Document:

Exhibit 4.23

 

 

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 222,222 shares of Common Stock of Advaxis, Inc. (subject to adjustment as provided herein)

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

No. ______________

Issue Date: August __, 2012

 

ADVAXIS, INC., a corporation
organized under the laws of the State of Delaware (the “Company”), hereby certifies that, for value received,
Dr. James Patton 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 (5th) of the
Issue Date (the “Expiration Date”), up to TWO-HUNDRED TWENTY-TWO THOUSAND TWO-HUNDRED AND TWENTY-TWO
(222,222) fully paid and non-assessable shares of Common Stock at a per share purchase price of $0.15, subject to adjustment
hereunder.  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 August __, 2012, 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 “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.

 

(d)          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 date that the Company increases the authorized number of shares of Common
Stock in such a manner as to permit the exercise, in full, of the Warrants by filing a certificate of amendment to its certificate
of incorporation with the Secretary of State of the State of Delaware 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.  From and after the date that the Company increases the authorized number of shares of Common Stock in such a manner
as to permit the exercise, in full, of the Warrants by filing a certificate of amendment to its certificate of incorporation with
the Secretary of State of the State of Delaware, 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. Within one (1) Trading Day (as defined in the Purchase Agreement) following
the date of exercise, the Holder shall deliver 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 as specified by the Holder on the applicable Subscription Form. The original
Warrant is not required to be surrendered to the Company until it has been fully exercised.

 

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 cash 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.

 

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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 closing or last sale price, respectively,
reported for the trading day 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 closing bid price reported 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.

 

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.

 

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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. Certificates for shares purchased hereunder shall be transmitted by the Company’s
transfer agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company (“DTC”)
through its Deposit / Withdrawal at Custodian system if the Company is then a participant in such system and either (A) there is
an effective registration statement permitting the issuance of the Warrant Shares to, or resale of the Warrant Shares by, the Holder
or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and
otherwise by physical delivery to the address specified by the Holder in the Subscription Form by the date that is three (3) Trading
Days after the latest of (A) the delivery to the Company of the Subscription Form, (B) surrender of this Warrant (if required),
and (C) payment of the aggregate Exercise Price as set forth above (such date, the “Warrant Share Delivery Date”).
No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common
Stock to be issued shall be rounded to the nearest whole number. Upon delivery of a Subscription Form, the Holder shall be deemed
for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery
of the certificates evidencing such Warrant Shares (as the case may be). Notwithstanding the foregoing, the Company’s failure
to deliver Warrant Shares to the Holder on or prior to the second (2nd) Trading Day after the Company’s receipt of the aggregate
Exercise Price in cash shall not be deemed to be a breach of this Warrant.

 

1.8.          Rescission
Rights. If the Company fails to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant
to exercise by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

1.9.          Reset
of Exercise Price. On December 1, 2012 (“Trigger Date”), if the Market Price (as defined below) is
less than the Exercise Price then in effect, on the Trigger Date the Exercise Price shall be reduced to such Market Price. “Market
Price” means the greater of (x) $0.085 (as adjusted for stock splits, stock dividends, recapitalizations and similar
events) and (y) the lesser of (A) 100% of the average of the VWAPs of the Common Stock for the 5 Trading Days period ending on
the Trading Day immediately prior to the Trigger Date, as calculated pursuant to the AQR function on Bloomberg L.P. and (B) 100%
of the closing bid price of the Common Stock on the Trading Day immediately prior to the Trigger Date; provided, however,
that such adjustment to the Exercise Price shall apply ratably to the Warrant Shares issuable hereunder in proportion to the Holder’s
(or its permitted assigns) then outstanding Principal Amount of the Holder’s Note to the original Principal Amount of its
Note issued at Closing.

 

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2.           Exercise.
Payment upon exercise shall be made 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.

 

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.

 

3.2.          [RESERVED]

 

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3.3.          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise 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
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3.3 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 re classification.

 

3.4.          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.

 

3.5.          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.

 

4.           Reservation
of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. From and after the date that the Company increases the
authorized number of shares of Common Stock in such a manner as to permit the exercise, in full, of the Warrants by filing a certificate
of amendment to its certificate of incorporation with the Secretary of State of the State of Delaware, 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.

 

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5.           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.

 

6.           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.

 

7.           Limitations
on Exercise.  Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable by
the Holder hereof to the extent (but only to the extent) that the Holder or any of its affiliates would beneficially own in excess
of 4.99% (the “Maximum Percentage”) of the Common Stock. To the extent the above limitation applies,
the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable
securities owned by the Holder) and of which such securities shall be exercisable (as among all such securities owned by the Holder)
shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company for conversion,
exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any
effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability.
For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation,
with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Securities Act
of 1934, as amended (the “1934 Act”) and the rules and regulations promulgated thereunder. The provisions
of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership
limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage
limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant. The holders of Common
Stock shall be third party beneficiaries of this paragraph and the Company may not waive this paragraph without the consent of
holders of a majority of its Common Stock. For any reason at any time, upon the written or oral request of the Holder, the Company
shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding,
including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including,
without limitation, pursuant to this Warrant or securities issued pursuant to the Securities Purchase Agreement.

 

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8.           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.

 

9.           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 Trading Day during normal business hours where such notice is to be
received), or the first Trading Day following such delivery (if delivered other than on a Trading Day during normal business hours
where such notice is to be received) or (b) on the second Trading 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.

 

10.         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 to 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.

 

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11.         Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

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

 

	 	ADVAXIS, INC.
	 	 	 
	 	By:	
	 	 	Name: Thomas A. Moore
	 	 	Title: Chairman/CEO

 

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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 222,222 shares of the Common Stock covered by
such Warrant.

 

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 $__________ in lawful money of the United States.

 

The undersigned requests that the certificates
for such shares be issued in the name of, and delivered to ___________________ whose address is ______________________________

 

Notwithstanding anything to the contrary
contained herein, this Subscription Form shall constitute a representation by the Holder of the Warrant submitting this Subscription
Form that, after giving effect to the exercise provided for in this Subscription Form, such Holder (together with its affiliates)
will not have beneficial ownership (together with the beneficial ownership of such person's affiliates) of a number of shares Common
Stock which exceeds the Maximum Percentage (as defined in the Warrant) of the total outstanding shares Common Stock of the Company
as determined pursuant to the provisions of Section 7 of the Warrant.

 

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: _______________________________________	

  

    	 

    	 

    

 

 

 

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]	 	 
	 	 	 
	 	 	 
	(Name)	 	(address)Exhibit 10.112

 

 

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 A. MOORE, A REPRESENTATIVE OF
THE BORROWER HEREOF WILL, BEGINNING TEN (10) 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 A. MOORE MAY BE REACHED AT TELEPHONE NUMBER
(609) 452 9813.

 

 

 

	 	Principal Amount:	$66,667.67	 
	 	 	 	 
	 	Purchase Price:	$50,000	 
	 	 	 	 
	 	Issue Date:	August__, 2012	 
	 	 	 	 
	 	Maturity Date:	August__, 2013	 

 

FORM OF CONVERTIBLE PROMISSORY NOTE

 

– SERIES
D, TRANCHE 2 –

 

FOR VALUE RECEIVED,
ADVAXIS, INC., a Delaware corporation (hereinafter called “Borrower” or the “Company”),
hereby promises to pay to Dr. James Patton (the “Holder”)
or order, without demand, the aggregate principal amount of SIXTY-SIX THOUSAND, SIX-HUNDRED AND SIXTY-SEVEN DOLLARS AND SIXTY-SEVEN
CENTS ($66,666.67) (the “Principal Amount”), payable on August __, 2013 (the “Maturity
Date”).

 

    	 

    	 

    

 

This Series D, Tranche
2 Note (“Note”) is one of a series of notes (the “Notes”) issued pursuant to
the terms of a Note Purchase Agreement (the “Purchase Agreement”), by and between the Borrower and the
Holder, dated as of August __, 2012. Unless otherwise separately defined herein, all capitalized terms used in Note shall have
the same meaning as is set forth in the Purchase Agreement. The following terms shall apply to Note:

 

Article
I

GENERAL PROVISIONS

 

1.1           Conversion
Privileges. The conversion privileges set forth in Article II shall remain in full force and effect immediately from the
date hereof and until Note is paid in full regardless of the occurrence of an Event of Default but subject to Article II. The
Principal Amount of Note, or such portion thereof, that has not previously been converted into common stock, $0.001 par
value, of the Company (the “Common Stock”) in accordance with Article II hereof, if any, shall be
payable in full on the Maturity Date.

 

1.2           Interest.
There shall be no periodic payments of interest on this Note.

 

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 as set forth below.

 

    	2

    	 

    

 

2.1           Conversion
into the Borrower’s Common Stock.

 

(a)          Conversion
Price. The conversion price in effect on any date of conversion shall be equal to $0.15, subject to adjustment herein (the
“Conversion Price”). In addition, on December 1, 2012 (“Trigger Date”), if the Market
Price (as defined below) is less than the Conversion Price then in effect, on the Trigger Date the Conversion Price shall be reduced
to such Market Price. “Market Price” means the greater of (x) $0.085 (as adjusted for stock splits, stock
dividends, recapitalizations and similar events) and (y) the lesser of (A) 100% of the average of the VWAPs of the Common Stock
for the 5 Trading Days period ending on the Trading Day immediately prior to the Trigger Date, as calculated pursuant to the AQR
function on Bloomberg L.P. and (B) 100% of the closing bid price of the Common Stock on the Trading Day immediately prior to the
Trigger Date. Additionally, if, at any time while this Note is outstanding, the Company or any Subsidiary, as applicable, sells
or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any
sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock Equivalents entitling any Person
to acquire shares of Common Stock at an effective price per share that is lower than the then Conversion Price (such lower price,
the “Base Conversion Price” and such issuances, collectively, a “Dilutive Issuance”)
(if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights
per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price
per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion
Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced to equal the Base Conversion Price. Notwithstanding
the foregoing, no adjustment will be made under this Section 5(b) in respect of the issuance of Excluded Securities.

 

(b)          Conversion.
The Holder shall have the option, but shall not be required, to convert all or a portion of the Note into a number of fully paid
and non-assessable shares of Common Stock (the “Conversion Shares”). The number of Conversion Shares
issuable upon a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding Principal Amount
of this Note to be converted by (y) the Conversion Price.

 

    	3

    	 

    

 

(c)          Mechanics
of Conversion. As a condition to effecting the conversion set forth in Section 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) Trading Day prior to the Maturity
Date. The Notice of Conversion shall set forth the Principal Amount of this Note to be converted and the date on which such conversion
shall be effected (such date, the “Conversion Date”); provided, however, that the Holder
may not deliver to the Company a Notice of Conversion (i) until the date that the Company increases the authorized number of shares
of Common Stock in such a manner as to permit the conversion, in full, of the Notes by filing a certificate of amendment to its
certificate of incorporation with the Secretary of State of the State of Delaware and (ii) for more than seventy percent (70%)
of the Principal Amount of this Note as of the Issue Date of this Note prior to the Maturity Date (or such greater amount of the
Principal Amount prior to the Maturity Date, as determined by the Company in its reasonable discretion, as would not as of such
date of determination cause the Company to be required to issue any additional shares of Common Stock to any holder of securities
of the Company as of the time immediately prior to the Issue Date (each, an “Existing Securityholder”)
or result in a reduction of the conversion price or exercise price of any outstanding Convertible Security or Option, as applicable,
in each case held by an Existing Securityholder as of the time immediately prior to the Issue Date). If no Conversion Date is specified
in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder.
Upon timely delivery to the Borrower of the Notice of Conversion, certificates evidencing that number of shares of Common Stock
for the portion of the Note converted in accordance herewith shall be transmitted by the Company’s transfer agent to the
Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit / Withdrawal
at Custodian system if the Company is then a participant in such system and either (A) there is an effective registration statement
permitting the issuance of the Conversion Shares to, or resale of the Conversion Shares by, the Holder or (B) the shares are eligible
for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery
to the address specified by the Holder in the Notice of Conversion by the date that is three (3) Trading Days after the Conversion
Date (such third day being the “Share Delivery Date”)

 

    	4

    	 

    

 

(d)          Obligation
to Deliver Conversion Shares Absolute; Certain Remedies.

 

(i)          Obligation
Absolute. The Company’s obligations to issue and deliver the Conversion Shares upon conversion of this Note in accordance
with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same,
any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce
the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or
any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person,
and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection
with the issuance of such Conversion Shares; provided, however, that such delivery shall not operate as a waiver by the Company
of any such action the Company may have against the Holder. In the absence of such injunction, the Company shall issue Conversion
Shares or, if applicable, cash, upon a properly noticed conversion.

 

(ii)         Rescission.
If, in the case of any Notice of Conversion, such certificate or certificates are not delivered to or as directed by the applicable
Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Company at any time on or before
its receipt of such certificate or certificates, to rescind such Conversion, in which event the Company shall promptly return to
the Holder any original Note delivered to the Company and the Holder shall promptly return to the Company the Common Stock certificates
issued to such Holder pursuant to the rescinded Conversion Notice.

 

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

 

    	5

    	 

    

 

(i)          Fundamental
Transaction. If, at any time while this Note is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization 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, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other
business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of this
Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion
immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2.3 on the conversion
of this Note), 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 as a result
of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Note is convertible immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 2.3 on the conversion of this Note). For purposes
of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Conversion 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 conversion of this Note following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance with
the provisions of this Section 2(e)(i) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder
of this Note, deliver to the Holder in exchange for this Note a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Note which is convertible for a corresponding number of shares of capital stock
of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion
of this Note (without regard to any limitations on the conversion of this Note) prior to such Fundamental Transaction, and with
a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this Note
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Note and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Note and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

    	6

    	 

    

 

(ii)         Stock
Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents
(which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment
of interest on, the Notes), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event
of a 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 any treasury shares
of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common
Stock outstanding immediately 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 re classification.

 

(f)          Notice
of Adjustment. Upon the occurrence of an event specified in Section 2.1(e), 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, provided that any additional
notice requirements set forth in Section 2.1(e)(i) shall also be applicable.

 

(g)          Reservation
of Shares. Commencing on the date that Borrower increases the authorized number of shares of Common Stock in such a manner
as to permit the conversion, in full, of the Notes by filing a certificate of amendment to its certificate of incorporation with
the Secretary of State of the State of Delaware and at such time when necessary thereafter, Borrower:

 

    	7

    	 

    

 

(i)          will
reserve from its authorized and unissued Common Stock a sufficient amount of Common Stock to permit the full conversion of Note;

 

(ii)         represents
that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable; and

 

(iii)        agrees
that its issuance of 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 Note.

 

2.2           Method
of Conversion. 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 Note, a new Note containing the same date and provisions of Note shall, at the
request of the Holder, be issued by the Borrower to the Holder for the principal balance of Note and interest which shall not
have been converted or paid.

 

    	8

    	 

    

 

2.3           Limitations
on Conversion. Notwithstanding anything to the contrary contained in this Note, this Note shall not be convertible by the
Holder hereof, and the Company shall not effect any conversion of this Note or otherwise issue any shares of Common Stock
pursuant hereto, to the extent (but only to the extent) that the Holder or any of its affiliates would beneficially own in
excess of 4.99% (the “Maximum Percentage”) of the Common Stock. To the extent the above limitation
applies, the determination of whether this Note shall be convertible (vis-à-vis other convertible, exercisable or
exchangeable securities owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis
of the first submission to the Company for conversion, exercise or exchange (as the case may be). No prior inability to
convert this Note, or to issue shares of Common Stock, pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of convertibility. For purposes of this
paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with respect to
calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Securities Act of 1934, as
amended, and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented in a
manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained
or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The
limitations contained in this paragraph shall apply to a successor Holder of this Note. The holders of Common Stock shall be
third party beneficiaries of this paragraph and the Company may not waive this paragraph without the consent of holders of a
majority of its Common Stock. For any reason at any time, upon the written or oral request of the Holder, the Company shall
within two (2) Trading Days confirm orally to the Holder and, if requested, in writing to the Holder the number of shares of
Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable
securities into Common Stock, including, without limitation, pursuant to this Note or securities issued pursuant to the
Purchase Agreement.

 

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
the outstanding Principal Amount plus all other amounts payable under this Note immediately due and payable in cash at the Mandatory
Default Amount (as defined below), upon demand:

 

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

 

3.2           Breach
of Covenant. The Borrower breaches any material covenant of the Purchase Agreement or Note in any material respect and such
breach, if subject to cure, continues for a period of FIFTEEN (15) Trading 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, in the Purchase Agreement or in any certificate delivered pursuant to the Purchase Agreement, said 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.

 

    	9

    	 

    

 

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 ONE MILLION DOLLARS ($1,000,000.00) and shall remain unvacated, unbonded or unstayed for a period of FORTY-FIVE (45)
days.

 

3.6           Bankruptcy.
Bankruptcy, reorganization, insolvency proceeding, 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 FORTY-FIVE (45) Trading 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 ONE MILLION DOLLARS ($1,000,000.00)
for more than TWENTY (20) Trading Days after notice to the Borrower from the Holder, 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 deliver Common Stock to the Holder pursuant to and
in the form required by Note within TEN (10) Trading Days after the applicable Conversion Date.

 

3.9           Reservation
Default. Failure by the Borrower to have reserved for issuance upon conversion of this Note the amount of Common stock as set
forth in this Note for more than NINETY (90) days after notice to the Borrower from the Holder.

 

    	10

    	 

    

 

Upon the payment in
full of the Mandatory Default Amount, the Holder shall promptly surrender this Note to or as directed by the Company. In connection
with such acceleration described herein, 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. For purposes of this Article III, “Mandatory
Default Amount” means the sum of (a) the greater of (i) the outstanding Principal Amount of this Note, divided by
the Conversion Price on the date the Mandatory Default Amount is either (A) demanded (if demand or notice is required to create
an Event of Default) or otherwise due or (B) paid in full, whichever has a lower Conversion Price, multiplied by the VWAP on the
date the Mandatory Default Amount is either (x) demanded or otherwise due or (y) paid in full, whichever has a higher VWAP, or
(ii) 100% of the outstanding principal amount of this Note, and (b) all other amounts, costs, expenses and liquidated damages due
in respect of this Note.

 

    	11

    	 

    

 

Article
IV

REDEMPTION RIGHTS

 

4.1           Optional
Redemption Right. Subject to the provisions of this Article IV, at any time after the Issue Date, the Company may deliver a
notice to the Holder (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder,
the “Optional Redemption Notice Date”) of its irrevocable election to redeem some or all of the then
outstanding principal amount of this Note for cash on the 20th Trading Day following the Optional Redemption Notice Date (such
date, the “Optional Redemption Date”, such 20 Trading Day period, the “Optional Redemption
Period” and such redemption, the “Optional Redemption”). The Optional Redemption Amount
is payable in full on the Optional Redemption Date. The Company may only effect an Optional Redemption if each of the Equity Conditions
(as defined below) shall have been met (unless waived in writing by the Holder) on each Trading Day during the period commencing
on the Optional Redemption Notice Date through to the Optional Redemption Date and through and including the date payment of the
Optional Redemption Amount is actually made in full. If any of the Equity Conditions shall cease to be satisfied at any time during
the Optional Redemption Period, then the Holder may elect to nullify the Optional Redemption Notice by notice to the Company within
3 Trading Days after the first day on which any such Equity Condition has not been met in which case the Optional Redemption Notice
shall be null and void, ab initio. The Company covenants and agrees that it will honor all Notices of Conversion tendered from
the time of delivery of the Optional Redemption Notice through the date all amounts owing thereon are due and paid in full. “Equity
Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions
scheduled to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have
paid all liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective registration
statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the Conversion Shares
issuable upon conversion of such portion of this Note subject to an Optional Redemption (and the Company believes, in good faith,
that such effectiveness will continue uninterrupted for such period) or (ii) all of the Conversion Shares issuable upon conversion
of such portion of this Note subject to an Optional Redemption may be resold pursuant to Rule 144 during such period, (d) the Common
Stock is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted
for trading on such Trading Market (and the Company believes, in good faith, that trading of the Common Stock on a Trading Market
will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized but unissued and otherwise
unreserved shares of Common Stock for the issuance of all of the Conversion Shares issuable upon conversion of such portion of
this Note and any other Notes being redeemed at such time, (f) there is no existing Event of Default and, to the actual knowledge
of the Company, no existing event which, with the passage of time or the giving of notice, would constitute an Event of Default,
(g) the issuance of the shares issuable to the Holder upon conversion of such portion of this Note subject to an Optional Redemption
would not violate the limitations set forth in Section 2.3 under this Note, (h) there has been no public announcement of a pending
or proposed Fundamental Transaction that has not been consummated or abandoned, (i) the applicable Holder is not in possession
of any information provided by the Company that constitutes, or may constitute, material non-public information, (j) for each Trading
Day in a period of 20 consecutive Trading Days prior to the applicable date in question, the daily trading volume for the Common
Stock on the principal Trading Market exceeds $100,000 per Trading Day and (k) for each Trading Day in a period of 20 consecutive
Trading Days prior to the applicable date in question, the VWAP equals or exceeds $0.20 (subject to adjustment for forward and
reverse stock splits, recapitalizations and the like).

 

    	12

    	 

    

 

4.2           Right
to Convert. Notwithstanding the foregoing, the Holder may elect to convert the outstanding principal amount of the Note subject
to an Optional Redemption Notice pursuant to Article II at any time prior to actual payment in cash for any redemption under this
Section 4 by the delivery of an irrevocable Notice of Conversion to the Company.

 

Article
V

UNSECURED NOTE

 

5.1           Unsecured
Note. Note is an unsecured obligation of the Borrower.

 

Article
VI

MISCELLANEOUS

 

6.1           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.

 

6.2           Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing
and 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 Trading 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/or (d) when faxed, upon
confirmation of receipt.

 

6.3           Amendment
Provision. No provision of this Note may be modified or amended without the prior written consent of holders of a majority of
the principal amount of the Notes then outstanding and any amendment to any provision of any of the Notes made in conformity with
the provisions of this Section 7.3 (and such corresponding provision set forth in such other Notes) shall be binding on all holders
of Notes. 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.

 

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6.4           Assignability.
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.

 

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

 

6.6           Governing
Law. 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 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
to 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 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, 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 Note, whether or not such other document or agreement
was delivered together herewith or was executed apart from Note. 

 

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6.7           Construction.
Each party acknowledges that its legal counsel participated in the preparation of 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 Note
to favor any party against the other.

 

6.8           Shareholder
Status. The Holder shall not have rights as a shareholder of the Borrower with respect to unconverted portions of 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.

 

6.9           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 Trading 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]

 

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IN WITNESS WHEREOF,
Borrower has caused Note to be signed in its name by an authorized officer as of the ____ day of August 2012.

 

	 	ADVAXIS, INC.
	 	 	 
	 	By:	 
	 	 	Name: Thomas A. Moore
	 	 	Title: Chairman/ CEO
	 	 	 
	WITNESS:	 	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

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 amount and $_________ of the interest due, if any, on the Note issued by ADVAXIS,
INC. on _____________, 2012 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: ___________________________________________

 

	Shares to Be Delivered:	 

 

Notwithstanding anything to the contrary
contained herein, this Conversion Notice shall constitute a representation by the Holder of the Note submitting this Conversion
Notice that, after giving effect to the conversion provided for in this Conversion Notice, such Holder (together with its affiliates)
will not have beneficial ownership (together with the beneficial ownership of such person's affiliates) of a number of shares Common
Stock which exceeds the Maximum Percentage (as defined in the Note) of the total outstanding shares Common Stock of the Company
as determined pursuant to the provisions of Section 2.3 of the Note.

 

	Signature:	 	 
	 	 	 
	Print Name:	 	 
	 	 	 
	Address:

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