Document:

Exhibit 10.1

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
 FOR NON U.S. SUBSCRIBERS

 

ONCOSEC MEDICAL INCORPORATED

 

PRIVATE PLACEMENT OF UNITS

 

INSTRUCTIONS TO SUBSCRIBER:

 

1.                                       COMPLETE the information on page 10  of this Subscription Agreement.

 

2.                                       DELIVER the Subscription Proceeds to the President, Punit Dhillon, at the address of the Company set out below.

 

3.                                       COURIER the originally executed copy of the entire Subscription Agreement to the President, at:

 

ONCOSEC MEDICAL INCORPORATED
 8th Floor — 200 South Virginia Street
 Reno, Nevada  89501
 U.S.A.

 

 

 

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

(Non U.S. Subscribers Only)

 

	
TO:
    	
ONCOSEC MEDICAL INCORPORATED (the “Company”)
    
	
 
    	
8th   Floor — 200 Sough Virginia Street
    
	
 
    	
Reno,   Nevada 89501
    
	
 
    	
U.S.A.
    

 

Purchase of Units

 

1.                                      Subscription

 

1.1           The undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase the number of units (the “Units”) as set out on page 10 of this Subscription Agreement at a price of  US$0.75 per Unit (such subscription and agreement to purchase being the “Subscription  Agreement”), for the total subscription price as set out on page 10 of this Subscription Agreement (the “Subscription  Proceeds”), which Subscription Proceeds are tendered herewith, on the basis of the representations and warranties and subject to the terms and conditions set forth herein.  Each Unit is comprised of one share of the Company’s common stock (a “Share”) and one share purchase warrant (a “Warrant”) entitling the holder to purchase an additional Share (a “Warrant  Share” and where referred to collectively with the Shares and the Warrants, the “Securities”) at an exercise price of $1.00 for a period of five years following the Closing Date (as hereinafter defined).

 

1.2           The Company hereby agrees to sell, on the basis of the representations and warranties and subject to the terms and conditions set forth herein, to the Subscriber the Units.  Subject to the terms hereof, the Subscription Agreement will be effective upon its acceptance by the Company.

 

1.3           Unless otherwise provided, all dollar amounts referred to in this Subscription Agreement are in lawful money of the United States of America.

 

2.                                      Payment

 

2.1           The Subscription Proceeds must accompany this Subscription Agreement and shall be sent directly to the Company.

 

2.2           Where the Subscription Proceeds are paid to the Company, the Company may treat the Subscription Proceeds as a non-interest bearing loan and may use the Subscription Proceeds prior to this subscription being accepted by the Company.

 

 

3.                                      Documents Required from Subscriber

 

3.1           The Subscriber must complete, sign and return to the Company one (1) executed copy of this Subscription Agreement.

 

3.2           The Subscriber shall complete, sign and return to the Company as soon as possible, on request by the Company, any documents, questionnaires, notices and undertakings as may be required by regulatory authorities and applicable laws.

 

4.                                      Closing

 

4.1           The closing of the purchase and sale of the Units (the “Closing”) shall occur on such date as may be determined by the Company in its sole discretion (the “Closing  Date”).  The Subscriber acknowledges that Units may be issued to other subscribers under this offering (the “Offering”) before or after the Closing Date.

 

4.2           The Subscriber acknowledges that the certificates representing the Shares and the Warrants will be available for delivery upon Closing provided that the Subscriber has satisfied the requirements of Section 2.1 and Section 3 hereof and the Company has accepted this Subscription Agreement.

 

5.                                      Acknowledgements of Subscriber

 

5.1           The Subscriber acknowledges and agrees that:

 

(a)                                  the Securities have not been registered under the Securities Act of 1933, as amended (the “1933  Act”), or under any state securities or “blue sky” laws of any state of the United States, and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act, and, unless so registered, may not be offered or sold, directly or indirectly, in the United States or to U.S. Persons (as defined herein), except in accordance with the provisions of Regulation S under the 1933 Act, pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act, and in each case only in accordance with applicable state securities laws;

 

(b)                                 the Company has not undertaken, and will have no obligation, to register any of the Securities under the 1933 Act;

 

(c)                                  the Company will refuse to register any transfer of the Securities not made in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act;

 

(d)                                 the Subscriber and the Subscriber’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from the Company regarding the Offering;

 

(e)                                  the books and records of the Company were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the Subscriber during reasonable business hours at its principal place of business and that all documents, records and books pertaining to this Offering have been made available for inspection by the Subscriber, the Subscriber’s lawyer and/or advisor(s);

 

(f)                                    by execution hereof the Subscriber has waived the need for the Company to communicate its acceptance of the purchase of the Securities pursuant to this Subscription Agreement;

 

(g)                                 the Company is entitled to rely on the representations and warranties and the statements and answers of the Subscriber contained in this Subscription Agreement, and the Subscriber will hold harmless the Company from any loss or damage it may suffer as a result of the Subscriber’s failure to correctly complete this Subscription Agreement;

 

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(h)                                 the Subscriber will indemnify and hold harmless the Company and, where applicable, its respective directors, officers, employees, agents, advisors and shareholders from and against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any acknowledgment, representation or warranty of the Subscriber contained herein, or in any other document furnished by the Subscriber to the Company in connection herewith, being untrue in any material respect or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber to the Company in connection therewith;

 

(i)                                     the issuance and sale of the Securities to the Subscriber will not be completed if it would be unlawful or if, in the discretion of the Company acting reasonably, it is not in the best interests of the Company;

 

(j)                                     that resale of any of the Securities in Canada is restricted except pursuant to an exemption from applicable securities legislation;

 

(k)                                  the Subscriber has not acquired the Securities as a result of, and will not itself engage in, any “directed selling efforts” (as defined in Regulation S under the 1933 Act) in the United States in respect of any of the Securities which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of any of the Securities pursuant to registration of any of the Securities pursuant to the 1933 Act and any applicable state securities laws or under an exemption from such registration requirements and as otherwise provided herein;

 

(l)                                     the Subscriber is outside the United States when receiving and executing this Subscription Agreement and is acquiring the Securities as principal for its own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in such Securities;

 

(m)                               the Subscriber understands and agrees that offers and sales of any of the Securities prior to the expiration of the period specified in Regulation S (such period hereinafter referred to as the “Distribution Compliance Period”) shall only be made in compliance with the safe harbor provisions set forth in Regulation S, pursuant to the registration provisions of the 1933 Act or an exemption therefrom, and that all offers and sales after the Distribution Compliance Period shall be made only in compliance with the registration provisions of the 1933 Act or an exemption therefrom and in each case only in accordance with applicable securities laws;

 

(n)                                 the statutory and regulatory basis for the exemption claimed for the offer and sale of the Securities, although in technical compliance with Regulation S, would not be available if the offering is part of a plan or scheme to evade the registration provisions of the 1933 Act or any applicable state securities laws;

 

(o)                                 the Subscriber has been advised to consult the Subscriber’s own legal, tax and other advisors with respect to the merits and risks of an investment in the Securities and with respect to applicable resale restrictions and the Subscriber is solely responsible (and the Company is not in any way responsible) for compliance with applicable resale restrictions;

 

(p)                                 the Company has advised the Subscriber that the Company is relying on an exemption from the requirements to provide the Subscriber with a prospectus to sell the Securities and, as a consequence of acquiring the Securities pursuant to such exemption certain protections, rights and remedies provided by the applicable securities legislation will not be available to the Subscriber;

 

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(q)                                 the Securities are not listed on any stock exchange or automated dealer quotation system, except that the Company’s common stock is currently quoted on the Financial Industry Regulatory Authority’s Over-the-Counter Bulletin Board in the United States, and no representation has been made to the Subscriber that any of the Securities will become listed on any stock exchange or automated dealer quotation system;

 

(r)                                    neither the SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the Securities;

 

(s)                                  no documents in connection with this Offering have been reviewed by the SEC or any state securities administrators;

 

(t)                                    there is no government or other insurance covering any of the Securities; and

 

(u)                                 this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Company, and the Subscriber acknowledges and agrees that the Company reserves the right to reject any Subscription Agreement for any reason.

 

6.                                      Representations, Warranties and Covenants of the Subscriber

 

6.1           The Subscriber hereby represents and warrants to and covenants with the Company (which representations, warranties and covenants shall survive the Closing Date) that:

 

(a)                                  the Subscriber is not a U.S. Person;

 

(b)                                 the Subscriber is not acquiring the Securities for the account or benefit of, directly or indirectly, any U.S. Person;

 

(c)                                  the Subscriber is resident in the jurisdiction set out on page 10 of this Subscription Agreement;

 

(d)                                 the issuance of the Securities to the Subscriber as contemplated by the delivery of this Subscription Agreement, the acceptance of it by the Company and the issuance of the Securities to the Subscriber complies with all applicable laws of the Subscriber’s jurisdiction of residence or domicile and will not cause the Company to become subject to or comply with any disclosure, prospectus or reporting requirements under any such applicable laws;

 

(e)                                  the Subscriber:

 

(i)                                     is knowledgeable of, or has been independently advised as to, the applicable securities laws of the securities regulators having application in the jurisdiction in which the Subscriber is resident (the “International  Jurisdiction”) which would apply to the acquisition of the Securities,

 

(ii)                                  is purchasing the Securities pursuant to exemptions from prospectus or equivalent requirements under applicable securities laws or, if such is not applicable, the Subscriber is permitted to purchase the Securities under the applicable securities laws of the securities regulators in the International Jurisdiction without the need to rely on any exemptions,

 

(iii)                               acknowledges that the applicable securities laws of the authorities in the International Jurisdiction do not require the Company to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any kind whatsoever in the International Jurisdiction in connection with the issue and sale or resale of the Securities, and

 

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(iv)                              represents and warrants that the acquisition of the Securities by the Subscriber does not trigger:

 

A.                                   any obligation to prepare and file a prospectus or similar document, or any other report with respect to such purchase in the International Jurisdiction, or

 

B.                                     any continuous disclosure reporting obligation of the Company in the International Jurisdiction, and

 

the Subscriber will, if requested by the Company, deliver to the Company a certificate or opinion of local counsel from the International Jurisdiction which will confirm the matters referred to in subparagraphs (ii), (iii) and (iv) above to the satisfaction of the Company, acting reasonably;

 

(f)                                    the Subscriber is acquiring the Securities as principal for investment only and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and, in particular, it has no intention to distribute either directly or indirectly any of the Securities in the United States or to U.S. Persons;

 

(g)                                 the Subscriber is outside the United States when receiving and executing this Subscription Agreement;

 

(h)                                 the Subscriber has received and carefully read this Subscription Agreement;

 

(i)                                     the Subscriber understands and agrees not to engage in any hedging transactions involving any of the Securities unless such transactions are in compliance with the provisions of the 1933 Act and in each case only in accordance with applicable state securities laws;

 

(j)                                     the Subscriber acknowledges that it has not acquired the Securities as a result of, and will not itself engage in, any “directed selling efforts” (as defined in Regulation S under the 1933 Act) in the United States in respect of any of the Securities which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Securities; provided, however, that the Subscriber may sell or otherwise dispose of any of the Securities pursuant to registration of any of the Securities pursuant to the 1933 Act and any applicable state securities laws or under an exemption from such registration requirements and as otherwise provided herein;

 

(k)                                  the Subscriber has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution and performance of this Subscription Agreement on behalf of the Subscriber;

 

(l)                                     the Subscriber (i) has adequate net worth and means of providing for the Subscriber’s current financial needs and possible personal contingencies, (ii) has no need for liquidity in this investment, and (iii) is able to bear the economic risks of an investment in the Securities for an indefinite period of time, and can afford the complete loss of such investment;

 

(m)                               the Subscriber has the requisite knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Securities and the Company, and the Subscriber is providing evidence of knowledge and experience in these matters through the information contained in this Subscription Agreement;

 

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(n)                                 the Subscriber is aware that an investment in the Company is speculative and involves certain risks, including the possible loss of the investment;

 

(o)                                 the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to, or, if applicable, the constating documents of, the Subscriber, or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;

 

(p)                                 the Subscriber has duly executed and delivered this Subscription Agreement and it constitutes a valid and binding agreement of the Subscriber enforceable against the Subscriber;

 

(q)                                 all information contained in this Subscription Agreement is complete and accurate and may be relied upon by the Company, and the Subscriber will notify the Company immediately of any material change in any such information occurring prior to the Closing Date;

 

(r)                                    the Subscriber understands and agrees that offers and sales of any of the Securities prior to the expiration of the period specified in Regulation S (such period hereinafter referred to as the “Distribution  Compliance  Period”) shall only be made in compliance with the safe harbor provisions set forth in Regulation S, pursuant to the registration provisions of the 1933 Act or an exemption therefrom, and that all offers and sales after the Distribution Compliance Period shall be made only in compliance with the registration provisions of the 1933 Act or an exemption therefrom and in each case only in accordance with applicable state securities laws;

 

(s)                                  the Subscriber is purchasing the Securities for its own account for investment purposes only and not for the account of any other person and not for distribution, assignment or resale to others, and no other person has a direct or indirect beneficial interest is such Securities, and the Subscriber has not subdivided his interest in the Securities with any other person;

 

(t)                                    the Subscriber is not an underwriter of, or dealer in, the Shares of the Company’s common stock, nor is the Subscriber participating, pursuant to a contractual agreement or otherwise, in the distribution of the Securities;

 

(u)                                 the Subscriber has made an independent examination and investigation of an investment in the Securities and the Company and has depended on the advice of the Subscriber’s legal and financial advisors and agrees that the Company will not be responsible in anyway whatsoever for the Subscriber’s decision to invest in the Securities and the Company;

 

(v)                                 if the Subscriber is acquiring the Securities as a fiduciary or agent for one or more investor accounts, the Subscriber has sole investment discretion with respect to each such account, and the Subscriber has full power to make the foregoing acknowledgements, representations and agreements on behalf of such account;

 

(w)                               the Subscriber is not aware of any advertisement of any of the Securities and is not acquiring the Securities as a result of any form of general solicitation or general advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

 

(x)                                   no person has made to the Subscriber any written or oral representations:

 

(i)                                     that any person will resell or repurchase any of the Securities,

 

(ii)                                  that any person will refund the purchase price of any of the Securities,

 

(iii)                               as to the future price or value of any of the Securities, or

 

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(iv)                              that any of the Securities will be listed and posted for trading on any stock exchange or automated dealer quotation system or that application has been made to list and post any of the Securities of the Company on any stock exchange or automated dealer quotation system, except that the Company’s common stock is currently quoted on the Financial Industry Regulatory Authority’s Over-the-Counter Bulletin Board in the United States.

 

6.2           In this Subscription Agreement, the term “U.S. Person” shall have the meaning ascribed thereto in Regulation S promulgated under the 1933 Act and for the purpose of the Subscription Agreement includes any person in the United States.

 

7.                                      Waiver

 

7.1           The Subscriber hereby waives, to the fullest extent permitted by law, any rights of withdrawal, rescission or compensation for damages to which the Subscriber might be entitled in connection with the distribution of any of the Securities.

 

8.                                      Representations and Warranties will be Relied Upon by the Company

 

8.1           The Subscriber acknowledges that the acknowledgements, representations and warranties contained herein are made by the Subscriber with the intention that they may be relied upon by the Company and its legal counsel in determining the Subscriber’s eligibility to purchase the Securities under applicable securities legislation, or (if applicable) the eligibility of others on whose behalf the Subscriber is contracting hereunder to purchase the Securities under applicable securities legislation.  The Subscriber further agrees that by accepting delivery of the certificates representing the Securities, the Subscriber will be representing and warranting that the acknowledgements representations and warranties contained herein are true and correct as of the date hereof and will continue in full force and effect notwithstanding any subsequent disposition by the Subscriber of such Securities.

 

9.                                      Resale Restrictions

 

9.1           The Subscriber acknowledges that any resale of the Securities will be subject to resale restrictions contained in the securities legislation applicable to the Subscriber or proposed transferee.  The Subscriber acknowledges that the Securities have not been registered under the 1933 Act or the securities laws of any state of the United States.  The Securities may not be offered or sold in the United States unless registered in accordance with federal securities laws and all applicable state securities laws or exemptions from such registration requirements are available.

 

10.                               Legending and Registration of Subject Securities

 

10.1         The Subscriber hereby acknowledges that upon the issuance thereof, and until such time as the same is no longer required under the applicable securities laws and regulations, the certificates representing any of the Securities will bear a legend in substantially the following form:

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933  ACT”).

 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

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10.2         The Subscriber hereby acknowledges and agrees to the Company making a notation on its records or giving instructions to the registrar and transfer agent of the Company in order to implement the restrictions on transfer set forth and described in this Subscription Agreement.

 

11.                               Costs

 

11.1         The Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special counsel retained by the Subscriber) relating to the purchase of the Securities shall be borne by the Subscriber.

 

12.                               Governing Law

 

12.1         This Subscription Agreement is exclusively governed by the laws of the State of Nevada.  The Subscriber, in the Subscriber’s personal or corporate capacity and, if applicable, on behalf of each beneficial purchaser for whom the Subscriber is acting, irrevocably attorns to the exclusive jurisdiction of the courts of the State of Nevada.

 

13.                               Survival

 

13.1         This Subscription Agreement, including without limitation the representations, warranties and covenants contained herein, shall survive and continue in full force and effect and be binding upon the parties hereto notwithstanding the completion of the purchase of the Securities by the Subscriber pursuant hereto.

 

14.                               Assignment

 

14.1         This Subscription Agreement is not transferable or assignable.

 

15.                               Severability

 

15.1         The invalidity or unenforceability of any particular provision of this Subscription Agreement shall not affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.

 

16.                               Entire Agreement

 

16.1         Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Securities and there are no other terms, conditions, representations, warranties, or covenants, whether expressed, implied, oral or written, by statute or common law, by the Company or by anyone else.

 

17.                               Notices

 

17.1         All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication.  Notices to the Subscriber shall be directed to the address on page 10 and notices to the Company shall be directed to it at the first page of this Subscription Agreement.

 

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18.                               Counterparts and Electronic Means

 

18.1         This Subscription Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall constitute an original and all of which together shall constitute one instrument.  Delivery of an executed copy of this Subscription Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Subscription Agreement as of the date hereinafter set forth.

 

19.                               Language

 

19.1         The Subscriber acknowledges that the Subscriber has consented to and requested that all documents evidencing or relating in any way to the sale of the Securities be drawn up in the English language only.

 

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IN WITNESS WHEREOF the Subscriber has duly executed this Subscription Agreement as of the date hereinafter set forth.

 

DELIVERY AND REGISTRATION INSTRUCTIONS

 

1.             Delivery - please deliver the certificates representing the Shares and Warrants to:

 

 

 

 

2.             Registration - registration of the certificates representing the Shares and Warrants which are to be delivered at Closing should be made as follows:

 

 

(name)

 

(address)

 

3.             The undersigned hereby acknowledges that he or she will deliver to the Company all such additional completed forms in respect of the Subscriber’s purchase of the Units as may be required for filing with the appropriate securities commissions and regulatory authorities.

 

	
 
    	
 
    
	
 
    	
(Name of Subscriber – Please type or print)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Signature and, if applicable, Office)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Address of Subscriber)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(City, State and Postal Code of Subscriber)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Country of Subscriber)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Fax Number)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Number of Units to be Purchased)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Total Subscription Price)
    

 

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A C C E P T A N C E

 

The above-mentioned Subscription Agreement in respect of the Units is hereby accepted by ONCOSEC MEDICAL INCORPORATED.

 

DATED at                                                             , the            day of                                     , 2011.

 

ONCOSEC MEDICAL INCORPORATED

 

 

	
Per:
    	
 
    	
 
    
	
 
    	
Authorized Signatory
    	
 
    

 

11Exhibit 10.2

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

THESE WARRANTS WILL EXPIRE AND BECOME NULL AND VOID

AT 5:00 P.M. (PACIFIC STANDARD TIME) ON MARCH 18, 2016.

 

SHARE PURCHASE WARRANTS

TO PURCHASE SHARES IN THE COMMON STOCK OF

 

ONCOSEC MEDICAL INCORPORATED

(incorporated in the State of Nevada)

 

Non-U.S. Subscribers

 

	
Certificate No. 2011-03-03
    	
No. of Warrants:
    
	
MARCH 18, 2011
    	
 
    

 

THIS IS TO CERTIFY THAT:

 

 

 

(the “Holder”), has the right to purchase, upon and subject to the Terms and Conditions hereinafter referred to, up to          fully paid and non-assessable shares (the “Shares”) in the common stock of Oncosec Medical Incorporated (hereinafter called the “Company”) on or before 5:00 p.m. (Pacific Standard time) on March 18 2016 (the “Expiry Date”) at a price per Share (the “Exercise Price”) of US $1.00 for five years following the Closing on the Terms and Conditions attached hereto as Appendix “A” (the “Terms and Conditions”).

 

1.                                       ONE WARRANT AND THE EXERCISE PRICE ARE REQUIRED TO PURCHASE ONE SHARE.

 

2.                                       These Warrants are issued subject to the Terms and Conditions, and the Warrant Holder may exercise the right to purchase Shares only in accordance with those Terms and Conditions.

 

 

3.                                       Nothing contained herein or in the Terms and Conditions will confer any right upon the Holder hereof or any other person to subscribe for or purchase any Shares at any time subsequent to the Expiry Date, and from and after such time, this Warrant and all rights hereunder will be void and of no value.

 

IN WITNESS WHEREOF the Company has executed this Warrant Certificate this 18th day of March, 2011.

 

	
 
    	
ONCOSEC MEDICAL INCORPORATED
    
	
 
    	
 

 
    
	
 
    	
Per:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

PLEASE NOTE THAT ALL SHARE CERTIFICATES WILL BE LEGENDED AS FOLLOWS DURING THE CURRENCY OF APPLICABLE HOLD PERIODS:

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

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APPENDIX “A”

 

THESE TERMS AND CONDITIONS are dated for reference March 18 2011, and are attached to and made a part of the Warrant Certificates dated for reference March 18, 2011, issued by Oncosec Medical Incorporated.

 

1.                                                                                      INTERPRETATION

 

1.1                                                                                 Definitions

 

In these Terms and Conditions, unless there is something in the subject matter or context inconsistent therewith:

 

(a)                                  “Closing” means the closing of the securities under the Subscription Agreement on or before March 18, 2011, or on such date as may be determined by the Company;

 

(b)                                 “Company” means Oncosec Medical Incorporated until a successor corporation will have become such as a result of consolidation, amalgamation or merger with or into any other corporation or corporations, or as a result of the conveyance or transfer of all or substantially all of the properties and estates of the Company as an entirety to any other corporation and thereafter “Company” will mean such successor corporation;

 

(c)                                  “Company’s Auditors” means an independent firm of accountants duly appointed as auditors of the Company;

 

(d)                                 “Director” means a director of the Company for the time being, and reference, without more, to action by the directors means action by the directors of the Company as a board, or whenever duly empowered, action by an executive committee of the board;

 

(e)                                  “herein”, “hereby” and similar expressions refer to these Terms and Conditions as the same may be amended or modified from time to time; and the expression “Article” and “Section,” followed by a number refer to the specified Article or Section of these Terms and Conditions;

 

(f)                                    “person” means an individual, corporation, partnership, trustee or any unincorporated organization and words importing persons have a similar meaning;

 

(g)                                 “Shares” means the shares in the common stock of the Company as constituted at the date hereof and any shares resulting from any subdivision or consolidation of the shares;

 

(h)                                 “Subscription Agreement” means the Subscription Agreement dated for reference March 16, 2011, to which these Terms and Conditions are attached and made a part;

 

(i)                                     “Warrant Holders” or “Holders” means the holders of the Warrants; and

 

(j)                                     “Warrants” means the warrants of the Company issued and presently authorized and for the time being outstanding.

 

 

1.2                                                                                 Gender

 

Words importing the singular number include the plural and vice versa and words importing the masculine gender include the feminine and neuter genders.

 

1.3                                                                                 Interpretation not affected by Headings

 

The division of these Terms and Conditions into Articles and Sections, and the insertion of headings are for convenience of reference only and will not affect the construction or interpretation thereof.

 

1.4                                                                                 Applicable Law

 

The Warrants will be construed in accordance with the laws of the State of Nevada.

 

2.                                                                                      ISSUE OF WARRANTS

 

2.1                                                                                 Additional Warrants

 

The Company may at any time and from time to time issue additional warrants or grant options or similar rights to purchase shares of its capital stock.

 

2.2                                                                                 Warrant to Rank Pari Passu

 

All Warrants and additional warrants, options or similar rights to purchase shares from time to time issued or granted by the Company, will rank pari passu whatever may be the actual dates of issue or grant thereof, or of the dates of the certificates by which they are evidenced.

 

2.3                                                                                 Issue in substitution for Lost Warrants

 

(a)                                  If a Warrant certificate becomes mutilated, lost, destroyed or stolen, the Company, at its discretion, may issue and deliver a new certificate of like date and tenor as the one mutilated, lost, destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated certificate, or in lieu of, and in substitution for such lost, destroyed or stolen certificate and the Warrants represented by such substituted certificate will be entitled to the benefit hereof and rank equally in accordance with its terms with all other Warrants issued or to be issued by the Company.

 

(b)                                 The applicant for the issue of a new Warrant certificate pursuant hereto will bear the cost of the issue thereof and in case of loss, destruction or theft furnish to the Company such evidence of ownership and of loss, destruction, or theft of the certificate so lost, destroyed or stolen as will be satisfactory to the Company in its discretion and such applicant may also be required to furnish indemnity in amount and form satisfactory to the Company in its discretion, and will pay the reasonable charges of the Company in connection therewith.

 

2.4                                                                                 Warrant Holder Not a Shareholder

 

The holding of a Warrant will not constitute the Holder thereof a shareholder of the Company, nor entitle it to any right or interest in respect thereof except as in the Warrant expressly provided.

 

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3.                                                                                      NOTICE

 

3.1                                                                               Notice to Warrant Holders

 

Any notice required or permitted to be given to the Holders will be in writing and may be given by prepaid registered post, electronic facsimile transmission or other means of electronic communication capable of producing a printed copy to the address of the Holder appearing on the Holder’s Warrant certificate or to such other address as any Holder may specify by notice in writing to the Company, and any such notice will be deemed to have been given and received by the Holder to whom it was addressed if mailed, on the third day following the mailing thereof, if by facsimile or other electronic communication, on successful transmission, or, if delivered, on delivery; but, if at the time or mailing or between the time of mailing and the third business day thereafter there is a strike, lockout, or other labour disturbance affecting postal service, then the notice will not be effectively given until actually delivered.

 

3.2                                                                               Notice to the Company

 

Any notice required or permitted to be given to the Company will be in writing and may be given by prepaid registered post, electronic facsimile transmission or other means of electronic communication capable of producing a printed copy to the address of the Company set forth below or such other address as the Company may specify by notice in writing to the Holder, and any such notice will be deemed to have been given and received by the Company to whom it was addressed if mailed, on the third day following the mailing thereof, if by facsimile or other electronic communication, on successful transmission, or, if delivered, on delivery; but, if at the time or mailing or between the time of mailing and the third business day thereafter there is a strike, lockout, or other labour disturbance affecting postal service, then the notice will not be effectively given until actually delivered:

 

Oncosec Medical Incorporated

11494 Sorrento Valley Road
 Suite A

San Diego, CA  92121

Attention:  Punit Dhillon

 

with a copy to:

 

4.                                                                                      EXERCISE OF WARRANTS

 

4.1                                                                               Method of Exercise of Warrants

 

The right to purchase shares conferred by the Warrants may be exercised by the Holder surrendering the Warrant certificate representing same, with a duly completed and executed subscription in the form attached hereto and a bank draft or certified cheque payable to or to the order of the Company, for the purchase price applicable at the time of surrender in respect of the shares subscribed for in lawful money of the United States of America, to the Company at the address set forth in, or from time to time specified by the Company pursuant to, Section 3.2 hereof.

 

4.2                                                                               Effect of Exercise of Warrants

 

(a)                                 Upon surrender and payment as aforesaid the shares so subscribed for will be deemed to have been issued and such person or persons will be deemed to have become the Holder or Holders of record of such shares on the date of such surrender and payment, and such shares will be issued at the subscription price in effect on the date of such surrender and payment.

 

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(b)                                 Within ten business days after surrender and payment as aforesaid, the Company will forthwith cause to be delivered to the person or persons in whose name or names the shares so subscribed for are to be issued as specified in such subscription or mailed to him or them at his or their respective addresses specified in such subscription, a certificate or certificates for the appropriate number of shares not exceeding those which the Warrant Holder is entitled to purchase pursuant to the Warrant surrendered.

 

4.3                                                                               Subscription for Less Than Entitlement

 

The Holder of any Warrant may subscribe for and purchase a number of shares less than the number which he is entitled to purchase pursuant to the surrendered Warrant. In the event of any purchase of a number of shares less than the number which can be purchased pursuant to a Warrant, the Holder thereof upon exercise thereof will in addition be entitled to receive a new Warrant in respect of the balance of the shares which he was entitled to purchase pursuant to the surrendered Warrant and which were not then purchased.

 

4.4                                                                               Warrants for Fractions of Shares

 

To the extent that the Holder of any Warrant is entitled to receive on the exercise or partial exercise thereof a fraction of a share, such right may be exercised in respect of such fraction only in combination with another Warrant or other Warrants which in the aggregate entitle the Holder to receive a whole number of such shares.

 

4.5                                                                               Expiration of Warrants

 

After the expiration of the period within which a Warrant is exercisable, all rights thereunder will wholly cease and terminate and such Warrant will be void and of no effect.

 

4.6                                                                               Time of Essence

 

Time will be of the essence hereof.

 

4.7                                                                               Subscription Price

 

Each Warrant is exercisable at a price per share (the “Exercise Price”) of US$1.00 for a period of five (5) years following the Closing.  One (1) Warrant and the Exercise Price are required to subscribe for each share during the term of the Warrants.

 

4.8                                                                               Adjustment of Exercise Price

 

(a)                                 The Exercise Price and the number of shares deliverable upon the exercise of the Warrants will be subject to adjustment in the event and in the manner following:

 

(i)                                     If and whenever the shares at any time outstanding are subdivided into a greater or consolidated into a lesser number of shares the Exercise Price will be decreased or increased proportionately as the case may be; upon any such subdivision or consolidation the number of shares deliverable upon the exercise  of the Warrants will be increased or decreased proportionately as the case may be; or

 

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(ii)                                  In case of any capital reorganization or of any reclassification of the capital of the Company or in the case of the consolidation, merger or amalgamation of the Company with or into any other Company (hereinafter collectively referred to as a “Reorganization”), each Warrant will after such Reorganization confer the right to purchase the number of shares or other securities of the Company (or of the Company’s resulting from such Reorganization) which the Warrant Holder would have been entitled to upon Reorganization if the Warrant Holder had been a shareholder at the time of such Reorganization.

 

In any such case, if necessary, appropriate adjustments will be made in the application of the provisions of this Article Four relating to the rights and interest thereafter of the Holders of the Warrants so that the provisions of this Article Four will be made applicable as nearly as reasonably possible to any shares or other securities deliverable after the Reorganization on the exercise of the Warrants.

 

The subdivision or consolidation of shares at any time outstanding into a greater or lesser number of shares (whether with or without par value) will not be deemed to be a Reorganization for the purposes of this clause 4.8(a)(ii).

 

(b)                                 The adjustments provided for in this Section 4.8 are cumulative and will become effective immediately after the record date or, if no record date is fixed, the effective date of the event which results in such adjustments.

 

4.9                                                                               Determination of Adjustments

 

If any questions will at any time arise with respect to the Exercise Price or any adjustment provided for in Section 4.8 hereof, such questions will be conclusively determined by the Company’s Auditors, or, if they decline to so act any other firm of certified public accountants in the United States of America that the Company may designate and who will have access to all appropriate records and such determination will be binding upon the Company and the Holders of the Warrants.

 

5.                                                                                      COVENANTS BY THE COMPANY

 

5.1                                                                               Reservation of Shares

 

The Company will reserve and there will remain unissued out of its authorized capital a sufficient number of shares to satisfy the rights of purchase provided for herein and in the Warrants should the Holders of all the Warrants from time to time outstanding determine to exercise such rights in respect of all shares which they are or may be entitled to purchase pursuant thereto and hereto.

 

6.                                                                                      WAIVER OF CERTAIN RIGHTS

 

6.1                                                                               Immunity of Shareholders, etc.

 

The Warrant Holder, as part of the consideration for the issue of the Warrants, waives and will not have any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future incorporator, shareholder, Director or Officer (as such) of the Company for the issue of shares  pursuant to any Warrant or on any covenant, agreement, representation or warranty by the Company herein contained or in the Warrant.

 

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7.                                                                                      MODIFICATION OF TERMS, MERGER, SUCCESSORS

 

7.1                                                                               Modification of Terms and Conditions for Certain Purposes

 

From time to time the Company may, subject to the provisions of these presents, modify the Terms and Conditions hereof, for the purpose of correction or rectification of any ambiguities, defective provisions, errors or omissions herein.

 

7.2                                                                               Warrants Not Transferable

 

The Warrants and all rights attached to it are not transferable.

 

DATED as of the date first above written in these Terms and Conditions.

 

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FORM OF SUBSCRIPTION

 

	
TO:
    	
Oncosec Medical Incorporated

(the “Company”)
    
	
 
    	
11494 Sorrento Valley Road

Suite A

San Diego, CA 92121
    

 

Dear Sirs/Mesdames:

 

The undersigned (the “Warrant Holder”) hereby exercises the right to purchase and hereby subscribes for                                          shares of the common stock of ONCOSEC MEDICAL INCORPORATED (the “Shares”) referred to in the Common Stock Purchase Warrant Certificate No.               surrendered herewith according to the terms and conditions thereof and herewith makes payment by cash, certified check or bank draft of the purchase price in full for the Shares in accordance with the Warrant.

 

Please issue a certificate for the shares being purchased as follows in the name of the Warrant Holder:

 

	
 
    	
NAME:
    	
 
    	
 
    
	
 
    	
 
    	
(Please   Print)
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
ADDRESS:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    

 

The Warrant Holder represents and warrants to the Corporation that:

 

	
(a)
    	
The   Warrant Holder has not offered or sold the Shares within the meaning of the   United States Securities Act of 1933 (the “Act”);
    
	
 
    	
 
    
	
(b)
    	
The   Warrant Holder is acquiring the Shares for its own account for investment,   with no present intention of dividing my interest with others or of reselling   or otherwise disposing of all or any portion of the same;
    
	
 
    	
 
    
	
(c)
    	
The   Warrant Holder does not intend any sale of the Shares either currently or   after the passage of a fixed or determinable period of time or upon the   occurrence or non-occurrence of any predetermined event or circumstance;
    
	
 
    	
 
    
	
(d)
    	
The   Warrant Holder has no present or contemplated agreement, undertaking,   arrangement, obligation, indebtedness or commitment providing for or which is   likely to compel a disposition of the Shares;
    
	
 
    	
 
    
	
(e)
    	
The   Warrant Holder is not aware of any circumstances presently in existence which   are likely in the future to prompt a disposition of the Shares;
    
	
 
    	
 
    
	
(f)
    	
The   Shares were offered to the Warrant Holder in direct communication between the   Warrant Holder and the Corporation and not through any advertisement of any   kind;
    
	
 
    	
 
    
	
(g)
    	
The   Warrant Holder has the financial means to bear the economic risk of the   investment which it hereby agrees to make;
    

 

 

	
(h)
    	
This   Subscription Form will also confirm the Warrant Holder’s agreement as   follows:
    
	
 
    	
 
    	
 
    
	
 
    	
(i)
    	
The   Warrant Holder will only sell the Shares in accordance with the provisions of   Regulation S of the Act pursuant to registration under the Act, or pursuant   to an available exemption from registration pursuant to the Act;
    
	
 
    	
 
    	
 
    
	
 
    	
(ii)
    	
The   Corporation will refuse to register any transfer of the Shares not made in   accordance with the provisions of Regulation S of the Act, pursuant to   registration under the Act, or pursuant to an available exemption from   registration;
    
	
 
    	
 
    	
 
    
	
 
    	
(iii)
    	
The   Warrant Holder will not engage in hedging transactions except in accordance   with the Act;
    
	
 
    	
 
    	
 
    
	
 
    	
(iv)
    	
The   Warrant Holder has no right to require the Corporation to register the Shares   under the Act;
    
	
 
    	
 
    	
 
    
	
 
    	
(v)
    	
The   certificates representing the Shares will be endorsed with the following   legend:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
THE   SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO   A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION   S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933   ACT”).

 

NONE   OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT,   OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE   OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS   DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS   OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION   STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR   IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933   ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES   LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT   BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND   “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.
    
	
 
    	
 
    	
 
    
	
 
    	
(vi)
    	
The   Warrant Holder is not a U.S. Person, as defined in Regulation S of the Act.
    

 

Please deliver a share certificate in respect of the common shares referred to in the warrant certificate surrendered herewith but not presently subscribed for, to the Warrant Holder.

 

DATED this            day of                                                             ,                         .

 

	
Signature   of Warrant Holder:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name   of Warrant Holder:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address   of Warrant Holder:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

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INSTRUCTIONS FOR SUBSCRIPTION

 

The signature to this Subscription must correspond in every particular with the name written upon the face of the Warrant Certificate without alteration or enlargement or any change whatever.  If there is more than one subscriber, all must sign this Subscription. In the case of persons signing by agent or attorney or by personal representative(s), the authority of such agent, attorney or representative(s) to sign must be proven to the satisfaction of the Company.

 

If the Warrant Certificate and this Subscription are being forwarded by mail, registered mail must be employed.

 

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