Document:

Filed by sedaredgar.com - Anavex Life Sciences Corp. - Exhibit 10.2

CHIEF EXECUTIVE OFFICER CONSULTING AGREEMENT

     THIS AGREEMENT (the “Agreement”)
is made and entered into this 12th day of June, 2009, by and between
Anavex Life Sciences Corp., a Nevada corporation (the "Company"), and Herve de
Kergrohen (hereinafter the “Executive”). 

W I T N E S S E T H:

     WHEREAS, Executive and the
Company deem it to be in their respective best interests to enter into an
agreement providing for the Company to retain the services of Executive pursuant
to the terms herein stated;

     NOW, THEREFORE, in consideration
of the premises and the mutual promises and agreements contained herein, it is
hereby agreed as follows:

1. Effective Date. This Agreement shall be effective as
of the 12th day of June, 2009, which date shall be referred to herein
as the "Effective Date".

2. Position and Duties.

     (a) The Company hereby retains
Executive as its Chief Executive Officer commencing as of the Effective Date for
the "Term of Agreement" (as herein defined below). In this capacity, Executive
shall (i) devote necessary business time required to perform the services, (ii)
devote his best efforts, skill, and energies to promote and advance the business
and/or interests of the Company, and (iii) perform faithfully the duties
assigned to him according to certain objectives to be decided by the Executive
and the Board. In addition, Executive will sit as a member on the Company Board
of Directors.

     (b) The Executive will carry out
his duties centrally from Geneva, Switzerland.

     (c) The Executive shall provide
in writing a Monthly Update Progress Report to the Board of Directors.

3. Compensation.

     (a) Consulting Fees. The Company
shall pay to Executive during the Term of Agreement, a consulting fee at the
rate CHF35,000 per month. 

Such fees shall be payable monthly and in accordance with the
Company's normal payroll procedures. (Executive's monthly fees, as set forth
above or as it may be increased from time to time as set forth herein, shall be
referred to hereinafter as "Base Fee"). 

     (b) Incentive Bonus. The Company
will pay to the Executive a CHF100,000 bonus on the annual anniversary of the
term of the Agreement.

     (c) Stock Options. The Company
shall grant to the Executive stock 700,000 common share purchase options
pursuant to the terms of Schedule 1 as attached. Exercise price of options will
be set at $2.25.

     (d) Pay the Executive a 4%
finders bonus on up to the first $100 million and a 2% finders bonus on any
amounts that exceed $100 million of any funding (joint-venture, licensing,
and/or drug development funding) or trade sale secured from non-investment
banking enterprises as a direct result of introduction and closing by the
Executive. Payment due upon receipt of cash milestone payments to the
Company.

4. Benefits during the Term of Agreement.

     (a) The Company shall reimburse
Executive for reasonable business expenses incurred in performing Executive's
duties and promoting the business of the Company, including, but not limited to,
travel and lodging expenses, following presentation of documentation in
accordance with the Company's business expense reimbursement policies.

5. Term of Agreement. 

As used herein, the phrase "Term of Agreement" shall mean the
period commencing on the Effective Date and ending on the same date two (2)
years later; provided, however, that as of the expiration date of each of (i)
the initial Term of Agreement and (ii) if applicable, any Renewal Period (as
defined below), the Term of Agreement shall automatically be extended for a two
(2) year period (each a "Renewal Period") unless either the Company or Executive
provides Two (2) months' notice to the contrary. Notwithstanding the foregoing,
the Term of Agreement shall expire on the first to occur of the following:

6. Termination.

     6.1 The Company shall have the
right to terminate this Agreement hereunder with or without cause by giving
Employee 60 days prior written notice to that effect. Any such termination of
employment shall be effective on the date specified in such notice. For the
purpose of this Agreement, “for cause” shall mean (i) commission of a willful
act of dishonesty in the course of Employee’s duties hereunder, (ii) conviction
by a court of competent jurisdiction of a criminal offense or a crime
constituting a felony or conviction in respect of any act involving fraud,
dishonesty or moral turpitude resulting in Company’s detriment or reflecting
upon Company’s integrity (other than traffic infractions or similar minor
offenses), (iii) a material breach by Executive of the terms of this Agreement
or the Company’s Code of Conduct, as such may be amended from time to time.

     6.2 The Executive shall have the
right to terminate this Agreement hereunder for Good Reason. Any such
termination should entitle the Executive to the termination package of the
termination by the Company without cause as below. Good Reason means the
assignment to Executive of duties inconsistent in any material respect with the
position of CEO of the Company (including status, office, title and reporting
relationship), a material breach of this Agreement by the Company, any other
action by the Company which results in a material diminution in Executive
position, authority, duties, or responsibilities to the Company or a requirement
that the Executive relocate his business or residence (as a result of a move of
the companys’ principal offices) to a new location that is more than 50 miles
from Executive home residence, a merger, sale of all or substantially all of the
assets, or change of shareholder control of the Company.

7. Consideration. In the event of 6.1 (termination for
cause) as above any vested options not exercised shall become void and of no
further effect. All non-vested options at the time of termination or death shall
become immediately void and of no further effect. In the event of 6.1
(termination without cause) as above the Executive is entitled to a lump sum
payment equal to two months base fee if termination occurs before the
Contemplated Financing and entitled to four months base fee as well as the pro
rated amount of Incentive Bonus earned if terminated after the Contemplated
Financing. 

8. Intellectual Property. During the term of this
Agreement, Executive shall disclose immediately to Company all ideas and
inventions that he makes, conceives, discovers or develops during the course of
consulting with Company, including but not limited to any inventions,
modifications, discoveries, developments, improvements, trademarks, computer
programs, processes, products or procedures (collectively “Work Product”) that:
(i) relates to the business of Company; or (ii) results from tasks assigned to
Executive by Company; or (iii) results from the use of the premises or property
(whether tangible or intangible) owned, leased or contracted for or by Company.
Executive agrees that any Work Product shall be the sole and exclusive property
of Company without the payment of any royalty or other consideration except for
the compensation paid to Executive hereunder. Executive agrees that during the
term of this Agreement and thereafter, upon the request of Company and at its
expense, he shall execute and deliver any and all applications, assignments and
other instruments which Company shall deem necessary or advisable to transfer to
and vest in Company entire right, title and interest in and to all such ideas,
inventions, trademarks or other developments and to apply for and to obtain
patents or copyrights for any such patentable or copyrightable ideas,
inventions, trademarks and other developments.

9. Non-Disclosure of Information. Executive acknowledges
that by virtue of his position he will be privy to Company’s confidential
information and trade secrets, as they may exist from time to time, and that
such confidential information and trade secrets may constitute valuable,
special, and unique assets of Company (hereinafter collectively “Confidential
Information”). Accordingly, Executive shall not, during the Term and for a
period of one (1) year thereafter, intentionally disclose all or any part of the
Confidential Information to any person, firm, corporation, association or any
other entity for any reason or purpose whatsoever, nor shall Executive and any
other person by, through or with Executive, during the term and for a period of
one (1) year thereafter, intentionally make use of any of the Confidential
Information for any purpose or for the benefit of any other person or entity,
other than Company, under any circumstances.

10. Return of Company Documents: 

In the event Executive leaves the Company for whatever reason,
Executive agrees to deliver to Company any and all material containing or
disclosing any Company Inventions, third Party Information or Confidential
Information of Company.

11. Miscellaneous. 

     This Agreement shall also be
subject to the following miscellaneous considerations:

     (a) Executive and the Company
each represent and warrant to the other that he or it has the authorization,
power and right to deliver, execute, and fully perform his or its obligations
under this Agreement in accordance with its terms.

     (b) This Agreement (including
attached Schedule 1) contains a complete statement of all the arrangements
between the parties with respect to Executive's engagement by the Company, this
Agreement supersedes all prior and existing negotiations and agreements between
the parties concerning Executive's status and this Agreement can only be changed
or modified pursuant to a written instrument duly executed by each of the
parties hereto.

     (c) If any provision of this
Agreement or any portion thereof is declared invalid, illegal, or incapable of
being enforced by any court of competent jurisdiction, the remainder of such
provisions and all of the remaining provisions of this Agreement shall continue
in full force and effect.

     (d) This Agreement shall be
governed by and construed in accordance with the internal, domestic laws of the
State of Nevada, USA.

     (e) For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by registered mail, return
receipt requested, postage prepaid, addressed to the named Executive at the address set forth below under his signature; provided that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary of the
Company, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

     (f) Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

     (g) Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or
failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times.

     (i) This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

12. Legal and Equitable Remedies:

     Because the Executive's services are personal and unique, and because the Executive will have access to and become acquainted with Proprietary and Confidential Information of Company, Company will have the right to
enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief in any court of competent jurisdiction, without prejudice to any other rights and remedies that Company may have for a breach of this
Agreement.

13. Resolution of Disputes.

     Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively in the Canton of Geneva. 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

	EXECUTIVE 	COMPANY 
	  	Anavex Life Sciences Corp. 
	  	  
	BY: 	BY: 
	“Herve de Kergrohen” 	“Harvey Lalach” 
	  	  
	Herve de Kergrohen 	NAME: Harvey Lalach 
	  	-------------------------- 
	  	TITLE: President & Director 
	  	-------------------------- 
	ADDRESS: 	  

SCHEDULE 1

STOCK OPTION AGREEMENT

     This Stock Option Agreement is
made as of June 12, 2009 by and between Anavex Life Sciences Corp. (the
“Corporation”), and Herve de Kergrohen (the “Optionee”).

RECITALS

     A. The Corporation and the
Optionee have entered into a Consulting Agreement dated as of June 12, 2009 (the
“Consulting Agreement”) that provides for the grant of stock options to the
Optionee to purchase shares of the Corporation’s common stock (the “Shares”).
The stock options granted herein are being granted pursuant to the Consulting
Agreement. 

NOW THEREFORE, specifically incorporating these recitals
herein, it is agreed as follows: 

AGREEMENT

GRANT OF OPTIONS

     NUMBER OF SHARES. Subject to the
terms and conditions of this Agreement and the Employment Agreement, the
Corporation grants to Optionee, Options to purchase 700,000 (seven hundred
thousand) shares of the Corporation (the “Option Shares”). 

     EXERCISE PRICE. $2.25

     TERM. The Expiration Date for all
Options shall be June 12 , 2014.

     VESTING. The Options granted
herein vest in accordance with the milestones set out below:

     233,334 at at June 12,
2010
     233,333 at one or more compounds enter
Phase 2 trial 
     233.333 at one or more
compounds enter Phase 3 trial

     CONDITIONS OF OPTION. The Options
may be exercised immediately upon vesting, subject to the terms and conditions
as set forth in this Agreement and the Consulting Agreement.

EXERCISE OF OPTION

     DATE EXERCISABLE. The Options
shall become exercisable by Optionee in accordance with the vesting terms as
above.

     MANNER OF EXERCISE OF OPTIONS AND
PAYMENT FOR COMMON STOCK. The Options may be exercised by the Optionee, in whole
or in part, by giving written notice to the Secretary of the Corporation,
setting forth the number of Shares with respect to which Options are being
exercised. The purchase price of the Option Shares upon exercise of the Options
by the Optionee shall be paid in full in cash.

     STOCK CERTIFICATES. Promptly
after any exercise in whole or in part of the Options by Optionee, the
Corporation shall deliver to Optionee a certificate or certificates for the
number of Shares with respect to which the Options were so exercised, registered
in Optionee’s name.

NONTRANSFERABILITY

     RESTRICTION. The Options are not
transferable by Optionee.

NO RIGHTS AS SHAREHOLDER PRIOR TO EXERCISE

     Optionee shall not be deemed for
any purpose to be a shareholder of Corporation with respect to any shares
subject to the Options under this Agreement to which the Options shall not have
been exercised.

CHANGE OF CONTROL

Upon sale or change in shareholder control of the Company all
outstanding options issued to Optionee shall vest.

ADJUSTMENTS

     NO EFFECT ON CHANGES IN
CORPORATION’S CAPITAL STRUCTURE. The existence of the Options shall not affect
in any way the right or power of the Corporation or its shareholders to make or
authorize any adjustments, recapitalization, reorganization, or other changes in
the Corporation’s capital structure or its business, or any merger or
consolidation of the Corporation, or any issue of bonds, debentures, preferred
or preference stocks ahead of or affecting the Option Shares, or the dissolution
or liquidation of the Corporation, or any sale or transfer of all or any part of
its assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

     ADJUSTMENT TO OPTION SHARES. The
Option Shares are subject to adjustment upon recapitalization, reclassification,
consolidation, merger, reorganization, stock dividend, reverse or forward stock
split and the like. If the Corporation shall be reorganized, consolidated or
merged with another corporation, Optionee shall be entitled to receive upon the
exercise of the Option the same number and kind of shares of stock or the same
amount of property, cash or securities as Optionee would have been entitled to
receive upon the happening of any such corporate event as if Optionee had been,
immediately prior to such event, the holder of the number of Shares covered by
the Option.

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

Anavex Life Sciences Corp.

____________________________
Name: Harvey
Lalach 
Title: President

The undersigned Optionee hereby acknowledges receipt of an
executed original of this Stock Option Agreement, accepts the Options granted
there under, and agrees to the terms and conditions thereof and the related
Consulting Agreement.

OPTIONEE

____________________________
Herve de
Kergrohen

Anavex Life Sciences Corp.

NOTICE OF EXERCISE OF STOCK OPTION

The undersigned hereby exercises the Stock Options granted by
Anavex Life Sciences Corp. and seeks to purchase ____________________ shares of
Common Stock of the Corporation pursuant to said Options. The undersigned
understands that this exercise is subject to all the terms and provisions of the
Stock Option Agreement dated as of June 12, 2009 and of the Employment Agreement
referred to therein.

Enclosed is a check in the sum of US $_____________________ in
payment for such shares.

____________________
Signature of Optionee

Date:____________________Filed by sedaredgar.com - Anavex Life Sciences Corp. - Exhibit 10.3

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES INTO
WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION
TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION
S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933
ACT").

NONE OF THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES
INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE 1933
ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED
HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
HEDGING TRANSACTIONS INVOLVING THIS SECURITY AND THE SECURITIES INTO WHICH THIS
SECURITY IS CONVERTIBLE MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933
ACT. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE
1933 ACT.

Issue Date: June 3, 2009

Conversion Price (subject to adjustment herein):
$2.25 per Unit 

Principle Amount: US$500,000.00 

8% CONVERTIBLE LOAN

FOR VALUE RECEIVED, ANAVEX LIFE SCIENCES CORP., (the “
Company ”) promises to pay to VIVA HOLDINGS LTD. or its registered
assigns (the “ Holder ”), the principal sum of Five Hundred Thousand
Dollars ($500,000) in lawful currency of the United States (the “Principal
Amount” ) on demand provided, however, that, except in the event of a
default hereunder, demand for repayment shall not be made on or before a date
that is June 3, 2014 after the Issue Date or such earlier date as the
Convertible Loan may be permitted to be repaid as provided hereunder (the “
Maturity Date ”), and to pay interest to the Holder on the aggregate
unconverted and then outstanding principal amount of this Convertible Loan at
the rate of 8% per annum, payable on the earlier of (i) the Conversion Date (as
hereafter defined) (and subject in any event to the terms of Section 3, below)
and (ii) the Maturity Date. Interest shall be calculated on the basis of a
360-day year and shall accrue daily commencing on the Issue Date until payment
in full of the Principal Amount, together with all accrued and unpaid interest
and other amounts which may become due hereunder, has been made. Interest shall
cease to accrue with respect to any part of the Principal Amount converted,
provided that the Company in fact delivers the Units, comprising one Common
Share and one Warrant (each as defined below) within the time period required by
Section 3.3. Interest hereunder will be paid to the Person in whose name this
Convertible Loan is registered on the records of the Company regarding
registration and transfers of Convertible Loans.

The Company may prepay any portion of the principal amount
of this Convertible Loan without the prior written consent of the Holder by
giving the Holder at least ten (10) Business Days written notice. Any prepayment
is subject to a preemptive right of Holder to convert the prepayment amount per
the terms of Section 3.

This Convertible Loan is part of an offering in which all
Holders of such Convertible Loans are equal as to all rights and the amounts
owing to each will be treated pari passu. 

Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant (“Warrant”) exercisable at $3.00 (subject to adjustment) for a period of two years
from the Conversion Date (as hereafter defined). The form of Warrant Agreement and Certificate will be the form delivered by the Company on the Conversion Date. 

This Convertible Loan is subject to the following additional provisions:

	
1. 		
Subscription Agreement

	
	 	 	 	 
		
(a) 		
This Convertible Loan has been issued pursuant to a subscription agreement between the Company and the Holder dated June 3, 2009 (the “Subscription Agreement”) pursuant to which the Holder purchased this
Convertible Loan, and this Convertible Loan is subject in all respects to the terms of the Subscription Agreement and incorporates the terms of the Subscription Agreement to the extent that they do not conflict with the terms of this Convertible
Loan. This Convertible Loan is not transferable and may be exchanged or converted only in compliance with the terms hereof, the terms of the Subscription Agreement and applicable securities laws and regulations.

	
	 	 	 	 
	
2. 		
Events of Default

	
	 	 	 	 
		
(a) 		
“Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment,
decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

	
	 	 	 	 
			
(i) 		
any default in the payment of (A) the Principal Amount, or (B) interest on, or liquidated damages in respect of, this Convertible Loan, in each case free of any claim of subordination, as and when the same shall become due and
payable (whether on a Conversion Date or the Maturity Date or by acceleration or otherwise) which default, solely in the case of an interest payment or other default under item (B) above, is not cured within 10 Trading Days (as defined in Section
5.1(j), below) after notice of such default is sent by the Holder to the Company;

	
	 	 	 	 
			
(ii) 		
the Company shall fail to observe or perform any other covenant or agreement contained in this Convertible Loan or the Subscription Agreement [other than a breach by the Company of its obligations to deliver Units to the Holder
upon conversion which breach is addressed in Section 2.1(e) below] which failure is not cured, if possible to cure, within 10 calendar days after notice of such default is sent by the Holder to the Company;

	

	 		(iii) 	
      the Company or any of its subsidiaries (each a “
      Subsidiary ”) shall commence, or there shall be commenced against
      the Company or any Subsidiary a case under any applicable bankruptcy or
      insolvency laws as now or hereafter in effect or any successor thereto, or
      the Company or any Subsidiary commences any other proceeding under any
      reorganization, arrangement, adjustment of debt, relief of debtors,
      dissolution, insolvency or liquidation or similar law of any jurisdiction
      whether now or hereafter in effect relating to the Company or any
      Subsidiary or there is commenced against the Company or any Subsidiary any
      such bankruptcy, insolvency or other proceeding which remains undismissed
      for a period of 60 days; or the Company or any Subsidiary is adjudicated
      insolvent or bankrupt; or any order of relief or other order approving any
      such case or proceeding is entered; or the Company or any Subsidiary
      suffers any appointment of any custodian or the like for it or any
      substantial part of its property which continues undischarged or unstayed
      for a period of 60 days; or the Company or any Subsidiary makes a general
      assignment for the benefit of creditors; or the Company shall fail to pay,
      or shall state that it is unable to pay, or shall be unable to pay, its
      debts generally as they become due; or the Company or any Subsidiary shall
      call a meeting of its creditors with a view to arranging a composition,
      adjustment or restructuring of its debts; or the Company or any Subsidiary
      shall by any act or failure to act expressly indicate its consent to,
      approval of or acquiescence in any of the foregoing; or any corporate or
      other action is taken by the Company or any Subsidiary for the purpose of
      effecting any of the foregoing;

	 	 	 	 
	 		(iv) 	
      the Common Stock shall not be eligible for quotation on
      or quoted for trading on its principal trading market and shall not again
      be eligible for and quoted or listed for trading thereon within five
      Trading Days;

	 	 	 	 
	 		(v) 	
      the Company shall fail for any reason to deliver
      certificates to the Holder prior to the tenth Trading Day after a
      Conversion Date pursuant to and in accordance with Section 3.3 or the
      Company shall provide notice to the Holder, including by way of public
      announcement, at any time, of its intention not to comply with any request
      for conversion of this Convertible Loan in accordance with the terms
      hereof; or

	 	 	 	 
	 	(b) 	
      If any Event of Default occurs, the full Principal
      Amount, together with interest and other amounts owing in respect thereof
      to the date of acceleration shall become, at the Holder’s election,
      immediately due and payable in cash. Commencing 5 days after the
      occurrence of any Event of Default that results in the eventual
      acceleration of this Convertible Loan, the interest rate on this
      Convertible Loan shall accrue at the rate of 20% per annum, or such lower
      maximum amount of interest permitted to be charged under applicable law.
      Upon payment of the full Principal Amount, together with interest and
      other amounts owing in respect thereof, in accordance herewith, this
      Convertible Loan shall promptly be surrendered to or as directed by the
      Company. The Holder need not provide and the Company hereby waives any
      presentment, demand, protest or other notice of any kind, and the Holder
      may immediately and without expiration of any grace period enforce any and
      all of its rights and remedies hereunder and all other remedies available
      to it under applicable law. Such declaration may be rescinded and annulled
      by the Holder at any time prior to payment hereunder and the Holder shall
      have all rights as a Convertible Loan holder until such time, if any, as
      the full payment under this Section shall have been received by it. No
      such rescission or annulment shall affect any subsequent Event of Default
      or impair any right consequent thereon.

THE OBLIGATIONS UNDER THIS CONVERTIBLE LOAN AGREEMENT ARE
UNSECURED AGAINST THE ASSETS OF THE COMPANY AND THEREFORE OTHER CHARGES MAY HAVE
PRIORITY AGAINST THE COMPANY’S ASSETS BEFORE THE HOLDER OF THIS CONVERTIBLE
LOAN. THERE IS NO GUARANTEE THAT THE COMPANY WILL HAVE SUFFICIENT ASSETS UPON AN
EVENT OF DEFAULT TO PAY THE HOLDER WHAT IS OWED.

	3. 	
      Conversion

	 	 	 
		(a) 	
      At any time after the Issue Date until this Convertible
      Loan is no longer outstanding, this Convertible Loan may be converted into
      Units at the option of the Holder, in whole or in part at any time and
      from time to time. The Holder shall effect conversions by delivering to
      the Company the form of Notice of Conversion attached hereto as Annex A (a
      “Notice of Conversion”), specifying therein the principal amount to
      be converted. The date on which such conversion is to be effected (a
      “Conversion Date”) shall be the date that is ten (10) Business Days
      following delivery of the Notice of Conversion to the Company. To effect
      conversions hereunder, the Holder shall not be required to physically
      surrender the Convertible Loan to the Company unless the entire principal
      amount of this Convertible Loan plus all accrued and unpaid interest
      thereon has been so converted. Conversions hereunder shall have the effect
      of lowering the outstanding principal amount of this Convertible Loan in
      an amount equal to the applicable conversion. The Holder and the Company
      shall maintain records showing the principal amount converted and the date
      of such conversions. The Company shall deliver any objection to any Notice
      of Conversion within five (5) Business Days of receipt of such notice. The
      Holder, by acceptance of this Convertible Loan, acknowledges and agrees
      that, by reason of the provisions of this paragraph, following conversion
      of a portion of this Convertible Loan, the unpaid and unconverted
      principal amount of this Convertible Loan may be less than the amount
      stated on the face hereof.

	 	 	 
		(b) 	
      The number of Units issuable upon a conversion shall be
      determined by the quotient obtained by dividing (x) by (y)
      where (x) shall be equal to the outstanding principal amount of
      this Convertible Loan to be converted plus the amount of interest that has
      accrued thereon, and (y) is equal to the Conversion Price, as
      adjusted pursuant to this Convertible Loan.

	 	 	 
		(c) 	
      Not later than ten Trading Days after any Conversion
      Date, the Company will deliver to the Holder a certificate or
      certificates, which shall bear such restrictive legends required by the
      Subscription Agreement, representing the number of Units being acquired
      upon the conversion, including the conversion of accrued and unpaid
      interest through the Conversion Date.

	 	 	 
		(d) 	
      The conversion price in effect on any Conversion Date
      shall be equal to U.S. $2.25 (subject to adjustment
  herein).

	 	(e) 	
      If the Company or any subsidiary thereof, as applicable,
      at any time while this Convertible Loan is outstanding, shall sell or
      grant any option to purchase any Common Stock entitling any person to
      acquire shares of Common Stock (other than exercise of rights to acquire
      securities that were issued prior to the date of this Convertible Loan),
      at an effective price per share less than the Conversion Price (a
      “Dilutive Issuance” ), as adjusted hereunder, then the Conversion
      Price shall be reduced to equal the effective purchase price, conversion
      price or exercise price for such Common Stock at issue. Such adjustment
      shall be made whenever such Common Stock or Common Stock Equivalents are
      issued. In such case the Unit price will be reduced to equal the effective
      purchase price, conversion price or exercise price of the Dilutive
      Issuance and the Warrant exercise price will be adjusted to equal the
      Dilutive Issuance price plus 20%. The Company shall notify the Holder in
      writing, no later than the Business Day following the issuance of any
      Common Stock subject to this section, indicating therein the applicable
      price and other pricing terms. Notwithstanding the foregoing, the
      conversion of any instrument issued by the Company prior to the Issue Date
      of this Convertible Loan into Common Stock after the Issue date of this
      Convertible Loan, shall not constitute a Dilutive Issuance.

	 	 	 
	 	(f) 	
      If the Company, at any time while this Convertible Loan
      is outstanding: (A) shall pay a stock dividend or otherwise make a
      distribution or distributions in shares of its Common Stock or any other
      equity or equity equivalent securities payable in shares of Common Stock,
      (B) subdivide outstanding shares of Common Stock into a larger number of
      shares, (C) combine (including by way of reverse stock split) outstanding
      shares of Common Stock into a smaller number of shares, or (D) issue by
      reclassification of shares of the Common Stock any shares of capital stock
      of the Company, then the Conversion Price shall be multiplied by a
      fraction of which the numerator shall be the number of shares of Common
      Stock (excluding treasury shares, if any) outstanding before such event
      and of which the denominator shall be the number of shares of Common Stock
      outstanding after such event. Any adjustment made pursuant to this Section
      shall become effective immediately after the record date for the
      determination of stockholders entitled to receive such dividend or
      distribution and shall become effective immediately after the effective
      date in the case of a subdivision, combination or
  reclassification.

	 	 	 
	 	(g) 	
      The Company covenants that it will at all times reserve
      and keep available out of its authorized and unissued shares of Common
      Stock solely for the purpose of issuance upon conversion of the
      Convertible Loans, each as herein provided, free from preemptive rights or
      any other actual contingent purchase rights of Persons other than the
      Holder, not less than such number of shares of the Common Stock as shall
      (subject to any additional requirements of the Company as to reservation
      of such shares set forth in the Subscription Agreement) be issuable upon
      the conversion of the outstanding principal amount of the Convertible
      Loan. The Company covenants that all shares of Common Stock that shall be
      so issuable shall, upon issue, be duly and validly authorized, issued and
      fully paid and nonassessable.

	 	 	 
	 	(h) 	
      Upon a conversion hereunder the Company shall not be
      required to issue stock certificates representing fractions of shares of
      the Common Stock, and the Holder shall be entitled to receive, in lieu of
      any final fraction of a share in excess of 0.50, one whole share of Common
      Stock.

	
4. 		
Notices

	
	 	 	 	 
		
(a) 		
Any and all notices or other communications or deliveries to be provided by the Holders hereunder, including, without limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile or sent by a
nationally recognized overnight courier service, addressed to the Company, at Anavex Life Sciences Corp., 27 Marathonos Ave, 15351 Athens, Greece, Fax: +30 2106034028, Attn: President, Harvey Lalach or such other address or facsimile number
as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered
personally, by facsimile, sent by a nationally recognized overnight courier service addressed to the Holder at the facsimile telephone number or address of such Holder appearing on the books of the Company, or if no such facsimile telephone number
or address appears, at the principal place of business of the Holder. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this Section prior to 5:30 p.m. (Pacific Standard Time), (ii) the date after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section later than 5:30 p.m. (Pacific Standard Time) on any date and earlier than 11:59 p.m. (Pacific Standard Time) on such date, (iii) the second Business Day following the date of mailing, if sent by nationally
recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

	
	 	 	 	 
	
5. 		
Definitions

	
	 	 	 	 
		
(a) 		
For the purposes hereof, in addition to the terms defined elsewhere in this Convertible Loan: (i) capitalized terms not otherwise defined herein have the meanings given to such terms in the Subscription Agreement, and (ii) the
following terms shall have the following meanings:

	
	 	 	 	 
			
(i) 		
“Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or Canada or a day on which banking institutions in the State of New York or the
Province of British Columbia are authorized or required by law or other government action to close.

	
	 	 	 	 
			
(ii) 		
“Commission” means the Securities and Exchange Commission.

	
	 	 	 	 
			
(iii) 		
“Common Stock” means the common stock, par value $0.001 per share, of the Company and stock of any other class into which such shares may hereafter have been reclassified or changed.

	
	 	 	 	 
			
(iv) 		
“Conversion Date” shall have the meaning set forth in Section 3.1 hereof.

	
	 	 	 	 
			
(v) 		
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

	
	 	 	 	 
			
(vi) 		
“Issue Date” shall have the meaning shown on the first page of this Convertible Loan.

	
	 	 	 	 
			
(vii) 		
“Person” means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

	

	 	(viii) 	
      “Subscription Agreement” means the Securities
      Subscription Agreement, dated as of January 13, 2009, to which the Company
      and the Holder are parties, as amended, modified or supplemented from time
      to time in accordance with its terms.

	 	 	 
	 	(ix) 	
      “Securities Act” means the Securities Act of 1933,
      as amended, and the rules and regulations promulgated
thereunder.

	 	 	 
	 	(x) 	
      “Trading Day” means a day on which the shares of
      Common Stock are traded on a trading market on which the shares of Common
      Stock are then listed or quoted, provided , that in the event that the
      shares of Common Stock are not listed or quoted, then Trading Day shall
      mean a Business Day.

	6. 	Miscellaneous 
	  	   
	
      Except as expressly provided herein, no provision of this
      Convertible Loan shall alter or impair the obligation of the Company,
      which is absolute and unconditional, to pay the Principal Amount and
      interest on, this Convertible Loan at the time, place, and rate, in United
      States currency, as herein prescribed. This Convertible Loan is a direct
      debt obligation of the Company. As long as this Convertible Loan is
      outstanding, the Company shall not and shall cause it Subsidiaries not to,
      without the consent of the Holder, amend its certificate of incorporation,
      bylaws or other charter documents so as to materially and adversely affect
      any rights of the Holder. 

	
      
	
       

	
      7. 
	
      Replacement of Convertible Loan if lost or destroyed
    

	
      
	
       

	
      If this Convertible Loan shall be mutilated, lost, stolen
      or destroyed, the Company shall execute and deliver, in exchange and
      substitution for and upon cancellation of a mutilated Convertible Loan, or
      in lieu of or in substitution for a lost, stolen or destroyed Convertible
      Loan, a new Convertible Loan for the principal amount of this Convertible
      Loan so mutilated, lost, stolen or destroyed but only upon receipt of
      evidence of such loss, theft or destruction of such Convertible Loan, and
      of the ownership hereof, and indemnity, if requested, all reasonably
      satisfactory to the Company. 

	
      
	
       

	
      8. 
	
      Other Indebtedness 

	
      
	
       

	
      So long as any portion of this Convertible Loan is
      outstanding, the Company will not and will not permit any Subsidiary or
      other affiliate to, directly or indirectly, enter into, create, incur,
      assume or suffer to exist any indebtedness or liens of any kind, on or
      with respect to any of its property or assets now owned or hereafter
      acquired or any interest therein or any income or profits therefrom that
      is senior to, or pari passu with, in any respect, the Company’s
      obligations under this Convertible Loan without the prior consent of the
      Holder, provided however that all Convertible Loans that are part of the
      same offering will be pari passu with each other and equal
      in all respects. . 

	
      
	
       

	
      9. 
	
      Governing Law 

	
      
	
       

	
      All questions concerning the construction, validity,
      enforcement and interpretation of this Convertible Loan shall be governed
      by and construed and enforced in accordance with the internal laws of the
      State of Nevada, without regard to the principles of conflicts of law
      thereof. 

	10. 	Waivers 
	   	  
	
      Any waiver by the Company or the Holder of a breach of
      any provision of this Convertible Loan shall not operate as or be
      construed to be a waiver of any other breach of such provision or of any
      breach of any other provision of this Convertible Loan. The failure of the
      Company or the Holder to insist upon strict adherence to any term of this
      Convertible Loan on one or more occasions shall not be considered a waiver
      or deprive that party of the right thereafter to insist upon strict
      adherence to that term or any other term of this Convertible Loan. Any
      waiver must be in writing. 

	
       
	
      

	
      11. 
	
      Usury 

	
       
	
      

	
      If any provision of this Convertible Loan is invalid,
      illegal or unenforceable, the balance of this Convertible Loan shall
      remain in effect, and if any provision is inapplicable to any Person or
      circumstance, it shall nevertheless remain applicable to all other Persons
      and circumstances. If it shall be found that any interest or other amount
      deemed interest due hereunder violates applicable laws governing usury,
      the applicable rate of interest due hereunder shall automatically be
      lowered to equal the maximum permitted rate of interest. The Company
      covenants (to the extent that it may lawfully do so) that it shall not at
      any time insist upon, plead, or in any manner whatsoever claim or take the
      benefit or advantage of, any stay, extension or usury law or other law
      which would prohibit or forgive the Company from paying all or any portion
      of the principal of or interest on this Convertible Loan as contemplated
      herein, wherever enacted, now or at any time hereafter in force, or which
      may affect the covenants or the performance of this indenture, and the
      Company (to the extent it may lawfully do so) hereby expressly waives all
      benefits or advantage of any such law, and covenants that it will not, by
      resort to any such law, hinder, delay or impeded the execution of any
      power herein granted to the Holder, but will suffer and permit the
      execution of every such as though no such law has been enacted. 

	
       
	
      

	
      12. 
	
      Next Business Day 

	
       
	
      

	
      Whenever any payment or other obligation hereunder shall
      be due on a day other than a Business Day, such payment shall be made on
      the next succeeding Business Day. 

IN WITNESS WHEREOF, the Company has caused this Convertible
Loan to be duly executed by a duly authorized officer as of the date first above
indicated.

	 	ANAVEX LIFE SCIENCES CORP.
  
	 	 	 
	 	By: 	

ANNEX A

NOTICE OF CONVERSION

The undersigned hereby elects to convert principal and all
accrued and outstanding interest under the 0% Convertible Loan of Anavex Life
Sciences Corp., a Nevada corporation (the “ Company ”), issued on January
13, 2009, into shares ( “Shares” ) of common stock of the Company, par
value $0.001 per share (the “ Common Stock ”) as of the date written
below.

Conversion calculations:

Date to Effect Conversion:

Principal Amount of Convertible Loans to be Converted: 

Amount of issued and outstanding interest: 

Number of Shares of Common Stock to be issued: 

Number of Warrants to be issued: 

Signature:

Name:

Address:

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