Document:

Exhibit 10.1

 

Certain identified information has been
excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Company, if
publicly disclosed. Double asterisks surrounded by brackets denote omissions.

 

Final Execution Copy

Confidential

 

Distribution Agreement 

 

This Distribution Agreement (“This
 “Agreement”), made and entered into as of the 13th day of January, 2020, by and between:

 

Bionik Laboratories Corp., a Delaware corporation
(“Bionik”), having its principal office at 483 Bay Street, Toronto, Ontario, Canada.

 

and

 

Curexo Inc., a Republic of Korea corporation
(“Curexo”) having its principal office at 4th FL, 577, Gangnam-daero, Seocho-gu, Seoul, 06530, South Korea.

 

Curexo hereinafter be referred to individually
as “Distributor” and Bionik shall hereinafter be referred to individually as “Supplier” and
collectively as the “Parties”. Certain capitalized terms used herein are defined in Article 1 below.

 

WITNESSETH:

 

WHEREAS, Supplier desires to appoint the other Distributor
as the exclusive Distributor for the sale of the Products of the Supplier in the Territory, and the Distributor
desires to be so appointed.

NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

 

Article 1 (Definitions)

 

In this Agreement except where the context
otherwise requires, the following terms and expressions shall be understood to have the precise meaning as follows:

 

		1.1	“Products” shall mean the products of the type and specification manufactured and packed
under the Trade Marks and listed in Schedule 1 and any other products developed by the Supplier and which the Supplier
may permit the Distributor, by express notice in writing, to distribute in the Territory. Notwithstanding the foregoing,
the Supplier may modify the design and type of the Products or parts thereof (provided the modification does not adversely
affect the Products or discontinue any Products at any time if the production of such Products is permanently discontinued for
any reason, in its sole discretion).

 

		1.2	“Territory” shall mean, with respect to each of the Distributors, the countries
or areas specified in Schedule 2, as the parties may from time to time vary upon mutual agreement.

 

		1.3	“Trademarks” shall mean the trademark registrations and applications listed in Schedule
3 and any further trademarks that the Supplier may, by express notice in writing, permit or procure permission for the Distributor
to use in the Territory in respect of the Products of Supplier.

 

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Article 2 (Appointment and Acceptance)

 

		2.1	During the term and subject to the conditions herein set forth, each Supplier hereby appoints
the Distributor as the sole and exclusive Distributor to import, market and distribute the Products in the Territory,
and the Distributor hereby accepts such appointment.

 

		2.2	The Distributor shall not, directly or indirectly through another party, purchase, import,
export, sell, distribute, manufacture or otherwise deal in products competitive with or similar to the Products of the Supplier
in the Territory.

 

		2.3	The Distributor shall refrain from making active sales of the Products of Supplier
to customers outside of the Territories. For these purposes, “active sales” shall be understood to mean actively approaching
or soliciting customers, directly or indirectly, including, but not limited to, the following actions: (a) visits; (b) direct mail,
including the sending of unsolicited emails; (c) advertising in media, on the internet or other promotions, where such advertising
or promotion is specifically targeted at customers outside of the Territories; (d) online advertisements addressed to customers
outside of the Territories and other efforts to be found specifically by users outside of the Territories, including the use of
territory based banners on third party websites and paying a search engine or online advertisement provider to have advertisements
or higher search rankings displayed specifically to users outside of the Territories; and (e) advertising or promotion in any form
or translation of the Distributor’s website into a language other than an official language of any country forming
part of the Territory, that the Distributor would not reasonably carry out but for the likelihood that it will reach customers
outside of the Territories. The Distributor shall not establish, or maintain any branch, sales outlet or distribution depot
in any area outside of the Territories for the sale of the Products of the Supplier.

 

Article 3 (Orders and Shipment)

 

In placing orders with the Supplier,
the Distributor shall clearly describe the Products of Supplier and quantity required, and shall include precise
instruction for packing, invoicing and shipping. The orders shall not be binding unless and until they are in compliance with Articles
4 and 5.

 

Article 4 (Price and Payment)

 

		4.1	The prices to be paid by the Distributor to the Supplier for the Products or spare
parts of Supplier are to be the Supplier’s list prices as notified to the Distributor by the Supplier
from time to time. The Supplier shall give the Distributor sixty (60) calendar days’ notice in writing of any
rises in the prices for the Products or spare parts of Supplier. The discount of the price list to the Distributor
is to be determined.

 

		4.2	The Distributor shall pay the full amount invoiced to it by the Supplier in the United States
within ten (10) calendar days of invoice. Within ten (10) calendar days after receipt by the Distributor of Supplier’s confirmation
of order, the Distributor shall have an irrevocable letter of credit be issued in favor of the Supplier or its nominees by a first
class, international bank satisfactory to the Supplier.

 

		4.3	Unless otherwise agreed between the parties, currency of payment shall be in USD (United States
Dollars)

 

		4.4	As between the Supplier and the Distributor, the Distributor shall be liable
for and shall pay any tax, duty, charge or any other impost of a similar nature imposed upon the Supplier or the Distributor,
in respect of the purchase, sale, importation, lease or other distribution of the Products of the Supplier. The Distributor
shall be responsible for the collection, remittance and payment of any or all taxes, charges, levies, assessments and other fees
of any kind imposed by governmental or other authority in respect of the purchase, importation, sale, lease or other distribution
of the Products of the Supplier.

 

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		4.5	The Distributor shall be free to fix its own resale prices for the Products but shall not
set those prices so high as may make them uncompetitive in the Territory including any trade discounts or rebates and shall promptly
advise the Supplier of any subsequent changes.

 

		4.6	Except as specifically set forth in this Agreement, the Distributor shall pay for any and
all expenses, costs and charges incurred by it in the performance of its obligations under this Agreement as a Distributor
(including but not limited to promotion and marketing costs in the Territory), unless the Supplier as such has expressly
agreed in advance in writing to pay such expenses, costs and charges.

 

		4.7	As between the Supplier and the Distributor, Supplier will provide 3 units
of InMotion Arm at the Supplier’s own cost.

 

		4.8	Neither Party may withhold payment of any amount due to the other because of any set-off, counter-claim,
abatement, or other similar deduction.

 

Article 5 (Forecast; Quantities)

 

5.1 No later than thirty (30) calendar
days prior to (a) each Contract Year as specified below and (b) the six-month anniversary of the commencement of each Contract
Year, the Distributor shall notify the Supplier in writing of its forecast of the quantities of each type of Product of Supplier
that it expects to buy from the Supplier for delivery during the ensuing six (6) month period.

 

The First Contract Year minimums as previously
agreed to by the Parties pursuant to the Distribution Agreement dated as of March 6, 2018 by and between Bionik and Curexo (the
 “Original Agreement”), have been met and satisfied as of the execution date of this Agreement, and no further minimum
purchases apply thereunder or hereunder.

 

	Contract Year	Contract Term
	First Contract Year	From January 13, 2020 – January 12, 2021
	Second Contract Year	From January 13, 2021 – January 12, 2022
	Third Contract Year	From January 13, 2022 – January 13, 2023

 

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5.2 The Supplier undertakes to use all
reasonable endeavors to meet all orders for the Products forwarded to it by the Distributor in accordance with the Supplier’s
terms of delivery to the extent the orders do not exceed the forecast for each type of Product given in Section 5.1. The Distributor
shall buy the Products for its own account for resale under this Agreement.

 

For purpose of this Article, the Contract
Products shall be considered purchased when shipped by the Supplier, excluding sales returned to the Supplier.

 

Article 6 (Technical Assistance)

 

		6.1	The Supplier is obligated to supply the Distributor with reasonably necessary technical
assistance, which may include information and illustrated material, and to send advertising material suitable for the promotion
and advertising of the Products of Supplier, in the reasonable opinion of the Supplier.

 

		6.2	The Supplier shall train technical personnel of Distributor to permit the Distributor
to satisfy its obligations under this Agreement, including to the extent it becomes necessary due to the introduction of any new
Products of Supplier, or to achieve better installation and maintenance standards. Costs for round trips, meals, lodging
and other expenses of the Distributor’s personnel dispatched for training shall be borne by the Distributor,
and the Supplier shall bear the above costs and expenses for Supplier personnel who will train the Distributor’s
personnel.

 

		6.3	The Supplier agrees to send one technical representative to the Distributor’s designated
South Korea location to conduct a training session focused on technical aspects of the product as well as service and repair information.
Supplier shall bear the expense of Supplier staff for this technical training visit. This training session shall be a one-time
event.

 

		6.4	The Distributor agrees to send the appropriate staff to Supplier’s designated US location
to receive dedicated sales training and dedicated clinical training. These are two separate training sessions. Distributor shall
bear the expense of Distributor staff for such sales and clinical training.

 

		6.5	The above technical assistance and martials shall be implemented in the English language.

 

Article 7 (Spare Parts)

 

		7.1	The Distributor shall keep a sufficient level of spare parts in order to provide efficient
after-sales service. The Supplier shall also advise the Distributor of the required spare parts. Any stock will be
discussed and mutually agreed upon before orders are placed.

 

		7.2	The Supplier shall supply to the Distributor spare parts for the Products of Supplier
as long as the Distributor continues to purchase the Products pursuant to the terms and conditions of this Agreement and,
in the absence of breach by the Distributor of this Agreement, for 5 years after the last shipment of the Products of Supplier
to the Distributor.

 

		7.3	With the prior written consent of the Supplier, the Distributor may purchase standard
spare parts from the Supplier’s Suppliers directly for 5 years after the last shipment of Products.

 

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Article 8 (Inspection and Warranty)

 

		8.1	Promptly after the receipt of the Products, the Distributor shall inspect or shall cause
its qualified agent to inspect the Products at the qualified agent to inspect the Products at the Distributor’s cost,
to insure that the quality standards have been met as agreed to in writing by the parties. If, upon receipt of the Products after
proper and thorough inspection to be performed no later than thirty (30) days after receipt, any of the Products in found not to
be in compliance with the quality standards set by the Supplier, the Supplier shall replace the Products or the part
of a Products not meeting the quality standards, and shall indemnify the Distributor against any direct damage incurred
actually by the Distributor.

 

		8.2	The Supplier warrants that the Products of Supplier shall be free from defects in
material and workmanship for a period of one (1) year from the installation date of the Product by the Distributor; provided that
any such installation shall be no later than six (6) months from the shipment date. In the event any such installation is subsequent
to such six (6) month period, then such warranty shall be for a period of one (1) year from the last day of that six (6) month
period. This warranty does not extend to any of the said Products which have been: (1) subjected to misuse, neglect, accident or
abuse, (2) improperly repaired, or altered or modified ion any way, and (3) used in violation of instructions furnished by the
Supplier.

 

		8.3	Claims by the Distributor in regard to any defect in the Products shall be in writing and
be dispatched by the Distributor with full particulars within 30 days after the receipt of the Products.

 

		8.4	The parties agree that the implied warranties of merchantability and fitness for a particular purpose
and all other warranties or guarantees, express or implied are excluded from this transaction and shall not apply for the products.

 

Article 9 (Distributor’s Responsibility)

 

		9.1	The Distributor agrees and undertakes to diligently and conscientiously, use all reasonable
efforts to promote and expand the distribution and sale of the Products of the Supplier in the Territory, including but
not limited to regularly and at its own expense distributing promotional literature, conducting multi media advertising and varying
out market surveys.

 

		9.2	The Distributor shall maintain adequate stocks and inventory of the Products throughout
the Territory to meet its customer’s demand in time, and to support the effective demonstration of Products to targeted customers
for future sales. The Distributor shall maintain adequate stocks and inventory of replacement parts, facilities and qualified
mechanics throughout the Territory and shall provide reasonable after-sales service to its customers [in accordance with the terms
of the service and maintenance manual provided by the Supplier] during the Term and for [six] months after termination,
however terminated.

 

		9.3	The Distributor shall take all reasonable steps to ensure that the Products of the Supplier
are properly transported, handled, stored and secured so as to prevent any damage of theft thereto or thereof.’

 

		9.4	The Distributor shall insure at its own cost with a reputable insurance company all stocks
of the Products of the Supplier as are held by it against all risks which would normally be insured against by a prudent
businessman to at least their full replacement value and promptly produce to the Supplier on demand full particulars of
that insurance and the receipt for the then current premium. The Distributor shall indemnify and save the Supplier
harmless from any claims which may be initiated against the Supplier as a result of any such damage to the Products of the
Supplier to the extent that such are not covered by the said insurance.

 

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		9.5	The Distributor shall arrange at its own expense, advertisement and sales promotion of the
Products and devote its best efforts, but in any case at a minimum to meet minimum sales quantities, toward obtaining the largest
sales volume of the Products in the Territory. If necessary, the Supplier supports cooperative advertising executed by the
Supplier’s Cooperative Advertising Agreement in a separate contract. The form and nature of advertisement and sales
promotion of the Products shall be submitted to the Supplier for the prior approval before publication and unless the Supplier
notifies the Distributor that it does not approve of any advertising or sales literature within 7 days of receipt by the
Supplier of details of the same the Supplier shall be deemed to have approved such advertisement or sales promotion.

 

		9.6	Whenever the Supplier shall indicate to the Distributor any complaint concerning
the activities of the Distributor as required under this Agreement, the Distributor shall promptly make investigation
and take proper action, if any.

 

		9.7	The Distributor shall not: (a) represent itself as an agent of the Supplier for any
purpose; (b) pledge the Supplier’s credit; (c) give any condition or warranty on the Supplier’s behalf;
(d) make any representation on the Supplier’s behalf; (e) commit the Supplier to any contracts; or (f) otherwise
incur any liability for or on behalf of the Supplier. The Distributor shall not, without the Supplier’s
prior written consent, make any promises or guarantees about the Products of the Supplier beyond those contained in the
promotional material supplied by the Supplier.

 

		9.8	During the term of this Agreement, the Distributor shall not distribute, sell or market
in the Territory any product which competes with any product of Supplier.

 

Article 10 (Request of Information)

 

The Distributor shall cooperate
with Supplier’s request on the sales of the Products of Supplier, and the Distributor shall send to
the Supplier:

 

		(a)	A written annual report on its activities in the Territory, such reports to include sales by product
including both the value and units, sales by country, recommended retail price lists, advertising and promotion plans for the future
and a commentary on the marketing, sales and distribution performance and plans, matters affecting pricing policies and achievements
and proposals in respect of major customers.

 

		(b)	A written annual report on the stocks of the Products and parts thereof held by the Distributor.

 

		(c)	Any other information relating to the performance of its obligations under this Agreement that
the Supplier may reasonably require from time to time.

 

		(d)	Quarterly forecasts of next 90-day sales projections including product type as well as name and
type of customer facility.

 

The Distributor shall keep full
and proper books of account and records showing clearly all enquiries, quotations, transactions and proceedings relating to the
products of Supplier;

 

The Distributor shall allow the
Supplier, on reasonable notice, access to its accounts and records relating to the Products of Supplier for inspection.

 

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Article 11 (Trademark)

 

		11.1	The Supplier hereby grants to the Distributor the non-exclusive right, in the Territory
to use the Trademarks in the promotion, advertisement and sales of the Products of Supplier, subject to, and for the duration
of, this Agreement. The Distributor acknowledges and agrees that all rights in the Trademarks shall remain in the Supplier,
and that Distributor has and will acquire no right in them by virtue of the discharge of its obligations under this Agreement,
except for the right to use the Trademarks as expressly provided in this agreement. The Distributor shall market and sell
the products of Supplier only under the Trademarks, and not in association with any other trade mark, brand or trade name,
except as permitted in any branding manual issued by the Supplier. The Distributor shall ensure that the appropriate
Trademarks shall appear on all Products of Supplier, containers and advertisements for the Products of Supplier,
followed by the symbol ®, or the letters [TM], as appropriate.

 

		11.2	When the Distributor uses the Trademark under paragraph 11.1, prior to use, the Distributor
shall, inform the Supplier of the manner of such use and submit a sample of any materials including but not limited to,
catalogues, leaflets, posters, newspapers, bearing the Trademark for prior inspection and approval by the Supplier. When
the Distributor wishes to change the approved use of the Trademark, prior to change the Distributor shall inform
the Supplier of the desired change and submit a sample of the materials bearing the altered use of the Trademark of prior
inspection and approval by the Supplier. In any event, the manner of use of the Trademark or any change thereof shall be
subject to the Supplier’s prior approval and the Distributor shall not use the Trademark in any other manner
than approved in advance by the Supplier. The Distributor shall comply with all rules for the use of the Trademarks
issued by the Supplier (including those set out in any branding manual issued by the Supplier) and shall not, without
prior written consent of the Supplier, alter or make any addition to the labeling or packaging of the Products of Supplier
displaying the Trade Marks. The Distributor shall not alter, deface or remove any reference to the Trade Marks, any reference
to the Supplier or any other name displayed on the products of Supplier or their packaging or labeling.

 

		11.3	The Distributor recognizes that any of the Trademarks, trade names, designs, copyrights
and other proprietary rights, used on or embodied in the Products (“Proprietary Rights”) shall remain the exclusive
property of the Supplier. The Distributor shall not have or acquire any right, title or interest in Proprietary Rights.

 

		11.4	During the terms of this Agreement and thereafter, the Distributor shall not:

 

		(a)	Use the Trademark or similar trademark on any products that is not a Supplier Product, nor
let any third party use the Trademark.

 

		(b)	Directly or indirectly apply of the registration of the Trademark or any similar trademark with
respect to the Products or any other materials in any country or jurisdiction.

 

		11.5	The Distribution may, with the prior written consent of the Supplier, indicate that it is
an authorized Distributor of the Products.

 

		11.6	When the Distributor finds that a third party infringes or impairs the Trademark or the
Supplier’s goodwill involved therein, or when a third party brings a claim, suit or action against the Supplier
or the Distributor on the ground that the Distributor’s use of the Trademark may infringe on the third party’s
rights, the Distributor shall promptly inform the Supplier thereof any reasonably co-operate with the Supplier
to address the problem. In respect of any such matter, the Supplier shall in its absolute discretion decide what action
to take in respect of the matter (if any), and the Supplier shall conduct and have sole control over any consequent action
that it deems necessary.

 

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		11.7	Upon termination of this Agreement for any cause, the Distributor shall cease holding itself
out as a Distributor of the Products and cease using, in any way, the Supplier’s name, or its Proprietary Rights
or any material similar thereto. The Distributor shall not at any time sub-license, transfer or otherwise deal with the
rights of use of the Trademarks granted under this Agreement.

 

		11.8	The Supplier, at its discretion, shall have the right to record the existence of the license
hereunder, or require the Distributor to register as a registered user within the Territory.

 

		11.9	The Distributor shall not alter, deface, remove, cover or mutilate in any manner the Trademark,
serial or model number, brand, or Supplier’s name attached or affixed to any of the products, without the prior written
consent of the Supplier.

 

		11.10	Notwithstanding anything to the contrary in this Article 11, the parties shall negotiate in good
faith terms to permit the co-branding of Products in the Territories.

 

Article 12 (Status of Distributor)

 

		12.1	This Agreement does not in any way create the relationship of principal and agent between the Supplier
and the Distributor; and under no circumstances shall the Distributor be considered to be the agent of the Supplier.
The Distributor shall not act or attempt to act, or represent itself, directly or by implication, as an agent of the Supplier
or in any manner assume or create, or attempt to assume or create any obligation, liability, representation, warranty or guarantee
on behalf of, or in the name of the Supplier. The Distributor shall conduct its business in the purchase and resale
of the Product as a principal for its own account and at its own expense and risk.

 

		12.2	The Distributor shall, at all times, comply with all applicable laws, regulations, and orders
of any government of the Territory or political subdivisions thereof, relating to or in any way affecting this Agreement and the
Distributor’s performance hereunder, including the obtaining of any required licenses, permits or approvals. The Distributor
shall at all times comply with all applicable laws, statues, regulations, and codes relating to anti-bribery and anti-corruption
in the Territory or political subdivisions thereof.

 

		12.3	The Distributor shall not disclose to any third party, without the prior written consent
of the Supplier, or use for any purpose other than the performance of its obligations under this Agreement, any confidential
information concerning the Product or business affairs or technologies of the Supplier (including, but not limited to, prices,
discounts, terms and conditions of sale, customers, business affairs, Products or Product specifications) which it acquires or
develops in the course of its transaction with the Supplier. Notwithstanding the foregoing, the parties may make such public
disclosures as are required under applicable securities laws or the rules and regulations of any stock exchange or interdealer
quotation system on which the parties’ capital stocks are then traded or listed.

 

Article 13 (Term)

 

		13.1	This Agreement shall become effective upon signing and shall continue in full force and effect
for a period of three (3) years from the date hereof, unless earlier terminated pursuant to Article 14.

 

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		13.2	This Agreement shall be automatically extended for successive 1 year terms, unless three months
prior to the expiration of the term or any extension thereof, a notice of intention to finally terminate is given in writing by
one party to the other.

 

Article 14 (Termination)

 

		14.1	This Agreement may be terminated at the option of either Party, effective immediately upon giving
written notice of termination to the other Party, in each of the following events;

 

		(a)	Should the other Party become bankrupt or insolvent, or have its business placed in the hand of
a receiver, assignee or trustee, whether by voluntary act or otherwise; or

 

		(b)	Should the other Party attempt to assign this Agreement or any rights hereunder to a third party
without the terminating Party’s prior written consent; or

 

		(c)	If the other Party ceases to function as a going concern or to conduct its operations in the normal
course of business voluntarily or otherwise; or

 

		(d)	If the other Party commits a material breach of any agreement or conditions herein contained and
shall not have remedied such breach within 30days of a notice requiring the remedy of such breach.

 

The Supplier may immediately
terminate this Agreement should the Distributor be acquired by, or should itself acquire, in whole or in part, a manufacturer
of products which in the reasonable judgment of the Supplier competes with the Products;

 

		14.2	Notwithstanding anything contained in this Agreement, either party may terminate this Agreement
by a written notice served on the other, effective 3 months from the date of such notice if the objectives of the parties are not
being met.

 

		14.3	All payments owed to the Supplier upon termination shall become immediately due and payable
and no cancellation or termination of this Agreement shall serve to release the Distributor or its successors or assignees
from any obligations under this Agreement.

 

		14.4	In cases of termination of this Agreement by either party for any reason, the Supplier may
at its sole option repurchase from the Distributor, at the FOB loading port price paid by the Distributor to the
Supplier, plus actual freight paid by the Distributor, any or all Products of Supplier or parts thereof in
the possession of the Distributor. If the Supplier chooses not to exercise its option to so repurchase the Products,
or purchases only part of the Distributor’s stocks of Products, the Distributor may for a period of six (6)
months following termination of this Agreement, sell and distribute any stocks of the Products that it may have in store or under
its control at the time. At the end of this period, the Distributor shall promptly return all remaining stocks of the Products
to the Supplier at the expense of the Distributor, or dispose of the stocks as the Supplier directs. In any
event of expiration or termination, the Distributor shall at the Supplier’s option promptly destroy or return
all samples, technical pamphlets, catalogues, advertising materials, specifications and other materials, documents or papers that
relate to the Supplier’s business that the Distributor may have in its possession or under its control (other
than correspondence between the parties)

 

		14.5	Termination or expiry of this Agreement shall not affect any rights, remedies, obligations or liabilities
of the parties that have accrued up to the date of termination or expiry, including the right to claim damages in respect of any
breach of this Agreement which existed at or before the date of termination or expiry.

 

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Article 15 (Indemnities)

 

Distributor shall indemnify the
Supplier and hold the Supplier harmless from and against, and shall defend against, any and all claims and damages
of every kind for injury to or death of any person or persons and for damage to or loss of property, arising out of or attributed,
directly or indirectly, to the conduct, operations, op performance of Distributor.

 

Article 16 (Governing Law and Arbitration)

 

		16.1	This Agreement shall be construed and enforced according to the internal laws of the State of New
York, without giving effect to the conflicts of laws provisions thereof.

 

		16.2	Any disputes, controversies or differences which may arise between the parties or in relation to
or in connection with this Agreement or for the breach thereof, shall be settled by arbitration in accordance with the Rules of
Arbitration of the I.C.C. by one (1) arbitrator appointed in accordance with said Rules. The proceedings shall be seated and located
in New York County, New York and conducted in English. The arbitration should be final and binding upon the Parties and shall not
be subject to appeal.

 

Article 17 (Miscellaneous Provisions)

 

		17.1	This Agreement constitutes the entire understanding of the Supplier and the Distributor
with respect to the subject matter hereof.

 

		17.2	No amendment, modification or alteration of any terms of this Agreement shall be binding on either
party unless the same shall be made in writing, dated subsequent to the date hereof and executed by or on behalf of the parties
hereto.

 

		17.3	This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns.

 

		17.4	No assignment of this Agreement shall be valid without the prior written consent of the other party
hereto.

 

		17.5	All waivers hereunder shall be in writing, and the failure of any party at any time to require
the other party’s performance of any obligations under this Agreement shall not affect the right subsequently to require
performance of the obligation. Any waiver of any breach of any provision of this Agreement shall not be construed as a waiver of
any continuing or succeeding breach of such provision or a waiver or modification of the provision.

 

		17.6	This Agreement may be executed in English and in other languages (including Korean). In the event
of any difference or inconsistency among different versions of this Agreement, the English version shall prevail over in all respect.

 

		17.7	It is the Parties’ intention to issue a joint news release disclosing the creation of this
Agreement in form and substance mutually agreeable to the Parties in good faith.

 

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		17.8	Subject to the express provisions set forth in This Agreement, in no event shall either Party be
liable to the other Party for consequential damages, including but not limited to lost profits, lost market or business opportunities,
or lost revenues, or incidental, special or punitive damages arising under, related to, or resulting from The breach of this Agreement,
regardless of legal or equitable theory, and despite timely notice of the possibility of such damages.

 

		17.9	The intention of this Agreement is to amend, restate and replace the Original Agreement in its
entirety, and each and every term and provision of the Original Agreement is hereby amended, restated, replaced, and superseded
hereby, and the Original Agreement no longer has any force or effect.

 

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IN WITNESS WHEREOF, the parties hereto have authorized this
Agreement to be executed by their respective duly authorized officers.

 

	On behalf of Distributor:	 	On behalf of Supplier:	 
	 	 	 	 
	Curexo Inc.	 	Bionik Laboratories Corp.	 
	 	 	 	 
	 	 	 	 
	Signature: /s/ Jae Jun Lee	 	Signature: /s/ Eric Dusseux	 
	 	 	 	 
	Name: 	Jae Jun Lee	 	Name:	Eric Dusseux	 
	Title: 	CEO	 	Title: 	CEO	 

 

 

 

 

 

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SCHEDULE 1

 

 

SUPPLIER PRODUCTS AND DISTRIBUTOR
PRICING

 

 

The Products of Supplier and the pricing extended to
the Distributor, as the date of this Agreement:

  

	 	1.	InMotion ArmTM[**]

 

	 	2.	InMotion Arm/HandTM[**]

 

	 	3.	InMotion WristTM[**]

 

 

 

    	 	13	 

    
Final Execution Copy
Confidential

    

 

SCHEDULE 2

 

 

TERRITORIES

 

 

The territories of Curexo, as the Distributor of Bionik’s
Products, as of the date of this Agreement:

 

Republic of Korea (South Korea)

 

 

 

 

    	 	14	 

    
Final Execution Copy
Confidential

    

 

SCHEDULE 3

 

 

TRADEMARKS

 

 

 

 

 

 

 

    	 	15EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 CONSENT AND
WAIVER AGREEMENT 
 dated as of 

January 23, 2020 

among 
 International
Paper Company 
 Graphic Packaging Holding Company 

GPI Holding III, LLC, 

and 
 Graphic Packaging
International Partners, LLC 

 Table of Contents 

Page 
  

							
		 	 Article 1
	  			
		 	 Redemption
	  			
	1.1	 	 Redemption
	  	 	1	
	1.2	 	 Tax Matters
	  	 	2	
	1.3	 	 Closing
	  	 	3	
	1.4	 	 Closing Conditions
	  	 	3	
		 	 Article 2
	  			
		 	 Representations and Warranties of IP
	  			
			
	2.1	 	 Existence; Power and Authority
	  	 	3	
	2.2	 	 Authorization
	  	 	4	
	2.3	 	 No Conflicts
	  	 	4	
	2.4	 	 Title
	  	 	4	
			
		 	 Article 3
	  			
		 	 Representations and Warranties of the Parent Parties
	  			
	3.1	 	 Existence; Power and Authority
	  	 	4	
	3.2	 	 Authorization
	  	 	4	
	3.3	 	 No Conflicts
	  	 	4	
	3.4	 	 Sufficient Funds
	  	 	4	
			
		 	 Article 4
	  			
		 	 Miscellaneous
	  			
	4.1	 	 Termination
	  	 	5	
	4.2	 	 Further Assurances
	  	 	5	
	4.3	 	 Expenses
	  	 	5	
	4.4	 	 Survival
	  	 	5	
	4.5	 	 Amendments and Waivers
	  	 	5	
	4.6	 	 Assignment; Binding Agreement
	  	 	5	
	4.7	 	 No Third Party Beneficiaries
	  	 	5	
	4.8	 	 Entire Agreement
	  	 	5	
	4.9	 	 Severability
	  	 	5	
	4.10	 	 Counterparts
	  	 	6	
	4.11	 	 Governing Law; Waiver of Jury Trial; Jurisdiction; Specific Performance
	  	 	6	
	4.12	 	 Notices
	  	 	6	
	4.13	 	 Interpretation
	  	 	7	

  
 ii 

 CONSENT AND WAIVER AGREEMENT 

This Consent and Waiver Agreement, dated as of January 23, 2020 (this “Agreement”), is made by and among Graphic
Packaging International Partners, LLC (f/k/a Gazelle Newco LLC), a Delaware limited liability company (the “Company”), Graphic Packaging Holding Company, a Delaware corporation (“Parent”), GPI Holding III, LLC, a
Delaware limited liability company and wholly owned indirect subsidiary of Parent (“Gazelle Holdco” and, together with the Company and Parent, the “Parent Parties” ), and International Paper Company, a New York
corporation (“IP” and, together with the Parent Parties, the “Parties”). Capitalized terms used but not defined herein have the meanings given to such terms in the Exchange Agreement (as defined below). 

WHEREAS, Parent, the Company, Gazelle Holdco and IP are party to the Exchange Agreement, dated January 1, 2018 (the
“Exchange Agreement”); 
 WHEREAS, Gazelle Holdco and IP are members of the Company and together with Parent are
party to the Amended and Restated Limited Liability Company Agreement of the Company, dated as of January 1, 2018 (the “Operating Agreement”); 

WHEREAS, Parent, the Company, Gazelle Holdco and IP are party to the Tax Receivable Agreement, dated as of January 1, 2018 (the
“Tax Receivable Agreement”); 
 WHEREAS, pursuant to the Exchange Agreement and as set forth in this Agreement, IP
will deliver a Notice of Exchange to exchange a number of Common Units equal to (i) $250 million divided by (ii) the Agreed VWAP (as defined below) (rounded down to the nearest whole Common Unit) (the
“Units”) in the Company; 
 WHEREAS, IP and the Parent Parties have entered into this Agreement to provide for the
redemption of the Units (the “Redemption”). 
 NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

Article 1 
 REDEMPTION

 1.1    Redemption. 

(a)    On the terms and subject to the conditions set forth in this Agreement, at the Closing (as defined below), IP shall
sell and transfer to the Company, and the Company shall redeem from IP the Units. The price of each Unit shall be equal to the VWAP for the Common Stock for the ten consecutive Trading Days immediately prior to delivery of the Notice of Exchange
(the “Calculation Period”) calculated in accordance with Section 1.1(b) below (the “Agreed VWAP”). 

 (b)    IP hereby agrees to transmit its Notice of Exchange for the Units
no later than 11:59 p.m. Eastern Time on January 24, 2020; provided that (i) if IP transmits its Notice of Exchange to the Parent Parties prior to 5:00 p.m. Eastern Time on January 24, 2020, January 24, 2020 shall
not be included in the Calculation Period for purposes of calculating the Agreed VWAP and (ii) if IP transmits its Notice of Exchange to the Parent Parties at 5:00 p.m. Eastern Time or later on January 24, 2020, January 24,
2020 shall be included in the Calculation Period for purposes of calculating the Agreed VWAP. If IP fails to deliver a Notice of Exchange prior to 12:00 a.m. Eastern Time on January 25, 2020, IP shall be deemed to have delivered a Notice of
Exchange as of such date and time. 
 (c)    The Parties acknowledge and agree that the Redemption constitutes an
Exchange for purposes of the Exchange Agreement. 
 (d)    Notwithstanding anything to the contrary in the Operating
Agreement, the Parties hereto agree that the Redemption shall not constitute a Distribution (as defined in the Operating Agreement) under Section 4.01 of the Operating Agreement that is not in accordance with each Member’s Percentage
Interest (as defined in the Operating Agreement) to the extent necessary to permit the Redemption. 

(e)    Notwithstanding anything to the contrary in the Exchange Agreement, the Parties hereby agree to waive the
requirement in Section 2.02(e) of the Exchange Agreement that Parent contribute Deliverable Common Stock to the Company or that Gazelle Holdco contribute cash for a Cash Exchange Payment to the Company to the extent necessary to permit the
Redemption. 
 (f)    Notwithstanding the terms of the Exchange Agreement or the Operating Agreement (collectively, the
“Transaction Agreements”), the Parties hereby agree that the Transaction Agreements are hereby waived and amended solely to the extent necessary to permit the Notice of Exchange as set forth herein and the Redemption. For the
avoidance of doubt, IP shall not be permitted to exercise its right to Exchange Common Units for Common Stock pursuant to Section 2.01 of the Exchange Agreement until the 180th consecutive day following the Redemption Date. 

1.2    Tax Matters. 

(a)    The Parties agree that that they will report the Redemption for U.S. federal and all applicable state income tax
purposes consistent with its form and as a distribution governed by Section 731 of the Internal Revenue Code of 1986, as amended (the “Code”). The Parties further agree that they will report the Redemption as not giving rise to
any taxable income or gain to IP, except to the extent the amount of the Redemption distribution exceeds IP’s adjusted tax basis in all of its Common Units. 

(b)    The Parties agree that if, at any point in time subsequent to the Redemption IP recognizes gain under
Section 731 of the Code (other than in connection with an actual Exchange) such gain (up to the amount of the negative tax capital account resulting from the Redemption) will be treated as recognized in connection with an Exchange under the
Exchange Agreement for purposes of the Tax Receivable Agreement. In such event, the Basis Adjustment (as defined in the Tax Receivable Agreement) for purposes of determining the amount payable to IP pursuant to the Tax Receivable Agreement will be
based upon the 

  
 2 

 
additional amortizable and depreciable tax basis that will generate deductions allocable to Gazelle Holdco. The Parties will cooperate in good faith to agree, as soon as practicable, as to the
amount of the IP negative tax capital account resulting from the Redemption. 
 1.3    Closing. The closing of
the Redemption (the “Closing”) shall be held on the third business day following the date of delivery of the Notice of Exchange, subject to the satisfaction or waiver of the conditions set forth in Section 1.4 below (the date
on which the Closing actually occurs is referred to herein as the “Redemption Date”). At the Closing: 

(a)    IP shall deliver or cause to be delivered to the Company all right, title and interest in and to the Units, free
and clear of all liens, claims, security interests and other encumbrances, together with all documentation reasonably necessary to transfer to the Company such right, title and interest. 

(b)    The Company shall pay to IP an amount equal to (i) the number of Units multiplied by
(ii) the Agreed VWAP for the Units in immediately available funds by wire transfer to an account in accordance with the instructions provided by IP to the Company no later than two business days prior to the Closing. 

(c)    IP agrees to pay all stamp, stock transfer and similar duties, if any, in connection with the Redemption. 

1.4    Closing Conditions. 

(a)    The obligation of the Company to redeem and pay for the Units on the Redemption Date is subject to the satisfaction
or waiver of the following conditions: 
 (i)    that each representation and warranty made by IP in
Article 2 below shall be true and correct on and as of the Redemption Date as though made as of the Redemption Date; and 

(ii)    that IP has delivered its Notice of Exchange to the Parent Parties. 

(b)    The obligation of IP to sell the Units on the Redemption Date is subject to the satisfaction or waiver of the
condition that each representation and warranty made by the Parent Parties in Article 3 below shall be true and correct on and as of the Redemption Date as though made as of the Redemption Date. 

Article 2 

REPRESENTATIONS AND WARRANTIES OF IP 

IP hereby makes the following representations and warranties to the Company: 

2.1    Existence; Power and Authority. IP has been duly incorporated and is validly existing as a New York
corporation, with full power and authority to execute and perform its obligations under this Agreement; and all action required to be taken for due and proper authorization, execution and delivery by it of this Agreement and the consummation of the
transaction contemplated hereby has been duly and validly taken. 

  
 3 

 2.2    Authorization. This Agreement has been duly authorized,
executed and delivered by or on behalf of IP. 
 2.3    No Conflicts. The execution and delivery by IP of, and
the performance by IP of its obligations under, this Agreement and the consummation by IP of the transactions contemplated hereby, or the fulfillment by IP of such terms will not result in a breach of any of the terms or provisions of, or constitute
a default under, any instrument, agreement or order to which IP is a party or by which IP is bound or infringe any law, regulation, order, rule, decree or statute applicable to IP and are not contrary to the provisions of the constitutional
documents of IP. 
 2.4    Title. IP has, and on the Redemption Date will have, valid title to, or a valid
“security entitlement” within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Units free and clear of all security interests, claims, liens, equities or
other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Units or a security entitlement in respect of such Units. 

Article 3 

REPRESENTATIONS AND WARRANTIES OF THE PARENT PARTIES 

The Parent Parties hereby make the following representations and warranties to IP: 

3.1    Existence; Power and Authority. Each Parent Party has been duly incorporated or organized, is validly
existing and in good standing under the laws of its respective jurisdiction of incorporation or organization, has the corporate or other power and authority to execute and perform its obligations under this Agreement; and all action required to be
taken for due and proper authorization, execution and delivery by it of this Agreement and the consummation of the transaction contemplated hereby has been duly and validly taken. 

3.2    Authorization. This Agreement has been duly authorized, executed and delivered by or on behalf of the Parent
Parties. 
 3.3    No Conflicts. The execution and delivery by the Parent Parties of, and the performance by the
Parent Parties of its obligations under, this Agreement and the consummation by the Parent Parties of the transactions contemplated hereby, or the fulfillment by the Parent Parties of such terms will not result in a breach of any of the terms
or provisions of, or constitute a default under, any instrument, agreement or order to which any Parent Party is a party or by which any Parent Party is bound or infringe any law, regulation, order, rule, decree or statute applicable to any Parent
Party and are not contrary to the provisions of the constitutional documents of any Parent Party. 

3.4    Sufficient Funds. The Company will have, as of the Redemption Date, access to legally available funds
sufficient to consummate the Redemption. 

  
 4 

 Article 4 

MISCELLANEOUS 

4.1    Termination. This Agreement may be terminated prior to the Closing by mutual written consent of each Parent
Party and IP. 
 4.2    Further Assurances. Each party hereto agrees to execute and deliver, or cause to be
executed and delivered, such agreements, instruments and other documents, and take such other actions consistent with the terms of this Agreement, as the other party may reasonably require from time to time in order to carry out the purposes of this
Agreement. 
 4.3    Expenses. Each party agrees to pay its own costs and expenses associated with this Agreement
and the Redemption. 
 4.4    Survival. All representations and warranties contained herein or made in writing by
any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated thereby. 

4.5    Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended
or waived only by written agreement executed by the parties hereto. 
 4.6    Assignment; Binding Agreement. This
Agreement and the rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto, and neither party may assign any of its rights or delegate any of its obligations hereunder without the express written
consent of the other party. 
 4.7    No Third Party Beneficiaries. Nothing in this Agreement shall convey any
rights upon any person or entity which is not a party or a successor or permitted assignee of a party to this Agreement. 

4.8    Entire Agreement. This Agreement constitutes the sole and entire agreement among the parties with respect to
the subject matter of this Agreement, and supersedes all prior representations, agreements and understandings, written or oral, with respect to the subject matter hereof. 

4.9    Severability. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not
be in any way impaired thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. To the extent that any such provision is so held to be invalid, illegal or
unenforceable, the parties shall in good faith use commercially reasonable efforts to find and effect an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 

  
 5 

 4.10    Counterparts. This Agreement may be signed in any number
of counterparts, each of which shall be deemed an original (including signatures delivered via facsimile or electronic mail) with the same effect as if the signatures thereto and hereto were upon the same instrument. The parties hereto may deliver
this Agreement by facsimile or by electronic mail and each party shall be permitted to rely on the signatures so transmitted to the same extent and effect as if they were original signatures. 

4.11    Governing Law; Waiver of Jury Trial; Jurisdiction; Specific Performance.. Section 4.05 of the Exchange
Agreement is hereby incorporated by reference, mutatis mutandis. 
 4.12    Notices. All notices, requests,
claims, demands and other communications to be given or delivered under or by the provisions of this Agreement shall be in writing and shall be deemed given only (i) when delivered personally to the recipient, (ii) one Business Day after
being sent to the recipient by reputable overnight courier service (charges prepaid); provided that confirmation of delivery is received, (iii) when sent if sent by e-mail transmission, so long as a
receipt of such e-mail is requested and received by non-automated response or (iv) five days after being mailed to the recipient by certified or registered mail
(return receipt requested and postage prepaid). Such notices, demands and other communications shall be sent to the parties at the following addresses (or at such address for a party as will be specified by like notice): 

(a)     if to Parent, the Company or Gazelle Holdco to: 

Graphic Packaging Holding Company 

1500 Riveredge Parkway NW, Suite 100, 9th Floor 

Atlanta, GA. 30328 

Attention: Laura Tashma 

E-Mail: laura.tashma@graphicpkg.com 

with a copy to (which shall not constitute notice): 

Alston & Bird LLP 

One Atlantic Center 

1201 West Peachtree Street 

Atlanta, GA 30309 

Attention: William Scott Ortwein 

Email: scott.ortwein@alston.com 

(b)     if to IP, to: 

International Paper Company 

6420 Poplar Avenue 

Memphis, TN 38197 

Attention: General Counsel 

Email: sharon.ryan@ipaper.com 

  
 6 

 with a copy to (which shall not constitute notice): 

Debevoise & Plimpton LLP 

919 Third Avenue 

New York, NY 10022 

Attention: Eric T. Juergens 

Email: etjuergens@debevoise.com 

Any party to this Agreement may notify any other party of any changes to the address or any of the other details specified in this paragraph; provided that
such notification shall only be effective on the date specified in such notice or five Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or the inability to deliver because of changed address of which
no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. 

4.13    Interpretation. The headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 [Signature Page Follows] 

  
 7 

 In witness whereof, the parties have caused this Consent and Waiver Agreement to be executed
and delivered as of the date first above written. 
  

			
	INTERNATIONAL PAPER COMPANY
		
	By:	 	 /s/ Tim S. Nicholls

	Name:	 	Tim S. Nicholls
	Title:	 	Senior Vice President and CFO
	
	GRAPHIC PACKAGING INTERNATIONAL PARTNERS, LLC
		
	By:	 	GPI Holding III, LLC, its managing member
		
	By:	 	 /s/ Stephen R. Scherger

	Name:	 	Stephen R. Scherger
	Title:	 	Executive Vice President and Chief Financial Officer
	
	GRAPHIC PACKAGING HOLDING COMPANY
		
	By:	 	 /s/ Stephen R. Scherger

	Name:	 	Stephen R. Scherger
	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to Consent and Waiver Agreement] 

 
			
	GPI HOLDING III, LLC
		
	By:	 	 /s/ Stephen R. Scherger

	Name:	 	Stephen R. Scherger
	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to Consent and Waiver Agreement]

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