Document:

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT (this "Agreement"), dated as of June 25, 2020, by and between GENEREX BIOTECHNOLOGY CORPORATION,
a Delaware corporation (the "Company"), and FIRSTFIRE GLOBAL OPPORTUNITIES FUND, LLC, a Delaware limited
liability company (together with it permitted assigns, the "Buyer"). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Securities Purchase Agreement by and between the parties hereto,
dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "Purchase
Agreement").

 

WHEREAS:

 

The
Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer that certain
convertible promissory note in the principal amount of $150,000.00 (the "Note") as provided therein, and to induce
the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities
Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "Securities
Act"), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

 1. DEFINITIONS.

 

As
used in this Agreement, the following terms shall have the following meanings:

 

a. 
"Investor" means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this
Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee
or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and
who agrees to become bound by the provisions of this Agreement.

 

b. 
"Person" means any individual or entity including but not limited to any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or
a governmental agency.

 

c. 
"Register," "registered," and "registration" refer to a registration effected
by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and/or pursuant
to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis ("Rule
415"), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities
and Exchange Commission (the "SEC").

 

d. 
"Registrable Securities" means three and a half (3.5) times all of the shares of Common Stock into which the
Note is convertible into, which have been, or which may, from time to time be issued, including without limitation all of the
shares of common stock which have been issued or will be issued to the Investor under the Purchase Agreement (without regard to
any limitation or restriction on purchases), shares of common stock issued to the Investor as a result of any stock split, stock
dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the Purchase
Agreement.

 

e. 
"Registration Statement" means one or more registration statements of the Company covering only the sale of the
Registrable Securities.

 

 2. REGISTRATION.

 

a.  Mandatory
Registration. The Company shall, within thirty (30) business days from the date hereof, file with the SEC an initial
Registration Statement or amend its registration statement previously filed on February 18, 2020 to cover the maximum number
of Registrable Securities (in any event equal to at least 2,000,000 shares of Common Stock) as shall be permitted to
be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of
such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities Act at then
prevailing market prices (and not fixed prices). The initial Registration Statement shall register only the Registrable
Securities unless signed written consent from the Investor is obtained by the Company. The Investor and its counsel shall
have a reasonable opportunity to review and comment upon such Registration Statement and any amendment or supplement to such
Registration Statement and any related prospectus prior to its filing with the SEC, and the Company shall give due
consideration to all reasonable comments. The Investor shall furnish all information reasonably requested by the Company for
inclusion therein. The Company shall have the Registration Statement and any amendment declared effective by the SEC at the
earliest possible date (in any event best efforts within ninety (90) calendar days from the date hereof, which shall be
increased to one hundred twenty (120) calendar days from the date hereof if the SEC conducts a review of such Registration
Statement). The Company shall keep the Registration Statement effective, including but not limited to pursuant to Rule 415
promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities
covered thereby at all times until the earlier of (i) the date as of which the Investor may sell all of the Registrable
Securities without restriction pursuant to Rule 144 promulgated under the Securities and (ii) the date on which the Investor
shall have sold all the Registrable Securities covered thereby (the "Registration Period"). The Registration
Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make
the statements therein, in light of the circumstances in which they were made, not misleading.

 

b. 
Rule 424 Prospectus.The Company shall, as required by applicable securities regulations, from time to time file with
the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used
in connection with sales of the Registrable Securities under the Registration Statement. The Investor and its counsel shall have
a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give
due consideration to all such comments. The Investor shall use its reasonable best efforts to comment upon such prospectus within
one (1) business day from the date the Investor receives the final pre-filing version of such prospectus.

 

c. 
Sufficient Number of Shares Registered. In the event the number of shares available under the Registration Statement is
insufficient to cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration
Statement (a "New Registration Statement"), so as to cover all of such Registrable Securities (subject to the
limitations set forth in Section 2(a)) as soon as practicable, but in any event not later than twenty (20) business days after
the necessity therefor arises, subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities
Act (with the understanding that this process shall be repeated until the Note is satisfied in full). The Company shall use it
reasonable best efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following
the filing thereof. In the event that any of the Registrable Securities are not included in the Registration Statement, or have
not been included in any New Registration Statement and the Company files any other registration statement under the Securities
Act (other than on Form S-4, Form S-8, or with respect to other employee related plans or rights offerings) ("Other Registration
Statement") then the Company shall include such remaining Registrable Securities in such Other Registration Statement.

 

d.  Offering.
If the staff of the SEC (the "Staff") or the SEC seeks to characterize any offering pursuant to a
Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit
such Registration Statement to become effective and be used for resales by the Investor under Rule 415 at then-prevailing
market prices (and not fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to
Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities
included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities to be
included in such initial Registration Statement (with the prior consent, which shall not be unreasonably withheld, of the
Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the
Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid. In the event of
any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration
Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration
Statements that have been declared effective and the prospectus contained therein is available for use by the Investor.
Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company's obligations to register
Registrable Securities (and any related conditions to the Investor's obligations) shall be qualified as necessary to comport
with any requirement of the SEC or the Staff as addressed in this Section 2(d).

 

 3. RELATED OBLIGATIONS.

 

With
respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including
on any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following
obligations:

 

a. 
The Company shall prepare and file with the SEC such amendments (including post- effective amendments) and supplements to any
registration statement and the prospectus used in connection with such registration statement, which prospectus is to be filed
pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration
Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities
Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any
New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with
the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

b. 
Upon request, the Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration
Statement and all amendments and supplements thereto at least two

(2)
business days prior to their filing with the SEC, and not file any document in a form to which Investor reasonably objects. The
Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New Registration Statement and
any amendments or supplements thereto within two (2) business days from the date the Investor receives the final version thereof.
The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the SEC to the Company
or its representatives relating to the Registration Statement or any New Registration Statement.

 

c. 
Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with
the SEC, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a
copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number
of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final
prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC's live EDGAR system
shall be deemed "furnished to the Investor" hereunder.

 

d. 
The Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration
statement under such other securities or "blue sky" laws of such jurisdictions in the United States as the Investor
reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements
to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period,
(iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section
3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in
any such jurisdiction. The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company
of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for
sale under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice
of the initiation or threatening of any proceeding for such purpose.

 

e. 
As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the
happening of any event or existence of such facts as a result of which the prospectus included in any registration statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly
prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy
of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company
shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post- effective amendment
has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investor by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of
any request by the SEC for amendments or supplements to any registration statement or related prospectus or related information,
and (iii) of the Company's reasonable determination that a post-effective amendment to a registration statement would be appropriate.

 

f. 
The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment
and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

g. 
The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the
same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal
Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

 

h. 
The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such
certificates to be in such denominations or amounts as the Investor may reasonably request and registered in such names as the
Investor may request.

 

i. The
Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

j. 
If reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective
amendment such information as the Investor believes should be included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase
price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of
such prospectus supplement or post-effective amendment as soon as practicable upon notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

k. 
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

l. 
Within three (3) business days after any registration statement which includes the Registrable Securities is ordered effective
by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such
Registrable Securities (with copies to the Investor) confirmation that such registration statement has been declared effective
by the SEC in the form attached hereto as Exhibit A. Thereafter, if requested by the Buyer at any time, the Company
shall require its counsel to deliver to the Buyer a written confirmation whether or not the effectiveness of such registration
statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not
the registration statement is current and available to the Buyer for sale of all of the Registrable Securities

 

m. The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to any registration statement.

 

 4. OBLIGATIONS OF THE INVESTOR.

 

a. 
The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection
with any registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required
to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.

 

b. 
The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any registration statement hereunder.

 

c. 
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the
kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable
Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor's receipt of the
copies of the supplemented or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e). Notwithstanding anything
to the contrary, the Company shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive
legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect
to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the
happening of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor
has not yet settled.

 

 5. EXPENSES OF REGISTRATION.

 

All
reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

 6. INDEMNIFICATION.

 

a. 
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor,
each Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, agents,
representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act
or the Securities Exchange Act of 1934, as amended (the "Exchange Act") (each, an "Indemnified
Person"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys'
fees, amounts paid in settlement or expenses, joint or several, (collectively, "Claims") incurred in
investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending
or threatened, whether or not an indemnified party is or may be a party thereto ("Indemnified Damages"), to
which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in
the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in
connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction
in which Registrable Securities are offered ("Blue Sky Filing"), or the omission or alleged omission to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any
untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged
omission to state therein any material fact necessary to make the statements made therein, in light of the
circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or
any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration
Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in
the foregoing clauses (i) through (iv) being, collectively, "Violations"). The Company shall reimburse each
Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other
reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a
Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection
with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or
supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e);
(ii) with respect to any superseded prospectus, shall not inure to the benefit of any such person from whom the person
asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person
controlling such person) if the untrue statement or omission of material fact contained in the superseded prospectus
was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made
available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing
not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding
such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver
or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the
Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

b.
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of
the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified
Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained
by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying
party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party
shall be liable for any settlement of any action, claim or proceeding effectuated without its written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification
as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not
relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to
the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

c.  The indemnification required
by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or Indemnified Damages are incurred.

 

d. 
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

 7. CONTRIBUTION.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

 8. REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With
a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar
rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without
registration ("Rule 144"), the Company agrees, at the Company's sole expense, to: 

 

a. 
make and keep public information available, as those terms are understood and defined in Rule 144;

 

b. 
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144;

 

c. 
furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange
Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant
to Rule 144 without registration; and

 

d. 
take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company's Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with Investor
and Investor's broker to effect such sale of securities pursuant to Rule 144.

 

The
Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that
Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary
or permanent injunctions, without having to post any bond or other security, upon any breach or threatened breach of any such
terms or provisions.

 

9. ASSIGNMENT
OF REGISTRATION RIGHTS.

 

The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.

 

10. AMENDMENT OF REGISTRATION RIGHTS.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one business day immediately
preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision
of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than
in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise
any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate
as a waiver thereof.

 

 11. MISCELLANEOUS.

 

a. 
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

b. 
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; or (ii) one (1) business
day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive
the same. The addresses for such communications shall be:

 

If
to the Company, to:

 

GENEREX
BIOTECHNOLOGY CORPORATION

10102
USA Today Way

Miramar, FL 33025

Attention: Joseph Moscato

e-mail:
jmoscato@nugenerex.com and acrisci@nugenerex.com

 

If
to the Investor:

 

FIRSTFIRE
GLOBAL OPPORTUNITIES FUND, LLC

1040
First Avenue, Suite 190

New York, NY 10022

Attn:
Eli Fireman

e-mail:
eli@firstfirecapital.com

 

or
at such other address and/or to the attention of such other person as the recipient party has specified by written notice given
to each other party three (3) business days prior to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice, consent, waiver or other communication, or (B) provided by a nationally recognized overnight
delivery service, shall be rebuttable evidence of personal service or receipt from a nationally recognized overnight delivery
service in accordance with clause (i)or (ii) above, respectively.

 

c. 
The corporate laws of the State of Delaware shall govern all issues concerning this Agreement. All other questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of
the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other
than the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts located in New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement 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 manner permitted by law. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or
enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of
this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

d. 
This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

 

e. 
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties hereto.

 

f. 
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g. 
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
transmission or by e-mail in a ".pdf" format data file of a copy of this Agreement bearing the signature of the party
so delivering this Agreement.

 

h. 
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

i. 
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.

 

j. 
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

 

 

*
* * * * *

 

    	 	1	 

     

    

 

 
                IN WITNESS  WHEREOF, the parties have caused this Agreement to be duly
executed  as of day and year first above  written.        

 

THE
COMPANY:

 

GENEREX
BIOTECHNOLOGY CORPORATION

 

By:
/s/ Joseph Moscato

Name:
JOSEPH MOSCATO

Title: CHIEF EXECUTIVE OFFICER

 

INVESTOR

 

FIRSTFIRE GLOBAL OPPORTUNITIES FUND, LLC

 

By:
FirstFire Capital Management LLC, its manager

 

By: /s/ Eli Fireman

ELI FIREMAN

 

 

    	 	2	 

     

    

 

EXHIBIT
A TO REGISTRATION RIGHTS AGREEMENT

 

FORM
OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

___,
2020

 

Securities
Transfer Corporation

2901
N. Dallas Parkway, Suite 380

Plano,
TX 75093

 

Re:
[_______]

 

Ladies and Gentlemen:

We
are counsel to GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (the "Company"), and have represented
the Company in connection with that certain securities purchase agreement, dated as of June 25, 2020 (the "Purchase Agreement"),
entered into by and between the Company and FirstFire Global Opportunities Fund, LLC (the "Buyer"). In connection
with the transactions contemplated by the Purchase Agreement, the Company has registered with the U.S. Securities & Exchange
Commission the following shares of Common Stock:

 

		(1)	shares
                                         of Common Stock to be issued to the Buyer upon Buyer's conversion(s) under the Note in
                                         accordance with the terms of the Note.

 

Pursuant
to the Purchase Agreement, the Company also has entered into a registration rights agreement, of even date with the Purchase Agreement
with the Buyer (the "Registration Rights Agreement") pursuant to which the Company agreed, among other things,
to register the shares of the Company's common stock for the benefit of Buyer (as defined in the Registration Rights Agreement)
under the Securities Act of 1933, as amended (the "Securities Act").In connection with the Company's obligations
under the Purchase Agreement and the Registration Rights Agreement, on [___], 2020, the Company filed a Registration Statement
(File No. 333- [___]) (the "Registration Statement") with the Securities and Exchange Commission (the "SEC")
relating to the resale of the Conversion Shares.

 

In
connection with the foregoing, we advise you that a member of the SEC's staff has advised us by telephone that the SEC has entered
an order declaring the Registration Statement effective under the Securities Act at [__] [A.M./P.M.] on [__],
2020 and we have no knowledge, after telephonic inquiry of a member of the SEC's staff, that any stop order suspending its effectiveness
has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Conversion Shares
are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive
legend.

 

Very
truly yours,

[Company Counsel]

 

 

By: __________

 

 

cc:FirstFire
Global Opportunities Fund, LLC

 

    	 	3THIS
INSTRUMENT CONTAINS AN AFFIDAVIT OF CONFESSION OF JUDGMENT PROVISION WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS BORROWER MAY
HAVE AND ALLOWS THE HOLDER TO OBTAIN A JUDGMENT AGAINST BORROWER WITHOUT ANY FURTHER NOTICE.

 

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 (WHICH MAY BE THE LEGAL COUNSEL OPINION (AS DEFINED
IN THE PURCHASE AGREEMENT)), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD
PURSUANT TO RULE 144, RULE 144A, REGULATION S, OR OTHER APPLICABLE EXEMPTION UNDER SAID ACT.

 

	Principal Amount: $150,000.00	Issue Date: June 25, 2020
	Actual Amount of Purchase Price: $150,000.00	 

 

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, GENEREX BIOTECHNOLOGY CORPORATION, a Delaware corporation (hereinafter called the
“Borrower" or the “Company") (Trading Symbol: GNBT), hereby promises to pay to the order of FIRSTFIRE
GLOBAL OPPORTUNITIES FUND LLC, a Delaware limited liability company, or registered assigns (the “Holder"), in
the form of lawful money of the United States of America, the principal sum of $150,000.00 (the “Principal
Amount") (subject to adjustment herein), with a purchase price of $150,000.00 (the “Purchase Price"), and to
pay interest on the Principal Amount under this Note at the rate of twelve percent (12%) (the “Interest Rate") per
annum from the date that the Purchase Price is fully funded pursuant to the terms of the disbursement authorization signed by
the Borrower with respect to this Note (the “Funding Date") until the same becomes due and payable, whether at
maturity or upon acceleration or by prepayment or otherwise, as further provided herein. The Holder shall pay the Purchase
Price within one (1) business day after the full execution of the Note and all related transactional documents related to
this Note, pursuant to the terms of the disbursement authorization signed by the Borrower with respect to this Note, and the
outstanding principal amount under this Note shall be $150,000. The maturity date for this Note shall be twelve (12) calendar
months from the Funding Date (the “Maturity Date"), and is the date upon which the principal sum, as well as any
accrued and unpaid interest and other fees, shall be due and payable.

 

This
Note may not be prepaid or repaid in whole or in part except as otherwise explicitly set forth herein.

 

Interest
on the Principal Amount under this Note shall commence accruing on the Funding Date and shall be computed on the basis of a 365-day
year and the actual number of days elapsed. Any Principal Amount or interest on this Note which is not paid when due shall bear
interest at the rate of the lesser of (i) fifteen percent (15%) per annum and (ii) the maximum amount permitted by law from the
due date thereof until the same is paid (“Default Interest").

 

All
payments due hereunder (to the extent not converted into shares of common stock, $0.001 par value per share, of the Borrower (the
“Common Stock") in accordance with the terms hereof) shall be made in lawful money of the United States of America.
All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance
with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is
not a business day, the same shall instead be due on the next succeeding day which is a business day and, in the case of any interest
payment date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken
into account for purposes of determining the amount of interest due on such date.

 

Each
capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities
Purchase Agreement, dated as of the Issue Date, pursuant to which this Note was originally issued (the “Purchase
Agreement"). As used in this Note, the term “business day" shall mean any day other than a Saturday, Sunday
or a day on which commercial banks in the city of New York, New York are authorized or required by law or executive order to
remain closed. As used herein, the term “Trading Day" means any day that shares of Common Stock are listed for
trading or quotation on the Principal Market (as defined in the Purchase Agreement), any tier of the NASDAQ Stock Market, the
New York Stock Exchange or the NYSE American.

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1   
IMAGE OMITTEDIMAGE OMITTEDConversion Right. The Holder shall have the right, at any time on or after the
Issue Date, to convert all or any portion of the then outstanding and unpaid Principal Amount and interest (including any Default
Interest) into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares
of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified,
at the Conversion Price (as defined below) determined as provided herein (a “Conversion"); provided, however,
that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon
conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other
than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of this Note
or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise
analogous to the limitations contained herein) and (2) the number of Conversion Shares issuable upon the conversion of the portion
of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the
Holder and its affiliates of more than 4.99% of the then outstanding shares of Common Stock. For purposes of the proviso set forth
in the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “1934 Act"), and Regulations 13D-G thereunder, except as otherwise provided in
clause (1) of such proviso, provided, however, that the limitations on conversion may be waived (up to 9.99%) by the Holder
upon, at the election of the Holder, not less than 61 days' prior notice to the Borrower, and the provisions of the conversion
limitation shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in
such notice of waiver). The number of Conversion Shares to be issued upon each conversion of this Note shall be determined by
dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the
notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion"), delivered to the
Borrower or Borrower's transfer agent by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion
is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower
or Borrower's transfer agent before 5:00 p.m., New York, New York time on such conversion date (the “Conversion Date").
The term “Conversion Amount" means, with respect to any conversion of this Note, the sum of (1) the Principal Amount
of this Note to be converted in such conversion plus (2) at the Holder's option, accrued and unpaid interest, if any, on
such Principal Amount at the Interest Rate to the Conversion Date, plus (3) at the Holder's option, Default Interest, if
any, on the amounts referred to in the immediately preceding clauses (1) and/or (2).

 

 1.2 Conversion Price.

 

Calculation
of Conversion Price. The per share conversion price into which Principal Amount and interest (including any Default
Interest) under this Note shall be convertible into shares of Common Stock hereunder shall be equal to 80% multiplied by the
lowest closing price of the Common Stock during the ten (10) consecutive Trading Day period immediately preceding the date of
the respective conversion (the “Conversion Price"). To the extent the Conversion Price is below the par
value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the par
value to the lowest value possible under law, provided however that the Borrower agrees to honor all conversions submitted
pending this increase. If at any time the Conversion Price as determined hereunder for any conversion would be less than the
par value of the Common Stock, then at the sole discretion of the Holder, the Conversion Price hereunder may equal such par
value for such conversion and the Conversion Amount for such conversion may be increased to include Additional Principal,
where “Additional Principal" means such additional amount to be added to the Conversion Amount to the extent
necessary to cause the number of conversion shares
issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion
Price not been adjusted by the Holder to the par value price. In the event the Borrower has a DTC “Chill" on its
shares, an additional discount of 10% shall apply to the Conversion Price while that “Chill" is in
effect.

 

1.3 
Authorized and Reserved Shares. The Borrower covenants that at all times until the Note is satisfied in full, the Borrower
will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide
for the issuance of a number of Conversion Shares equal to the greater of: (a) 5,000,000 shares of Common Stock or (b) the sum
of (i) the number of Conversion Shares issuable upon the full conversion of this Note (assuming no payment of Principal Amount
or interest) as of any issue date (taking into consideration any adjustments to the Conversion Price pursuant to Section 2 hereof
or otherwise) multiplied by (ii) three and a half (3.5) (the “Reserved Amount"). In the event that the Borrower
shall be unable to reserve the entirety of the Reserved Amount (the “Reserve Amount Failure"), the Borrower shall promptly
take all actions necessary to increase its authorized share capital to accommodate the Reserved Amount (the “Authorized
Share Increase"), including without limitation, all board of directors actions and approvals and promptly (but no less than
60 days following the calling and holding a special meeting of its shareholders no more than 60 days following the Reserve Amount
Failure to seek approval of the Authorized Share Increase via the solicitation of proxies. Notwithstanding the foregoing, in no
event shall the Reserved Amount be lower than the initial Reserved Amount, regardless of any prior conversions. The Borrower represents
that upon issuance, the Conversion Shares will be duly and validly issued, fully paid and non-assessable. In addition, if the
Borrower shall issue any securities or make any change to its capital structure which would change the number of Conversion Shares
into which this Note shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper
provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of this Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue
certificates for the Conversion Shares or instructions to have the Conversion Shares issued as contemplated by Section 1.4(f)
hereof, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged
with the duty of executing stock certificates or cause the Company to electronically issue shares of Common Stock to execute and
issue the necessary certificates for the Conversion Shares or cause the Conversion Shares to be issued as contemplated by Section
1.4(f) hereof in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under this Note.

 

 1.4 Method of Conversion.

 

(a) 
Mechanics of Conversion. This Note may be converted by the Holder in whole or in part, on any Trading Day, at any time
on or after the Issue Date, by submitting to the Borrower or Borrower's transfer agent a Notice of Conversion (by facsimile, e-mail
or other reasonable means of communication dispatched on the Conversion Date prior to 5:00 p.m., New York, New York time). Any
Notice of Conversion submitted after 5:00 p.m., New York, New York time, shall be deemed to have been delivered and received on
the next Trading Day.

 

(b) 
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless
the entire unpaid Principal Amount is so converted. The Holder and the Borrower shall maintain records showing the Principal Amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such
records of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding
the foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder
first physically surrenders this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order
of the Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes)
may request, representing in the aggregate the remaining unpaid Principal Amount of this Note. The Holder and any assignee, by
acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a
portion of this Note, the unpaid and unconverted Principal Amount of this Note represented by this Note may be less than the amount
stated on the face hereof.

 

(c)  Payment of Taxes. The Borrower shall not be required to pay any tax which may be payable
in respect of any transfer involved in the issue and delivery of shares of Common Stock or other securities or property on conversion
of this Note in a name other than that of the Holder (or in street name), and the Borrower shall not be required to issue or deliver
any such shares or other securities or property unless and until the person or persons (other than the Holder or the custodian
in whose street name such shares are to be held for the Holder's account) requesting the issuance thereof shall have paid to the
Borrower the amount of any such tax or shall have established to the satisfaction of the Borrower that such tax has been paid.

 

(d) 
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in
this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Conversion Shares (or cause the electronic delivery of the Conversion Shares as contemplated by Section 1.4(f)
hereof) within three (3) Trading Days after such receipt (the “Deadline") (and, solely in the case of conversion of
the entire unpaid Principal Amount and interest (including any Default Interest) under this Note, surrender of this Note). If
the Company shall fail for any reason or for no reason to issue to the Holder on or prior to the Deadline a certificate for the
number of Conversion Shares or to which the Holder is entitled hereunder and register such Conversion Shares on the Company's
share register or to credit the Holder's balance account with DTC (as defined below) for such number of Conversion Shares to which
the Holder is entitled upon the Holder's conversion of this Note (a “Conversion Failure"), then, in addition to all
other remedies available to the Holder, (i) the Company shall pay in cash to the Holder on each day after the Deadline and during
such Conversion Failure an amount equal to 2.0% of the product of (A) the sum of the number of Conversion Shares not issued to
the Holder on or prior to the Deadline and to which the Holder is entitled and (B) the closing sale price of the Common Stock
on the Trading Day immediately preceding the last possible date which the Company could have issued such Conversion Shares to
the Holder without violating this Section 1.4(d); and (ii) the Holder, upon written notice to the Company, may void its Notice
of Conversion with respect to, and retain or have returned, as the case may be, any portion of this Note that has not been converted
pursuant to such Notice of Conversion; provided that the voiding of an Notice of Conversion shall not affect the Company's obligations
to make any payments which have accrued prior to the date of such notice. In addition to the foregoing, if on or prior the Deadline
the Company fails to issue and deliver a certificate to the Holder and register such Conversion Shares on the Company's share
register or credit the Holder's balance account with DTC for the number of Conversion Shares to which the Holder is entitled upon
the Holder's exercise hereunder or pursuant to the Company's obligation pursuant to clause (ii) below, and if on or after such
Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction
of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company,
then the Company shall, within two (2) Trading Days after the Holder's request and in the Holder's discretion, either (i) pay
cash to the Holder in an amount equal to the Holder's total purchase price (including brokerage commissions and other reasonable
and customary out-of-pocket expenses, if any) for the shares of Common Stock so purchased (the “Buy-In Price"), at
which point the Company's obligation to deliver such certificate (and to issue such Conversion Shares) or credit such Holder's
balance account with DTC for such Conversion Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such Conversion Shares or credit such Holder's balance account with DTC and pay cash
to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common
Stock, times (B) the closing sales price of the Common Stock on the date of exercise. Nothing shall limit the Holder's right to
pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates representing the Conversion
Shares (or to electronically deliver such Conversion Shares) upon the conversion of this Note as required pursuant to the terms
hereof.

 

(e)  Obligation
of Borrower to Deliver Common Stock. At the time that the Holder submits the Notice of Conversion to the Borrower or
Borrower's transfer agent, the Holder shall be deemed to be the holder of record of the Conversion Shares issuable upon
such conversion, the outstanding Principal Amount and the amount of accrued and unpaid interest (including any Default
Interest) under this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations
under this Article I, all rights with respect to the portion of this Note being so converted shall forthwith terminate except
the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If
the Holder shall have given a Notice of Conversion as provided herein, the Borrower's obligation to issue and deliver the
certificates for the Conversion Shares (or cause the electronic delivery of the Conversion Shares as contemplated by Section
1.4(f) hereof) shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the
same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any
action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of
record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of
any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the
Borrower to the Holder in connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be
the Conversion Date so long as the Notice of Conversion is sent to the Borrower or Borrower's transfer agent before 5:00
p.m., New York, New York time, on such date.

 

(f)  
Delivery of Conversion Shares by Electronic Transfer. In lieu of delivering physical certificates representing the Conversion
Shares issuable upon conversion hereof, provided the Borrower is participating in the Depository Trust Company (“DTC")
Fast Automated Securities Transfer or Deposit/Withdrawal at Custodian programs, upon request of the Holder and its compliance
with the provisions contained in Section 1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer
agent to electronically transmit the Conversion Shares issuable upon conversion hereof to the Holder by crediting the account
of Holder's Prime Broker with DTC through its Deposit Withdrawal Agent Commission system.

 

1.5 
Concerning the Shares. The Conversion Shares issuable upon conversion of this Note may not be sold or transferred unless
(i) such shares are sold pursuant to an effective registration statement under the 1933 Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be the Legal Counsel Opinion (as defined in the
Purchase Agreement)) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration or (iii) such shares are sold or transferred pursuant to Rule 144, Rule 144A, Regulation S, or other applicable
exemption, or (iv) such shares are transferred to an “affiliate" (as defined in Rule 144) of the Borrower who agrees
to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined
in the Purchase Agreement). Except as otherwise provided in the Purchase Agreement (and subject to the removal provisions set
forth below), until such time as the Conversion Shares have been registered under the 1933 Act or otherwise may be sold pursuant
to Rule 144, Rule 144A, Regulation S, or other applicable exemption without any restriction as to the number of securities as
of a particular date that can then be immediately sold, each certificate for the Conversion Shares that has not been so included
in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption
that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

 

"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 (WHICH MAY BE THE LEGAL COUNSEL OPINION (AS DEFINED
IN THE PURCHASE AGREEMENT)), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD
PURSUANT TO RULE 144, RULE 144A, REGULATION S, OR OTHER APPLICABLE EXEMPTION UNDER SAID ACT."

 

The
legend set forth above shall be removed and the Company shall issue to the Holder a certificate for the applicable
Conversion Shares without such legend upon which it is stamped or (as requested by the Holder) issue the applicable
Conversion Shares by electronic delivery by crediting the account of such holder's broker with DTC, if, unless otherwise
required by applicable state securities laws: (a) such Conversion Shares are registered for sale under an effective
registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144, Rule 144A, Regulation S, or
other applicable exemption without any restriction as to the number of securities as of a particular date that can then be
immediately sold, or (b) the Company or the Holder provides the Legal Counsel Opinion (as contemplated by and in accordance
with Section 4(m) of the Purchase Agreement) to the effect that a public sale or transfer of such Conversion Shares may be
made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is
effected. The Holder shall be responsible for the fees of Company's transfer agent and all DTC fees associated with any such
issuance. The Holder agrees to sell all Conversion Shares, including those represented by a certificate(s) from which the
legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the
Company does not accept the opinion of counsel provided by the Holder with respect to the transfer of Conversion Shares
pursuant to an exemption from registration, such as Rule 144, Rule 144A or Regulation S, at the Deadline, notwithstanding
that the conditions of Rule 144, Rule 144A, Regulation S, or other applicable exemption, as applicable, have been met, it
will be considered an Event of Default under this Note.

 

 1.6 Effect of Certain Events.

 

(a) 
Effect of Merger, Consolidation, Etc. Except for the spin-out of NuGenerex Immuno- Oncology, Inc. (f/k/a Antigen Express,
Inc.), a Delaware corporation (“NuGenerex Immuno-Oncology"), at the option of the Holder, the sale, conveyance or disposition
of all or substantially all of the assets of the Borrower, or the consolidation, merger or other business combination of the Borrower
with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall either: (i) be deemed
to be an Event of Default pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as
a condition to such transaction an amount equal to the Default Amount (defined in Section 3.26) or (ii) be treated pursuant to
Section 1.6(b) hereof. “Person" shall mean any individual, corporation, limited liability company, partnership, association,
trust or other entity or organization.

 

(b) 
Adjustment Due to Merger, Consolidation, Etc. Except for the spin-out of NuGenerex Immuno-Oncology, if, at any time when
this Note is issued and outstanding and prior to conversion of all of this Note, there shall be any merger, consolidation, exchange
of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Common Stock of the Borrower
shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Borrower
or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Borrower other than in
connection with a plan of complete liquidation of the Borrower, then the Holder of this Note shall thereafter have the right to
receive upon conversion of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the shares
of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have
been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction (without
regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect
to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The
Borrower shall not effectuate any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable,
at least thirty (30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record
date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger,
consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time
the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes
by written instrument the obligations of this Section 1.6(b). The above provisions shall similarly apply to successive consolidations,
mergers, sales, transfers or share exchanges.

 

(c)  
Adjustment Due to Distribution. Except for the spin-out of NuGenerex Immuno- Oncology, if the Borrower shall declare or
make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a dividend, stock repurchase,
by way of return of capital or otherwise (including any dividend or distribution to the Borrower's shareholders in cash or shares
(or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a “Distribution"), then the Holder
of this Note shall be entitled, upon any conversion of this Note after the date of record for determining shareholders entitled
to such Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares
of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common Stock on the record date
for the determination of shareholders entitled to such Distribution.

 

 (d) Intentionally Omitted.

 

(e)
Intentionally Omitted.

 

(f)   Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of
the Conversion Price as a result of the events described in this Section 1.6, the Borrower, at its expense, shall promptly compute
such adjustment or readjustment and prepare and furnish to the Holder a certificate setting forth such adjustment or readjustment
and showing in detail the facts upon which such adjustment or readjustment is based. The Borrower shall, upon the written request
at any time of the Holder, furnish to such Holder a like certificate setting forth (i) such adjustment or readjustment, (ii) the
Conversion Price at the time in effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities
or property which at the time would be received upon conversion of the Note.

 

1.7  Adjustments
to Conversion Price. At any time after the Issue Date, (i) if in the case that the Borrower's Common Stock is not
deliverable by DWAC (including if the Borrower's transfer agent has a policy prohibiting or limiting delivery of shares of
the Borrower's Common Stock specified in a Notice of Conversion), (ii) if the Borrower ceases to be a reporting company
pursuant or subject to the Exchange Act, (iii) if the Borrower loses a market (including the OTC Pink, OTCQB or an equivalent
replacement exchange) for its Common Stock, (iv) if the Borrower fails to maintain its status as “DTC Eligible"
for any reason, (v) if the Conversion Price is less than one cent ($0.01), (vi) if the Note cannot be converted into free
trading shares on or after six months from the Issue Date, (vii) if at any time the Borrower does not maintain or replenish
the Reserved Amount (as defined herein) within three (3) business days of the request of the Holder, (viii) if the Borrower
fails to maintain the listing of the Common Stock on at least one of the OTC Markets or an equivalent replacement exchange,
the Nasdaq National Market, the Nasdaq Small Cap Market, the New York Stock Exchange, or the NYSE MKT, (ix) if the Borrower
fails to comply with the reporting requirements of the Exchange Act; the reporting requirements necessary to satisfy the
availability of Rule 144 to the Holder or its assigns, including but not limited to the timely fulfillment of its filing
requirements as a fully- reporting issuer registered with the SEC, the requirements for XBRL filings, the requirements for
disclosure of financial statements on its website, (x) if the Borrower effectuates a reverse split of its Common Stock
without twenty (20) days prior written notice to the Holder, (xi) if OTC Markets changes the Borrower's designation to
'No Information' (Stop Sign), 'Caveat Emptor' (Skull and Crossbones), or 'OTC', 'Other OTC' or 'Grey Market' (Exclamation
Mark Sign), (xii) the restatement of any financial statements filed by the Borrower with the SEC for any date or period from
two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such
restatement would, by comparison to the unrestated financial statement, have constituted a material adverse effect on the
rights of the Holder with respect to this Note or the Purchase Agreement, (xiii) any cessation of trading of the Common Stock
on at least one of the OTC Markets or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq Small Cap
Market, the New York Stock Exchange, or the NYSE MKT, and such cessation of trading shall continue for a period of five
consecutive (5) Trading Days, and/or (xiv) the Borrower loses the “bid" price for its Common Stock ($0.0001 on the
“Ask" with zero market makers on the “Bid" per Level 2), and/or (xv) if the Holder is notified
in writing by the Company or the Company's transfer agent that the Company does not have the necessary amount of authorized
and issuable shares of Common Stock available to satisfy the issuance of Shares pursuant to a Conversion Notice, then in
addition to all other remedies under this Note (including but not limited the default provisions provided in this Note), the
Holder shall be entitled to increase, by 15% for each occurrence, cumulative or otherwise, the discount to the Conversion
Price shall apply for all future conversions under the Note. The Holder maintains the option and sole discretion to increase
by Ten Thousand and No/100 United States Dollars ($10,000) per each occurrence described above (under Holder's and Borrower's
expectation that any principal amount increase will tack back to the Issue Date) the principal amount of the Note instead of
applying further discounts to the Conversion Price.

 

1.8   Status
as Shareholder. Upon submission of a Notice of Conversion by a Holder, (i) the Conversion Shares covered thereby (other
than the Conversion Shares, if any, which cannot be issued because their issuance would exceed such Holder's
allocated portion of the Reserved Amount or Maximum Share Amount) shall be deemed converted into shares of Common Stock and
(ii) the Holder's rights as a Holder of such converted portion of this Note shall cease and terminate, excepting only the
right to receive certificates for such shares of Common Stock and to any remedies provided herein or otherwise available at
law or in equity to such Holder because of a failure by the Borrower to comply with the terms of this Note. Notwithstanding
the foregoing, if a Holder has not received certificates for all shares of Common Stock prior to the tenth (10th) business
day after the expiration of the Deadline with respect to a conversion of any portion of this Note for any reason, then
(unless the Holder otherwise elects to retain its status as a holder of Common Stock by so notifying the Borrower) the Holder
shall regain the rights of a Holder of this Note with respect to such unconverted portions of this Note and the Borrower
shall, as soon as practicable, return such unconverted Note to the Holder or, if the Note has not been surrendered, adjust
its records to reflect that such portion of this Note has not been converted. In all cases, the Holder shall retain all of
its rights and remedies for the Borrower's failure to convert this Note.

 

1.9               
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time prior to or as of (but not following)
the earlier of the (i) the first Conversion Date under this Note and (ii) the last Trading Day immediately preceding the Maturity
Date of this Note, the Borrower shall have the right, exercisable on not less than one (1) Trading Days prior written notice to
the Holder of the Note, to prepay the outstanding Principal Amount and interest (including any Default Interest) then due under
this Note, in whole or in part, in accordance with this Section 1.9. Any notice of prepayment hereunder (an “Optional Prepayment
Notice") shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower
is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days
from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date"),
the Borrower shall make payment of the amounts designated below to or upon the order of the Holder as specified by the Holder
in writing to the Borrower at least one (1) business day prior to the Optional Prepayment Date. If the Borrower exercises its
right to prepay this Note at any time within the initial 60 calendar days following the Funding Date, the Borrower shall make
payment to the Holder of an amount in cash equal to the sum of: (w) 110% multiplied by the Principal Amount then outstanding plus
(x) accrued and unpaid interest on the Principal Amount to the Optional Prepayment Date plus

(y)
Default Interest, if any, on the amounts referred to in clauses (w) and (x). If the Borrower exercises its right to prepay this
Note at any time from the 61st calendar day through the 90th calendar day following the Funding Date, the Borrower shall make
payment to the Holder of an amount in cash equal to the sum of: (w) 115% multiplied by the Principal Amount then outstanding plus
(x) accrued and unpaid interest on the Principal Amount to the Optional Prepayment Date plus (y) Default Interest, if any, on
the amounts referred to in clauses (w) and (x). If the Borrower exercises its right to prepay this Note at any time from the 91st
calendar day through the 120th calendar day following the Funding Date, the Borrower shall make payment to the Holder of an amount
in cash equal to the sum of: (w) 120% multiplied by the Principal Amount then outstanding plus (x) accrued and unpaid interest
on the Principal Amount to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses
(w) and (x),. If the Borrower exercises its right to prepay this Note at any time from the 121st calendar day through the 180th
calendar day following the Funding Date, the Borrower shall make payment to the Holder of an amount in cash equal to the sum of:
(w) 125% multiplied by the Principal Amount then outstanding plus (x) accrued and unpaid interest on the Principal Amount to the
Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x). If the Borrower
exercises its right to prepay this Note at any time from the 181st calendar day following the Funding Date through the last Trading
Day immediately preceding the Maturity Date of this Note, the Borrower shall make payment to the Holder of an amount in cash equal
to the sum of: (w) 135% multiplied by the Principal Amount then outstanding plus (x) accrued and unpaid interest on the Principal
Amount to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x).

 

 1.10 Intentionally Omitted.

 

ARTICLE
II. RANKING AND CERTAIN COVENANTS

 

2.1 
[Intentionally Omitted].

 

 2.2 [Intentionally Omitted].

 

 2.3 Intentionally Omitted.

 

 2.4 Intentionally Omitted.

 

2.5  
Sale of Assets. Except for the spin-out of NuGenerex Immuno-Oncology, so long as the Borrower shall have any obligation
under this Note, the Borrower shall not, without the Holder's written consent, sell, lease or otherwise dispose of any significant
portion of its assets outside the ordinary course of business. Any consent to the disposition of any assets may be conditioned
on a specified use of the proceeds of disposition.

 

2.6
Intentionally Omitted.

 

2.7  3(a)(10) Transaction. So long as this Note is outstanding, the Borrower shall not
enter into any transaction or arrangement structured in accordance with, based upon, or related or pursuant to, in whole or in
part, Section 3(a)(l0) of the Securities Act (a “3(a)(l0) Transaction"). In the event that the Borrower does enter
into, or makes any issuance of Common Stock related to a 3(a)(l0) Transaction while this note is outstanding, a liquidated damages
charge of 25% of the outstanding principal balance of this Note, but not less than Twenty Five Thousand Dollars ($25,000), will
be assessed and will become immediately due and payable to the Holder at its election in the form of a cash payment or added to
the balance of this Note (under Holder's and Borrower's expectation that this amount will tack back to the Issue Date).

 

2.8 
Preservation of Business and Existence, etc. Except for the spin-out of NuGenerex Immuno- Oncology, so long as the Borrower
shall have any obligation under this Note, the Borrower shall not, without the Holder's written consent, (a) change the nature
of its business; or (b) sell, divest, change the structure of any material assets other than in the ordinary course of business.
In addition, so long as the Borrower shall have any obligation under this Note, the Borrower shall maintain and preserve, and
cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause
each of its Subsidiaries (other than dormant Subsidiaries that have no or minimum assets) to become or remain, duly qualified
and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of its business makes such qualification necessary.

 

2.9 
Noncircumvention. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate or
Articles of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement,
dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Note, and will at all times in good faith carry out all the provisions of this Note and take all action
as may be required to protect the rights of the Holder.

 

2.10   
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the
Company shall execute and deliver to the Holder a new Note.

 

ARTICLE
III. EVENTS OF DEFAULT

 

It
shall be considered an event of default if any of the following events listed in this Article III (each, an “Event of
Default") shall occur:

 

3.1 
Failure to Pay Principal or Interest. The Borrower fails to pay the Principal Amount hereof or interest thereon when due
on this Note, whether at maturity, upon acceleration or otherwise, or fails to fully comply with Section 1.10 of this Note.

 

3.2  Conversion
and the Shares. The Borrower (i) fails to issue Conversion Shares to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder
in accordance with the terms of this Note, (ii) fails to transfer or cause its transfer agent to fail to transfer (issue)
(electronically or in certificated form) any certificate for the Conversion Shares issuable to the Holder upon conversion of
or otherwise pursuant to this Note as and when required by this Note, (iii) reserve the Reserved Amount at all times, or (iv)
the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for the Conversion Shares issuable to the Holder upon
conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its
transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or
to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the
Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written
announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such
failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not be
rescinded in writing) for two (2) Trading Days after the Holder shall have delivered a Notice of Conversion. It is an
obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an Event of Default of
this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its
transfer agent.

 

3.3
Breach of Agreements and Covenants. The Borrower breaches any material agreement, covenant or other material term or condition
contained in the Purchase Agreement, this Note, and/or the Irrevocable Transfer Agent Instructions.

 

3.4  
Breach of Representations and Warranties. Any representation or warranty of the Borrower made in the Purchase Agreement,
this Note, and/or the Irrevocable Transfer Agent Instructions which is false or misleading in any material respect when made and
the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect
to this Note or the Purchase Agreement.

 

3.5 
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.

 

3.6 
Judgments. Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary
of the Borrower or any of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed
for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7   
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any
subsidiary of the Borrower.

 

3.8 
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the Over
the Counter Bulletin Board, the OTCQB Market, any level of the OTC Markets, or any level of the Nasdaq Stock Market or the New
York Stock Exchange (including the NYSE American).

 

3.9 
Failure to Comply with the 1934 Act. At any time after the Issue Date, the Borrower shall fail to comply with the reporting
requirements of the 1934 Act and/or the Borrower shall cease to be subject to the reporting requirements of the 1934 Act.

 

 3.10 Liquidation. Any
dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.11 Cessation
of Operations. Any cessation of operations by Borrower such that the Borrower is deemed to be a
“shell" company.

 

3.12 
Maintenance of Assets. The failure by Borrower to maintain any material intellectual property rights, personal, real property
or other assets which are necessary to conduct its business (whether now or in the future).

 

3.13  
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC for any
date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result
of such restatement would, by comparison to the unrestated financial statement, have constituted a material adverse effect on
the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.14 Reverse
Splits. The Borrower effectuates a reverse split of its Common Stock without twenty (20) days prior written notice
to the Holder.

 

3.15  Replacement
of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as
initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve
shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the
Borrower.

 

3.16. DTC
“Chill”. The DTC places a “chill" (i.e. a restriction placed by DTC on one or more of
DTC's services, such as limiting a DTC participant's ability to make a deposit or withdrawal of the security at DTC) on any
of the Borrower's securities.

 

3.17 
Illegality. Any court of competent jurisdiction issues an order declaring this Note, the Purchase Agreement or any provision
hereunder or thereunder to be illegal.

 

3.18.
DWAC Eligibility. In addition to the Event of Default in Section 3.16, the Common Stock is otherwise not eligible for trading
through the DTC's Fast Automated Securities Transfer or Deposit/Withdrawal at Custodian programs.

 

3.19 
Intentionally Omitted.

 

3.20 [Intentionally
Omitted].

 

3.21  
Bid Price. The Borrower shall lose the “bid" price for its Common Stock ($0.0001 on the “Ask" with
zero market makers on the “Bid" per Level 2) and/or a market (including the OTC Pink, OTCQB or an equivalent replacement
marketplace or exchange).

 

3.22   
Inside Information. Any attempt by the Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose,
or any actual transmittal, conveyance, or disclosure by the Borrower or its officers, directors, and/or affiliates of, material
non-public information concerning the Borrower, to the Holder or its successors and assigns, which is not immediately cured by
Borrower's filing of a Form 8-K pursuant to Regulation FD on that same date, if legally required.

 

3.23   
Unavailability of Rule 144. If, at any time on or after the date which is six (6) months after the Issue Date, the Holder
is unable to (i) obtain a standard “144 legal opinion letter" from an attorney reasonably acceptable to the Holder,
the Holder's brokerage firm (and respective clearing firm), and the Borrower's transfer agent in order to facilitate the Holder's
conversion of any portion of the Note into free trading shares of the Borrower's Common Stock pursuant to Rule 144, and/or (ii)
thereupon deposit such shares into the Holder's brokerage account.

 

3.24Delisting
or Suspension of Trading of Common Stock. If, at any time on or after the Issue Date, the Borrower's Common Stock (i) is suspended
from trading, (ii) halted from trading, and/or (iii) fails to be quoted or listed (as applicable) on any level of the OTC Markets,
any tier of the NASDAQ Stock Market, the New York Stock Exchange, or the NYSE American.

 

3.25    Failure
to Register. The Borrower fails to (1) file a new registration statement or amend its registration statement
previously filed on February 18, 2020 to include the Holder's resale at prevailing market prices (and not fixed prices) of
all of the Common Stock (the “Registration Statement") underlying the Note within thirty (30) 
business days following the Issue Date (in the event that the Common Stock underlying the Note is less than 2,000,000 shares,
the Borrower shall initially register 2,000,000 shares of Common Stock for Holder's resale), (ii) cause the Registration
Statement to become effective as soon as possible, (iii) cause the Registration Statement to remain effective until the Note
is extinguished in full, (iv) comply with the registration rights agreement between the Borrower and Holder entered into in
connection with the issuance of this Note, and/or (v) immediately amend the Registration Statement or file a new Registration
Statement (and cause such Registration Statement to become effective as soon as possible) if there are no longer sufficient
shares registered under the initial Registration Statement for the Holder's resale at prevailing market prices (and not fixed
prices) of all of the Common Stock underlying the

Note.

 

3.26    Rights
and Remedies Upon an Event of Default. Upon the occurrence and during the continuation of any Event of Default
specified in this Article III, if not curable or not cured with three (3) business days (provided, however, that no cure
period shall apply to an Event of Default under Section 3.2 of this Note), this Note shall become immediately due and payable
and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount (the “Default
Amount") equal to the Principal Amount then outstanding plus accrued interest (including any Default Interest) through
the date of full repayment multiplied by 150%. Holder may, in its sole discretion, determine to accept payment part in Common
Stock and part in cash. For purposes of payments in Common Stock, the conversion formula set forth in Section 1.2 shall
apply. Upon an uncured Event of Default, all amounts payable hereunder shall immediately become due and payable, all without
demand, presentment or notice, all of which hereby are expressly waived by the Borrower, together with all costs, including,
without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and
remedies available at law or in equity, including, without limitation, those set forth in Section 3.27 below. Further, if a
breach of Sections 3.2, 3.9, and/or 3.23 occurs or is continuing after the six (6) month anniversary of the Issue Date, then
the Holder shall be entitled to use the lowest closing bid price during the delinquency period as a base price for any
conversion hereunder (for example, if the lowest closing bid price during the delinquency period is $0.50 per share and the
conversion discount is 50%, the Holder may elect to convert future conversions at $0.25 per share).

 

 3.27 Intentionally Omitted.

 

ARTICLE
IV. MISCELLANEOUS

 

4.1 
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder 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 privileges. All rights and remedies of the Holder existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2
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 or e-mail (provided, however, that electronic mail may only be utilized with respect to the
Holder's submission of a Notice of Conversion to the Borrower), 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 e-mail (provided, however, that electronic mail may
only be utilized with respect to the Holder's submission of a Notice of Conversion to the Borrower), at the address or number
designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid,
addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications
shall be:

 

If
to the Borrower, to:

 

GENEREX
BIOTECHNOLOGY CORPORATION

10102
USA Today Way

Miramar, FL 33025

Attention: Joseph Moscato

Must
e-mail both: and Contracts@nugenerex.com

 

If to the Holder:

 

FIRSTFIRE
GLOBAL OPPORTUNITIES FUND LLC

1040
First Avenue, Suite 190

New York, NY 10022

Attention: Eli Fireman

e-mail:
eli@firstfirecapital.com

 

4.3  Amendments.
This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The
term “Note" and all reference thereto, as used throughout this instrument, shall mean this instrument as
originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4 
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Neither the Borrower nor the Holder shall assign this Note or any rights or obligations
hereunder without the prior written consent of the other. Notwithstanding the foregoing, the Holder may assign its rights hereunder
to any “accredited investor" (as defined in Rule 501(a) of the 1933 Act) in a private transaction from the Holder or
to any of its “affiliates", as that term is defined under the 1934 Act, without the consent of the Borrower. The Holder
and any assignee, by acceptance of this Note, acknowledge and agree that following conversion of a portion of this Note, the unpaid
and unconverted principal amount of this Note represented by this Note may be less than the amount stated on the face hereof.

 

4.5 
Cost of Collection. If default is made in the payment of this Note and the Holder prevails, the Borrower shall pay the
Holder hereof costs of collection, including reasonable attorneys' fees.

 

4.6     Gov
er n i n g L a w ; V e n u e ; A tto r n e y ' s F e e s . This Note shall be governed by and construed in
accordance with the laws of the State of Delaware without regard to principles of conflicts of laws. Any action brought by
either party against the other concerning the transactions contemplated by this Note or any other agreement, certificate,
instrument or document contemplated hereby shall be brought only in the state courts located in the state of New York or
federal courts located in the state of New York. The Borrower hereby irrevocably waives 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 BORROWER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY
TRANSACTIONS CONTEMPLATED HEREBY.  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 Note or any other agreement, certificate,
instrument or document contemplated hereby or thereby 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 Note 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. The prevailing party in any
action or dispute brought in connection with this the Note or any other agreement, certificate, instrument or document
contemplated hereby or thereby shall be entitled to recover from the other party its reasonable attorney's fees
and costs.

 

4.7 
Certain Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding
Principal Amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest
on such interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on
this Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty
and is intended to compensate the Holder in part for loss of the opportunity to convert this Note and to earn a return from the
sale of shares of Common Stock acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant
to this Note. The Borrower and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate
to the possible loss to the Holder from the receipt of a cash payment without the opportunity to convert this Note into shares
of Common Stock.

 

4.8 
Purchase Agreement. The Company and the Holder shall be bound by the applicable terms of the Purchase Agreement and the
signed documents entered into in connection herewith and therewith.

 

4.9  Notice
of Corporate Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder of
Common Stock unless and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the
Holder with prior notification of any meeting of the Borrower's shareholders (and copies of proxy materials and other
information sent to shareholders). In the event of any taking by the Borrower of a record of its shareholders for the purpose
of determining shareholders who are entitled to receive payment of any dividend or other distribution, any right to subscribe
for, purchase or otherwise acquire (including by way of merger, consolidation, reclassification or recapitalization) any
share of any class or any other securities or property, or to receive any other right, or for the purpose of determining
shareholders who are entitled to vote in connection with any Change in Control or any proposed liquidation, dissolution or
winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior to the record
date specified therein (or thirty (30) days prior to the consummation of the transaction or event, whichever is earlier), of
the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a
brief statement regarding the amount and character of such dividend, distribution, right or other event to the extent known
at such time.

 

4.10  
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

4.11 
Construction; Headings. This Note shall be deemed to be jointly drafted by the Company and all the Holder and shall not
be construed against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall not
form part of, or affect the interpretation of, this Note.

 

4.12 
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now
or at any time hereafter in force, in connection with any action or proceeding that may be brought by the Holder in order to enforce
any right or remedy under this Note. Notwithstanding any provision to the contrary contained in this Note, it is expressly agreed
and provided that the total liability of the Company under this Note for payments which under the applicable law are in the nature
of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate"), and, without
limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any
other sums which under the applicable law in the nature of interest that the Company may be obligated to pay under this Note exceed
such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by applicable law and applicable to this
Note is increased or decreased by statute or any official governmental action subsequent to the Issue Date, the new maximum contract
rate of interest allowed by law will be the Maximum Rate applicable to this Note from the effective date thereof forward, unless
such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate
is paid by the Company to the Holder with respect to indebtedness evidenced by this the Note, such excess shall be applied by
the Holder to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling such
excess to be at the Holder's election.

 

4.13 
Severability. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or
rule of law (including any judicial ruling), then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Note.

 

 

[signature
page follows]

    	 	1	 

     

    

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer on June 25, 2020.

 

GENEREX BIOTECHNOLOGY CORPORATION

 

 

By:
/s/ Joseph Moscato

Name: Joseph Moscato

Title:
Chief Executive Officer

 

    	 	2	 

     

    

EXHIBIT
A -- NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $____________principal amount of the Note (defined below) into that number of shares of Common Stock
to be issued pursuant to the conversion of the Note (“Common Stock") as set forth below, of GENEREX BIOTECHNOLOGY
CORPORATION, a Delaware corporation (the “Borrower"), according to the conditions of the Convertible Promissory
Note of the Borrower dated as of June 25, 2020 (the “Note"), as of the date written below. No fee will be charged to
the Holder for any conversion, except for transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

		☐	The
                                         Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice
                                         of Conversion to the account of the undersigned or its nominee with DTC through its Deposit
                                         Withdrawal Agent Commission system (“DWAC Transfer").

 

Name
of DTC Prime Broker:

Account Number:

 

		☐	The
                                         undersigned hereby requests that the Borrower issue a certificate or certificates for
                                         the number of shares of Common Stock set forth below (which numbers are based on the
                                         Holder's calculation attached hereto) in the name(s) specified immediately below or,
                                         if additional space is necessary, on an attachment hereto:

 

FIRSTFIRE
GLOBAL OPPORTUNITIES FUND LLC

1040
First Avenue, Suite 190

New York, NY 10022

Attn:
Eli Fireman

e-mail:
eli@firstfirecapital.com

 

Date of Conversion:

Applicable
Conversion Price:

Costs
Incurred by the Undersigned to Convert the Note into Shares of Common Stock:

Number
of Shares of Common Stock to be Issued Pursuant to Conversion of the Note:

Amount of Principal Balance Due remaining Under
the Note after this conversion:

 

By:

Name:

Title:

Date:

 

    	 	3	 

     

    

 

EXHIBIT
B

 

(see
attached)

 

    	 	4

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