Document:

Exhibit 10.25

 

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

 

_______________________________

 

BIONIK LABORATORIES CORP.

 

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: US$150,000.00 	Issue Date: May 23, 2017

 

BIONIK LABORATORIES
CORP., a Delaware corporation (the “Company”), for value received, hereby promises to pay to Ginger Capital,
LLC or its permitted assigns or successors (the “Holder”), the principal amount of One Hundred Fifty
Thousand Dollars (US$150,000.00) (the “Principal Amount”), without demand, on the Maturity Date (as
hereinafter defined), together with any accrued and unpaid interest due thereon. This Note shall bear interest at a fixed rate
of 8% per annum, beginning on the Issue Date. Interest shall be computed based on a 360-day year of twelve 30-day months and shall
be payable, along with the Principal Amount, on the Maturity Date. Except as set forth in Section 3.1, (a) payment of all principal
due shall be in such coin or currency of the United States of America as shall be legal tender for the payment of public and private
debts at the time of payment and (b) payment of all interest due shall be in Common Stock based on the average three (3) trading
day VWAP for the ten (10) days preceding the Maturity Date.

 

This Note is a convertible
promissory note referred to in that certain Subscription Agreement dated as of the date hereof (the “Subscription Agreement”),
or series of like subscription agreements, among the Company and the subscriber(s) named therein, pursuant to which the Company
is seeking to raise an aggregate of up to $2,000,000.

 

ARTICLE 1

 

DEFINITIONS

 

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

 

“Applicable
Laws” means any and all applicable foreign, federal, state and local statutes, laws, regulations, ordinances, policies,
and rules or common law (whether now existing or hereafter enacted or promulgated), of any and all governmental authorities, agencies,
departments, commissions, boards, courts, or instrumentalities of the United States, any state of the United States, any other
nation, or any political subdivision of the United States, any state of the United States or any other nation, and all applicable
judicial and administrative, regulatory or judicial decrees, judgments and orders, including common law rules and determinations.

 

    	 	1	 

     

    

 

“Common Stock”
means the common stock, common shares or equivalent equity of the Company.

 

“Conversion
Shares” means the New Round Stock issued or issuable to the Holder upon a Conversion Date pursuant to Article 3.

 

“Conversion
Date” shall have the meaning set forth in Section 3.1.

 

“Event of
Default” shall have the meaning set forth in Section 6.1.

 

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

 

“Issue Date”
means the issue date stated above.

 

“Maturity
Date” shall mean the earlier of: (a) May 23, 2018 or (b) the consummation of a Qualified Financing.

 

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

 

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

 

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

 

“Qualified
Financing” means the next equity round of financing of the Company in whatever form or type, that raises in excess of
$3,000,000 gross proceeds.

 

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

 

“Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted
for trading on a Trading Market and if prices for the Common Stock are then reported on the OTC Markets, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (c) in all other cases, the fair market value of a share of Common Stock as determined by the Board of Directors of the Company
in good faith.

 

    	 	2	 

     

    

 

“Warrants”
means the warrants to purchase Common Stock pursuant to Section 3.1(b), which shall be evidenced by the warrant agreement, the
form of which is attached to the Subscription Agreement as Exhibit C.

 

ARTICLE 2

 

GENERAL PROVISIONS

 

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

 

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

 

ARTICLE 3

 

CONVERSION OF NOTE

 

SECTION 3.1. Conversion.

 

(a)          Conversion
Upon Qualified Financing. Without any action on the part of the Holder, all of the outstanding principal and accrued interest
(the “Outstanding Balance”) shall convert into New Round Stock upon the consummation of a Qualified Financing
(the “Conversion Date”), based upon the lesser of: (i) $0.50 per New Round Stock and (ii) the quotient obtained
by dividing (x) the Outstanding Balance on the Conversion Date multiplied by 1.10 by (y) the actual price per New Round Stock in
the Qualified Financing.

 

(b)          Upon
the Maturity Date, the Holder shall further be issued Warrants exercisable into a number of shares of Common Stock equal to (i)
in the case of a Maturity Date that is a Conversion Date, 25% of the number of Conversion Shares (but, in the case of units of
securities, the primary equity security or the number of shares of Common Stock underlying the primary security if the primary
security is not Common Stock) and (ii) in the case of a Maturity Date that is not a Conversion Date (a “Warrant Issue Date”),
the number of shares of Common Stock equal to the quotient obtained by dividing the Outstanding Balance by [__].

 

    	 	3	 

     

    

 

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

 

SECTION 3.2. Delivery
of Securities Upon Conversion.

 

(a)          As
soon as is practicable after the Conversion Date, the Company shall deliver to the Holder (i) a certificate or certificates evidencing
the Conversion Shares issuable to the Holder and (ii) the Warrants issuable to the Holder. As
soon as is practicable after the Warrant Issue Date, the Company shall deliver to the Holder the Warrants issuable to the Holder.

 

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

 

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

 

ARTICLE 4

 

STATUS; RESTRICTIONS ON TRANSFER

 

SECTION 4.1. Status
of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy, insolvency, reorganization
and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

 

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

 

    	 	4	 

     

    

 

ARTICLE 5

 

COVENANTS

 

In addition to the
other covenants and agreements of the Company set forth in this Note, the Company covenants and agrees that so long as this Note
shall be outstanding:

 

SECTION 5.1. Payment
of Note. The Company will punctually, according to the terms hereof, (a) pay or cause to be paid all amounts due under this
Note, (b) reasonably promptly issue the Conversion Shares and the Warrants upon the Conversion Date and (c) reasonably promptly
issue the Warrants after the Warrant Issue Date.

 

SECTION 5.2. Notice
of Default. If any one or more events occur which constitute or which, with the giving of notice or the lapse of time or both,
would constitute an Event of Default or if the Holder shall demand payment or take any other action permitted upon the occurrence
of any such Event of Default, the Company will forthwith give notice to the Holder, specifying the nature and status of the Event
of Default or other event or of such demand or action, as the case may be.

 

SECTION 5.3. Compliance
with Laws. The Company will comply in all material respects with all Applicable Laws, except where the necessity of compliance
therewith is contested in good faith by appropriate proceedings.

 

SECTION 5.4.  Use of Proceeds. The Company shall use the proceeds of this Note for general working capital.

 

ARTICLE 6

 

REMEDIES

 

SECTION 6.1. Events
of Default. “Event of Default” wherever used herein means any one of the following events:

 

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

 

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

 

(c)          Default
in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a
default in the performance of which is specifically provided for elsewhere in this Section 6.1), and the continuance of such default
for a period of ten (10) days after there has been given to the Company by the Holder a written notice specifying such default
and requiring it to be remedied;

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

SECTION 6.2. Effects
of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this Note to
be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to
the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note is paid
in full.

 

SECTION 6.3. Remedies
Not Waived. No course of dealing between the Company and the Holder or any delay in exercising any rights hereunder shall operate
as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power or privilege under this Note shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by Applicable Law.

 

ARTICLE 7

 

MISCELLANEOUS

 

SECTION 7.1. Severability.
If any provision of this Note shall be held to be invalid or unenforceable, in whole or in part, neither the validity nor the enforceability
of the remainder hereof shall in any way be affected.

 

    	 	6	 

     

    

 

SECTION 7.2. Notice.
Where this Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided) in writing
and either (i) delivered personally, (ii) sent by certified, registered or express mail, postage prepaid or (iii) sent by facsimile
or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic
transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as provided in the Subscription
Agreement or, if to the Company, to its principal office.

 

SECTION 7.3. Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York (without giving effect
to any conflicts or choice of law provisions that would cause the application of the domestic substantive laws of any other jurisdiction).

 

SECTION 7.4. Forum.
The Holder and the Company hereby agree that any dispute which may arise out of or in connection with this Note shall be adjudicated
before a court of competent jurisdiction in the State of New York and they hereby submit to the exclusive jurisdiction of the courts
of the County and State of New York, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts,
with respect to any action or legal proceeding commenced by either of them and hereby irrevocably waive any objection they now
or hereafter may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that
such court is an inconvenient forum.

 

SECTION 7.5. Headings.
The headings of the Articles and Sections of this Note are inserted for convenience only and do not constitute a part of this Note.

 

SECTION 7.6. Amendments.
Any provision of this Note may be amended, modified or waived if and only if the Holder of this Note and the Company has consented
in writing to such amendment, modification or waiver of any such provision of this Note.

 

SECTION 7.7. No
Recourse Against Others. The obligations of the Company under this Note are solely obligations of the Company and no officer,
employee or stockholder shall be liable for any failure by the Company to pay amounts on this Note when due or perform any other
obligation.

 

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

 

IN WITNESS WHEREOF,
the Company has caused this Note to be signed by its duly authorized officer on the date hereinabove written.

 

	 	BIONIK LABORATORIES CORP.
	 	 	 
	 	By: 	/s/ Peter Bloch
	 	 	Name: Peter Bloch
	 	 	Title: CEO

 

    	 	7Exhibit 10.26

 

DEMAND NOTE

 

This Demand Note Payable on Demand (the “Note”)
is made and effective upon payment in the amount of $25,000.00 dated January 26, 2016

 

BETWEEN: Neville Hogan, an individual (the
“lender”), residential address 12 Webster Circle, Sudbury, MA 01776 SSN ###-##-####.

 

		AND:	Interactive Motion Technologies Inc. (the “borrower”),
a corporation organized and existing under the laws of the state of Massachusetts, with its head office located at: 80 Coolidge
Hill Road, Watertown, MA 02472

 

FOR VALUE RECEIVED, the undersigned Borrower
jointly and severally promise to pay to the order of Lender, the sum of Twenty Five Thousand dollars ($25,000.00) together with
interest of 12% on the unpaid balance. The entire principal and any accrued interest shall be fully and immediately payable upon
demand of Lender thereof.

 

Upon default in making payment within 30 days
of demand, and providing this note is turned over for collection, Borrower agrees to pay all reasonable legal fees and costs of
collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance with
the laws of the payee’s state. All parties to this note waive presentment, notice of non-payment, protest and notice of protest,
and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge of any
collateral for this note.

 

IN WITNESS WHEREOF, the undersigned has caused
this Demand Note to be duly executed as of the date first written above.

 

	LENDER	 	BORROWER
	 	 	 
	/s/ Neville Hogan	 	/s/ Jules Fried
	 	 	 
	Authorized Signature	 	Authorized Signature
	 	 	 
	Neville Hogan	 	Jules Fried, CEO

 

     

     

    

 

DEMAND NOTE

 

This Demand Note Payable on Demand (the “Note”)
is made and effective upon transfer from account number 3777877238 in the amount of $25,000.00 dated January 25, 2013

 

BETWEEN: Neville Hogan, an individual (the
“lender”), residential address 12 Webster Circle, Sudbury, MA 01776 SSN ###-##-####.

 

		AND:	Interactive Motion Technologies Inc. (the “borrower”),
a corporation organized and existing under the laws of the state of Massachusetts, with its head office located at: 80 Coolidge
Hill Road, Watertown, MA 02472

 

FOR VALUE RECEIVED, the undersigned Borrower
jointly and severally promise to pay to the order of Lender, the sum of twenty one thousand five hundred dollars, $25,000.00 together
with interest of 12% on the unpaid balance. The entire principal and any accrued interest shall be fully and immediately payable
UPON DEMAND of Lender thereof.

 

Upon default in making payment within 30 days
of demand, and providing this note is turned over for collection, Borrower agrees to pay all reasonable legal fees and costs of
collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance with
the laws of the payee’s state. All parties to this note waive presentment, notice of non-payment, protest and notice of protest,
and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge of any
collateral for this note.

 

IN WITNESS WHEREOF, the undersigned has caused
this Demand Note to be duly executed as of the date first written above.

 

	LENDER	 	BORROWER
	 	 	 
	/s/ Neville Hogan	 	/s/ Deborah Campbell
	 	 	 
	Authorized Signature	 	Authorized Signature
	 	 	 
	Neville Hogan	 	Deborah Campbell, Business Director
	Print Name and Title	 	Print Name and Title

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