Document:

Exhibit
4.1

     

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

     

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

    

    COMMON
STOCK PURCHASE WARRANT

     

    No. ______________

     

    Issue
Date: ________ ___, 2009

     

    ADVAXIS,
INC., a corporation organized under the laws of the State of Delaware (the
“Company”),
hereby certifies that, for value received, _____________________, or its assigns
(the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company
at any time after the Issue Date until 5:00 p.m., E.S.T on the fifth anniversary
of the Issue Date (the “Expiration Date”), up
to ________ fully paid and nonassessable shares of Common Stock at a per share
purchase price of $0.20.  The aforedescribed purchase price per share, as
adjusted from time to time as herein provided, is referred to herein as the
“Exercise
Price.”  The number and character of such shares of Common
Stock and the Exercise Price are subject to adjustment as provided
herein.  The Company may reduce the Exercise Price for some or all of
the Warrants, temporarily or permanently.  Capitalized terms used and
not otherwise defined herein shall have the meanings set forth in that certain
Note Purchase Agreement (the “Purchase Agreement”),
dated as of _______ __, 2009, entered into by the Company and the
Holder.

     

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

     

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

     

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

     

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    1.           Exercise of
Warrant.

     

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

     

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

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

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

    
      
         

      

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

     

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

     

    2.           Cashless
Exercise.

     

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

     

    (b)           Subject
to the provisions herein to the contrary, if the Fair Market Value of one share
of Common Stock is greater than the Exercise Price (at the date of calculation
as set forth below), in lieu of exercising this Warrant for cash, the Holder may
elect to receive shares of Common Stock equal to the value (as determined below)
of this Warrant (or the portion thereof being cancelled) by surrender of this
Warrant at the principal office of the Company together with the properly
endorsed Subscription Form, in which event the Company shall issue to the Holder
a number of shares of Common Stock computed using the following
formula:

     

    
      
        
          
            	
                    X

                  	
                    =

                  	
                    Y (A-B)

                  
	
                    A

                  

          

        

      

    

    

    
      	
               
      

            	
              Where

            	
              X=

            	
              the
      number of shares of Common Stock to be issued to the
  Holder

            

    

     

    
      
         

      

      
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              Y=

            	
              the
      number of shares of Common Stock purchasable under the Warrant or, if only
      a portion of the Warrant is being exercised, the portion of the Warrant
      being exercised (at the date of such
  calculation)

            

    

     

    
      	
               
      

            	
              A=

            	
              the
      Fair Market Value of the Common Stock (determined as of the trading day
      immediately prior to, but not including, the Exercise
  Date)

            

    

     

    
      	
               
      

            	
              B=

            	
              Exercise
      Price (as adjusted to the date of such
  calculation)

            

    

     

    (c)           The
Holder may employ the cashless exercise feature described in Section (b) above
at any time.

     

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

     

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

     

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

     

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

    
      
         

      

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

     

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

    
      
         

      

      
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    3.4.           Share
Issuance.  Until
the Expiration Date, if the Company shall issue any Common Stock except for the
Exempt Issuances, prior to the complete exercise of this Warrant for a
consideration less than the Exercise Price that would be in effect at the time
of such issue, then immediately after such issue or sale the Exercise Price
shall be reduced to an amount equal to the product of (i) the Exercise Price and
(ii) the quotient determined by dividing (A) the sum of (1) the product derived
by multiplying the Exercise Price by the number of shares of Common Stock Deemed
Outstanding immediately prior to such issue or sale, plus (2) the consideration,
if any, received by the Company upon such issue or sale, by (B) the product
derived by multiplying the (1) Exercise Price by (2) the number of shares of
Common Stock Deemed Outstanding immediately after such issue or
sale.  Upon each such adjustment of the Exercise Price pursuant to the
immediately preceding sentence, the number of shares of Common Stock acquirable
upon exercise of this Warrant shall be adjusted to the number of shares
determined by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of shares of Common Stock acquirable upon exercise of
this Warrant immediately prior to such adjustment and dividing the product
thereof by the Exercise Price resulting from such adjustment.

     

    4.           Extraordinary Events
Regarding Common Stock.  In
the event that the Company shall (a) issue additional shares of the Common
Stock as a dividend or other distribution on outstanding Common Stock,
(b) subdivide its outstanding shares of Common Stock, or (c) combine
its outstanding shares of the Common Stock into a smaller number of shares of
the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such event and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event, and the product so obtained shall thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or
events described herein in this Section 4. The number of shares of Common
Stock that the Holder of this Warrant shall thereafter, on the exercise hereof,
be entitled to receive shall be adjusted to a number determined by multiplying
the number of shares of Common Stock that would otherwise (but for the
provisions of this Section 4 be issuable on such exercise by a fraction of which
(a) the numerator is the Exercise Price that would otherwise (but for the
provisions of this Section 4 be in effect, and (b) the denominator is the
Exercise Price in effect on the date of such exercise.

     

    5.           Certificate as to
Adjustments.  In
each case of any adjustment or readjustment in the shares of Common Stock (or
Other Securities) issuable on the exercise of the Warrants, the Company at its
expense will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the terms
of the Warrant and prepare a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or
readjustment is based, including a statement of (a) the consideration
received or receivable by the Company for any additional shares of Common Stock
(or Other Securities) issued or sold or deemed to have been issued or sold,
(b) the number of shares of Common Stock (or Other Securities) outstanding
or deemed to be outstanding, and (c) the Exercise Price and the number of
shares of Common Stock to be received upon exercise of this Warrant, in effect
immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy
of each such certificate to the Holder of the Warrant and any Warrant Agent of
the Company (appointed pursuant to Section 10 hereof).

    
      
         

      

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

     

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

     

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

     

    9.           Maximum
Exercise.  The
Holder shall not be entitled to exercise this Warrant on an exercise date, in
connection with that number of shares of Common Stock which would be in excess
of the sum of (i) the number of shares of Common Stock beneficially owned
by the Holder and its affiliates on an exercise date, and (ii) the number
of shares of Common Stock issuable upon the exercise of this Warrant with
respect to which the determination of this limitation is being made on an
exercise date, which would result in beneficial ownership by the Holder and its
affiliates of more than 9.99% of the outstanding shares of Common Stock on such
date.  For the purposes of the immediately preceding sentence,
beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and Rule 13d-3
thereunder.  The Holder shall have the authority and obligation to
determine whether the restriction contained in this Section 9 will limit any
conversion hereunder and to the extent that the Holder determines that the
limitation contained in this Section applies, the determination of which portion
of the Notes are convertible shall be the responsibility and obligation of the
Holder.

     

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

    
      
         

      

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

     

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

     

    13.           Law Governing This
Warrant.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of
laws.  Any action brought by either party against the other concerning
the transactions contemplated by this Warrant shall be brought only in the state
courts of New York or in the federal courts located in the state and county of
New York.  The parties to this Warrant hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall
not assert any defense based on lack of jurisdiction or venue or based upon
forum non
conveniens.  The Company and Holder waive trial by
jury.  In the event that any provision of this Warrant or any other
agreement delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law.  Any such
provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of any
agreement.   Each party hereby irrevocably waives personal
service of process and consents to process being served in any suit, action or
proceeding in connection with this Warrant by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and
agrees that such service shall constitute good and sufficient service of process
and notice thereof.  Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by
law.

     

    [SIGNATURES
ON THE FOLLOWING PAGE]

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

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

    

    
      
        
          
            	
                    ADVAXIS,
      INC.

                  
	 
      	 
      
	
                    By:

                  	
                     

                  
	
                    Name:

                  

          

        

      

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Exhibit A

     

    FORM OF
SUBSCRIPTION

    (to be
signed only on exercise of Warrant)

     

    TO:  ADVAXIS,
INC.

     

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

     

    
      	
              ___

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

            

    

     

    
      	
              ___

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

            

    

     

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

     

    
      	
              ___

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

            

    

     

    
      	
              ___

            	
              the
      cancellation of such portion of the attached Warrant as is exercisable for
      a total of _______ shares of Common Stock (using a Fair Market Value of
      $_______ per share for purposes of this calculation);
    and/or

            

    

     

    
      	
              ___

            	
              the
      cancellation of such number of shares of Common Stock as is necessary, in
      accordance with the formula set forth in Section 2, to exercise this
      Warrant with respect to the maximum number of shares of Common Stock
      purchasable pursuant to the cashless exercise procedure set forth in
      Section 2.

            

    

     

    The
undersigned requests that the certificates for such shares be issued in the name
of, and delivered to _________________________________ whose address is
_____________________________________________
______________________________________.

     

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

     

    
      
        
          
            
              
                	
                        Dated:

                      	
                         

                      
	 
      	
                        (Signature
      must conform to name of Holder as

                      
	 
      	
                        specified
      on the face of the Warrant)

                      
	 
      	
                         

                      
	 
      	
                         

                      
	 
      	
                         

                      
	 
      	
                         (Address)

                      

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit B

     

    FORM OF
TRANSFEROR ENDORSEMENT

    (To be
signed only on transfer of Warrant)

     

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

     

    
      
        	
                Transferees

              	 
      	
                Percentage Transferred

              	 
      	
                Number Transferred

              
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                            Dated:  ______________,
      ___________

                                          	 
      	
                                             

                                          
	 
      	 
      	
                                            (Signature
      must conform to name of Holder

                                          
	 
      	 
      	
                                            as
      specified on the face of the warrant)

                                          
	 	 	 
	
                                            Signed
      in the presence of:

                                          	 
      	 
      
	 	 	 
	
                                             

                                          	 
      	 
      
	
                                            (Name)

                                          	 
      	
                                             

                                          
	 
      	 
      	
                                                  
                                              (address)

                                            

                                          
	 
      	 
      	
                                             

                                          
	
                                            ACCEPTED
      AND AGREED:

                                          	 
      	 
      
	
                                            [TRANSFEREE]

                                          	 
      	
                                             

                                          
	 
      	 
      	
                                             

                                          
	
                                             

                                          	 
      	
                                             (address)

                                          
	
                                             (Name)Exhibit
4.2

     

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

     

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

    

    Principal
Amount $_______________

    Issue
Date:  June __, 2009

    Purchase
Price: $________________

    

    SENIOR SECURED CONVERTIBLE
NOTE

     

    FOR VALUE
RECEIVED, ADVAXIS, INC.,
a Delaware corporation (hereinafter called “Borrower”),
hereby promises to pay to _____________(the “Holder”)
or order, without demand, the sum of _______________ Dollars ($____________) on
December 31, 2009 (the “Maturity
Date”), if not retired sooner.

     

    This Note
has been entered into pursuant to the terms of a note purchase agreement between
the Borrower, the Holder and certain other holders (the “Other
Holders”) of convertible promissory notes (the “Other
Notes”), dated of even date herewith (the “Purchase
Agreement”), and shall be governed by the terms of such Purchase
Agreement.  Unless otherwise separately defined herein, all
capitalized terms used in this Note shall have the same meaning as is set forth
in the Purchase Agreement.  The following terms shall apply to this
Note:

     

    ARTICLE
I

     

    GENERAL
PROVISIONS

     

    1.1           Payment Grace
Period.  The Borrower shall have a five (5) day grace period to
pay any monetary amounts due under this Note.

     

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

     

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

     

    1.4           No Senior Debt; Issuance of
Other Notes.  So long as any portion of this Note is
outstanding, the Company will not directly or indirectly enter into, create,
incur, assume or suffer to exist any indebtedness or liens of any kind (other
than indebtedness and liens in favor of the Holder), 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 the Notes, except for one or
more Other Notes issued to one or more other Holders in accordance with the
Purchase Agreement.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ARTICLE
II

     

    CONVERSION
RIGHTS

     

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

     

    2.1           Conversion into the
Borrower’s Common Stock.

     

    (a)           Conversion in Qualified
Equity Financing.  In the event the Company consummates an
equity financing from and after August 1, 2009 and prior to the second business
day immediately preceding the Maturity Date, in which it sells shares of its
Preferred Stock or Common Stock (“Qualified
Stock”) with aggregate gross proceeds of not less than two million
dollars ($2,000,000) and with the principal purpose of raising capital (a “Qualified Equity
Financing”), then the Holder shall have the option, but shall not be
required, to convert all or a portion of the Note into the number (rounded to
the nearest whole) of fully paid and non-assessable shares of Qualified Stock
equal to a fraction (A) the numerator of which is the Principal Amount of the
Note (or such lesser amount as is being converted) and (B) the denominator of
which is ninety percent (90%) of the per share purchase price of the Qualified
Stock issued in the Qualified Equity Financing.

     

    (b)           Conversion in absence of
Qualified Equity Financing.  In the event the Company does not
consummate a Qualified Equity Financing from and after August 1, 2009 and prior
to the second business day immediately preceding the Maturity Date, then the
Holder shall have the option, but shall not be required, to convert all or a
portion of the Note into that number of fully paid and non-assessable shares of
Common Stock equal to a fraction (A) the numerator of which is the Principal
Amount of the Note (or such lesser amount as is being converted ) and (B) the
denominator of which is 50% of the Volume-Weighted Average Price per share of
the Common Stock on the five (5) consecutive trading days immediately preceding
the third business day prior to the Maturity Date.

     

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

     

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

     

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

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

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

     

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

     

    (f)           Reservation of
Shares.  From and after the closing of a Qualified Equity
Financing, the Borrower will reserve from its authorized and unissued Common
Stock a sufficient amount of Common Stock to permit the full conversion of this
Note.  Borrower represents that upon issuance, such shares will be
duly and validly issued, fully paid and non-assessable.  Borrower
agrees that its issuance of this Note shall constitute full authority to its
officers, agents, and transfer agents who are charged with the duty of executing
and issuing stock certificates to execute and issue the necessary certificates
for shares of Common Stock upon the conversion of this Note.

     

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

     

    2.3           Maximum
Conversion.  The Holder shall not be entitled to convert on a
Conversion Date that amount of the Note in connection with that number of shares
of Common Stock which would be in excess of the sum of (i) the number of shares
of Common Stock beneficially owned by the Holder and its affiliates on a
Conversion Date, (ii) any Common Stock issuable in connection with the
unconverted portion of the Note, and (iii) the number of shares of Common Stock
issuable upon the conversion of the Note with respect to which the determination
of this provision is being made on a Conversion Date, which would result in
beneficial ownership by the Holder and its affiliates of more than 9.99% of the
outstanding shares of Common Stock of the Borrower on such Conversion
Date.  For the purposes of the provision to the immediately preceding
sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3
thereunder.  The Holder shall have the authority and obligation to
determine whether the restriction contained in this Section 2.3 will limit any
conversion hereunder and to the extent that the Holder determines that the
limitation contained in this Section applies, the determination of which portion
of the Notes are convertible shall be the responsibility and obligation of the
Holder.

     

    ARTICLE
III

     

    EVENT
OF DEFAULT

     

    The
occurrence of any of the following events of default (“Event of
Default”) shall, at the option of the Holder hereof, make all sums of
principal then remaining unpaid hereon and all other amounts payable hereunder
immediately due and payable, upon demand, without presentment, or grace period,
all of which hereby are expressly waived, except as set forth
below:

     

    3.1           Failure to
Pay.  The Borrower fails to pay the Principal Amount or other
sum due under this Note when due.

     

    3.2           Breach of
Covenant.  The Borrower breaches any material covenant or other
term or condition of the Purchase Agreement or this Note in any material respect
and such breach, if subject to cure, continues for a period of ten (10) business
days after written notice to the Borrower from the Holder.

     

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

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

    3.8           Failure to Deliver Common
Stock or Replacement Note.  Borrower’s failure to timely
deliver Common Stock to the Holder pursuant to and in the form required by this
Note.

     

    3.9           Reservation
Default.   Failure by the Borrower to have reserved for
issuance upon conversion of the Note the amount of Common stock as set forth in
this Note.

     

    ARTICLE
IV

     

    SECURITY
INTEREST

     

    4.1           Security
Interest.   This Note is secured by a security interest
granted to the Holder pursuant to a Security Agreement, as delivered by Borrower
to Holder.

     

    ARTICLE
V

     

    MISCELLANEOUS

     

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

     

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

     

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

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    [SIGNATURES
ON THE FOLLOWING PAGE]

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, Borrower
has caused this Note to be signed in its name by an authorized officer as of the
____ day of June, 2009.

     

    
      
        	
                ADVAXIS,
      INC.

              
	 
      	 
      
	
                By:  

              	 
      
	 
      	
                Name:

              
	 
      	
                Title:

              

      

    

    

    
      
        	
                WITNESS:

              
	 
      
	 
      

      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    NOTICE OF
CONVERSION

     

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

     

    The
undersigned hereby elects to convert $_________ of the principal and $_________
of the interest due on the Note issued by ADVAXIS, INC. on May ___, 2009 into
Shares of Common Stock of ADVAXIS, INC. (the “Borrower”) according to the
conditions set forth in such Note, as of the date written below.

     

    Date of
Conversion:____________________________________________________________________

     

    Conversion
Price:______________________________________________________________________

     

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

     

    Shares To
Be
Delivered:_________________________________________________________________

     

    Signature:____________________________________________________________________________

     

    Print
Name:__________________________________________________________________________

     

    Address:_____________________________________________________________________________

     

    _____________________________________________________________________________

    
      
         

      

      
        7

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