section 2.3 above in safekeeping and dispose thereof only in accordance with the terms of this Agreement.
The Escrow Agent may treat the Stockholders’ Representative as the duly authorized agent and representative of the Stockholders
with respect to any additional property related to the Escrow Shares. The Escrow Agent shall hold the Escrow Shares in accordance
with each Stockholder’s proportionate interest in the Escrow Shares and shall (to the extent legally permissible) vote the
Escrow Shares in accordance with the written instructions of the Stockholder for whose account such Escrow Shares are held.

 

ARTICLE 3

 

DISTRIBUTION OF ESCROW SHARES UPON
TERMINATION OF THE AGREEMENT

 

3.1            Third-Party
Claims. In the event Bionik becomes aware of an event that Bionik reasonably believes may result in a demand against the
Escrow Fund, Bionik will notify the Stockholders’ Representative of such claim. The Stockholders’ Representative will
then have the right, upon written notice to Bionik within twenty (20) Business Days after Bionik has notified the Stockholders’
Representative of such claim, to defend, contest, negotiate or settle any such claim or demand through counsel of its own selection
(who shall be reasonably acceptable to Bionik), at the Stockholders’ own cost and expense, which costs and expenses will
be payable out of the Escrow Fund and Bionik shall cooperate with and assist the Stockholders’ Representative in the defense
of such claim or demand. Notwithstanding the preceding sentence, the Stockholders’ Representative will not settle, compromise,
or offer to settle or compromise any such claim or demand without the prior written consent of Bionik, which consent will not be
unreasonably withheld, provided that no such consent shall be required if such settlement, offer to settle or compromise includes
an unconditional release of Bionik. If the Stockholders’ Representative does not give notice to Bionik within twenty Business
Days after Bionik has notified the Stockholders’ Representative that any such claim or demand has been made in writing that
the Stockholders’ Representative elects to defend, contest, negotiate, or settle any such claim or demand, then Bionik will
have the right to contest and/or settle any such claim or demand and the Stockholders’ Representative shall cooperate with
and assist Bionik in the defense of such claim or demand, provided, however, that Bionik will not settle, compromise, or offer
to settle or compromise any such claim or demand without the prior written consent (which may include a general or limited consent)
of the Stockholders’ Representative, which consent will not be unreasonably withheld. Notwithstanding the foregoing, any
conflict or ambiguity between this Section 3.1 and the terms of the Merger Agreement will be determined in favor of the provisions
set forth in the Merger Agreement. In the event that the Stockholders’ Representative has consented to any settlement, the
Stockholders shall have no power or authority to object under any provision of this Agreement to the amount of such settlement.

 

    	 	4	 

     

    

 

3.2            Claims
Upon Escrow Fund.

 

(a)            From time to time,
Bionik may provide to the Escrow Agent a certificate signed by any officer of Bionik (an “Officer’s Certificate”):
(A) stating that Bionik (i) has incurred a Loss for which Bionik is entitled to indemnification under the Merger Agreement, or
(ii) has properly accrued (or reasonably anticipates that it will have to accrue) in accordance with GAAP applied on a consistent
basis, for a Loss that Bionik reasonably believes it will have to pay with respect to a third-party claim of which Bionik or the
Company has received notice prior to the Escrow Release Date with respect to facts and circumstances existing prior to the Escrow
Release Date, and (B) specifying in reasonable detail the matter for which it claims entitlement for indemnification and/or the
individual items of Losses included in the amount so stated, the date each such item was paid or properly accrued or the basis
for such anticipated accrual, and the nature of the misrepresentation, breach of warranty or covenant to which such item is related.
Upon receipt of an Officer’s Certificate, the Escrow Agent shall deliver to Bionik, as promptly as practicable, but subject
to Section 3.3 and Section 3.4 below, an amount equal to the Escrow Payment (as defined below) in the manner set
forth in the immediately following sentence. The Escrow Agent shall allocate any amount of Loss it is required to reimburse to
Bionik in accordance with this Agreement based on the number of shares of Bionik Common Stock held in the Escrow Fund for the benefit
of each Stockholder (each of which shall be valued at the Per Share Price in accordance with Section 1.3 hereof). Any Escrow Shares
used to satisfy an Escrow Payment and delivered to Bionik out of the Escrow Fund shall reduce each such Stockholder’s interest
in the Escrow Fund in the form of Bionik Common Stock in proportion to such Stockholder’s respective original contributions
to the Escrow Fund. Notwithstanding anything herein to the contrary, the Escrow Agent shall rely conclusively on the Officer’s
Certificate and shall have no responsibility to determine whether the information set forth therein is accurate or correct, or
whether the claim has been specified in reasonable detail.

 

(b)            “Escrow
Payment” shall mean such number of Escrow Shares out of the Escrow Fund (each of which shall be valued at the Per Share
Price in accordance with Section 1.3 hereof) with an aggregate value equal to the Losses actually incurred by Bionik for
which the Escrow Payment is being made, rounded up to the next whole share to avoid the release of fractional shares (the “Payment
Shares”); provided, however, that in no event shall the Escrow Payment exceed the number of Escrow Shares in the Escrow
Fund at the time of such Escrow Payment. The Escrow Agent shall not deliver to Bionik any Escrow Shares until Bionik has actually
incurred a Loss for which it is entitled to indemnification (which shall be stated in an Officer’s Certificate), but the
Escrow Agent shall withhold from any distribution to the Stockholders a number of Escrow Shares having an aggregate value equal
to any accrual for Loss described in an Officer’s Certificate in accordance with clause (A)(ii) of Section 3.2(a) above.

 

3.3            Notification
of Stockholders’ Representative. At the time of delivery of any Officer’s Certificate to the Escrow Agent,
a duplicate copy of such certificate shall be delivered to the Stockholders’ Representative (with proof of such delivery
to the Escrow Agent (which proof of delivery may consist of a photocopy of the registered or certified mail or overnight courier
receipt of the signed receipt if delivered by hand) (the “Proof of Delivery”); and for a period of thirty (30)
days after such delivery, the Escrow Agent shall make no delivery to Bionik of any Escrow Payment unless the Escrow Agent shall
have received written authorization from the Stockholders’ Representative to make such delivery. After the expiration of
thirty (30) days following the Escrow Agent’s receipt of the Officer’s Certificate, the Escrow Agent shall make delivery
of the Escrow Payment; provided, however, that no such payment or delivery may be made if the Stockholders’ Representative
shall object in a written statement to the claim made in the Officer’s Certificate, and such statement shall have been delivered
to the Escrow Agent prior to the expiration of such thirty (30) day period. The Escrow Agent shall have no responsibility to determine
whether a copy of the Officer’s Certificate was delivered to the Stockholders’ Representative other than confirming
it has received the Proof of Delivery from Bionik.

 

    	 	5	 

     

    

 

3.4            Resolution
of Conflicts. In case the Stockholders’ Representative shall object in writing to any claim or claims made in any
Officer’s Certificate, the Escrow Agent shall make no delivery of any Escrow Payment requested in the applicable Officers’
Certificate to Bionik and shall continue to hold the Escrow Fund until the Escrow Agent shall have received, with respect thereto
either (i) joint written instructions of Bionik and the Stockholders’ Representative or (ii) a final unappealable order or
award of a court of competent jurisdiction. The Stockholders’ Representative and Bionik shall attempt in good faith to agree
upon the rights of the respective parties with respect to each of such claims. If the Stockholders’ Representative and Bionik
should so agree, a memorandum setting forth such agreement shall be prepared and signed by both parties and shall be furnished
to the Escrow Agent.

 

ARTICLE 4

 

ESCROW AGENT

 

4.1            Escrow
Agent’s Duties.

 

(a)            The Escrow Agent
(i) shall be obligated only for the performance of such duties as are specifically set forth herein, and as set forth in any additional
written escrow instructions which the Escrow Agent may receive after the date of this Agreement which are signed by an officer
of Bionik and the Stockholders’ Representative, and shall have no duty to exercise any greater degree of care with respect
to the Escrow Fund that it would for its own property and this Agreement shall not be deemed to create a fiduciary duty between
the parties under state or federal law, (ii) may rely and shall be protected in relying or refraining from acting on any instrument
reasonably believed to be genuine and to have been signed or presented by the proper party or parties, and (iii) shall not be obligated
to take any legal or other action hereunder which might in its judgment involve or cause it to incur any expense or liability unless
it shall have been provided with acceptable indemnification. The Escrow Agent may rely on the Stockholders’ Representative
as the exclusive agent of the Stockholders under this Agreement and the Merger Agreement and shall incur no liability to any party
with respect to any action taken or suffered by it in good faith in reliance thereon. The Escrow Agent shall not be liable for
any act done or omitted hereunder as Escrow Agent while acting in good faith and in the exercise of reasonable judgment, and any
act done or omitted pursuant to the advice of counsel shall be conclusive evidence of such good faith. The Escrow Agent is not
a party to nor shall be liable for any of the agreements referred to or described herein (including, without limitation, the Merger
Agreement).

 

(b)            The Escrow Agent
is hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person, and
is hereby expressly authorized to comply with and obey any final non-appealable orders, judgments or decrees of any court. In case
the Escrow Agent obeys or complies with any such order, judgment or decree of any court, the Escrow Agent shall not be liable to
any of the parties hereto or to any other person by reason of such compliance, notwithstanding any such order, judgment or decree
being, subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction.

 

    	 	6	 

     

    

 

(c)            The Escrow Agent
shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or purporting
to execute or deliver this Agreement or any documents or papers deposited or called for hereunder.

 

(d)            The Escrow Agent
shall not be liable for the expiration of any rights under any statute of limitations with respect to this Agreement or any documents
deposited with the Escrow Agent.

 

(e)            In performing
any duties under this Agreement, the Escrow Agent shall not be liable to any party for damages, losses, or expenses, except for
negligence or willful misconduct on the part of the Escrow Agent. The Escrow Agent shall not incur any such liability for any action
taken or omitted in reliance upon any instrument, including any written statement or affidavit provided for in this Agreement that
the Escrow Agent shall in good faith believe to be genuine, nor will the Escrow Agent be liable or responsible for forgeries, fraud,
impersonations, or determining the scope of any representative authority. In addition, the Escrow Agent may consult with legal
counsel in connection with Escrow Agent’s duties under this Agreement and shall be fully protected in any act taken, suffered,
or permitted by it in good faith in accordance with the advice of counsel. The Escrow Agent is not responsible for determining
and verifying the authority of any person acting or purporting to act on behalf of any party to this Agreement, provided such determination
or verification is in good faith.

 

(f)            If any controversy
arises between the parties to this Agreement, or with any other party, concerning the subject matter of this Agreement, its terms
or conditions, the Escrow Agent will not be required to resolve the controversy or to take any action regarding it. The Escrow
Agent may hold all documents and Escrow Shares and may wait for settlement of any such controversy by final appropriate legal proceedings
or other means as, in the Escrow Agent’s discretion, the Escrow Agent may reasonably require, despite what may be set forth
elsewhere in this Agreement. In such event, the Escrow Agent will not be liable for any damages. Furthermore, the Escrow Agent
may at its option, file an action of interpleader requiring the parties to answer and litigate any claims and rights among themselves.
The Escrow Agent is authorized to deposit with the clerk of the court all documents and Escrow Shares held in escrow, except all
costs, expenses, charges and reasonable attorney’s fees incurred by the Escrow Agent due to the interpleader action and which
the parties jointly and severally agree to pay. Upon initiating such action, the Escrow Agent shall be fully released and discharged
of and from all obligations and liability by the terms of this Agreement with regard to the Escrow Shares.

 

(g)            The parties and
their respective successors and assigns agree jointly and severally to indemnify and hold Escrow Agent harmless against any and
all losses, claims, damages, liabilities, and expenses, including reasonable costs of investigation, counsel fees, including allocated
costs of in-house counsel and disbursements that may be imposed on Escrow Agent or incurred by Escrow Agent in connection with
the performance of its duties under this Agreement, including but not limited to any litigation or arbitration arising from this
Agreement or involving its subject matter other than arising out of its negligence or willful misconduct.

 

    	 	7	 

     

    

 

(h)            The Escrow Agent
may resign at any time upon giving at least thirty (30) days written notice to the parties; provided, however, that no such resignation
shall become effective until the appointment of a successor escrow agent which shall be accomplished as follows: the parties shall
use their reasonable best efforts to mutually agree on a successor escrow agent within thirty (30) days after receiving such notice.
If the parties fail to agree upon a successor escrow agent within such time, the Escrow Agent shall have the right to appoint a
successor escrow agent or the Escrow Agent may apply to a court of competent jurisdiction for appointment of a successor escrow
agent. The successor escrow agent shall execute and deliver an instrument accepting such appointment and it shall, without further
acts, be vested with all the estates, properties, rights, powers, and duties of the predecessor escrow agent as if originally named
as Escrow Agent. Upon appointment of a successor escrow agent, the Escrow Agent shall be discharged from any further duties and
liability under this Agreement.

 

4.2            Fees.
All fees of the Escrow Agent for performance of its duties hereunder shall be paid by Bionik in accordance with the fee schedule
of the Escrow Agent attached hereto, which schedule may be subject to change hereafter on an annual basis subject to Bionik’s
prior approval. It is understood that the fees and usual charges agreed upon for services of the Escrow Agent shall be considered
compensation for ordinary services as contemplated by this Agreement. In the event that the conditions of this Agreement are not
promptly fulfilled, or if the Escrow Agent renders any service not provided for in this Agreement, or if the parties request a
substantial modification of its terms, or if any controversy arises, or if the Escrow Agent is made a party to, or intervenes in,
any litigation or arbitration pertaining to the Escrow Fund or its subject matter, the Escrow Agent shall be reasonably compensated
for such extraordinary services and reimbursed for all costs, attorney’s fees, including allocated costs of in-house counsel,
and expenses occasioned by such default, delay, controversy or litigation or arbitration.

 

4.3            Consequential
Damages. Subject to the provisions of Section 4.l(e) hereof, in no event shall the Escrow Agent be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow
Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

4.4            Successor
Escrow Agents. Any corporation into which the Escrow Agent in its individual capacity may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Escrow Agent
in its individual capacity shall be a party, or any corporation to which substantially all the corporate trust business of the
Escrow Agent in its individual capacity may be transferred, shall be the Escrow Agent under this Escrow Agreement without further
act.

 

4.5            The parties
hereto each acknowledges that the Escrow Agent has represented Bionik as legal counsel with respect to the Merger Agreement and
in the transactions contemplated by the Merger Agreement, and may continue to represent Bionik in these and other matters. The
Stockholders’ Representative shall not seek to disqualify Escrow Agent from acting as legal counsel to Bionik in any proceeding
between Bionik on the one hand, and the Stockholders’ Representative or any other person or entity on the other hand.

 

    	 	8	 

     

    

 

ARTICLE 5

 

[INTENTIONALLY OMITTED]

 

ARTICLE 6

 

MISCELLANEOUS

 

6.1            Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of Stockholders (by and through the Stockholders’
Representative), Bionik and the Escrow Agent, and their respective successors and assigns, whether so expressed or not.

 

6.2            Waiver
of Consent. No failure or delay on the part of any party hereto in exercising any power or right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereunder are cumulative and not exclusive of any rights or remedies which they would
otherwise have. No modification or waiver of any provision of this Agreement, nor consent to any departure by any party therefrom,
shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. No notice to or demand on any party in any case shall entitle such party
to any other or further notice or demand in similar or other circumstances.

 

6.3            Captions.
The Article and Section captions used herein are for reference purposes only and shall not in any way affect the meaning or interpretation
of this Agreement.

 

6.4            Notices.
Any notice or other communication required or permitted hereunder shall be sufficiently given if delivered in person or sent by
registered or certified mail or by recognized overnight courier, postage prepaid, addressed as follows:

 

If to Bionik, to:

 

Bionik Laboratories
Corp.

483 Bay Street, N105

Toronto, Ontario M5G
2C9

Attention: Peter Bloch

 

with a copy to its
counsel: 

 

Ruskin Moscou Faltischek,
P.C.

East Tower, 15th
Floor

1425 RXR Plaza

Uniondale, New York
11556

Attention: Stephen
E. Fox, Esq.

 

    	 	9	 

     

    

 

if to the Escrow
Agent, to: 

 

Ruskin Moscou Faltischek,
P.C.

East Tower, 15th
Floor

1425 RXR Plaza

Uniondale, New York
11556

Attention: Stephen
E. Fox, Esq.

 

if to the Stockholders’
Representative, to: 

 

Hermano Igo Krebs

81 Lovell Road

Watertown, MA 02472

Email: hikrebs@mit.edu

 

Such notice or communication shall be deemed
to have been given as of the date so delivered or mailed.

 

6.5            Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and each
of which shall be deemed an original.

 

6.6            Governing
Law. The interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by the
laws of the State of New York, without regard to the choice of law provisions thereof. The non-prevailing party in any dispute
arising hereunder shall bear and pay the costs and expenses (including without limitation reasonable attorneys’ fees and
expenses) incurred by the prevailing party or-parties in connection with resolving such dispute.

 

6.7            Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

6.8            Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent
of Bionik, the Stockholders’ Representative and the Escrow Agent, and any amendment or waiver hereunder shall be effective
and binding upon all Stockholders if signed by the Stockholders’ Representative.

 

    	 	10	 

     

    

 

6.9            Conflicts/Waiver.
The parties hereto acknowledge and agree that the Escrow Agent has prepared this Escrow Agreement. The other parties hereto acknowledge
that they have been informed of the inherent conflict of interest associated with the drafting of this Escrow Agreement by the
Escrow Agent. The parties hereto represent and warrant that they have had the opportunity to consult with legal counsel of their
choice regarding this Escrow Agreement and the potential and actual conflicts of interest which may exist or arise in connection
with the Escrow Agent’s representation of Bionik in connection with this Escrow Agreement. By executing this Escrow Agreement,
the parties hereto hereby waive any actual or potential conflicts of interest which may exist or arise as a result of such legal
representation and consent to the Escrow Agent’s representation of the Company.

 

[Remainder of Page Intentionally Left
Blank]

 

 

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
Bionik and the Escrow Agent have caused their corporate names to be hereunto subscribed by their respective officers thereunto
duly authorized, and the Stockholders’ Representative has executed this Agreement, all as of the day and year first above
written.

 

	 	BIONIK LABORATORIES
CORP.	 
	 	   	 
	 	   	 
	 	By: 	/s/ Peter Bloch	 
	 	   	Name: Peter Bloch
Title: CEO	 
	 	   	   	 
	 	   	   	 
	 	STOCKHOLDERS’ REPRESENTATIVE:	 
	 	     	    	 
	 	  	    	 
	 	/s/ Hermano Igo Krebs	 
	 	Name: Hermano Igo Krebs	 
	 	    	    	 
	 	    	    	 
	 	RUSKIN MOSCOU FALTISCHEK,
P.C.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Stephen Fox	 
	 	 	Name: Stephen Fox
Title: Partner	 

 

    	 	12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}]]