Document:

Exhibit
10.2

 

VOTING AND
EXCHANGE TRUST AGREEMENT

 

THIS AGREEMENT
made as of the 26th day of February, 2015.

 

AMONG:

 

BIONIK LABORATORIES CORP. (formerly known as DRYWAVE
Technologies Inc.)

a corporation existing under the laws of the State of Delaware

(hereinafter referred to as “Bionik US”)

 

- and -

 

BIONIK LABORATORIES INC.,

a company existing under the laws of Canada

(hereinafter referred to as the “Corporation”)

 

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COMPUTERSHARE TRUST COMPANY OF CANADA,

a trust company incorporated under the laws of Canada

(hereinafter referred to as the “Trustee”)

 

RECITALS:

 

		A	In connection with (i) a private placement offering of a minimum of 7,500,000 units and a maximum
of 16,000,000 units of Bionik US (each unit consisting of one (1) share of common stock of Bionik US and one (1) warrant to purchase
one (1) share of common stock of Bionik US) and a “reverse takeover” (or similar transaction) of Bionik US by the shareholders
of the Corporation (the “Unit Offering”) and (ii) the articles of amendment of the Corporation dated
February 26, 2015 (“Articles of Amendment”), Exchangeable Shares are to be issued to the holders of common
shares of the Corporation pursuant to the Articles of Amendment.

 

		B	Bionik US and the Corporation have agreed to enter into this agreement in connection with the Unit
Offering and the issuance of Exchangeable Shares.

 

		C	The foregoing recitals are made as representations and statements of fact by the Corporation and
Bionik US and not by the Trustee.

 

In
consideration of the foregoing and the mutual agreements contained herein and other good and valuable consideration
(the receipt and sufficiency of which are acknowledged), the parties agree as follows:

 

    	 

    	 

    

 

Article 1

DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this agreement, each initially
capitalized term used and not otherwise defined herein shall have the meaning ascribed thereto in the rights, privileges, restrictions
and conditions (collectively, the “Share Provisions”) attaching to the Exchangeable Shares as set out in the
Articles of Amendment and the following terms shall have the following meanings:

 

“Authorized Investments”
means short term interest-bearing or discount debt obligations issued or guaranteed by the Government of Canada or any province
thereof or a Canadian chartered bank (which may include an affiliate or related party of the Trustee), maturing not more than one
year from the date of investment, provided that each such obligation is rated at least RI (middle) by DBRS Inc. or any equivalent
rating by Canadian Bond Rating Service.

 

“Automatic Exchange Right”
means the benefit of the obligation of Bionik US to effect the automatic exchange of Exchangeable Shares for Bionik US Shares pursuant
to Section 5.12.

 

“Beneficiaries”
means the registered holders from time to time of Exchangeable Shares, other than Bionik US and any subsidiary of Bionik US.

 

“Beneficiary Votes”
has the meaning ascribed thereto in Section 4.2(a).

 

“Bionik US Consent”
has the meaning ascribed thereto in Section 4.2(a).

 

“Bionik US Meeting”
has the meaning ascribed thereto in Section 4.2(a).

 

“Bionik US Special Voting
Share” means the special voting share in the capital of Bionik US which entitles the holder of record to a number of
votes at meetings of holders of Bionik US Shares equal to the number of Exchangeable Shares outstanding from time to time (excluding
Exchangeable Shares held by Bionik US and any subsidiary of Bionik US), which share is to be issued to and voted by, the Trustee
as described herein.

 

“Bionik US Successor”
has the meaning ascribed thereto in Section 10.1(a).

 

“Board of Directors”
means the Board of Directors of the Corporation.

 

“Exchange Right”
has the meaning ascribed thereto in Section 5.1(a).

 

“Exchangeable Share Consideration”
has the meaning ascribed thereto in Section 5.4.

 

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“Exchangeable Shares”
means the exchangeable shares in the capital of the Corporation as more particularly described in Appendix 1 to the Articles of
Amendment.

 

“including”
means “including without limitation” and “includes” means “includes without limitation”.

 

“Indemnified Parties”
has the meaning ascribed thereto in Section 8.1(a).

 

“Insolvency Event”
means (i) the institution by the Corporation of any proceeding to be adjudicated a bankrupt or insolvent or to be wound up, or
the consent of the Corporation to the institution of bankruptcy, insolvency or winding-up proceedings against it, or (ii) the filing
of a petition, answer or consent seeking dissolution or winding-up under any bankruptcy, insolvency or analogous laws, including
the Companies Creditors’ Arrangement Act (Canada) and the Bankruptcy and Insolvency Act (Canada), and the failure
by the Corporation to contest in good faith any such proceedings commenced in respect of the Corporation within thirty (30) days
of becoming aware thereof, or the consent by the Corporation to the filing of any such petition or to the appointment of a receiver,
or (iii) the making by the Corporation of a general assignment for the benefit of creditors, or the admission in writing by the
Corporation of its inability to pay its debts generally as they become due, or (iv) the Corporation not being permitted, pursuant
to solvency requirements of applicable law, to redeem any Retracted Shares pursuant to Section 6(6) of the Share Provisions.

 

“Liquidation Event”
has the meaning ascribed thereto in Subsection 5.12(b).

 

“Liquidation Event Effective
Date” has the meaning ascribed thereto in Subsection 5.12(c).

 

“List” has the
meaning ascribed thereto in Section 4.6.

 

“Officer’s Certificate”
means, with respect to Bionik US or the Corporation, as the case may be, a certificate signed by any officer or director of Bionik
US or the Corporation, as the case may be.

 

“Privacy Laws”
has the meaning ascribed thereto in Section 6.19.

 

“Support Agreement”
means that certain support agreement of even date herewith between the Corporation, Acquireco and Bionik US, as may be amended
from time to time in accordance with the terms of the Support Agreement.

 

“Trust” means
the trust created by this agreement.

 

“Trust Estate”
means the Bionik US Special Voting Share, any other securities, the Automatic Exchange Right, the Exchange Right and any money
or other property which may be held by the Trustee from time to time pursuant to this agreement.

 

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“Trustee”
means Computershare Trust Company of Canada and, subject to the provisions of Article 9, includes any successor trustee.

 

“Voting Rights”
means the voting rights attached to the Bionik US Special Voting Share.

 

		1.2	Interpretation Not Affected by Headings, etc.

 

The division of this
agreement into Articles, Sections, Subsections and other portions and the insertion of headings are for convenience of reference
only and do not affect the construction or interpretation of this agreement. Unless otherwise specified, references to an “Article”
or “Section” or “Subsection” refer to the specified Article, Section or Subsection of this agreement.

 

		1.3	Number, Gender, etc.

 

Words importing the singular
number only shall include the plural and vice versa. Words importing any gender shall include all genders.

 

		1.4	Date for any Action

 

If any date on which
any action is required to be taken under this agreement is not a business day, such action shall be required to be taken on the
next succeeding business day.

 

Article 2

PURPOSE OF AGREEMENT

 

		2.1	Establishment of Trust

 

The purpose of this agreement
is to create the Trust for the benefit of the Beneficiaries as herein provided. Bionik US, as the settlor of the Trust, hereby
appoints the Trustee as trustee of the Trust. The delivery by Bionik US of $1.00 for the purpose of settling the Trust is hereby
acknowledged by the Trustee. The Trustee shall hold the Bionik US Special Voting Share in order to enable the Trustee to exercise
the Voting Rights and shall hold the Automatic Exchange Right and the Exchange Right in order to enable the Trustee to exercise
such rights, in each case as trustee for and on behalf of the Beneficiaries as provided in this agreement.

 

Article 3

bionik us SPECIAL VOTING SHARE

 

		3.1	Issue and Ownership of the Bionik US Special Voting Share

 

Immediately following
execution of this agreement, Bionik US shall issue to the Trustee the Bionik US Special Voting Share (and shall deliver the certificate
representing such share to the Trustee) to be hereafter held of record by the Trustee as trustee for and on behalf of, and for
the use and benefit of, the Beneficiaries and in accordance with the provisions of this agreement. Bionik US hereby acknowledges
receipt from the Trustee as trustee for and on behalf of the Beneficiaries of $1.00 and other good and valuable consideration (and
the adequacy thereof) for the issuance of the Bionik US Special Voting Share by Bionik US to the Trustee. During the term of the
Trust and subject to the terms and conditions of this agreement, the Trustee shall possess and be vested with full legal ownership
of the Bionik US Special Voting Share and shall be entitled to exercise all of the rights and powers of an owner with respect to
the Bionik US Special Voting Share provided that the Trustee shall:

 

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		(a)	hold the Bionik US Special Voting Share and the legal title thereto as trustee solely for the use
and benefit of the Beneficiaries in accordance with the provisions of this agreement; and

 

		(b)	except as specifically authorized by this agreement, have no power or authority to sell, transfer,
vote or otherwise deal in or with the Bionik US Special Voting Share and the Bionik US Special Voting Share shall not be used or
disposed of by the Trustee for any purpose other than the purposes for which this Trust is created pursuant to this agreement.

 

		3.2	Legended Share Certificates

 

The Corporation shall
cause each certificate representing Exchangeable Shares to bear an appropriate legend notifying the Beneficiaries of their right
to instruct the Trustee with respect to the exercise of the portion of the Voting Rights in respect of the Exchangeable Shares
of the Beneficiaries.

 

		3.3	Safe Keeping of Certificate

 

The certificate representing
the Bionik US Special Voting Share shall at all times be held in safe keeping by the Trustee or its duly authorized agent.

 

Article 4

EXERCISE OF VOTING RIGHTS

 

		4.1	Voting Rights

 

The Trustee, as the holder
of record of the Bionik US Special Voting Share, shall be entitled to all of the Voting Rights, including the right to vote in
person or by proxy attaching to the Bionik US Special Voting Share on any matters, questions, proposals or propositions whatsoever
that may properly come before the shareholders of Bionik US at a Bionik US Meeting. The Voting Rights shall be and remain vested
in and exercised by the Trustee subject to the terms of this agreement. Subject to Section 6.15:

 

		(a)	the Trustee shall exercise the Voting Rights only on the basis of instructions received pursuant
to this Article 4 from Beneficiaries on the record date established by Bionik US or by applicable law for such Bionik US Meeting
or Bionik US Consent who are entitled to instruct the Trustee as to the voting thereof; and

 

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		(b)	to the extent that no instructions are received from a Beneficiary with respect to the Voting Rights
to which such Beneficiary is entitled, the Trustee shall not exercise or permit the exercise of such Voting Rights.

 

		4.2	Number of Votes

 

		(a)	With respect to all meetings of shareholders of Bionik US at which holders of Bionik US Shares
are entitled to vote (each, a “Bionik US Meeting”) and with respect to all written consents sought from shareholders
of Bionik US, including holders of the Bionik US Shares (each, a “Bionik US Consent”), each Beneficiary shall
be entitled to instruct the Trustee to cast and exercise for each Exchangeable Share owned of record by a Beneficiary on the record
date established by Bionik US or by applicable law for such Bionik US Meeting or Bionik US Consent, as the case may be (collectively,
the “Beneficiary Votes”), in respect of each matter, question, proposal or proposition to be voted on at such
Bionik US Meeting or consented to in connection with such Bionik US Consent, a pro rata number of Voting Rights determined
by reference to the total number of outstanding Exchangeable Shares not owned by Bionik US and its subsidiaries on the record date
established by Bionik US or by applicable law for such Bionik US Meeting or Bionik US Consent.

 

		(b)	The aggregate Voting Rights on a poll at a Bionik US Meeting or in connection with a Bionik US
Consent, shall consist of a number of votes equal to one vote per outstanding Exchangeable Share from time to time not owned by
Bionik US and its subsidiaries on the record date established by Bionik US or by applicable law for such Bionik US Meeting or Bionik
US Consent, and for which the Trustee has received voting instructions from the Beneficiary.

 

		(c)	Pursuant to the terms of the Special Voting Share, the Trustee or its proxy is entitled on a vote
on a show of hands to one vote in addition to any votes which may be cast by a Beneficiary (or its nominee) on a show of hands
as proxy for the Trustee. Any Beneficiary who chooses to attend a Bionik US Meeting in person, and who is entitled to vote in accordance
with Section 4.8(b), shall be entitled to one vote on a show of hands.

 

		4.3	Mailings to Shareholders

 

		(a)	With respect to each Bionik US Meeting, the Trustee shall use its reasonable efforts promptly to
mail or cause to be mailed (or otherwise communicate in the same manner as Bionik US utilizes in communications to holders of Bionik
US Shares subject to applicable regulatory requirements and provided that such manner of communications is reasonably available
to the Trustee) to each of the Beneficiaries named in the List, such mailing or communication to commence wherever practicable
on the same day as the mailing or notice (or other communication) with respect thereto is commenced by Bionik US to its shareholders:

 

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		(i)	a copy of such notice, together with any related materials, including any circular or information
statement or listing particulars, to be provided to shareholders of Bionik US;

 

		(ii)	a statement that such Beneficiary is entitled to instruct the Trustee as to the exercise of the
Beneficiary Votes with respect to such Bionik US Meeting or, pursuant to Section 4.7, to attend such Bionik US Meeting and
to exercise personally the Beneficiary Votes thereat;

 

		(iii)	a statement as to the manner in which such instructions may be given to the Trustee, including
an express indication that instructions may be given to the Trustee to give:

 

		(A)	a proxy to such Beneficiary or his, her or its designee to exercise personally the Beneficiary
Votes; or

 

		(B)	a proxy to a designated agent or other representative of Bionik US to exercise such Beneficiary
Votes;

 

		(iv)	a statement that if no such instructions are received from the Beneficiary, the Beneficiary Votes
to which such Beneficiary is entitled will not be exercised;

 

		(v)	a form of direction whereby the Beneficiary may so direct and instruct the Trustee as contemplated
herein; and

 

		(vi)	a statement of the time and date by which such instructions must be received by the Trustee in
order to be binding upon it, which in the case of a Bionik US Meeting shall not be earlier than the close of business on the fourth
business day prior to such meeting, and of the method for revoking or amending such instructions.

 

		(b)	The materials referred to in this Section 4.3 shall be provided to the Trustee by Bionik US, and
the materials referred to in Subsection 4.3(a)(iii), Subsection 4.3(a)(v) and Subsection 4.3(a)(vi) shall (if reasonably practicable
to do so) be subject to reasonable comment by the Trustee in a timely manner. Subject to the foregoing, Bionik US shall ensure
that the materials to be provided to the Trustee are provided in sufficient time to permit the Trustee to comment as aforesaid
and to send all materials to each Beneficiary at the same time as such materials are first sent to holders of Bionik US Shares.
Bionik US agrees not to communicate with holders of Bionik US Shares with respect to the materials referred to in this Section
4.3 otherwise than by mail unless such method of communication is also reasonably available to the Trustee for communication with
the Beneficiaries. Notwithstanding the foregoing, Bionik US may at its option exercise the duties of the Trustee to deliver copies
of all materials to all Beneficiaries as required by this Section 4.3 so long as in each case Bionik US delivers a certificate
to the Trustee stating that Bionik US has undertaken to perform the obligations set forth in this Section 4.3.

 

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		(c)	For the purpose of determining Beneficiary Votes to which a Beneficiary is entitled in respect
of any Bionik US Meeting, the number of Exchangeable Shares owned of record by the Beneficiary shall be determined at the close
of business on the record date established by Bionik US or by applicable law for purposes of determining shareholders entitled
to vote at such Bionik US Meeting. Bionik US shall notify the Trustee of any decision of the board of directors of Bionik US with
respect to the calling of any Bionik US Meeting and shall provide all necessary information and materials to the Trustee in each
case promptly and in any event in sufficient time to enable the Trustee to perform its obligations contemplated by this Section
4.3.

 

		4.4	Copies of Shareholder Information

 

Bionik US shall deliver
to the Trustee copies of all proxy materials (including notices of Bionik US Meetings but excluding proxies to vote Bionik US Shares),
information statements, reports (including all interim and annual financial statements) and other written communications that,
in each case, are to be distributed by Bionik US from time to time to holders of Bionik US Shares in sufficient quantities and
in sufficient time so as to enable the Trustee to send or cause to send those materials to each Beneficiary at the same time as
such materials are first sent to holders of Bionik US Shares. The Trustee shall mail or otherwise send to each Beneficiary, at
the expense of Bionik US, copies of all such materials (and all materials specifically directed to the Beneficiaries or to the
Trustee for the benefit of the Beneficiaries by Bionik US) received by the Trustee from Bionik US contemporaneously with the sending
of such materials to holders of Bionik US Shares. The Trustee shall also make available for inspection by any Beneficiary at the
Trustee’s principal office in Toronto all proxy materials, information statements, reports and other written communications
that are:

 

		(a)	received by the Trustee as the registered holder of the Bionik US Special Voting Share and made
available by Bionik US generally to the holders of Bionik US Shares; or

 

		(b)	specifically directed to the Beneficiaries or to the Trustee for the benefit of the Beneficiaries
by Bionik US.

 

Notwithstanding the foregoing,
Bionik US at its option may exercise the duties of the Trustee to deliver copies of all such materials to each Beneficiary as required
by this Section 4.4 so long as in each case Bionik US delivers a certificate to the Trustee stating that Bionik US has undertaken
to perform the obligations set forth in this Section 4.4.

 

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		4.5	Other Materials

 

As soon as reasonably
practicable after receipt by Bionik US or shareholders of Bionik US (if such receipt is known by Bionik US) of any material sent
or given by or on behalf of a third party to holders of Bionik US Shares generally, including dissident proxy and information circulars
(and related information and material) and take-over bid and securities exchange take-over bid circulars (and related information
and material), provided such material has not been sent to the Beneficiaries by or on behalf of such third party, Bionik US shall
use its reasonable efforts to obtain and deliver to the Trustee copies thereof in sufficient quantities so as to enable the Trustee
to forward such material (unless the same has been provided directly to Beneficiaries by such third party) to each Beneficiary
as soon as possible thereafter. As soon as reasonably practicable after receipt thereof, the Trustee shall mail or otherwise send
to each Beneficiary, at the expense of Bionik US, copies of all such materials received by the Trustee from Bionik US. The Trustee
shall also make available for inspection by any Beneficiary at the Trustee’s principal office in Toronto copies of all such
materials. Notwithstanding the foregoing, Bionik US at its option may exercise the duties of the Trustee to deliver copies of all
such materials to each Beneficiary as required by this Section 4.5 so long as in each case Bionik US delivers a certificate to
the Trustee stating that Bionik US has undertaken to perform the obligations set forth in this Section 4.5.

 

		4.6	List of Persons Entitled to Vote

 

The Corporation shall,
(a) prior to each annual, general and extraordinary Bionik US Meeting and (b) forthwith upon each request made at any time by the
Trustee or Bionik US in writing, prepare or cause to be prepared a list (a “List”) of the names and addresses
of the Beneficiaries arranged in alphabetical order and showing the number of Exchangeable Shares held of record by each such Beneficiary,
in each case at the close of business on the date specified by the Trustee in such request or, in the case of a List prepared in
connection with a Bionik US Meeting, at the close of business on the record date established by Bionik US or pursuant to applicable
law or the by-laws of Bionik US for determining the holders of Bionik US Shares entitled to receive notice of and/or to vote at
such Bionik US Meeting. Each such List shall be delivered to the Trustee and Bionik US promptly after receipt by the Corporation
of such request or the record date for such meeting and in any event within sufficient time as to permit the Trustee to perform
its obligations under this agreement. Bionik US agrees to give the Corporation notice (with a copy to the Trustee) of the calling
of any Bionik US Meeting, together with the record date therefor, sufficiently prior to the date of the calling of such meeting
so as to enable the Corporation to perform its obligations under this Section 4.6.

 

		4.7	Entitlement to Direct Votes

 

Subject to Section 4.8
and Section 4.11, any Beneficiary named in a List prepared in connection with any Bionik US Meeting shall be entitled (a) to instruct
the Trustee in the manner described in Section 4.3 with respect to the exercise of the Beneficiary Votes to which such Beneficiary
is entitled or (b) to attend such meeting and personally exercise thereat, as the proxy of the Trustee, the Beneficiary Votes to
which such Beneficiary is entitled.

 

		4.8	Voting by Trustee and Attendance of Trustee Representative at Meeting

 

		(a)	In connection with each Bionik US Meeting, the Trustee shall exercise, either in person or by proxy,
in accordance with the instructions received from a Beneficiary pursuant to Section 4.3, the Beneficiary Votes as to which such
Beneficiary is entitled to direct the vote (or any lesser number thereof as may be set forth in the instructions) other than any
Beneficiary Votes that are the subject of Section 4.8(b); provided, however, that such written instructions are received by the
Trustee from the Beneficiary prior to the time and date fixed by the Trustee for receipt of such instruction in the notice given
by the Trustee to the Beneficiary pursuant to Section 4.3.

 

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		(b)	The Trustee shall cause a representative who is empowered by it to sign and deliver, on behalf
of the Trustee, proxies for Voting Rights to attend each Bionik US Meeting. Upon submission by a Beneficiary (or its designee)
named in the List prepared in connection with the relevant meeting of identification satisfactory to the Trustee’s representative,
and at the Beneficiary’s request, such representative shall sign and deliver to such Beneficiary (or its designee) a proxy
to exercise personally the Beneficiary Votes as to which such Beneficiary is otherwise entitled hereunder to direct the vote, if
such Beneficiary either (i) has not previously given the Trustee instructions pursuant to Section 4.3 in respect of such meeting
or (ii) submits to such representative written revocation of any such previous instructions. At such meeting, the Beneficiary (or
its designee) exercising such Beneficiary Votes in accordance with such proxy shall have the same rights in respect of such Beneficiary
Votes as the Trustee to speak at the meeting in favour of any matter, question, proposal or proposition, to vote by way of ballot
at the meeting in respect of any matter, question, proposal or proposition, and to vote at such meeting by way of a show of hands
in respect of any matter, question or proposition.

 

		4.9	Distribution of Written Materials

 

Any written materials
distributed by the Trustee pursuant to this agreement shall be sent by mail (or otherwise communicated in the same manner as Bionik
US utilizes in communications to holders of Bionik US Shares subject to applicable regulatory requirements and provided such manner
of communications is reasonably available to the Trustee) to each Beneficiary at its address as shown on the books of the Corporation.
Bionik US agrees not to communicate with holders of Bionik US Shares with respect to such written materials otherwise than by mail
unless such method of communication is also reasonably available to the Trustee for communication with the Beneficiaries. The Corporation
shall provide or cause to be provided to the Trustee for purposes of communication, on a timely basis and without charge or other
expense:

 

		(a)	a current List; and

 

		(b)	upon the request of the Trustee, mailing labels to enable the Trustee to carry out its duties under
this agreement.

 

The Corporation’s
obligations under this Section 4.9 shall be deemed satisfied to the extent Bionik US exercises its option to perform the duties
of the Trustee to deliver copies of materials to each Beneficiary and the Corporation provides the required information and materials
to Bionik US.

 

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		4.10	Termination of Voting Rights

 

All of the rights of
a Beneficiary with respect to the Beneficiary Votes exercisable in respect of the Exchangeable Shares held by such Beneficiary,
including the right to instruct the Trustee as to the voting of or to vote personally such Beneficiary Votes, shall be deemed to
be surrendered by the Beneficiary to Bionik US, as the case may be, and such Beneficiary Votes and the Voting Rights represented
thereby shall cease immediately upon (i) the delivery by such holder to the Trustee of the certificates representing such Exchangeable
Shares in connection with the occurrence of the automatic exchange of Exchangeable Shares for Bionik US Shares, as specified in
Article 5 (unless Bionik US shall not have delivered the requisite Bionik US Shares issuable in exchange therefor to the Trustee
pending delivery to the Beneficiaries), or (ii) the retraction or redemption of Exchangeable Shares pursuant to Section 6 or 7
of the Share Provisions, or (iii) the effective date of the liquidation, dissolution or winding-up of the Corporation pursuant
to Section 5 of the Share Provisions, or (iv) the purchase of Exchangeable Shares from the holder thereof by Acquireco or Bionik
US pursuant to the exercise by Acquireco or Bionik US of the Retraction Call Right, the Redemption Call Right, the Liquidation
Call Right or the Change of Law Call Right.

 

		4.11	Disclosure of Interest in Exchangeable Shares

 

The Trustee and/or the
Corporation shall be entitled to require any Beneficiary or any person who the Trustee and/or the Corporation know or have reasonable
cause to believe to hold any interest whatsoever in an Exchangeable Share to confirm that fact or to give such details as to whom
has an interest in such Exchangeable Share as would be required (if the Exchangeable Shares were a class of “voting or equity
securities” of the Corporation) under section 102.1 of the Securities Act (Ontario), as amended from time to time,
or as would be required under the charter or organizational documents of Bionik US or any laws or regulations, or pursuant to the
rules or regulations of any Agency, if the Exchangeable Shares were Bionik US Shares. If a Beneficiary does not provide the information
required to be provided by such Beneficiary pursuant to this Section 4.11, the board of directors of Bionik US may take any action
permitted under the charter or organizational documents of Bionik US or any laws or regulations, or pursuant to the rules or regulations
of any Agency, with respect to the Voting Rights relating to the Exchangeable Shares held by such Beneficiary.

 

Article 5

EXCHANGE AND AUTOMATIC EXCHANGE

 

		5.1	Grant of Exchange Right and Automatic Exchange Right

 

		(a)	Bionik US hereby grants to Trustee as trustee for and on behalf of, and for the use and benefit
of, the Beneficiaries the right (the “Exchange Right”), upon the occurrence and during the continuance of an
Insolvency Event, to require Bionik US to purchase from each or any Beneficiary all or any part of the Exchangeable Shares held
by such Beneficiary and the Automatic Exchange Right, all in accordance with the provisions of this agreement. Bionik US hereby
acknowledges receipt from the Trustee as trustee for and on behalf of the Beneficiaries of good and valuable consideration (and
the adequacy thereof) for the grant of the Exchange Right and the Automatic Exchange Right by Bionik US to the Trustee.

 

		(b)	During the term of the Trust and subject to the terms and conditions of this agreement, the Trustee
shall possess and be vested with full legal ownership of the Automatic Exchange Right and the Exchange Right and shall be entitled
to exercise all of the rights and powers of an owner with respect to the Automatic Exchange Right and the Exchange Right, provided
that the Trustee shall:

 

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		(i)	hold the Automatic Exchange Right and the Exchange Right and the legal title thereto as trustee
solely for the use and benefit of the Beneficiaries in accordance with the provisions of this agreement; and

 

		(ii)	except as specifically authorized by this agreement, have no power or authority to exercise or
otherwise deal in or with the Automatic Exchange Right or the Exchange Right, and the Trustee shall not exercise any such rights
for any purpose other than the purposes for which the Trust is created pursuant to this agreement.

 

		(c)	The obligations of Bionik US to issue Bionik US Shares pursuant to the Automatic Exchange Right
or the Exchange Right are subject to all applicable laws and regulatory or stock exchange requirements.

 

		5.2	Legended Share Certificates

 

The Corporation shall
cause each certificate representing Exchangeable Shares to bear an appropriate legend notifying the Beneficiaries of:

 

		(a)	their right to instruct the Trustee with respect to the exercise of the Exchange Right in respect
of the Exchangeable Shares held by a Beneficiary; and

 

		(b)	the Automatic Exchange Right.

 

		5.3	General Exercise of Exchange Right

 

The Exchange Right shall
be and remain vested in and exercisable by Trustee. Subject to Section 6.15, the Trustee shall exercise the Exchange Right only
on the basis of instructions received pursuant to this Article 5 from Beneficiaries entitled to instruct the Trustee as to
the exercise thereof. To the extent that no instructions are received from a Beneficiary with respect to the Exchange Right, the
Trustee shall not exercise or permit the exercise of the Exchange Right.

 

		5.4	Purchase Price

 

The purchase price payable
by Bionik US for each Exchangeable Share to be purchased by Bionik US under the Exchange Right shall be an amount per share equal
to (i) the Current Market Price of a Bionik US Share on the day before the exchange, which shall be satisfied in full by Bionik
US issuing to the Beneficiary one Bionik US Share, plus (ii) an additional amount equal to the full amount of all declared
and unpaid dividends on each such Exchangeable Share held by such holder on any dividend record date which occurred prior to the
date of the exchange (“Exchangeable Share Consideration”). In connection with each exercise of the Exchange
Right, Bionik US shall provide to the Trustee an Officer’s Certificate setting forth the calculation of the Exchangeable
Share Consideration for each Exchangeable Share.

 

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		5.5	Exercise Instructions

 

Subject to the terms
and conditions set forth herein, a Beneficiary shall be entitled upon the occurrence and during the continuance of an Insolvency
Event, to instruct the Trustee to exercise the Exchange Right with respect to all or any part of the Exchangeable Shares registered
in the name of such Beneficiary on the books of the Corporation. To cause the exercise of the Exchange Right by the Trustee, the
Beneficiary shall deliver to the Trustee, in person or by certified or registered mail, at its principal office in Toronto or at
such other place as the Trustee may from time to designate by written notice to the Beneficiaries, the certificates representing
the Exchangeable Shares which such Beneficiary desires Bionik US to purchase, duly endorsed in blank for transfer, and accompanied
by such other documents and instruments as the Trustee, Bionik US and the Corporation may reasonably require together with (a)
a duly completed form of notice of exercise of the Exchange Right, contained on the reverse of or attached to the Exchangeable
Share certificates, stating (i) that the Beneficiary thereby instructs the Trustee to exercise the Exchange Right so as to require
Bionik US to purchase from the Beneficiary the number of Exchangeable Shares specified therein, (ii) that such Beneficiary has
good title to and owns all such Exchangeable Shares to be acquired by Bionik US free and clear of all Liens, (iii) the names
in which the certificates representing Bionik US Shares issuable in connection with the exercise of the Exchange Right are to be
issued, and (iv) the names and addresses of the persons to whom such new certificates should be delivered, and (b) payment (or
evidence satisfactory to the Trustee, Bionik US and the Corporation of payment) of the taxes (if any) payable as contemplated by
Section 5.7 of this agreement. If only a part of the Exchangeable Shares represented by any certificate or certificates delivered
to the Trustee are to be purchased by Bionik US under the Exchange Right, a new certificate for the balance of such Exchangeable
Shares shall be issued to the holder at the expense of the Corporation. For avoidance of doubt, no Beneficiary shall have any right
to have Bionik US purchase less than one whole Exchangeable Share under the Exchange Right.

 

		5.6	Delivery of Bionik US Shares; Effect of Exercise

 

Promptly after the receipt
by the Trustee of the certificates representing the Exchangeable Shares which the Beneficiary desires Bionik US to purchase under
the Exchange Right, together with such documents and instruments of transfer and a duly completed form of notice of exercise of
the Exchange Right (and payment of taxes, if any payable as contemplated by Section 5.7 or evidence thereof), duly endorsed for
transfer to Bionik US, the Trustee shall notify Bionik US and the Corporation of its receipt of the same, which notice to Bionik
US and the Corporation shall constitute exercise of the Exchange Right by the Trustee on behalf of the Beneficiary in respect of
such Exchangeable Shares, and Bionik US shall promptly thereafter deliver or cause to be delivered to the Trustee, for delivery
to the Beneficiary in respect of such Exchangeable Shares (or to such other persons, if any, properly designated by such Beneficiary)
the Exchangeable Share Consideration deliverable in connection with the exercise of the Exchange Right; provided, however, that
no such delivery shall be made unless and until the Beneficiary requesting the same shall have paid (or provided evidence satisfactory
to the Trustee, the Corporation and Bionik US of the payment of) the taxes (if any) payable as contemplated by Section 5.7 of this
agreement. Immediately upon the giving of notice by the Trustee to Bionik US and the Corporation of the exercise of the Exchange
Right, as provided in this Section 5.6, the closing of the transaction of purchase and sale contemplated by the Exchange Right
shall be deemed to have occurred, and the Beneficiary of such Exchangeable Shares shall be deemed to have transferred to Bionik
US all of such Beneficiary’s right, title and interest in and to such Exchangeable Shares and in the related interest in
the Trust Estate and shall cease to be a holder of such Exchangeable Shares and shall not be entitled to exercise any of the rights
of a holder in respect thereof, other than the right to receive his proportionate part of the total Exchangeable Share Consideration
therefor, unless such Exchangeable Share Consideration is not delivered by Bionik US to the Trustee for delivery to such Beneficiary
(or to such other person, if any, properly designated by such Beneficiary) within three business days of the date of the giving
of such notice by the Trustee, in which case the rights of the Beneficiary shall remain unaffected until such Exchangeable Share
Consideration is delivered by Bionik US and any cheque included therein is paid. Upon delivery of such Exchangeable Share Consideration
to the Trustee, the Trustee shall promptly deliver such Exchangeable Share Consideration to such Beneficiary (or to such other
person, if any, properly designated by such Beneficiary). Concurrently with such Beneficiary ceasing to be a holder of Exchangeable
Shares, the Beneficiary shall be considered and deemed for all purposes to be the holder of the Bionik US Shares delivered to it
pursuant to the Exchange Right.

 

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		5.7	Stamp or Other Transfer Taxes

 

Upon any sale of Exchangeable
Shares to Bionik US pursuant to the Exchange Right or the Automatic Exchange Right, the share certificate or certificates representing
Bionik US Shares to be delivered in connection with the payment of the purchase price therefor shall be issued in the name of the
Beneficiary in respect of the Exchangeable Shares so sold or, if permitted under applicable law, in such names as such Beneficiary
may otherwise direct in writing without charge to the holder of the Exchangeable Shares so sold; provided, however, that such Beneficiary
(a) shall pay (and none of Bionik US, the Corporation or the Trustee shall be required to pay) any documentary, stamp, transfer
of other taxes that may be payable in respect of any transfer involved in the issuance or delivery of such shares to a person other
than such Beneficiary or (b) shall have evidenced to the satisfaction of Bionik US that such taxes, if any, have been paid.

 

		5.8	Notice of Insolvency Event

 

As soon as practicable
following the occurrence of an Insolvency Event or any event that with the giving of notice or the passage of time or both would
be an Insolvency Event, the Corporation and Bionik US shall give written notice thereof to the Trustee. As soon as practicable
following the receipt of notice from the Corporation and Bionik US of the occurrence of an Insolvency Event, or upon the Trustee
becoming aware of an Insolvency Event, the Trustee shall mail to each Beneficiary, at the expense of Bionik US (such funds to be
received in advance), a notice of such Insolvency Event in the form provided by Bionik US, which notice shall contain a brief statement
of the rights of the Beneficiaries with respect to the Exchange Right.

 

		5.9	Failure to Retract

 

Upon the occurrence of
an event referred to in paragraph (iv) of the definition of Insolvency Event, the Corporation hereby agrees with the Trustee and
in favour of the Beneficiary promptly to forward or cause to be forwarded to the Trustee all relevant materials delivered by the
Beneficiary to the Corporation or to the transfer agent of the Exchangeable Shares (including a copy of the retraction request
delivered pursuant to Section 6(1) of the Share Provisions) in connection with such proposed redemption of the Retracted Shares.

 

    	 - 14 -

    	 

    

 

		5.10	Listing of Bionik US Shares

 

Bionik US shall use its
commercially reasonable efforts (which, for greater certainty, shall not require Bionik US to consent to a term or condition of
an approval or consent which Bionik US reasonably determines could have a materially adverse effect on Bionik US or its subsidiaries)
to cause all Bionik US Shares (or such other shares or securities) to be delivered pursuant to the Automatic Exchange Right or
the Exchange Right to be listed, quoted or posted for trading on all stock exchanges and quotation systems on which outstanding
Bionik US Shares have been listed, quoted or posted by Bionik US and remain listed, quoted or posted for trading at such time.

 

		5.11	Bionik US Shares

 

Bionik US hereby represents,
warrants and covenants that the Bionik US Shares issuable as described herein will, assuming the delivery of the Exchangeable Shares
by the holders thereof in accordance with the Share Provisions and provisions hereof, be duly authorized and validly issued as
fully paid and shall be free and clear of any Lien.

 

		5.12	Automatic Exchange on Liquidation of Bionik US

 

		(a)	Bionik US shall give the Trustee written notice of each of the following events at the time set
forth below:

 

		(i)	in the event of any determination by the board of directors of Bionik US to institute voluntary
liquidation, dissolution or winding-up proceedings with respect to Bionik US or to effect any other distribution of assets of Bionik
US among its shareholders for the purpose of winding up its affairs, at least sixty (60) days prior to the proposed effective date
of such liquidation, dissolution, winding-up or other distribution; and

 

		(ii)	as soon as practicable following the earlier of (A) receipt by Bionik US of notice of, and (B)
Bionik US otherwise becoming aware of any instituted claim, suit, petition or other proceedings with respect to the involuntary
liquidation, dissolution or winding-up of Bionik US or to effect any other distribution of assets of Bionik US among its shareholders
for the purpose of winding up its affairs, in each case where Bionik US has failed to contest in good faith any such proceeding
commenced in respect of Bionik US within thirty (30) days of becoming aware thereof.

 

		(b)	As soon as practicable following receipt by the Trustee from Bionik US of notice of any event (a
“Liquidation Event”) contemplated by Subsection 5.12(a)(i) or Subsection 5.12(a)(ii), the Trustee shall give
notice thereof to the Beneficiaries. Such notice shall be provided to the Trustee by Bionik US and shall include a brief description
of the automatic exchange of Exchangeable Shares for Bionik US Shares provided for in Section 5.12(c).

 

    	 - 15 -

    	 

    

 

		(c)	In order that the Beneficiaries will be able to participate on a pro rata basis with the holders
of Bionik US Shares in the distribution of assets of Bionik US in connection with a Liquidation Event, immediately prior to the
effective date (the “Liquidation Event Effective Date”) of a Liquidation Event, all of the then outstanding
Exchangeable Shares shall be automatically exchanged for Bionik US Shares. To effect such automatic exchange, Bionik US shall purchase
each Exchangeable Share outstanding immediately prior to the Liquidation Event Effective Date and held by Beneficiaries, and each
Beneficiary shall sell the Exchangeable Shares held by it at such time, free and clear of any Lien for a purchase price per share
equal to (i) the Current Market Price of a Bionik US Share on the day prior to the Liquidation Event Effective Date, which shall
be satisfied in full by Bionik US issuing to the Beneficiary one Bionik US Share, plus (ii) an additional amount equal to the full
amount of all declared and unpaid dividends on each such Exchangeable Share held by such holder on any dividend record date which
occurred prior to the date of the exchange. Bionik US shall provide the Trustee with an Officer’s Certificate in connection
with each automatic exchange setting forth the calculation of the purchase price for each Exchangeable Share. Upon payment by Bionik
US of such purchase price, the relevant Beneficiary shall cease to have any right to be paid by the Corporation any amount in respect
of declared and unpaid dividends on each Exchangeable Share.

 

		(d)	The closing of the transaction of purchase and sale contemplated by the automatic exchange of Exchangeable
Shares for Bionik US Shares shall be deemed to have occurred immediately prior to the Liquidation Event Effective Date, and each
Beneficiary shall be deemed to have transferred to Bionik US all of the Beneficiary’s right, title and interest in and to
such Beneficiary’s Exchangeable Shares free and clear of any Lien and the related interest in the Trust Estate and each such
Beneficiary shall cease to be a holder of such Exchangeable Shares and Bionik US shall issue to the Beneficiary the Bionik US Shares
issuable upon the automatic exchange of Exchangeable Shares for Bionik US Shares and on the applicable payment date shall deliver
to the Trustee for delivery to the Beneficiary a cheque for the balance, if any, of the purchase price for such Exchangeable Shares,
without interest, in each case less any amounts withheld pursuant to Section 5.13. Concurrently with such Beneficiary ceasing to
be a holder of Exchangeable Shares, the Beneficiary shall become the holder of the Bionik US Shares issued pursuant to the automatic
exchange of such Beneficiary’s Exchangeable Shares for Bionik US Shares and the certificates held by the Beneficiary previously
representing the Exchangeable Shares exchanged by the Beneficiary with Bionik US pursuant to such automatic exchange shall thereafter
be deemed to represent Bionik US Shares issued to the Beneficiary by Bionik US pursuant to such automatic exchange. Upon the request
of a Beneficiary and the surrender by the Beneficiary of Exchangeable Share certificates deemed to represent Bionik US Shares,
duly endorsed in blank and accompanied by such instruments of transfer as Bionik US may reasonably require, Bionik US shall deliver
or cause to be delivered to the Beneficiary certificates representing the Bionik US Shares of which the Beneficiary is the holder.

 

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		5.13	Withholding Rights

 

Bionik US and the Corporation
shall be entitled to deduct and withhold from any dividend, distribution, price or other consideration otherwise payable under
this agreement to any holder of Exchangeable Shares or Bionik US Shares such amounts as Bionik US or the Corporation is required
to deduct and withhold with respect to such payment under the ITA or United States tax laws or any provision of provincial, state,
local or foreign tax law, in each case as amended or succeeded. To the extent that amounts are so withheld, such withheld amounts
shall be treated for all purposes as having been paid to the holder of the shares in respect of which such deduction and withholding
was made, provided that such withheld amounts are actually remitted to the appropriate taxing Agency. To the extent that the amount
so required to be deducted or withheld from any payment to a holder exceeds the cash portion of the consideration otherwise payable
to the holder, Bionik US and the Corporation are hereby authorized to sell or otherwise dispose of such portion of the consideration
as is necessary to provide sufficient funds to Bionik US or the Corporation as the case may be, to enable it to comply with such
deduction or withholding requirement and Bionik US or the Corporation shall notify the holder thereof and remit to such holder
any unapplied balance of the net proceeds of such sale.

 

Article 6

CONCERNING THE TRUSTEE

 

		6.1	Powers and Duties of the Trustee

 

		(a)	The rights, powers, duties and authorities of the Trustee under this agreement, in its capacity
as Trustee of the Trust, shall include:

 

		(i)	receipt and deposit of the Bionik US Special Voting Share from Bionik US as Trustee for and on
behalf of the Beneficiaries in accordance with the provisions of this agreement;

 

		(ii)	granting proxies and distributing materials to Beneficiaries as provided in this agreement;

 

		(iii)	voting the Beneficiary Votes in accordance with the provisions of this agreement;

 

		(iv)	receiving the grant of the Automatic Exchange Right and the Exchange Right from Bionik US as Trustee
for and on behalf of the Beneficiaries in accordance with the provisions of this agreement;

 

		(v)	enforcing the benefit of the Automatic Exchange Right and the Exchange Right, in each case in accordance
with the provisions of this agreement, and in connection therewith receiving from Beneficiaries Exchangeable Shares and other requisite
documents and distributing to such Beneficiaries Bionik US Shares and cheques, if any, to which such Beneficiaries are entitled
pursuant to the Automatic Exchange Right or the Exchange Right, as the case may be;

 

    	 - 17 -

    	 

    

 

		(vi)	holding title to the Trust Estate;

 

		(vii)	investing any moneys forming, from time to time, a part of the Trust Estate as provided in this
agreement;

 

		(viii)	taking action at the direction of a Beneficiary or Beneficiaries to enforce the obligations of
Bionik US and the Corporation under this agreement; and

 

		(ix)	taking such other actions and doing such other things as are specifically provided in this agreement
to be carried out by the Trustee whether alone, jointly or in the alternative.

 

		(b)	In the exercise of such rights, powers, duties and authorities the Trustee shall have (and is granted)
such incidental and additional rights, powers, duties and authority not in conflict with any of the provisions of this agreement
as the Trustee, acting in good faith on the direction of the Beneficiaries may be required to exercise in order to effect the purpose
of the Trust. The Trustee in exercising its rights, powers, duties and authorities hereunder shall act honestly and in good faith
and with a view to the best interests of the Beneficiaries and shall exercise the care, diligence and skill that a reasonably prudent
trustee would exercise in comparable circumstances.

 

		(c)	The Trustee shall not be bound to give notice or do or take any act, action or proceeding by virtue
of the powers conferred on it hereby unless and until it shall be specifically required to do so under the terms hereof; nor shall
the Trustee be required to take any notice of, or to do, or to take any act, action or proceeding as a result of any default or
breach of any provision hereunder, unless and until notified in writing of such default or breach, which notices shall distinctly
specify the default or breach desired to be brought to the attention of the Trustee, and in the absence of such notice the Trustee
may for all purposes of this agreement conclusively assume that no default or breach has been made in the observance or performance
of any of the representations, warranties, covenants, agreements or conditions contained herein.

 

		6.2	No Conflict of Interest

 

The Trustee represents
to Bionik US and the Corporation that to the best of its knowledge at the date of execution and delivery of this agreement there
exists no material conflict of interest in the role of the Trustee as a fiduciary hereunder and the role of the Trustee in any
other capacity. The Trustee shall, within ninety (90) days after it becomes aware that such material conflict of interest exists,
either eliminate such material conflict of interest or resign in the manner and with the effect specified in Article 9. If,
notwithstanding the foregoing provisions of this Section 6.2, the Trustee has such a material conflict of interest, the validity
and enforceability of this agreement shall not be affected in any manner whatsoever by reason only of the existence of such material
conflict of interest. If the Trustee contravenes the foregoing provisions of this Section 6.2, any interested party may apply to
the Superior Court of Justice (Ontario) for an order that the Trustee be replaced as Trustee hereunder.

 

    	 - 18 -

    	 

    

 

		6.3	Dealings with Transfer Agents, Registrars, etc.

 

		(a)	Each of Bionik US and the Corporation irrevocably authorizes the Trustee, from time to time, to:

 

		(i)	consult, communicate and otherwise deal with the respective registrars and transfer agents, and
with any such subsequent registrar or transfer agent, of the Exchangeable Shares and Bionik US Shares; and

 

		(ii)	requisition, from time to time, (A) from any such registrar or transfer agent any information readily
available from the records maintained by it which the Trustee may reasonably require for the discharge of its duties and responsibilities
under this agreement and (B) from the transfer agent of Bionik US Shares, and any subsequent transfer agent of such shares, the
share certificates issuable upon the exercise from time to time of the Automatic Exchange Right and pursuant to the Exchange Right.

 

		(b)	Bionik US and the Corporation shall irrevocably authorize their respective registrars and transfer
agents to comply with all such requests. Bionik US covenants that it shall supply its transfer agent with duly executed share certificates
for the purpose of completing the exercise from time to time of the Automatic Exchange Right and the Exchange Right, in each case
pursuant to Article 5.

 

		6.4	Books and Records

 

The Trustee shall keep
available for inspection by Bionik US and the Corporation at the Trustee’s principal office in Toronto correct and complete
books and records of account relating to the Trust created by this agreement, including all relevant data relating to mailings
and instructions to and from Beneficiaries and all transactions pursuant to the Automatic Exchange Right and the Exchange Right.
On or before January 15, 2015, and on or before January 15th in every year thereafter, so long as the Bionik US Special Voting
Share is registered in the name of the Trustee, the Trustee shall transmit to Bionik US and the Corporation a brief report, dated
as of the preceding December 31st, with respect to:

 

		(a)	the property and funds comprising the Trust Estate as of that date;

 

		(b)	the number of exercises of the Automatic Exchange Right, if any, and the aggregate number of Exchangeable
Shares received by the Trustee on behalf of Beneficiaries in consideration of the issuance by Bionik US of Bionik US Shares in
connection with the Automatic Exchange Right, during the calendar year ended on such December 31st; and

 

		(c)	any action taken by the Trustee in the performance of its duties under this agreement which it
had not previously reported.

 

    	 - 19 -

    	 

    

 

		6.5	Income Tax Returns and Reports

 

The Trustee shall, to
the extent necessary, cause to be prepared and filed, on behalf of the Trust appropriate Canadian income tax returns and any other
returns or reports as may be required by applicable law or pursuant to the rules and regulations of any other Agency, including
any securities exchange or other trading system through which the Exchangeable Shares are traded. In connection therewith, the
Trustee may obtain the advice and assistance of such experts or advisors as the Trustee considers necessary or advisable (who may
be experts or advisors to Bionik US or the Corporation). If requested by the Trustee, Bionik US or the Corporation shall retain
qualified experts or advisors for the purpose of providing such tax advice or assistance.

 

		6.6	Indemnification Prior to Certain Actions by Trustee

 

		(a)	The Trustee shall exercise any or all of the rights, duties, powers or authorities vested in it
by this agreement at the request, order or direction of any Beneficiary upon such Beneficiary furnishing to the Trustee reasonable
funding, security or indemnity against the costs, expenses and liabilities which may be incurred by the Trustee therein or thereby,
provided that no Beneficiary shall be obligated to furnish to the Trustee any such funding, security or indemnity in connection
with the exercise by the Trustee of any of its rights, duties, powers and authorities with respect to the Bionik US Special Voting
Share pursuant to Article 4, subject to Section 6.15, and with respect to the Automatic Exchange Right and the Exchange Right
pursuant to Article 5.

 

		(b)	None of the provisions contained in this agreement shall require the Trustee to expend or risk
its own funds or otherwise incur financial liability in the exercise of any of its rights, powers, duties, or authorities unless
funded, given security and indemnified as aforesaid.

 

		6.7	Action of Beneficiaries

 

No Beneficiary shall
have the right to institute any action, suit or proceeding or to exercise any other remedy authorized by this agreement for the
purpose of enforcing any of its rights or for the execution of any trust or power hereunder unless the Beneficiary has requested
the Trustee to take or institute such action, suit or proceeding and furnished the Trustee with the funding, security or indemnity
referred to in Section 6.6 and the Trustee shall have failed to act within a reasonable time thereafter. In such case, but not
otherwise, the Beneficiary shall be entitled to take proceedings in any court of competent jurisdiction such as the Trustee might
have taken; it being understood and intended that no one or more Beneficiaries shall have any right in any manner whatsoever to
affect, disturb or prejudice the rights hereby created by any such action, or to enforce any right hereunder or the Voting Rights,
the Automatic Exchange Right or the Exchange Right except subject to the conditions and in the manner herein provided, and that
all powers and trusts hereunder shall be exercised and all proceedings at law shall be instituted, had and maintained by the Trustee,
except only as herein provided, and in any event for the equal benefit of all Beneficiaries.

 

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		6.8	Reliance Upon Declarations

 

The Trustee shall not
be considered to be in contravention of any of its rights, powers, duties and authorities hereunder if, when required, it acts
and relies in good faith upon statutory declarations, certificates, opinions or reports furnished pursuant to the provisions hereof
or required by the Trustee to be furnished to it in the exercise of its rights, powers, duties and authorities hereunder if such
statutory declarations, certificates, opinions or reports comply with the provisions of Section 6.9, if applicable, and with any
other applicable provisions of this agreement.

 

		6.9	Evidence and Authority to Trustee

 

		(a)	Bionik US and/or the Corporation shall furnish to the Trustee evidence of compliance with the conditions
provided for in this agreement relating to any action or step required or permitted to be taken by Bionik US and/or the Corporation
or the Trustee under this agreement or as a result of any obligation imposed under this agreement, including in respect of the
Voting Rights or the Automatic Exchange Right or the Exchange Right and the taking of any other action to be taken by the Trustee
at the request of or on the application of Bionik US and/or the Corporation promptly if and when:

 

		(i)	such evidence is required by any other section of this agreement to be furnished to the Trustee
in accordance with the terms of this Section 6.9; or

 

		(ii)	the Trustee, in the exercise of its rights, powers, duties and authorities under this agreement,
gives Bionik US and/or the Corporation written notice requiring it to furnish such evidence in relation to any particular action
or obligation specified in such notice.

 

		(b)	Such evidence shall consist of an Officer’s Certificate of Bionik US and/or the Corporation
or a statutory declaration or a certificate made by persons entitled to sign an Officer’s Certificate stating that any such
condition has been complied with in accordance with the terms of this agreement.

 

		(c)	Whenever such evidence relates to a matter other than the Voting Rights or the Automatic Exchange
Right or the Exchange Right or the taking of any other action to be taken by the Trustee at the request or on the application of
Bionik US and/or the Corporation, and except as otherwise specifically provided herein, such evidence may consist of a report or
opinion of any solicitor, attorney, auditor, accountant, appraiser, valuer or other expert or any other person whose qualifications
give authority to a statement made by him, provided that if such report or opinion is furnished by a director, officer or employee
of Bionik US and/or the Corporation it shall be in the form of an Officer’s Certificate or a statutory declaration.

 

    	 - 21 -

    	 

    

 

		(d)	Each statutory declaration, Officer’s Certificate, opinion or report furnished to the Trustee
as evidence of compliance with a condition provided for in this agreement shall include a statement by the person giving the evidence:

 

		(i)	declaring that he has read and understands the provisions of this agreement relating to the condition
in question;

 

		(ii)	describing the nature and scope of the examination or investigation upon which he based the statutory
declaration, certificate, statement or opinion; and

 

		(iii)	declaring that he has made such examination or investigation as he believes is necessary to enable
him to make the statements or give the opinions contained or expressed therein.

 

		6.10	Experts, Advisers and Agents

 

The Trustee may:

 

		(a)	in relation to these presents act and rely on the opinion or advice of or information obtained
from any solicitor, attorney, auditor, accountant, appraiser, valuer or other expert, whether retained by the Trustee or by Bionik
US and/or the Corporation or otherwise, and may pay proper and reasonable compensation for all such legal and other advice as aforesaid;

 

		(b)	employ such agents as it may reasonably require for the proper determination and discharge of its
powers and duties hereunder; and

 

		(c)	pay all reasonable disbursements, costs and expenses incurred by it in the discharge of its duties
hereunder and in the management of the Trust.

 

		6.11	Investment of Moneys Held by Trustee

 

Unless otherwise provided
in this agreement, in the event that this section becomes applicable, any moneys held by or on behalf of the Trustee which under
the terms of this agreement may or ought to be invested or which may be on deposit with the Trustee or which may be in the hands
of the Trustee shall, upon the receipt by the Trustee of the written direction of the Corporation, be invested or reinvested in
the name or under the control of the Trustee in securities in which, under the laws of the Province of Ontario, trustees are authorized
to invest trust moneys, provided that such securities are stated to mature within two years after their purchase by the Trustee,
or in Authorized Investments. Any direction of the Corporation to the Trustee as to investment or reinvestment of funds shall be
in writing and shall be provided to the Trustee no later than 9:00 a.m. (local time) or if received on a non-business day, shall
be deemed to have been given prior to 9:00 a.m. (local time) on the immediately following business day. If no such direction is
received, the Trustee shall not have any obligation to invest the monies and pending receipt of such a direction all interest or
other income and such moneys may be deposited in the name of the Trustee in any chartered bank in Canada or, with the consent of
the Corporation, in the deposit department of the Trustee or any other specified loan or trust company authorized to accept deposits
under the laws of Canada or any province thereof at the rate of interest then current on similar deposits. The Trustee shall not
be held liable for any losses incurred in the investment of any funds as herein provided.

 

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		6.12	Trustee Not Required to Give Security

 

The Trustee shall not
be required to give any bond or security in respect of the execution of the trusts, rights, duties, powers and authorities of this
agreement or otherwise in respect of the premises.

 

		6.13	Trustee Not Bound to Act on Request

 

Except as in this agreement
otherwise specifically provided, the Trustee shall not be bound to act in accordance with any direction or request of Bionik US
and/or the Corporation or of the directors thereof until a duly authenticated copy of the instrument or resolution containing such
direction or request shall have been delivered to the Trustee, and the Trustee shall be empowered to act upon any such copy purporting
to be authenticated and believed by the Trustee to be genuine.

 

		6.14	Authority to Carry on Business

 

The Trustee represents
to Bionik US and the Corporation that at the date of execution and delivery by it of this agreement it is authorized to carry on
the business of a trust company in each of the provinces of Canada but if, notwithstanding the provisions of this Section 6.14,
it ceases to be so authorized to carry on business, the validity and enforceability of this agreement and the Voting Rights, the
Automatic Exchange Right and the Exchange Right shall not be affected in any manner whatsoever by reason only of such event but
the Trustee shall, within ninety (90) days after ceasing to be authorized to carry on the business of a trust company in any province
of Canada, either become so authorized or resign in the manner and with the effect specified in Article 9.

 

		6.15	Force Majeure

 

No party shall be liable
to the other or held in breach of this agreement, if prevented, hindered, or delayed in the performance or observance of any provision
contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes,
or any other similar causes (including but not limited to, mechanical, electronic or communication interruptions, disruptions or
failures). Performance times under this agreement shall be extended for a period of time equivalent to the time lost because of
any delay that is excusable under this Section.

 

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		6.16	Conflicting Claims

 

		(a)	If conflicting claims or demands are made or asserted with respect to any interest of any Beneficiary
in any Exchangeable Shares, including any disagreement between the heirs, representatives, successors or assigns succeeding to
all or any part of the interest of any Beneficiary in any Exchangeable Shares, resulting in conflicting claims or demands being
made in connection with such interest, then the Trustee shall be entitled, in its sole discretion, to refuse to recognize or to
comply with any such claims or demands. In so refusing, the Trustee may elect not to exercise any Voting Rights, Automatic Exchange
Right or Exchange Right subject to such conflicting claims or demands and, in so doing, the Trustee shall not be or become liable
to any person on account of such election or its failure or refusal to comply with any such conflicting claims or demands. The
Trustee shall be entitled to continue to refrain from acting and to refuse to act until:

 

		(i)	the rights of all adverse claimants with respect to the Voting Rights, Automatic Exchange Right
or Exchange Right subject to such conflicting claims or demands have been adjudicated by a final judgement of a court of competent
jurisdiction; or

 

		(ii)	all differences with respect to the Voting Rights, Automatic Exchange Right or Exchange Right subject
to such conflicting claims or demands have been conclusively settled by a valid written agreement binding on all such adverse claimants,
and the Trustee shall have been furnished with an executed copy of such agreement certified to be in full force and effect.

 

		(b)	If the Trustee elects to recognize any claim or comply with any demand made by any such adverse
claimant, it may in its discretion require such claimant to furnish such surety bond or other security satisfactory to the Trustee
as it shall deem appropriate to fully indemnify it as between all conflicting claims or demands.

 

		6.17	Acceptance of Trust

 

The Trustee hereby accepts
the Trust created and provided for, by and in this agreement and agrees to perform the same upon the terms and conditions herein
set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall
from time to time be Beneficiaries, subject to all the terms and conditions herein set forth.

 

		6.18	Third Party Interests

 

Each party to this agreement
hereby represents to the Trustee that any account to be opened by, or interest to be held by the Trustee in connection with this
agreement, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii)
is intended to be used by or on behalf of a third party, in which case such party hereto agrees to complete and execute forthwith
a declaration in the Trustee’s prescribed form as to the particulars of such third party.

 

    	 - 24 -

    	 

    

 

		6.19	Privacy

 

The parties acknowledge
that Canadian federal and/or provincial legislation that addresses the protection of individuals’ personal information (collectively,
“Privacy Laws”) applies to obligations and activities under this agreement. Despite any other provision of this
agreement, no party shall take or direct any action that would contravene, or cause the others to contravene, applicable Privacy
Laws. The parties shall, prior to transferring or causing to be transferred personal information to the Trustee, obtain and retain
required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have
determined that such consents either have previously been given upon which the parties can rely or are not required under the Privacy
Laws. Specifically, the Trustee agrees: (a) to have a designated chief privacy officer; (b) to maintain policies and procedures
to protect personal information and to receive and respond to any privacy complaint or inquiry; (c) to use personal information
solely for the purposes of providing its services under or ancillary to this agreement and not to use it for any purpose except
with the consent of or direction from the other parties or the individual involved; (d) not to sell or otherwise improperly disclose
personal information to any third party; and (e) to employ administrative, physical and technological safeguards to reasonably
secure and protect personal information against loss, theft, or unauthorized access, use or modification.

 

Article 7

COMPENSATION

 

		7.1	Fees and Expenses of the Trustee

 

Bionik US agrees to pay
the Trustee reasonable compensation for all of the services rendered by it under this agreement as per the fee schedule attached
hereto as Schedule A and shall reimburse the Trustee for all reasonable expenses (including, but not limited to, taxes other than
taxes based on the net income or capital of the Trustee, fees paid to legal counsel and other experts and advisors and travel expenses)
and disbursements, including the cost and expense of any suit or litigation of any character and any proceedings before any governmental
Agency, reasonably incurred by the Trustee in connection with its duties under this agreement; provided that the Corporation shall
have no obligation to reimburse the Trustee for any expenses or disbursements paid, incurred or suffered by the Trustee in any
suit or litigation or any such proceedings in which the Trustee is determined to have acted in bad faith or with fraud, gross negligence
or wilful misconduct. Any amount owing or unpaid after 30 days from the invoice date shall bear interest at a reasonable rate per
annum, from the expiration of such 30 day period, equal to the then current rate charged by the Trustee and shall be payable on
demand. The obligation of Bionik US under this Section 7.1 shall survive the resignation or removal of the Trustee and the termination
of this Voting and Exchange Trust Agreement.

 

Article 8

INDEMNIFICATION AND LIMITATION OF LIABILITY

 

		8.1	Indemnification of the Trustee

 

		(a)	Bionik US and the Corporation jointly and severally agree to indemnify and hold harmless the Trustee
and each of its directors, officers, employees and agents appointed and acting in accordance with this agreement (collectively,
the “Indemnified Parties”) against all claims, losses, damages, reasonable costs, penalties, fines and reasonable
expenses (including reasonable expenses of the Trustee’s legal counsel) which, without fraud, gross negligence, wilful misconduct
or bad faith on the part of such Indemnified Party, may be paid, incurred or suffered by the Indemnified Party by reason or as
a result of the Trustee’s acceptance or administration of the Trust, its compliance with its duties set forth in this agreement,
or any written or oral instruction delivered to the Trustee by Bionik US or the Corporation pursuant hereto.

 

    	 - 25 -

    	 

    

 

		(b)	In no case shall Bionik US or the Corporation be liable under this indemnity for any claim against
any of the Indemnified Parties unless Bionik US and the Corporation shall be notified by the Trustee of the written assertion of
a claim or of any action commenced against the Indemnified Parties, promptly after any of the Indemnified Parties shall have received
any such written assertion of a claim or shall have been served with a summons or other first legal process giving information
as to the nature and basis of the claim. Subject to (ii) below, Bionik US and the Corporation shall be entitled to participate
at their own expense in the defence and, if Bionik US and the Corporation so elect at any time after receipt of such notice, either
of them may assume the defence of any suit brought to enforce any such claim. The Trustee shall have the right to employ separate
counsel in any such suit and participate in the defence thereof, but the fees and expenses of such counsel shall be at the expense
of the Trustee unless: (i) the employment of such counsel has been authorized by Bionik US or the Corporation; or (ii) the named
parties to any such suit include both the Trustee and Bionik US or the Corporation and the Trustee shall have been advised by counsel
acceptable to Bionik US or the Corporation that there may be one or more legal defences available to the Trustee that are different
from or in addition to those available to Bionik US or the Corporation and that, in the judgement of such counsel, would present
a conflict of interest were a joint representation to be undertaken (in which case Bionik US and the Corporation shall not have
the right to assume the defence of such suit on behalf of the Trustee but shall be liable to pay the reasonable fees and expenses
of counsel for the Trustee). This indemnity shall survive the termination of the Trust and the resignation or removal of the Trustee.

 

		8.2	Limitation of Liability

 

The Trustee shall not
be held liable for any loss which may occur by reason of depreciation of the value of any part of the Trust Estate or any loss
incurred on any investment of funds pursuant to this agreement, except to the extent that such loss is attributable to the fraud,
gross negligence, wilful misconduct or bad faith on the part of the Trustee.

 

Article 9

CHANGE OF TRUSTEE

 

		9.1	Resignation

 

The Trustee, or any trustee
hereafter appointed, may at any time resign by giving written notice of such resignation to Bionik US and the Corporation specifying
the date on which it desires to resign, provided that such notice shall not be given less than thirty (30) days before such desired
resignation date unless Bionik US and the Corporation otherwise agree and provided further that such resignation shall not take
effect until the date of the appointment of a successor trustee and the acceptance of such appointment by the successor trustee.
Upon receiving such notice of resignation, Bionik US and the Corporation shall promptly appoint a successor trustee, which shall
be a corporation organized and existing under the laws of Canada and authorized to carry on the business of a trust company in
all provinces of Canada, by written instrument in duplicate, one copy of which shall be delivered to the resigning trustee and
one copy to the successor trustee. Failing the appointment and acceptance of a successor trustee, a successor trustee may be appointed
by order of a court of competent jurisdiction upon application of one or more of the parties to this agreement. If the retiring
trustee is the party initiating an application for the appointment of a successor trustee by order of a court of competent jurisdiction,
Bionik US and the Corporation shall be jointly and severally liable to reimburse the retiring trustee for its legal costs and expenses
in connection with same.

 

    	 - 26 -

    	 

    

 

		9.2	Removal

 

The Trustee, or any trustee
hereafter appointed, may (provided a successor trustee is appointed) be removed at any time on not less than thirty (30) days’
prior notice by written instrument executed by Bionik US and the Corporation, in duplicate, one copy of which shall be delivered
to the trustee so removed and one copy to the successor trustee.

 

		9.3	Successor Trustee

 

Any successor trustee
appointed as provided under this agreement shall execute, acknowledge and deliver to Bionik US and the Corporation and to its predecessor
trustee an instrument accepting such appointment. Thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
duties and obligations of its predecessor under this agreement, with the like effect as if originally named as trustee in this
agreement. However, on the written request of Bionik US and the Corporation or of the successor trustee, the trustee ceasing to
act shall, upon payment of any amounts then due to it pursuant to the provisions of this agreement, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon the request of any such
successor trustee, Bionik US, the Corporation and such predecessor trustee shall execute any and all instruments in writing for
more fully and certainly vesting in and confirming to such successor trustee all such rights and powers.

 

		9.4	Notice of Successor Trustee

 

Upon acceptance of appointment
by a successor trustee as provided herein, Bionik US and the Corporation shall cause to be mailed notice of the succession of such
trustee hereunder to each Beneficiary specified in a List. If Bionik US or the Corporation shall fail to cause such notice to be
mailed within ten (10) days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of Bionik US and the Corporation.

 

    	 - 27 -

    	 

    

 

Article 10

DRYWAVE SUCCESSORS

 

		10.1	Certain Requirements in Respect of Combination, etc.

 

So long as any Exchangeable
Shares not owned by Bionik US or its subsidiaries are outstanding, Bionik US shall not consummate any transaction (whether by way
of reconstruction, reorganization, consolidation, arrangement, amalgamation, merger, transfer, sale, lease or otherwise) whereby
all or substantially all of its undertaking, property and assets would become the property of any other person or, in the case
of a merger, of the continuing corporation resulting therefrom, provided that it may do so if:

 

		(a)	such other person or continuing corporation (the “Bionik US Successor”),
by operation of law, becomes, without more, bound by the terms and provisions of this agreement or, if not so bound, executes,
prior to or contemporaneously with the consummation of such transaction, a trust agreement supplemental hereto and such other instruments
(if any) as are necessary or advisable to evidence the assumption by the Bionik US Successor of liability for all moneys payable
and property deliverable hereunder and the covenant of such Bionik US Successor to pay and deliver or cause to be delivered the
same and its agreement to observe and perform all the covenants and obligations of Bionik US under this agreement: and

 

		(b)	such transaction shall be upon such terms and conditions as substantially to preserve and not to
impair in any material respect any of the rights, duties, powers and authorities of the Trustee or of the Beneficiaries hereunder.

 

		10.2	Vesting of Powers in Successor

 

Whenever the conditions
of Section 10.1 have been duly observed and performed, the Trustee, Bionik US Successor and the Corporation shall, if required
by Section 10.1, execute and deliver the supplemental trust agreement provided for in Article 11 and thereupon Bionik US Successor
and such other person that may then be the issuer of the Bionik US Shares shall possess and from time to time may exercise each
and every right and power of Bionik US under this agreement in the name of Bionik US or otherwise and any act or proceeding by
any provision of this agreement required to be done or performed by the board of directors of Bionik US or any officers of Bionik
US may be done and performed with like force and effect by the directors or officers of such Bionik US Successor.

 

		10.3	Wholly-Owned Subsidiaries

 

Nothing herein shall
be construed as preventing (i) the amalgamation or merger of any wholly-owned direct or indirect subsidiary of Bionik US with or
into Bionik US, (ii) the winding-up, liquidation or dissolution of any wholly-owned direct or indirect subsidiary of Bionik US
(other than the Corporation or Acquireco), provided that all of the assets of such subsidiary are transferred to Bionik US or another
wholly-owned direct or indirect subsidiary of Bionik US, or (iii) any other distribution of the assets of any wholly-owned direct
or indirect subsidiary of Bionik US (other than the Corporation or Acquireco) among the shareholders of such subsidiary for the
purpose of winding up its affairs, and any such transactions are expressly permitted by this Article 10.

 

		10.4	Successor Transactions

 

Notwithstanding the foregoing
provisions of this Article 10, in the event of a Bionik US Control Transaction:

 

    	 - 28 -

    	 

    

 

		(a)	in which Bionik US merges or amalgamates with, or in which all or substantially all of the then
outstanding Bionik US Shares are acquired by, one or more other corporations to which Bionik US is, immediately before such merger,
amalgamation or acquisition, “related” within the meaning of the ITA (otherwise than by virtue of a right referred
to in paragraph 251(5)(b) thereof);

 

		(b)	which does not result in an acceleration of the Redemption Date in accordance with paragraph (b)
of that definition; and

 

		(c)	in which all or substantially all of the then outstanding Bionik US Shares are converted into or
exchanged for shares or rights to receive such shares (the “Other Shares”) of another corporation (the “Other
Corporation”) that, immediately after such Bionik US Control Transaction, owns or controls, directly or indirectly, Bionik
US,

 

then, (i) all references herein to “Bionik
US” shall thereafter be and be deemed to be references to “Other Corporation” and all references herein to “Bionik
US Shares” shall thereafter be and be deemed to be references to “Other Shares” (with appropriate adjustments,
if any, as are required to result in a holder of Exchangeable Shares on the exchange, redemption or retraction of such shares pursuant
to the Share Provisions or exchange of such shares pursuant to this agreement immediately subsequent to the Bionik US Control Transaction
being entitled to receive that number of Other Shares equal to the number of Other Shares such holder of Exchangeable Shares would
have received if the exchange, redemption or retraction of such shares pursuant to the Share Provisions, or exchange of such shares
pursuant to this agreement had occurred immediately prior to the Bionik US Control Transaction and the Bionik US Control Transaction
was completed) without any need to amend the terms and conditions of this agreement and without any further action required; and
(ii) Bionik US shall cause the Other Corporation to deposit one or more voting securities of such Other Corporation to allow Beneficiaries
to exercise voting rights in respect of the Other Corporation substantially similar to those provided for in this agreement.

 

Article 11

AMENDMENTS AND SUPPLEMENTAL TRUST AGREEMENTS

 

		11.1	Amendments, Modifications, etc.

 

Subject to Section 11.2,
Section 11.4 and Section 13.1, this agreement may not be amended or modified except by an agreement in writing executed by Bionik
US, the Corporation and the Trustee and approved by the Beneficiaries in accordance with Section 12(2) of the Share Provisions.

 

		11.2	Ministerial Amendments

 

Notwithstanding the provisions
of Section 11.1, the parties to this agreement may in writing, at any time and from time to time, without the approval of the Beneficiaries,
amend or modify this agreement for the purposes of:

 

    	 - 29 -

    	 

    

 

		(a)	adding to the covenants of any or all parties hereto for the protection of the Beneficiaries hereunder
provided that the board of directors of each of the Corporation and Bionik US shall be of the good faith opinion and the Trustee,
acting on the advice of counsel, shall be advised that such additions will not be prejudicial to the rights or interests of the
Beneficiaries;

 

		(b)	making such amendments or modifications not inconsistent with this agreement as may be necessary
or desirable with respect to matters or questions which, in the good faith opinion of the board of directors of each of Bionik
US and the Corporation and in the opinion of counsel to the Trustee, having in mind the best interests of the Beneficiaries, it
may be expedient to make, provided that such boards of directors and the Trustee, acting on the advice of counsel, shall be advised
that such amendments and modifications will not be prejudicial to the interests of the Beneficiaries; or

 

		(c)	making such changes or corrections which, on the advice of counsel to Bionik US, the Corporation
and the Trustee, are required for the purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical
omission or mistake or manifest error.

 

		11.3	Meeting to Consider Amendments

 

The Corporation, at the
request of Bionik US, shall call a meeting or meetings of the Beneficiaries for the purpose of considering any proposed amendment
or modification requiring approval pursuant hereto. Any such meeting or meetings shall be called and held in accordance with the
by-laws of the Corporation, the Share Provisions and all applicable laws.

 

		11.4	Changes in Capital of Bionik US and the Corporation

 

At all times after the
occurrence of any event contemplated pursuant to Section 2.7 or 2.8 of the Support Agreement or otherwise, as a result of which
either Bionik US Shares or the Exchangeable Shares or both are in any way changed, this agreement shall forthwith be amended and
modified as necessary in order that it shall apply with full force and effect, mutatis mutandis, to all new securities into
which Bionik US Shares or the Exchangeable Shares or both are so changed and the parties hereto shall execute and deliver a supplemental
trust agreement giving effect to and evidencing such necessary amendments and modifications.

 

		11.5	Execution of Supplemental Trust Agreements

 

From time to time the
Corporation (when authorized by a resolution of its Board of Directors), Bionik US (when authorized by a resolution of its board
of directors) and the Trustee may, subject to the provisions of these presents, and they shall, when so directed by these presents,
execute and deliver by their proper officers, trust agreements or other instruments supplemental hereto, which thereafter shall
form part hereof, for any one or more of the following purposes:

 

    	 - 30 -

    	 

    

 

		(a)	evidencing the succession of Bionik US Successors and the covenants of and obligations assumed
by each such Bionik US Successor in accordance with the provisions of Article 10 and the successors of the Trustee or any
successor trustee in accordance with the provisions of Article 9;

 

		(b)	making any additions to, deletions from or alterations of the provisions of this agreement or the
Voting Rights, the Automatic Exchange Right or the Exchange Right which, in the opinion of counsel to the Trustee, will not be
prejudicial to the interests of the Beneficiaries or are, in the opinion of counsel to the Trustee, necessary or advisable in order
to incorporate, reflect or comply with any legislation the provisions of which apply to Bionik US, the Corporation, the Trustee
or this agreement; and

 

		(c)	for any other purposes not inconsistent with the provisions of this agreement, including to make
or evidence any amendment or modification to this agreement as contemplated hereby; provided that, in the opinion of counsel to
the Trustee, the rights of the Trustee and Beneficiaries will not be prejudiced thereby.

 

Article 12

TERMINATION

 

		12.1	Term

 

The Trust created by
this agreement shall continue until the earliest to occur of the following events:

 

		(a)	no outstanding Exchangeable Shares are held by a Beneficiary; and

 

		(b)	each of Bionik US and the Corporation elects in writing to terminate the Trust and such termination
is approved by the Beneficiaries in accordance with Section 12(2) of the Share Provisions.

 

		12.2	Survival of Agreement

 

This agreement shall
survive any termination of the Trust and shall continue until there are no Exchangeable Shares outstanding held by a Beneficiary;
provided, however, that the provisions of Article 7 and Article 8 shall survive any such termination of this agreement.

 

Article 13

GENERAL

 

		13.1	Severability

 

If any term or other
provision of this agreement is invalid, illegal or incapable of being enforced by any rule or law, or public policy, all other
conditions and provisions of this agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

    	 - 31 -

    	 

    

 

		13.2	Enurement

 

This agreement shall
be binding upon and enure to the benefit of the parties hereto and their respective successors and permitted assigns and, subject
to the terms hereof, to the benefit of the Beneficiaries. No party may assign this agreement without the consent of the other parties
and the approval by the holders of Exchangeable Shares at a meeting of holders of Exchangeable Shares called and held in accordance
with the bylaws of the Corporation, the Share Provisions and all applicable laws.

 

		13.3	Notices to Parties

 

Any notice and other
communications required or permitted to be given pursuant to this agreement shall be sufficiently given if delivered in person
or if sent by email or facsimile transmission (provided such transmission is recorded as being transmitted successfully) to the
parties at the following addresses:

 

		(i)	In the case of Bionik US or the Corporation to the following address:

 

Bionik Laboratories Inc.

483 Bay Street

Office N105

M5G 2C9

 

Attn:                  Peter Bloch

Email:                 pb@bioniklabs.com

 

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

 

Fasken Martineau DuMoulin LLP

333 Bay Street, Suite 2400

Bay Adelaide Centre, Box 20

Toronto, Ontario, Canada M5H 2T6

 

Attn:                  Scott Conover

Facsimile:          416 364 7813

Email:                 sconover@fasken.com

 

- and -

 

Ruskin Moscou Faltischek P.C.

 

East Tower, 15th Floor

RXR Plaza

Uniondale, New York 11556

 

    	 - 32 -

    	 

    

 

Attn:                  Stephen E. Fox, Esq.

Facsimile:           516 663 6780

Email:                  sfox@rmfpc.com

 

		(ii)	In the case of Trustee to:

 

Computershare Trust Company of
Canada

 

Attn:                   Manager, Corporate Trust

Facsimile:           416 981-9777

Email:                  corporatetrust.toronto@computershare.com

 

or at such other address as the party to
which such notice or other communication is to be given has last notified the party given the same in the manner provided in this
section, and if not given the same shall be deemed to have been received on the date of such delivery or sending.

 

		13.4	Notice to Beneficiaries

 

Any and all notices to
be given and any documents to be sent to any Beneficiaries may be given or sent to the address of such Beneficiary shown on the
register of holders of Exchangeable Shares in any manner permitted by the by-laws of the Corporation from time to time in force
in respect of notices to shareholders and shall be deemed to be received (if given or sent in such manner) at the time specified
in such by-laws, the provisions of which by-laws shall apply mutatis mutandis to notices or documents as aforesaid sent to such
Beneficiaries.

 

		13.5	Counterparts

 

This agreement may be
executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the
same instrument.

 

		13.6	Jurisdiction

 

This agreement shall
be construed and enforced in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

		13.7	Specific Performance

 

Except as otherwise provided
herein, any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other
remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the
exercise of any other remedy.

 

    	 - 33 -

    	 

    

 

The parties hereto hereby
agree that irreparable damage would occur in the event that any provision of this agreement were not performed in accordance with
its specific terms or were otherwise breached, and that money damages or other legal remedies would not be an adequate remedy for
any such damages. Accordingly, the parties hereto acknowledge and hereby agree that in the event of any breach or threatened breach
by Bionik US or the Corporation of any of their covenants or obligations set forth in this agreement (the “Breaching Party”),
the Trustee shall be entitled to an injunction or injunctions to prevent or restrain breaches or threatened breaches of this agreement
by the Breaching Party, and to specifically enforce the terms and provisions of this agreement to prevent breaches or threatened
breaches of, or to enforce compliance with, the covenants and obligations of the other under this agreement. Each of Bionik US
and the Corporation hereby agrees not to raise any objections to the availability of the equitable remedy of specific performance
to prevent or restrain breaches or threatened breaches of this agreement by them, and to specifically enforce the terms and provisions
of this agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of
a Breaching Party under this agreement. The parties hereto further agree that by seeking the remedies provided for in this Section
13.7, the Trustee shall not in any respect waive its right to seek any other form of relief that may be available to it under this
agreement

 

		13.8	Attornment

 

Each of the Trustee,
Bionik US and the Corporation agrees that any action or proceeding arising out of or relating to this agreement may be instituted
in the courts of Ontario, waives any objection which it may have now or hereafter to the venue of any such action or proceeding,
irrevocably attorns and submits to the exclusive jurisdiction of the said courts in any such action or proceeding, agrees to be
bound by any judgement of the said courts and not to seek, and hereby waives, any review of the merits of any such judgement by
the courts of any other jurisdiction, and Bionik US hereby appoints the Corporation at its registered office in the Province of
Ontario as attorney for service of process.

 

[Signature page to follow.]

 

    	 - 34 -

    	 

    

 

IN WITNESS WHEREOF
the parties hereto have caused this agreement to be duly executed as of the date first above written.

 

	 	BIONIK LABORATORIES CORP.
	 	 	 
	 	By:	/s/ Austin Kibler
	 	 	Name: Austin Kibler
	 	 	Title: Chief Executive Officer
	 	 	 
	 	BIONIK LABORATORIES INC.
	 	 	 
	 	By:	/s/ Peter Bloch
	 	 	Name: Peter Bloch 
	 	 	Title: CEO
	 	 	 
	 	COMPUTERSHARE TRUST COMPANY OF CANADA
	 	 	 
	 	By:	/s/ Lisa M. Kudo
	 	 	Name:  Lisa M. Kudo
	 	 	Title: Corporate Trust Associate
	 	 	 
	 	By:	/s/ Daniel Marz
	 	 	Name: Daniel Marz
	 	 	Title: Corporate Trust Associate

 

    	 - 35 -

    	 

    

 

SCHEDULE
A

TRUSTee FEES

 

    	- 36 -Exhibit 10.3

 

SUPPORT
AGREEMENT

 

THIS AGREEMENT
made as of the 26th day of February, 2015.

 

AMONG:

 

BIONIK LABORATORIES CORP.

a corporation existing under the laws of the State of Delaware

(hereinafter referred to as “Bionik US”)

 

- and -

 

BIONIK ACQUISITION INC.,

a company existing under the laws of Canada

(hereinafter referred to as “Acquireco”)

 

- and -

 

BIONIK LABORATORIES INC.,

a corporation existing under the laws of Canada

(hereinafter referred to as the “Corporation”)

 

RECITALS:

 

		A	In connection with (i) a private placement offering of a minimum of 7,500,000 units
and a maximum of 16,000,000 units of Bionik US (each unit consisting of one (1) share of common stock of Bionik US and
one (1) warrant to purchase one (1) share of common stock of Bionik US) and a “reverse takeover” (or similar transaction)
of Bionik US by the shareholders of the Corporation (the “Unit Offering”) and (ii) the articles of
amendment of the Corporation dated February 26, 2015 (“Articles of Amendment”), Exchangeable Shares are
to be issued to the holders of common shares of the Corporation pursuant to the Articles of Amendment and will be issuable to holders
of rights to acquire Common Shares upon the due exercise of such rights and further Exchangeable Shares may be issued by the Corporation
from time to time in the future for such purposes as the Corporation may require.

 

		B	Bionik US, Acquireco and the Corporation have agreed to enter into this agreement in connection
with the Unit Offering and the issuance of Exchangeable Shares to make appropriate provision and to establish a procedure whereby
each of Bionik US and Acquireco will take certain actions and make certain payments and deliveries necessary to ensure that
Acquireco and the Corporation will be able to make certain payments and to deliver or cause to be delivered Bionik US Shares
in satisfaction of the obligations of the Corporation and Acquireco, respectively, with respect to the payment and satisfaction
of the Dividend Amount, Liquidation Amount, Redemption Price and Retraction Price all in accordance with the Share Provisions.

 

    	 

    	 

    

 

In
consideration of the foregoing and the mutual agreements contained herein and other good and valuable consideration
(the receipt and sufficiency of which are acknowledged), the parties agree as follows:

 

Article 1

DEFINITIONS AND INTERPRETATION

 

		1.1	Defined Terms

 

Each initially capitalized
term used and not otherwise defined herein shall have the meaning ascribed thereto in the rights, privileges, restrictions and
conditions (collectively, the “Share Provisions”) attaching to the Exchangeable Shares as set out in the Articles
of Amendment. In this agreement, “including” means including without limitation and “includes”
means includes without limitation.

 

		1.2	Interpretation Not Affected by Headings

 

The division of this
agreement into Articles, Sections and other portions and the insertion of headings are for convenience of reference only and do
not affect the construction or interpretation of this agreement. Unless otherwise specified, references to an “Article”
or “Section” refer to the specified Article or Section of this agreement.

 

		1.3	Number, Gender

 

Words importing the singular
number only shall include the plural and vice versa. Words importing any gender shall include all genders.

 

		1.4	Date for any Action

 

If any date on which
any action is required to be taken under this agreement is not a business day, such action shall be required to be taken on the
next succeeding business day. For the purposes of this agreement, a “business day” means any day other than a Saturday,
Sunday, a public holiday or a day on which commercial banks are not open for business in Toronto, Ontario or New York, New York
under applicable law.

 

Article 2

COVENANTS OF BIONIK US AND THE CORPORATION

 

		2.1	Covenants Regarding Exchangeable Shares

 

So long as any Exchangeable
Shares not owned by Bionik US or its subsidiaries are outstanding, Bionik US shall:

 

		(a)	not declare or pay any dividend or make any other distribution on the Bionik US Shares unless:

 

    	- 2 -

    	 

    

 

 

		(i)	the Corporation shall (A) on the same day declare or pay, as the case may be, an equivalent dividend
or other distribution (as provided for in the Share Provisions) on the Exchangeable Shares (an “Equivalent Dividend”),
and (B) have sufficient money or other assets or authorized but unissued securities available to enable the due declaration and
the due and punctual payment, in accordance with applicable law, of any such Equivalent Dividend, or

 

		(ii)	the Corporation shall, in the case of a dividend that is a stock dividend on the Bionik US
Shares (A) issue such number of Exchangeable Shares to holders of Exchangeable Shares for each Exchangeable Share as is equal to
the number of Bionik US Shares to be paid on each Bionik US Share or (B) subdivide the Exchangeable Shares in lieu of a stock
dividend thereon (as provided for in the Share Provisions) in a similar proportion to that in respect of the Bionik US Shares
(an “Equivalent Stock Subdivision”), and (C) have sufficient authorized but unissued securities available to
enable such issuance of Exchangeable Shares or the Equivalent Stock Subdivision;

 

		(b)	advise the Corporation sufficiently in advance of the declaration by Bionik US of any dividend
or other distribution on the Bionik US Shares and take all such other actions as are necessary or desirable, in co-operation
with the Corporation, to ensure that:

 

		(i)	the respective declaration date, record date and payment date for an Equivalent Dividend on the
Exchangeable Shares shall be the same as the declaration date, record date and payment date for the corresponding dividend or other
distribution on the Bionik US Shares, or

 

		(ii)	the record date and effective date for an Equivalent Stock Subdivision shall be the same as the
record date and payment date for the corresponding stock dividend on the Bionik US Shares;

 

		(c)	ensure that the record date for any dividend or other distribution declared on the Bionik US
Shares is not less than seven (7) days after the declaration date of such dividend or other distribution;

 

		(d)	take all such actions and do all such things as are necessary to enable and permit the Corporation,
in accordance with applicable law, to pay and otherwise perform its obligations with respect to the satisfaction of the Liquidation
Amount, the Retraction Price or the Redemption Price in respect of each issued and outstanding Exchangeable Share (other than Exchangeable
Shares owned by Bionik US or its subsidiaries) upon the liquidation, dissolution or winding-up of the Corporation or any other
distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, the delivery of
a Retraction Request by a holder of Exchangeable Shares or a redemption of Exchangeable Shares by the Corporation, as the case
may be, including all such actions and all such things as are necessary or desirable to enable and permit the Corporation to cause
to be delivered Bionik US Shares to the holders of Exchangeable Shares in accordance with the provisions of Sections 5, 6
or 7, as the case may be, of the Share Provisions;

 

    	- 3 -

    	 

    

 

		(e)	take all such actions and do all such things as are necessary or desirable to enable and permit
Acquireco, in accordance with applicable law, to perform its obligations arising upon the exercise by it of the Liquidation Call
Right, the Retraction Call Right, the Change of Law Call Right or the Redemption Call Right, including all such actions and all
such things as are necessary or desirable to enable and permit Acquireco to cause to be delivered Bionik US Shares to the
holders of Exchangeable Shares in accordance with the provisions of the Liquidation Call Right, the Retraction Call Right, the
Change of Law Call Right or the Redemption Call Right, as the case may be;

 

		(f)	except in connection with any event, circumstance or action which causes or could cause the occurrence
of a Redemption Date, not exercise its vote as a shareholder to initiate the voluntary liquidation, dissolution or winding up of
the Corporation or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up
its affairs, nor take any action or omit to take any action that is designed to result in the liquidation, dissolution or winding
up of the Corporation or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding
up its affairs; and

 

		(g)	use all reasonable efforts to cause the Corporation, Acquireco and the Transfer Agent to take all
such actions and do all such things as are reasonably necessary or desirable to enable and permit the exchange of their Exchangeable
Shares subject to and in accordance with the Share Provisions and the Voting and Exchange Trust Agreement.

 

		2.2	Segregation of Funds

 

Bionik US shall
deposit or cause the Corporation to deposit a sufficient amount of funds in a separate account of the Corporation and segregate
a sufficient amount of such other assets and property as is necessary to enable the Corporation to pay dividends when due and to
pay or otherwise satisfy its respective obligations under Sections 3, 5, 6, 7 and 9 of the Share Provisions, as applicable.

 

		2.3	Reservation of Bionik US Shares

 

Bionik US hereby
represents, warrants and covenants in favour of the Corporation and Acquireco that Bionik US has reserved for issuance and
shall, at all times while any Exchangeable Shares (other than Exchangeable Shares held by Bionik US or its subsidiaries) are
outstanding, keep available, free from pre-emptive and other rights, out of its authorized and unissued capital stock such number
of Bionik US Shares (or other shares or securities into which Bionik US Shares may be reclassified or changed as contemplated
by Section 2.7):

 

		(a)	as is equal to the sum of (i) the number of Exchangeable Shares issued and outstanding from time
to time and (ii) the number of Exchangeable Shares issuable upon the exercise of all rights to acquire Exchangeable Shares outstanding
from time to time; and

 

    	- 4 -

    	 

    

 

		(b)	as are now and may hereafter be required to enable and permit Bionik US to meet its obligations
under the Voting and Exchange Trust Agreement and under any other security or commitment pursuant to which Bionik US may now
or hereafter be required to issue Bionik US Shares, to enable and permit Acquireco or Bionik US, as the case may be,
to meet its obligations under each of the Liquidation Call Right, the Retraction Call Right, the Change of Law Call Right and the
Redemption Call Right and to enable and permit the Corporation to meet its obligations hereunder and under the Share Provisions.

 

		2.4	Notification of Certain Events

 

In order to assist Bionik US
to comply with its obligations hereunder and to permit Acquireco or Bionik US to exercise, as the case may be, the Liquidation
Call Right, the Retraction Call Right, the Change of Law Call Right and the Redemption Call Right, the Corporation shall notify
Bionik US and Acquireco of each of the following events at the time set forth below:

 

		(a)	in the event of any determination by the Board of Directors to institute voluntary liquidation,
dissolution or winding-up proceedings with respect to the Corporation or to effect any other distribution of the assets of the
Corporation among its shareholders for the purpose of winding up its affairs, at least sixty (60) days prior to the proposed effective
date of such liquidation, dissolution, winding-up or other distribution;

 

		(b)	promptly, upon the earlier of receipt by the Corporation of notice of and the Corporation otherwise
becoming aware of any threatened or instituted claim, suit, petition or other proceedings with respect to the involuntary liquidation,
dissolution or winding-up of the Corporation or to effect any other distribution of the assets of the Corporation among its shareholders
for the purpose of winding up its affairs;

 

		(c)	promptly, upon receipt by the Corporation of a Retraction Request;

 

		(d)	on the same date on which notice of redemption is given to holders of Exchangeable Shares, upon
the determination of a Redemption Date in accordance with the Share Provisions;

 

		(e)	as soon as practicable upon the issuance by the Corporation of any Exchangeable Shares or rights
to acquire Exchangeable Shares (other than the issuance of Exchangeable Shares and rights to acquire Exchangeable Shares pursuant
to the Arrangement); and

 

		(f)	promptly, upon receiving notice of a Change of Law.

 

    	- 5 -

    	 

    

 

		2.5	Delivery of Bionik US Shares to the Corporation and Acquireco

 

In furtherance of its
obligations, upon notice from the Corporation or Acquireco of any event that requires the Corporation or Acquireco to cause to
be delivered Bionik US Shares to any holder of Exchangeable Shares, Bionik US shall forthwith allot, issue and deliver
or cause to be delivered to the relevant holder of Exchangeable Shares as directed by the Corporation or Acquireco the requisite
number of Bionik US Shares to be allotted to, received by, and issued to or to the order of, the former holder of the surrendered
Exchangeable Shares (but, for the avoidance of doubt, not to the Corporation or Acquireco). All such Bionik US Shares assuming
the delivery of the applicable Exchangeable Shares by the relevant holder thereof in accordance with the Share Provisions, shall
be duly authorized and validly issued as fully paid and shall be free and clear of any Lien. In consideration of the issuance and
delivery of each such Bionik US Share, the Corporation or Acquireco, as the case may be, shall ascribe a cash amount or pay
a purchase price (whether in cash, securities or other property) equal to the fair market value of such Bionik US Shares.

 

		2.6	Qualification of Bionik US Shares and Novation of Registration Rights Agreement

 

Bionik US shall
use its commercially reasonable efforts (which, for greater certainty, shall not require Bionik US to consent to a term or
condition of an approval or consent which Bionik US reasonably determines could have a materially adverse effect on Bionik US
or its subsidiaries) to cause all Bionik US Shares (or such other shares or securities) to be delivered hereunder to
be listed, quoted or posted for trading on all stock exchanges and quotation systems on which outstanding Bionik US Shares
(or such other shares or securities) have been listed by Bionik US and remain listed and are quoted or posted for trading
at such time.

 

Concurrently with the
execution of this Agreement, Bionik US shall execute a novation agreement, substantially in the form attached to Schedule “A”
hereto.

 

		2.7	Economic Equivalence

 

So long as any Exchangeable
Shares not owned by Bionik US or its subsidiaries are outstanding:

 

		(a)	Bionik US shall not without prior approval of the Corporation and the prior approval of the
holders of the Exchangeable Shares given in accordance with Section 12(2) of the Share Provisions:

 

		(i)	issue or distribute Bionik US Shares (or securities exchangeable for or convertible into or
carrying rights to acquire Bionik US Shares) to the holders of all or substantially all of the then outstanding Bionik US
Shares by way of stock dividend or other distribution, other than an issue of Bionik US Shares (or securities exchangeable
for or convertible into or carrying rights to acquire Bionik US Shares) to holders of Bionik US Shares (A) who exercise
an option to receive dividends in Bionik US Shares (or securities exchangeable for or convertible into or carrying rights
to acquire Bionik US Shares) in lieu of receiving cash dividends, or (B) pursuant to any dividend reinvestment plan or similar
arrangement; or

 

    	- 6 -

    	 

    

 

		(ii)	issue or distribute rights, options or warrants to the holders of all or substantially all of the
then outstanding Bionik US Shares entitling them to subscribe for or to purchase Bionik US Shares (or securities exchangeable
for or convertible into or carrying rights to acquire Bionik US Shares); or

 

		(iii)	issue or distribute to the holders of all or substantially all of the then outstanding Bionik US
Shares (A) shares or securities (including evidence of indebtedness) of Bionik US of any class (other than Bionik US
Shares or securities convertible into or exchangeable for or carrying rights to acquire Bionik US Shares), or (B) rights,
options, warrants or other assets other than those referred to in Subsection 2.7(a)(ii) or (C) assets of Bionik US or any
direct or indirect subsidiary of Bionik US,

 

unless in each case the economic
equivalent on a per share basis of such rights, options, securities, shares, evidences of indebtedness or other assets is issued
or distributed simultaneously to holders of the Exchangeable Shares and at least ten (10) days prior written notice thereof is
given to the holders of Exchangeable Shares; provided that, for greater certainty, the above restrictions shall not apply to any
securities issued or distributed or that may be issued or distributed by Bionik US in order to give effect to and to consummate,
is in furtherance of or is otherwise in connection with the transactions contemplated by, and in accordance with, the Unit Offering
and the securities issued thereunder.

 

		(b)	Bionik US shall not without the prior approval of the Corporation and the prior approval of
the holders of the Exchangeable Shares given in accordance with Section 12(2) of the Share Provisions:

 

		(i)	subdivide, redivide or change the then outstanding Bionik US Shares into a greater number
of Bionik US Shares; or

 

		(ii)	reduce, combine, consolidate or change the then outstanding Bionik US Shares into a lesser
number of Bionik US Shares; or

 

		(iii)	reclassify or otherwise change Bionik US Shares or effect a sale of all or substantially all
of the assets of Bionik US (on a consolidated basis) or effect an amalgamation, merger, arrangement, reorganization or other
transaction affecting Bionik US Shares;

 

unless the same or an economically
equivalent change shall (subject to the receipt of all required approvals) simultaneously be made to, or in the rights of the holders
of, the Exchangeable Shares and at least ten (10) days prior written notice is given to the holders of Exchangeable Shares; provided
that, for greater certainty, the above restrictions shall not apply to any securities issued or distributed or that may be issued
or distributed by Bionik US in order to give effect to and to consummate, is in furtherance of or is otherwise in connection
with the transactions contemplated by, and in accordance with, the Unit Offering and the securities issued thereunder.

 

    	- 7 -

    	 

    

 

		(c)	Bionik US shall ensure that the record date for any event referred to in Subsection 2.7(a)
or Subsection 2.7(b), or (if no record date is applicable for such event) the effective date for any such event, is not less than
five business days after the date on which such event is declared or announced by Bionik US (with contemporaneous notification
thereof by Bionik US to the Corporation).

 

		(d)	The Board of Directors of the Corporation shall determine, acting in good faith and in its sole
discretion, economic equivalence for the purposes of any event referred to in Subsection 2.7(a) or Subsection 2.7(b) and each such
determination shall be conclusive and binding on Bionik US. In making each such determination, the following factors shall,
without excluding other factors determined by the Board of Directors of the Corporation to be relevant, be considered by the Board
of Directors of the Corporation:

 

		(i)	in the case of any stock dividend or other distribution payable in Bionik US Shares, the number
of such shares issued in proportion to the number of Bionik US Shares previously outstanding;

 

		(ii)	in the case of the issuance or distribution of any rights, options or warrants to subscribe for
or purchase Bionik US Shares (or securities exchangeable for or convertible into or carrying rights to acquire Bionik US
Shares), the relationship between the exercise price of each such right, option or warrant and the Current Market Price of a Bionik US
Share;

 

		(iii)	in the case of the issuance or distribution of any other form of property (including any shares
or securities of Bionik US of any class other than Bionik US Shares, any rights, options or warrants other than those
referred to in Subsection 2.7(d)(ii), any evidences of indebtedness of Bionik US or any assets of Bionik US), the
relationship between the fair market value (as determined by the Board of Directors of the Corporation in the manner above contemplated)
of such property to be issued or distributed with respect to each outstanding Bionik US Share and the Current Market Price
of a Bionik US Share;

 

		(iv)	in the case of any subdivision, redivision or change of the then outstanding Bionik US Shares
into a greater number of Bionik US Shares or the reduction, combination, consolidation or change of the then outstanding Bionik US
Shares into a lesser number of Bionik US Shares or any amalgamation, merger, arrangement, reorganization or other transaction
affecting Bionik US Shares, the effect thereof upon the then outstanding Bionik US Shares; and

 

		(v)	in all such cases, the general Canadian taxation consequences of the relevant event to Canadian
resident holders of Exchangeable Shares to the extent that such consequences may differ from the taxation consequences to holders
of Bionik US Shares as a result of differences between taxation laws of Canada and the United States (except for any differing
consequences arising as a result of differing withholding taxes and marginal taxation rates and without regard to the individual
circumstances of holders of Exchangeable Shares).

 

    	- 8 -

    	 

    

 

		(e)	The Corporation agrees that, to the extent required, upon due notice from Bionik US, the Corporation
shall use its best efforts to take or cause to be taken such steps as may be necessary for the purposes of ensuring that appropriate
dividends are paid or other distributions are made by the Corporation, or subdivisions, redivisions or changes are made to the
Exchangeable Shares, in order to implement the required economic equivalence with respect to the Bionik US Shares and Exchangeable
Shares as provided for in this Section 2.7.

 

		2.8	Tender Offers

 

In the event that a tender
offer, share exchange offer, issuer bid, take-over bid or similar transaction with respect to Bionik US Shares (a “Tender
Offer”) is proposed by Bionik US or is proposed to Bionik US or its shareholders and is recommended by the
board of directors of Bionik US, or is otherwise effected or to be effected with the consent or approval of the board of directors
of Bionik US, and the Exchangeable Shares are not redeemed by the Corporation or purchased by Acquireco pursuant to the Redemption
Call Right, Bionik US shall expeditiously and in good faith take all such actions and do all such things as are necessary
or desirable to enable and permit holders of Exchangeable Shares (other than Bionik US and its subsidiaries) to participate
in such Tender Offer to the same extent and on an economically equivalent basis as the holders of Bionik US Shares, without
discrimination. Without limiting the generality of the foregoing, Bionik US shall expeditiously and in good faith take all
such actions and do all such things as are necessary or desirable to ensure that holders of Exchangeable Shares may participate
in each such Tender Offer without being required to retract Exchangeable Shares as against the Corporation (or, if so required,
to ensure that any such retraction, shall be effective only upon, and shall be conditional upon, the closing of such Tender Offer
and only to the extent necessary to tender or deposit to the Tender Offer). Nothing herein shall affect the rights of the Corporation
to redeem (or Acquireco or Bionik US to purchase pursuant to the Redemption Call Right) Exchangeable Shares, as applicable,
in the event of a Bionik US Control Transaction.

 

		2.9	Ownership of Outstanding Shares

 

Without the prior approval
of the Corporation and the prior approval of the holders of the Exchangeable Shares given in accordance with Section 12(2) of the
Share Provisions, Bionik US covenants and agrees in favour of the Corporation that, as long as any outstanding Exchangeable
Shares are owned by any person other than Bionik US or any of its subsidiaries, Bionik US shall be and remain the direct
or indirect beneficial owner of all issued and outstanding voting shares in the capital of the Corporation and Acquireco and shall
ensure that the Corporation and Acquireco do not dispose of any material assets. Notwithstanding the foregoing, but subject to
Article 3, Bionik US shall not be in violation of this Section 2.9 if any person or group of persons acting jointly or in
concert acquire all or substantially all of the assets of Bionik US or the Bionik US Shares pursuant to any merger of
Bionik US pursuant to which Bionik US was not the surviving corporation.

 

    	- 9 -

    	 

    

 

		2.10	Bionik US and Subsidiaries Not to Vote Exchangeable Shares

 

Bionik US covenants
and agrees that it shall appoint and cause to be appointed proxyholders with respect to all Exchangeable Shares held by it and
its subsidiaries for the sole purpose of attending each meeting of holders of Exchangeable Shares in order to be counted as part
of the quorum for each such meeting. Bionik US further covenants and agrees that it shall not, and shall cause its subsidiaries
not to, exercise any voting rights which may be exercisable by holders of Exchangeable Shares from time to time pursuant to the
Share Provisions or pursuant to the provisions of the Canada Business Corporations Act (or any successor or other corporate
statute by which the Corporation may in the future be governed) with respect to any Exchangeable Shares held by it or by its subsidiaries
in respect of any matter considered at any meeting of holders of Exchangeable Shares. Bionik US covenants and agrees to cause,
as a direct or indirect shareholder of each of Acquireco and the Corporation to the extent applicable and legally permitted, each
of Acquireco and the Corporation to perform their obligations under this Agreement and shall be jointly and severally liable, as
primary obligor and not merely as surety, in the event that Acquireco or the Corporation fail to perform their obligations hereunder.

 

		2.11	Ordinary Market Purchases

 

For certainty, nothing
contained in this agreement, including the obligations of Bionik US contained in Section 2.8, shall limit the ability of Bionik US
(or any of its subsidiaries including, without limitation, Acquireco or the Corporation) to make ordinary market purchases of Bionik US
Shares in accordance with applicable laws and regulatory or stock exchange requirements.

 

		2.12	Stock Quotation

 

Bionik US covenants
and agrees in favour of the Corporation that for a period of 3 years from the date hereof and, as long as any outstanding Exchangeable
Shares are owned by any person other than Bionik US or any of its subsidiaries, Bionik US shall use commercially reasonable
best efforts to maintain a quotation, listing or posting for trading of such Exchangeable Shares on OTCBB or a National Securities
Exchange.

 

Article 3

BIONIK US SUCCESSORS

 

		3.1	Certain Requirements in Respect of Combination, etc.

 

So long as any Exchangeable
Shares not owned by Bionik US or its subsidiaries are outstanding, Bionik US shall not consummate any transaction (whether
by way of reconstruction, reorganization, consolidation, arrangement, amalgamation, merger, transfer, sale, lease or otherwise)
whereby all or substantially all of its undertaking, property and assets (on a consolidated basis) would become the property of
any other person or, in the case of a merger, amalgamation, arrangement or similar transaction, of the continuing corporation or
other legal entity resulting therefrom, provided that it may do so if:

 

    	- 10 -

    	 

    

 

		(i)	such other person or continuing corporation or other legal entity or, in the event of any merger,
amalgamation, arrangement or similar transaction pursuant to which holders of Bionik US Shares are entitled to receive shares in
the capital of any corporation or other legal entity other than such person or continuing corporation or other legal entity (in
each case the “Bionik US Successor”) by operation of law, becomes, without more, bound by the terms and
provisions of this agreement or, if not so bound, executes, prior to or contemporaneously with the consummation of such transaction,
an agreement supplemental hereto and such other instruments (if any) as are necessary or advisable to evidence the assumption by
the Bionik US Successor of liability for all moneys payable and property deliverable hereunder and the covenant of such Bionik US
Successor to pay and deliver or cause to be delivered the same and its agreement to observe and perform all the covenants and obligations
of Bionik US under this agreement; and

 

		(ii)	such transaction shall be upon such terms and conditions as to preserve and not to impair in any
material respect any of the rights, duties, powers and authorities of the other parties hereunder or the holders of the Exchangeable
Shares.

 

		3.2	Vesting of Powers in Successor

 

Whenever the conditions
of Section 3.1 have been duly observed and performed, the parties, if required by Section 3.1, shall execute and deliver the supplemental
agreement provided for in Subsection 3.1(i) and thereupon the Bionik US Successor and such other person that may then be the
issuer of the Bionik US Shares shall possess and from time to time may exercise each and every right and power of Bionik US
under this agreement in the name of Bionik US or otherwise and any act or proceeding by any provision of this agreement required
to be done or performed by the board of directors of Bionik US or any officers of Bionik US may be done and performed
with like force and effect by the directors or officers of such Bionik US Successor.

 

		3.3	Wholly-Owned Subsidiaries

 

Nothing herein shall
be construed as preventing (i) the amalgamation or merger of any wholly-owned direct or indirect subsidiary of Bionik US with
or into Bionik US, (ii) the winding-up, liquidation or dissolution of any wholly-owned direct or indirect subsidiary of Bionik US,
provided that all of the assets of such subsidiary are transferred to Bionik US or another wholly-owned direct or indirect
subsidiary of Bionik US, or (iii) any other distribution of the assets of any wholly-owned direct or indirect subsidiary of
Bionik US among the shareholders of such subsidiary for the purpose of winding up its affairs, and any such transactions are
expressly permitted by this Article 3.

 

		3.4	Successorship Transaction

 

Notwithstanding the foregoing
provisions of Article 3, in the event of an Bionik US Control Transaction:

 

    	- 11 -

    	 

    

 

		(i)	in which Bionik US merges or amalgamates with, or in which all or substantially all of the
then outstanding Bionik US Shares are acquired by, one or more other corporations to which Bionik US is, immediately
before such merger, amalgamation or acquisition, “related” within the meaning of the ITA (otherwise than by virtue
of a right referred to in paragraph 251(5)(b) thereof);

 

		(ii)	which does not result in an acceleration of the Redemption Date in accordance with paragraph (b)
of that definition; and

 

		(iii)	in which all or substantially all of the then outstanding Bionik US Shares are converted into
or exchanged for shares or rights to receive such shares (the “Other Shares”) or another corporation (the “Other
Corporation”) that, immediately after such Bionik US Control Transaction, owns or controls, directly or indirectly,
Bionik US;

 

then all references herein to “Bionik US”
shall thereafter be and be deemed to be references to “Other Corporation” and all references herein to “Bionik US
Shares” shall thereafter be and be deemed to be references to “Other Shares” (with appropriate adjustments if
any, as are required to result in a holder of Exchangeable Shares on the exchange, redemption or retraction of such shares pursuant
to the Exchangeable Share Provisions or exchange of such shares pursuant to the Voting and Exchange Trust Agreement immediately
subsequent to the Bionik US Control Transaction being entitled to receive that number of Other Shares equal to the number
of Other Shares such holder of Exchangeable Shares would have received if the exchange, redemption or retraction of such shares
pursuant to the Exchangeable Share Provisions, or exchange of such shares pursuant to the Voting and Exchange Trust Agreement had
occurred immediately prior to the Bionik US Control Transaction and the Bionik US Control Transaction was completed)
without any need to amend the terms and conditions of the Exchangeable Shares and without any further action required.

 

Article 4

GENERAL

 

		4.1	Term

 

This agreement shall
come into force and be effective as of the date hereof and shall terminate and be of no further force and effect at such time as
no Exchangeable Shares (or securities or rights convertible into or exchangeable for or carrying rights to acquire Exchangeable
Shares) are held by any person other than Bionik US and any of its subsidiaries.

 

		4.2	Changes in Capital of Bionik US and the Corporation

 

At all times after the
occurrence of any event contemplated pursuant to Section 2.7 and Section 2.8 or otherwise, as a result of which either Bionik US
Shares or the Exchangeable Shares or both are in any way changed, this agreement shall forthwith be amended and modified as necessary
in order that it shall apply with full force and effect, mutatis mutandis, to all new securities into which Bionik US
Shares or the Exchangeable Shares or both are so changed and the parties hereto shall execute and deliver an agreement in writing
giving effect to and evidencing such necessary amendments and modifications.

 

    	- 12 -

    	 

    

 

		4.3	Severability

 

If any term or other
provision of this agreement is invalid, illegal or incapable of being enforced by any rule or law, or public policy, all other
conditions and provisions of this agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

		4.4	Amendments, Modifications

 

		(a)	Subject to Section 4.2, Section 4.3 and Section 4.5, this agreement may not be amended or modified
except by an agreement in writing executed by the Corporation, Acquireco and Bionik US and approved by the holders of the
Exchangeable Shares in accordance with Section 12(2) of the Share Provisions.

 

		(b)	No amendment or modification or waiver of any of the provisions of this agreement otherwise permitted
hereunder shall be effective unless made in writing and signed by all of the parties hereto.

 

		4.5	Ministerial Amendments

 

Notwithstanding the provisions
of Section 4.4, the parties to this agreement may in writing at any time and from time to time, without the approval of the holders
of the Exchangeable Shares, amend or modify this agreement for the purposes of:

 

		(a)	adding to the covenants of any or all parties provided that the board of directors of each of the
Corporation, Acquireco and Bionik US shall be of the good faith opinion that such additions will not be prejudicial to the
rights or interests of the holders of the Exchangeable Shares;

 

		(b)	making such amendments or modifications not inconsistent with this agreement as may be necessary
or desirable with respect to matters or questions which, in the good faith opinion of the board of directors of each of the Corporation,
Acquireco and Bionik US, it may be expedient to make, provided that each such board of directors shall be of the good faith
opinion that such amendments or modifications will not be prejudicial to the rights or interests of the holders of the Exchangeable
Shares; or

 

    	- 13 -

    	 

    

 

		(c)	making such changes or corrections which, on the advice of counsel to the Corporation, Acquireco
and Bionik US, are required for the purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical
omission or mistake or manifest error, provided that the boards of directors of each of the Corporation, Acquireco and Bionik US
shall be of the good faith opinion that such changes or corrections will not be prejudicial to the rights or interests of the holders
of the Exchangeable Shares.

 

		4.6	Meeting to Consider Amendments

 

The Corporation shall
call , and Bionik US may require that the Corporation, call, a meeting or meetings of the holders of the Exchangeable Shares
for the purpose of considering any proposed amendment or modification requiring approval pursuant to Section 4.4. Any such meeting
or meetings shall be called and held in accordance with the bylaws of the Corporation, the Share Provisions and all applicable
laws.

 

		4.7	Enurement

 

This agreement shall
be binding upon and enure to the benefit of the parties hereto and their respective successors and permitted assigns. No party
may assign this Agreement without the consent of the other parties and the approval by a majority of the holders of Exchangeable
Shares at a meeting of holders of Exchangeable Shares called and held in accordance with the bylaws of the Corporation, the Share
Provisions and all applicable laws.

 

		4.8	Notices to Parties

 

Any notice and other
communications required or permitted to be given pursuant to this agreement shall be sufficiently given if delivered in person
or if sent, as applicable, by email or fax transmission (provided such transmission is recorded as being transmitted successfully)
to the parties at the following addresses:

 

		(i)	In the case of Bionik US, the Corporation or Acquireco to the following address:

 

Bionik Laboratories Inc.

483 Bay Street

Office N105

Toronto, ON M5G 2C9

 

Attn:                Peter Bloch

Email:               pb@bioniklabs.com

 

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

 

Fasken Martineau DuMoulin LLP

333 Bay Street, Suite 2400

Bay Adelaide Centre, Box 20

Toronto, Ontario, Canada M5H 2T6

 

    	- 14 -

    	 

    

 

Attn:                 Scott Conover

Facsimile:         416 364 7813

Email:                sconover@fasken.com

 

- and -

 

Ruskin Moscou Faltischek P.C.

East Tower, 15th Floor

RXR Plaza

Uniondale, New York 11556

Attn:                Stephen E. Fox, Esq.

Facsimile:        516 663 6780

Email:              sfox@rmfpc.com

 

or at such other address as the party to
which such notice or other communication is to be given has last notified the party given the same in the manner provided in this
section, and if not given the same shall be deemed to have been received on the date of such delivery or sending.

 

		4.9	Specific Performance

 

Except as otherwise provided
herein, any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other
remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the
exercise of any other remedy.

 

The parties hereto hereby
agree that irreparable damage would occur in the event that any provision of this agreement were not performed in accordance with
its specific terms or were otherwise breached, and that money damages or other legal remedies would not be an adequate remedy for
any such damages. Accordingly, the parties hereto acknowledge and hereby agree that in the event of any breach or threatened breach
by a party of any of its covenants or obligations set forth in this agreement (the “Breaching Party”), any other
party (the “Other Party”) shall be entitled to an injunction or injunctions to prevent or restrain breaches
or threatened breaches of this agreement by the Breaching Party, and to specifically enforce the terms and provisions of this agreement
to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of the other under
this agreement. Each of the parties hereto hereby agrees not to raise any objections to the availability of the equitable remedy
of specific performance to prevent or restrain breaches or threatened breaches of this agreement by it, and to specifically enforce
the terms and provisions of this agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of a Party under this Agreement. The parties hereto further agree that by seeking the remedies provided for in
this Section 4.9, a party shall not in any respect waive its right to seek any other form of relief that may be available to a
party under this agreement

 

		4.10	Counterparts

 

This agreement may be
executed in counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.

 

    	- 15 -

    	 

    

 

 

		4.11	Third Party Beneficiaries

 

It is acknowledged and
agreed that each holder of Exchangeable Shares (other than Bionik US and its subsidiaries) is, and shall at all relevant times
be, a third party beneficiary of the covenants of each of Bionik US and Acquireco given to the Corporation in this agreement and
shall have all rights and remedies in connection therewith and the full benefits thereof (including to pursue claims for damages
and other relief (including equitable relief) against Bionik US and Acquireco for any breach of this Agreement by Bionik US or
Acquireco, which right is hereby expressly acknowledged and agreed to by each of the parties hereto) and any covenant of Bionik
US and Acquireco given herein shall be enforceable by each holder of Exchangeable Shares against Bionik US and Acquireco.

 

		4.12	Jurisdiction

 

This agreement shall
be construed and enforced in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. Each
party hereto irrevocably attorns and submits to the exclusive jurisdiction of the courts of the Province of Ontario with respect
to any matter arising hereunder or related hereto.

 

		4.13	Attornment

 

Each of Bionik US,
Acquireco and the Corporation agrees that any action or proceeding arising out of or relating to this agreement may be instituted
in the courts of Ontario, waives any objection which it may have now or hereafter to the venue of any such action or proceeding,
irrevocably attorns and submits to the non-exclusive jurisdiction of the said courts in any such action or proceeding, agrees to
be bound by any judgement of the said courts and not to seek, and hereby waives, any review of the merits of any such judgement
by the courts of any other jurisdiction, and Bionik US hereby appoints the Corporation at its registered office in the Province
of Ontario as attorney for service of process.

 

Bionik US hereby irrevocably
designates the Corporation (in such capacity, the “Process Agent”), with an office at its address specified
in Section 4.8, as its designee, appointee and agent to receive, for and on its behalf service of process in such jurisdiction
in any legal action or proceedings with respect to this agreement or the transactions contemplated hereby, and such service shall
be deemed complete upon delivery thereof to the Process Agent; provided that in the case of any such service upon the Process Agent,
the party effecting such service shall also deliver a copy thereof to Bionik US in the manner provided in Section 4.8. Bionik US
shall take all such action as may be necessary to continue said appointment in full force and effect or to appoint another agent
(provided all parties receive notice of such appointment and all relevant information) so that Bionik US will at all times have
an agent for service of process for the above purposes in the City of Toronto in the Province of Ontario in Canada.

 

Nothing herein shall
affect the right of any Party to serve process in any manner permitted by applicable law. Bionik US expressly acknowledges that
the foregoing waiver is intended to be irrevocable under all applicable laws.

 

[signature page to follow]

 

    	- 16 -

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this agreement to be duly executed as of the date first above written.

 

 

	 	BIONIK LABORATORIES CORP.
	 	 	 
	 	By:	/s/ Austin Kibler
	 	 	Name: Austin Kibler
	 	 	Title: Chief Executive Officer
	 	 	 
	 	BIONIK ACQUISITION INC.
	 	 	 
	 	By:	/s/ Peter Bloch
	 	 	Name:  Peter Bloch
	 	 	Title: CEO
	 	 	 
	 	BIONIK LABORATORIES INC.
	 	 	 
	 	By:	/s/ Peter Bloch
	 	 	Name: Peter Bloch
	 	 	Title: CEO

 

    	- 17 -

    	 

    

 

SCHEDULE “A”

 

NOVATION AGREEMENT

 

    	- 18 -

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