Document:

Exhibit
10.2

       

    

    
      Agreement
of Shareholding Acquisition

       

    

    
      Party
A:    Mr Tingyi Li, Mrs. Xiu Jiang  ( All
Shareholders Legal Representative of Angesi Group , Seller)

       

        Address:   Shenzhen,
China

    

     

    
        Tel:
0755-8939-2688   Fax:   0755-8939-2551

       

    

    Party
B:      ANV SECURITY GROUP (ASIAN)
CO.,  LTD  (“Buyer”)

     

    Registered
Address: 11/F, AXA Center, 151 Gloucester Road, Wanchai, HongKong

     

    Legal
representative: WEIXING WANG

     

    Tel:
001-604-277-6626, Fax: 001-604-277-6627

     

    
      The
Target Company:   Shenzhen Angesi Technology Co.,
Ltd,

       

    

    Whereas:

    1, The
target company is a 10 mainly engaged in researching and developing of video
surveillance equipment, production and sale China civil voluntary formulated
private enterprises group. Its core enterprise is Shenzhen Angesi technology
Co., Ltd, and the other nine companies issued their legal power of attorney,
authorize Shenzhen Angesi technology Co., Ltd, to sign this shareholding
acquisition agreement with Party B for them, and all concerned agreements have
the same legal validity(Power of attorney are attached). Its main shareholders
control, equity participate and the associate invested in 10 member companies
located in Shenzhen, Beijing, Guangzhou, Dongguan, Changsha, Shanghai,
Shijiazhuang, Shenyang, Jinan, China, ownership structure are different. The
total sales volume of these 10 member companies in 2009 are estimated to RMB 300
million Yuan, net profit up to RMB15 million Yuan, and total assets in account
book will be more than RMB 35 million Yuan.

    

    2, Party
A legally own 100% shareholdings of the target company, and plenipotentiary of
Party A has been fully authorized to perform the power of dispose of 100%
shareholdings of the target company.

    

    3, Party
B is a United States of American company which has been listed on OTCBB in stock
market, it’s share is 33,190,071 in total, and its price is currently in
circulation USD 0.75 per share.

    

    4, Party
B has been completed the Duty investigation on the 10 member companies of Party
A, and basically satisfied with the investigation results.

     

      
        

      

    

    
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    5, Party
A agreed to transfer the 100% of the share of the target company to Part B, and
Party B agree to accept the transaction.

    

    Therefore,
after significantly, sufficiently and friendly consulting, Party A and Party B
concluded and agreed to abide by the acquisition agreement as provided
below:

    

    A.  Object
transferred:

    1.1 This
a general agreement of 100% shareholdings of the target company transaction
between Party A and Party B, and all other written or oral agreements refer to
this agreement made between Party A and Party B, shall not inconsistent with
this Agreement.

    

    1.2 Party
A agreed to transfer its legally owned 100% shareholdings of the target company
and the whole rights and benefits of the shareholding to Party B according to
the terms and conditions stipulated in this Agreement; Party B agreed to accept
the former shareholdings and rights and benefits accordingly to the terms and
conditions stipulated in this Agreement.

    

    1.3 In
connection with the price and payment conditions of the transaction of the
shareholdings, it stipulates in Article IV of this Agreement, Party A and Party
B will not sign any other agreement to stipulate it.

    

    2, The
transaction method

    2.1 In
order to better control of both transaction costs and risks, through mutual
consultation and both Parties agree to implement this transaction as one-time
carried out. After signing this agreement, Both Parties prepare to deal the
transaction (100% of shareholdings and its whole rights and benefits) at one
time, the deadline is February 1, 2010, both Parties agree to sign a
supplemental agreement if special situation happens to stop the transaction
before the deadline.

    

    2.2  Through
both Parties’ mutual consultation, as the headquarter of management in China,
Change the name of Shenzhen Angesi Technology co., Ltd into ANV security
group(China) Co., Ltd(tentative name). Before the changing procedure in Shenzhen
Industrial and commercial administrative department, the
former  stockholder of  the target company shall increase
their registered capital from RMB 1million Yuan up to RMB 35million Yuan, and
shall complete the asset assessment and verification procedures for new
registered capital, all concerned for this action must be borne by the Party A;
Than Party A sign the form required  shareholding transaction
agreement which requested by the local Industrial and commercial administrative
department with Party B with RMB35million Yuan registered capital transaction;
then finally in accordance with the provisions of Chinese law, to apply
foreign-capital project, to get approval and certification, and complete the
procedure of  verification of registered capital of foreign sole
enterprise, then ANV security group(China) co., Ltd(tentative name) realize its
registration capital reach to RMB 35mmillion Yuan(converted into the equivalent
Hong Kong dollars or U.S. dollars).

    
      
         

        
          

        

      

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    2.3 After
receiving the Certification of ANV security group(China) co., Ltd (tentative
name) , this company will establish 9 non-independent branch companies to
undertake the assess and business of the other 9 individual legal companies, and
the other 9 companies will not change any shareholding and cancel their
certification in their local Revenue and Industrial and commercial
administrative department. Within the period specified in the State's
cancellation procedures, the certification of cancellation must be delivered to
Part B’s lawyer to verify, If exceeds the period, must report the Board of
directors, and must proceed according to the instruction of the Board of
directors.

    
       

    

    3, The
price of transaction

    3.1 The
price of transaction of 100% shareholdings of the target company is consulted by
Party A and B as RMB 110million Yuan.

    

    3.2 On
condition the Party A ensures the following section 3.2.1, 3.2.2 of this
agreement; the transaction price is RMB 110million Yuan.

    

    3.2.1
After merging and integration, Shenzhen Angesi Technology co., Ltd of the target
company, audit by the international accountant who assigned by the US Public
company, the book value of its net assets must be not less than RMB 35million
Yuan.

    

    3.2.2  If
the net assets of the target company is audited seriously inconsistent with
Article 3.2.1 of this Agreement, that is the total net assets of the book value
less than RMB 30million Yuan, Party B has the right to terminate this Agreement
under the transaction or to continue to fulfill the right to trade.

    

    3.3 If
the target company's audited net assets is inconsistent with Article 3.2.1 of
this Agreement, while Party B choose to carry out transactions under this
Agreement, then the , the final turnover of the total amount of transactions
under this Agreement shall be calculated as follows:

    

    If the
book value of net assets (A) of target company is audited less than RMB35million
Yuan by January 31, 2010, then the total transaction value (P) shall
be:

    P =
RMB110million × (A/RMB35million)

    

    3.4 If
the target company's audited net assets is inconsistent with Article 3.2.1 of
this Agreement, less than RMB35million Yuan, and the Party A is not willing to
reduce transaction prices, while Party B choose to carry out transactions under
this Agreement, the Party AB has the right to request Party A to complement the
balance by cash, fixed assets or goods.

    

    4,
Payment of the transaction

    

    4.1 Both
Parties agreed: Party B issue 32million new common stock at the most
preferential price of 0.50 U.S. dollars per stock, the total price is 16 million
U.S. dollars (equivalent to RMB110 million Yuan), pay to Party A as the
transaction price of 100% stockholdings of the target company.

     

      
        

      

    

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    4.2 After
both parties signing this agreement and it becomes effective, Party A shall
complete its 10 members with the assets merging and account coordinating by
January 31, 2010, and notice to Party B when internally audit its total net
assets reach RMB35million Yuan, then Party B will assign professional accountant
to review and conform the accuracy of the financial reports provided by Party A
without error, then both Parties tentatively schedule to deal change procedure
at Shenzhen Industrial and commercial administration Department on February 1,
2010. Within one month of the completion of the new certification, Party B will
arrange US accountant to audit the book ne assets value at Part A, but if not
for the reason of this agreement, or other reasons identified by both parties,
any party that violated the agreement to stop in halfway shall regard as a
serious breach.

    
       

    

    4.3 At
the time the accountant from US complete the audition that Party A’s total net
assets reaches RMB35million Yuan and or make up the difference  and
reaches RMB35million Yuan, Party B will notify within 30 days to the U.S. stock
depositories, and increase 32million new stock and consign to Party A or the
shareholders assigned by Party A at one time, and these shareholders must
provide Chinese ID and must be proved Party A’s shareholder.

    

    5,
Financial audit

    

    5.1 When
both parties signed this agreement and Party A complete its internal financial
and law examination, Party B will assign US accountant, Lawyer and security
trader come to Party A to investigate and review, Party A
must  provide all necessary original license, certifications,
contracts, financial books, assets and other original documents to the team to
finish the audit work.

    

    5.2 After
the signing this Agreement, and the US audit team finish all audit and law
review, if total book net assets value of Party A reaches RMB 35 Million Yuan
and or after make up the difference reaches RMB 35Million Yuan, then all audit
charge will be borne by Party B; If the total book net assets value of Party A
is less than RMB 30 Million Yuan, and Party A cannot make up the difference, or
forge activities is found during the audition, all expenses, charges of this
audit including audit team’s travel expenses etc shall be borne by Party
A.

    
       

    

    6, The
transaction of legal procedures

    

    6.1 Both
Parties agreed that the transaction date is the same day by acquiring the
Certification of ANV security group (China) co., Ltd (tentative name) in
Shenzhen.

     

      
        

      

    

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    6.2 Since
the beginning of the transaction date, Party A shall transfer all of the
followings to Party B, and handle with every work with Party B for the
transaction:

    

    6.2.1
True and integrity assets list and financial reports;

    

    6.2.2
True, accurate whole documents of products design, products specifications,
production processes;

     

    6.2.3
Sales channels, customer information, undertaking contracts and its
rights;

    

    6.2.4
Detail information of raw material, components supply channels as well as
suppliers;

     

    6.2.5
Detail inventory of materials and finished goods;

     

    6.2.6
Trademarks, proprietary technologies and patents.

    

    6.3 Since
the beginning of the transaction date, the Board of Directors of Party B will
assign new Board of directors, management team and related personnel to stay in
the target company and participate in related management and business,
basically, will remain the former management team.

    

    6.4
According to Chinese law, all expenses of transferring shareholdings, changing,
registration, will be borne by the newly registered company.

    

    6.5 Any
Party of this agreement fails to fulfill its obligations according to the
agreement shall be deemed to breach of contract, and shall bear the
responsibility of this breach.

    

    7.
Commitment of both Parties

    

    7.1
legally qualified

    

    
      	
            	
              7.1.1

            	
              Party
      A ensure that the target company to set up in accordance with Chinese law
      and effectively to survival, with their normal legitimate business license
      to operate all the required effective government approval, certificates
      and permits.

            

    

    

        7.1.2
Party A must ensure the shareholdings transfer to Part B stipulated in article 1
of this agreement are legally held and or have full authority of the right of
disposition; and there is no any kind of restriction to this transaction, and no
any recourse against any third party, otherwise, Party A shall take all economic
and legal responsibility accordingly.

    

        7.1.3
Both Parties shall have the right to conclude and carry out this
agreement,  and ensure that this agreement will be legally binding on
both parties; and implement the agreement signed by both parties has obtained
all necessary authorization, and the representative of signing this agreement of
each party is authorized to sign this agreement and is legally
binding.

     

      
        

      

    

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    7.2
Financial Items

    

        7.2.1
Party A must disclosure comprehensive, truthful, and accurate financial report
and accounting statements of the target company to the Party B, and must ensure
that the assets and debits are true, complete, without missing, there is no
misleading statements.

    

        7.2.2
Party A never gives false or misleading statements to Party B regarding target
company’s assets, business status, conditions and business
prospects.

    

    7.3 The
assets of the company

    

        7.3.1
Party A guaranteed not involving in uncompleted or may to be one side or their
property is bounded and, litigation, arbitration, administrative penalties or
other legal proceedings and that may impact the implementation of fulfilling its
obligations under this Agreement.

    

        7.3.2
Party A ensure that the exception of the target Companies, there is no any other
right for any third party to the assets of the target company, and no right to
any potential controversy or dispute, nor is there any administrative,
judiciary, compulsory acquisition of these assets, nor seizure, requisition,
development and other proposals, notices, orders, decisions from Justice
Department.

    

        7.3.3
Party A promised to take full responsibility to all debits, overdue wages and
benefits  of the target company before its shareholdings transaction,
and will guaranteed by personal assets.

    

    7.4
Contract

    

        7.4.1
Party A stated that it informed and produced all the contracts implementing and
will be performed to Party B before the signing of this Agreement.

    

        7.4.2
In addition to the contract described in the preceding paragraph, the target
company has no other obligations of or abnormal, non-normal trading contracts,
agreements and so on.

    

    7.5 Party
A state a commitment that within 5 years after the transaction of shareholdings
and total assets, the former shareholders of the target company and the senior
management team (see attached list) will no longer directly or indirectly engage
in all business that may compete with ANV security group(China) co., ltd(
tentative name), if they leave the company.

    

    7.6 Party
A promised to run the company smoothly after transfer all rights to Party B,
maintain the stability of technical and business key persons.

    

    7.7 Party
A ensures that during the period of signing this Agreement and the time of
changing business certification, the target company will not conduct any
investment, debt, external security, asset transaction.

     

      
        

      

    

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    7.8 Party
A ensures that the production and operation of the target company will comply
with the requirements of relevant national laws and regulations before the date
of transaction.

    

    7.9 Party
A guarantee that the Sales turnover (S)  in 2010 of the target company
will be not less than RMB 300Million Yuan,  and net profit (N) will be
more than RMB 20 Million Yuan, total net assets in book value will be more than
RMB 35Million Yuan. If failed,  Party A shareholder should
unconditionally in accordance with the following formula to recalculate the
value of the target company, and return a certain portion of its shareholdings
of Party B, but do need to pay the penalty stipulated in Article 8.2
of  this Agreement..

    
       

    

    The real
Price (P) of the target company by December 31, 2010 shall be:

     P =
RMB 110Million × (S/RMB30 million) X (N/RMB 20million ) X (A/RMB
35million)

    

    7.10
Party B guarantee that it is a legal US OTCBB listed company.

    

    7.11
Party B promised to after completion transaction of shareholdings, Party A may
appoint three directors to the Group Board of Directors and participating major
issues decision-making, and the Board of directors and senior management in
Party A will be continuously employed..

    

    7.12
Within one month after shareholdings transaction, Party B will invite US
accountant to Shenzhen Angesi Technology co., Ltd to audit; and Party B promise
to invest RMB 10Million Yuan to the new company  within one month
after US accountant pass the audit, and RMB 5 Million Yuan invest in the second
month, RMB 5Million Yuan more in the third month, and totally invest RMB 20
million Yuan as research and development and capital flow;  After
changing of the shareholdings, new Board of directors meeting will be held to
decide increasing new stock, financing plan, details shall be in accordance with
the new business plan made by the new company.

    
       

    

    7.13
Party B promised to extend and enlarge oversea sales market after changing the
shareholdings, and bring new orders and opportunities to the new
company.

    

    7.14
After changing the shareholdings, Party B promised to guide Party A to form a
more effective management team, and at the condition of Party A achieve the
sales and profit target in 2010, Party B realize the plan to shift in to NASDAQ
before Jun 30, 2011.

    

    7.15
Party B promised to buy-back 3miilion common stocks from Party A within 90 days
after the whole shareholdings transaction completion, and price is USD 0.50 per
share, and the total value is 1.5 million U.S. dollars, any additional tax
concerning to this buy-back will be borne by Party A; after this buy-back, total
shareholdings at Party A reduce to 29million; there is no any change to Party A
at its responsibilities, duties, obligations and all other issues agree to
fulfill after this 3million common stocks buy-back.

     

      
        

      

    

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    8,
Responsibility of violation

    

    After
both parties signing this agreement:

    
       

    

    8.1 Any
Party to this Agreement break its commitments or any Party breaches stipulation
and obligation and there is no effective remedial measure has been taken after
written notice from the counter Party, the violation Party shall take the
responsibility to pay penalty according to the stipulation of  Article
8.2.

    
       

    

    8.2 Any
Party who breaches this Agreement shall pay the penalty to the observed Party,
the penalty is the 3% of total transaction value of this agreement.

    

    9, Law
application and dispute settlement

    

    9.1 The
Agreement and the compliance with applicable Chinese laws and in accordance with
Chinese interpretation of the law.

    

    9.2  Any
dispute between Party A and Party B arising from this Agreement, shall firstly
settle through friendly consultation. If the dispute last 60 days from the date
of the occurrence and cannot be settled through friendly consultation, either
party has the right to bring the dispute to the people's court for
proceedings.

    
       

    

    10
Other

    

    10.1
Before  real transaction and disclosure to the public, members from
each parties participating in shareholdings transition and assets transaction
shall obligated to keep all issue concerning to this agreement as
confidential.  And any one of any party leaks these confidences shall
bear all the responsibility for its consequences.

    

    10.2 If
this Agreement to any one or more provisions in any applicable law be regarded
as invalid, illegal or unenforceable, the remaining provisions of this agreement
the validity, legality and enforceability will not be subject to any influence
or its effectiveness will not be weakened.

    

    10.3
Agreement in quadruplicate original, the Party A and Party B hold each two, and
each of them shall have the same legal effect.  Issues and Matters not
covered in this Agreement shall be settled by mutual-consultation.

    
       

    

    The two
Parties signature:

    

    Party A:
Shenzhen Angesi Technology Co., Ltd. (10 companies authorized representative)
(seal)

     

      
        

      

    

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                Legal
      Representative:/s/ Li Tingyi

              	
                Plenipotentiary:

              

      

    

    

    
      
        
          	
                  Party
      B: ANV security group, Inc

                	
                  (Seal)

                	 
      
	 
      	 
      	 
      
	
                  Legal
      Representative: /s/ WILSON WANG

                	
                  Plenipotentiary:

                	 
      

        

      

    

    

    Time: Dec
24, 2009

    Place:
Shenzhen China

     

      
        

      

    

    9 | P a
g eUnassociated Document

    
      Exhibit
4.1

       

    

    AMENDMENT
TO

    SENIOR
SECURED CONVERTIBLE NOTE

     

    This
AMENDMENT TO SENIOR SECURED CONVERTIBLE NOTE (this “Amendment”), is dated
as of ____________ and effective as of December 31, 2009, to the Senior Secured
Convertible Note, dated June 18, 2009 (the “Note”), from Advaxis,
Inc., a Delaware corporation (the “Borrower”), to
_______________ (the “Holder”), is made by
and between the Borrower and the Holder, and, for purposes of Section 2 hereof,
Thomas A. Moore.  Capitalized terms used but not defined herein shall
have the meanings assigned to such terms in the Note.

     

    WITNESSETH:

     

    WHEREAS,
the Borrower has issued the Note to the Holder in the initial principal amount
of $____________;

     

    WHEREAS,
the Note is due and payable on December 31, 2009, subject to the grace periods
set forth in the Note;

     

    WHEREAS,
the Borrower has requested that the Holder agree, together with other holders of
the Borrower’s indebtedness issued pursuant to the Note Purchase Agreement,
dated as of June 18, 2009 (the “Other Notes”), to extend the maturity date of
the Notes (and in the case of such other holders, the Other Notes);
and

     

    WHEREAS,
the Holder has agreed to such amendment, subject to the terms and conditions set
forth in this Amendment.

     

    NOW,
THEREFORE, in consideration of the rights and obligations contained herein, and
for other good and valuable consideration, the adequacy of which is hereby
acknowledged, the parties agree as follows:

     

    Section
1. Amendments to
Note.  Subject to the effectiveness of this Amendment, the Note
is amended as follows:

     

    (a)           The
term “Maturity Date” in the Note is hereby amended to mean
____________.

     

    (b)           In
consideration for the amendments set forth herein, the Borrower has agreed to
pay to the Holder a fee equal to 5% of the principal amount outstanding under
the Note on the date hereof ($_________), which payment is to be made upon
payment in full of the Note.  To evidence such obligation, a new
Section 1.5 is hereby added to the Note as follows:

     

    “1.5           Fee on
Maturity.  On the Maturity Date, or if earlier, the date of
payment in full of this Note, the Borrower shall pay to the Holder an additional
amount equal to $___________.”

     

    (c)           A
new Section 1.6 is hereby added to the Note as follows:

     

    
      
        
        

      

      
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    “1.6           Mandatory Pre-Payment of
Certain Principal.  Within (1) business day of the execution
and effectiveness hereof, the Borrower shall pay to the Holder or order, without
demand, the sum of $________, which amount constitutes the Original Issue
Discount on the Note.  Failure to pay such amounts shall be deemed an
immediate Event of Default hereunder, permitting immediate acceleration of all
amounts hereunder, subject to no grace period under Section 1.1 hereof, and no
notice requirements or other cure periods hereunder.  Upon payment of
such Original Issue Discount amount, the principal outstanding under this Note
shall consist of the original $___________ plus the fee set
forth in Section 1.5 hereof.”

     

    (d)           A
new Section 1.7 is hereby added to the Note as follows:

     

    “1.7           Interest upon Failure to
Pay.  If Borrower fails to pay the full amount of all sums due
under this Note (including the fee set forth in Section 1.5 hereof) on or prior
to the Maturity Date, then interest (“Default Interest”) shall accrue on the
unpaid portion of any such amount at the Default Rate until all such amounts,
plus Default Interest, are paid in full.  “Default Rate” means the
lower of (A) 24.99% per annum or (B) the highest amount of interest permitted
under applicable law.”

     

    (e)           A
new Section 2.4 is hereby added to the Note as follows:

     

    “2.4           Conversion on an Event of
Default.  Upon the Maturity Date or the occurrence of an Event
of Default, the Holder shall have the option, but shall not be required, at any
time and from time to time thereafter, to convert all or a portion of the Note
into that number of fully paid and non-assessable shares of Common Stock equal
to a fraction (A) the numerator of which is the unpaid Principal Amount of the
Note plus all accrued and unpaid interest thereon and the fee referred to in
Section 1.5 above that the Holder elects to convert and (B) the denominator of
which is the lesser of (i) 50% of the average VWAP per share for the 5
consecutive Trading Days immediately preceding December 28, 2009 and (ii) 50% of the VWAP
per share of the Common Stock on the five (5) consecutive Trading Days
immediately preceding the date of the notice of conversion.  The
Company shall use its commercially reasonable efforts to ensure the availability
of Rule 144 to the Investors with regard to the Underlying Securities, including
compliance with Rule 144(c)(1) if such requirement is applicable to sales
pursuant to Rule 144 at the time of such sales.  Any conversion of the
Note shall be governed by the terms and conditions set forth on Annex A
hereto.  For the avoidance of doubt, in the event that this Note is
repaid prior to the Maturity Date, this Section 2.4 shall not be applicable.
”

     

    (f)           A
new Annex A shall be added to the Note substantially in the form attached hereto
as Annex A.

     

    (g)           Section
1.4 of the Note is hereby amended and restated in its entirety as
follows:

     

    “1.4
No Senior Debt;
Issuance of Other Notes   So long as any portion of this
Note is outstanding, the Borrower will not directly or indirectly enter into,
create, incur, assume or suffer to exist any indebtedness or liens of any kind
(other than indebtedness and liens in favor of the Holder), on or with respect
to any of its property or assets now owned or hereafter acquired or any interest
therein or any income or profits therefrom, other than the Other Notes issued on
or about June 18, 2009, as amended, unless (i) such indebtedness is not senior
to or pari passu with, in any respect, the Company's obligations under this Note
or the Other Notes, (ii) such indebtedness does not permit any payment in
respect thereof, whether interest, principal, or fees, whether upon
acceleration, scheduled payment or otherwise, until the prior payment in full of
the Notes and the Other Notes and (iii) any such liens are expressly subordinate
to the liens securing the Notes and the Other Notes.  Further, the net
proceeds (after giving effect to any costs and expenses incurred in connection
with any such transaction) of any sale of securities pursuant to Preferred Stock
Purchase Agreement dated September 24, 2009 by and between Optimus Capital
Partners, LLC and the Borrower or any other equity line of credit entered into
while this Note is outstanding shall be applied on the Maturity Date to repay
amounts outstanding under this Note and the Other Notes on a pro rata basis
(based on the amount then due and owing thereunder).

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (h)           A
new Section 1.5 is hereby added to the Note as follows:

     

    1.5           No Payments on Insider
Indebtedness.  For so long as any amounts due and owing under
this Note are outstanding, the Borrower shall make no payment in respect of any
indebtedness originally issued to or held by Thomas A. Moore and/or any
affiliate or family member of Thomas A. Moore (the “Insider Debt”), whether
principal, interest, fees or charges, whether upon regularly scheduled payments,
acceleration, maturity or otherwise.  The Borrower covenants that all
such indebtedness has been amended to set forth on the face thereof a reference
to the terms of this Section 1.5 and that any subsequent holder of such
indebtedness shall take such indebtedness on notice of the payment limitations
set forth in this Section 1.5.  The limitations set forth in this
Section 1.5 are in addition to any limitations on payment of the Insider Debt
set forth in the Subordination Agreement, dated as of June 18, 2009, and that no
“Permitted Payments” shall be made or accepted, notwithstanding the provisions
of such Subordination Agreement, until payment in full of the Notes and the
Other Notes.  To the extent there exists any conflict between the
terms of this Section 1.5 and said Subordination Agreement, the terms of this
Section 1.5 shall control.  Notwithstanding the foregoing, the
foregoing limitations shall not prohibit (and the Company shall be permitted to
pay to) any deferred salary currently owed to Thomas A. Moore (approximately
$55,000) and any future salary or other amounts payable to Thomas A. Moore
relating to his employment by the Company at a salary previously disclosed in
filings with the Securities and Exchange Commission and in a manner consistent
with past practice.

     

    (i)           Section
2.1(b) of the Note is hereby deleted in its entirety.

     

    Section
2. Acknowledgement of
Subordination.  Thomas A. Moore, by executing below, hereby
acknowledges, agrees and consents to the provisions set forth in 1(h) above, and
agrees that any payment received by him in respect of the Insider Debt shall, at
all times when the Note is outstanding, by held by him in trust for the benefit
of the Holder and the holders of the Other Notes, and promptly remitted by him
to the Holder and the holders of the Other Notes for application (on a pro rata
basis, based on the amounts then outstanding) to amounts due under the Notes and
the Other Notes.  Since the date of original issuance of the Note, no
Insider Debt has been sold or otherwise transferred by Moore, and he hereby
covenants not to transfer the same unless the transferee shall have acknowledged
the limitations on payment set forth herein, in the Note and it the
Subordination Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Section
3. Fees;
Warrants.  The Borrower hereby agrees to issue to the Holder
the warrant to purchase _______ shares of Common Stock of the Borrower in
substantially the form attached hereto as Exhibit A and to
amend and restate the Common Stock Purchase Warrant entered into in connection
with the Note into substantially the form attached hereto as Exhibit
B.  On signing, and prior to the effectiveness hereof, the
Borrower has transferred to the account identified on Exhibit C hereto,
$______ as payment for legal fees and expenses incurred by the Holder in
connection with this Amendment.

     

    Section
4. Effectiveness.  This
Amendment shall become effective upon satisfaction of each of the following
conditions: (a) the signatures of the parties hereto, (b) the Borrower’s
compliance with the provisions of Section 3 hereof, and (c) the Borrower
providing evidence, in form and substance satisfactory to the Holder, that the
holders of at least 80% of the principal amount of the Notes and the Other Notes
have executed amendment documents in form and substance substantially similar to
this Amendment (with appropriate and pro rata adjustments to warrant numbers and
dollar amounts).  Upon the effectiveness hereof, and by amending the
Note hereby, the Holder acknowledges that no Event of Default exists or is
continuing as a result of the Borrower’s to failure to pay the principal amount
at the original Maturity Date.

     

    Section
5. Equal
Treatment.  It is the intention of the parties that the Holder
and the holders of the Other Notes be treated on an equivalent
basis.  Consequently, the Borrower covenants and agrees not to make
any payment or extend any consideration to any holder of the Other Notes unless
the equivalent payment or consideration is extended to the Holder on a pro rata
basis based on the amount of Notes and other Notes then outstanding (except in
connection with any non-pro rata payment of the Note or the Other Notes
resulting from the respective differing maturities thereof, it being understood
and agreed that certain Other Notes may mature on _________ and certain Other
Notes may mature on ________).   The Holder acknowledges that the
holders of Other Notes have been offered to amend their notes on substantially
similar terms with the following material modifications and the Holder
acknowledges that such a transaction would constitute treatment on an equivalent
basis and not violate this Section 5: (a) a maturity date of ________; (b) a fee
on Maturity similar to Section 1 of this Amendment (with appropriate pro rata
adjustment based on principal amounts); and (c) warrants to purchase 2 shares of
common stock for each dollar of principal amount extended on a form of warrant
otherwise substantially similar to the form set forth herein (to the extent the
maturity date of such Other Note is extended to __________).

     

    Section
6. Entire
Agreement.  This Amendment constitutes the entire agreement of
the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and undertakings, both written and oral, between the Borrower
and the Holder with respect to the subject matter hereof.  Except as
amended by this Amendment, the Note shall continue in full force and effect and
the collateral and other security granted to secure the Company’s obligations
under the Note shall continue to secure such obligations under the Note as
amended hereby.

     

    Section
7. Counterparts.  This
Amendment may be executed and delivered (including by facsimile and portable
document format (pdf) transmission) in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Section
8. Governing
Law.  This Amendment shall be governed by and construed in
accordance with, the laws of the State of New York.

     

    [SIGNATURES
ON THE FOLLOWING PAGE]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the Borrower and the Holder have caused this Amendment to be
executed by as of the date first written above by their respective officers
thereunto duly authorized.

    
      
        	 	 	 
	 	 	 
	 	
                ADVAXIS,
      INC.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	 
	 	 	 	 
	 	 	 	 
	 	
                [_______________]

              	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	
                For
      purposes of Section 2 hereof:

              	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Thomas
      A. Moore	 

      

    

    

    
      
        
        

      

      
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    Annex A:

    

    Conversion
Terms

    

    Conversions
of this Note pursuant to Section 2.4 hereof are subject to the following terms
and conditions:

    

    Section
1.1                                Conversion
Option.   At any time and from time to time on or after
the date hereof (the “Issuance Date”), upon and after the occurrence of an Event
of Default, and/or on and after the Maturity Date, this Note shall be
convertible (in whole or in part), at the option of the Holder (the “Conversion
Option”), into such number of fully paid and non-assessable shares of Common
Stock (the “Conversion Rate”) as is determined by dividing (x) that portion of
the outstanding principal balance plus any accrued but unpaid interest under
this Note as of such date that the Holder elects to convert by (y) the
Conversion Price (as defined in Section 1.2 hereof) then in effect on the date
on which the Holder faxes a notice of conversion (the “Conversion Notice”), duly
executed, to the Borrower (facsimile number 732-545-1590, Attn.: Thomas A.
Moore) (the “Voluntary Conversion Date” or “Conversion Date”), in the form
attached hereto, provided, however, that the fixed Conversion Price set forth in
Section 1.2 below shall be subject to adjustment as described in Section 1.5
below.  The Holder shall deliver this Note to the Borrower at the
address set forth in this Note at such time that this Note is fully
converted.  With respect to partial conversions of this Note, the
Borrower shall keep written records of the amount of this Note converted as of
each Conversion Date.

     

    Section
1.2                                  Conversion
Price.  The term “Conversion Price” shall mean the lesser of
(i) 50% of the average VWAP per share for the 5
consecutive Trading Days immediately preceding December 28, 2009, and (ii) 50%
of the average of the five Trading Day trailing VWAP preceding the Conversion
Date.  “Trading Day” means a business day on which it is reported that
the Common Stock is traded on the OTC Bulletin Board or the “pink
sheets.”  “VWAP” means, for any date, (i) the daily volume weighted
average price of the Common Stock for such date on the OTC Bulletin Board as
reported by Bloomberg Financial L.P. (based on a Trading Day from 9:30 a.m.
Eastern Time to 4:02 p.m. Eastern Time); (ii) if the Common Stock is not then
listed or quoted on the OTC Bulletin Board and if prices for the Common Stock
are then reported in the “Pink Sheets” published by the Pink Sheets, LLC (or a
similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported; or (iii) in
all other cases, the fair market value of a share of Common Stock as determined
by an independent appraiser selected in good faith by the Holder and reasonably
acceptable to the Borrower.

     

    Section
1.3                                Mechanics of
Conversion.

     

    (a)           Not
later than three (3) Trading Days after any Conversion Date, the Borrower or its
designated transfer agent, as applicable, shall issue and deliver to the
Depository Trust Company (“DTC”) account on the
Holder’s behalf via the Deposit Withdrawal Agent Commission System (“DWAC”) as specified
in the Conversion Notice, registered in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder shall be
entitled.  In the alternative, not later than three (3) Trading Days
after any Conversion Date, the Borrower shall deliver to the applicable Holder
by express courier a certificate or certificates representing the number of
shares of Common Stock being acquired upon the conversion of this Note (the
“Delivery
Date”).  Notwithstanding the foregoing to the contrary, the
Borrower or its transfer agent shall only be obligated to issue and deliver the
shares to the DTC on the Holder’s behalf via DWAC (or certificates free of
restrictive legends) if such conversion is in connection with a sale and the
Holder has complied with the applicable prospectus delivery requirements (as
evidenced by documentation furnished to and reasonably satisfactory to the
Borrower).  If in the case of any Conversion Notice such certificate
or certificates are not delivered to or as directed by the applicable Holder by
the Delivery Date, the Holder shall be entitled by written notice to the
Borrower at any time on or before its receipt of such certificate or
certificates thereafter, to rescind such conversion, in which event the Borrower
shall immediately return this Note tendered for conversion, whereupon the
Borrower and the Holder shall each be restored to their respective positions
immediately prior to the delivery of such notice of revocation, except that any
amounts described in Sections 1.3(b) and (c) shall be payable through the date
notice of rescission is given to the Borrower.  The Company shall use
its commercially reasonable efforts to ensure the availability of Rule 144 to
the Investors with regard to the Underlying Securities, including compliance
with Rule 144(c)(1) if such requirement is applicable to sales pursuant to Rule
144 at the time of such sales.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    (b)           The
Borrower understands that a delay in the delivery of the shares of Common Stock
upon conversion of this Note beyond the Delivery Date could result in economic
loss to the Holder.  If the Borrower fails to deliver to the Holder
such shares via DWAC (or, if applicable, certificates) by the Delivery Date, the
Borrower shall pay to such Holder, in cash, an amount per Trading Day for each
Trading Day until such shares are delivered via DWAC or certificates are
delivered (if applicable), together with interest on such amount at a rate of
10% per annum, accruing until such amount and any accrued interest thereon is
paid in full, equal to the greater of (A) (i) 1% of the aggregate principal
amount of the Notes requested to be converted for the first five (5) Trading
Days after the Delivery Date and (ii) 2% of the aggregate principal amount of
the Notes requested to be converted for each Trading Day thereafter and (B)
$2,000 per day (which amount shall be paid as liquidated damages and not as a
penalty).  Nothing herein shall limit a Holder’s right to pursue
actual damages for the Borrower’s failure to deliver certificates representing
shares of Common Stock upon conversion within the period specified herein and
such Holder shall have the right to pursue all remedies available to it at law
or in equity (including, without limitation, a decree of specific performance
and/or injunctive relief).  Notwithstanding anything to the contrary
contained herein, the Holder shall be entitled to withdraw a Conversion Notice,
and upon such withdrawal the Borrower shall only be obligated to pay the
liquidated damages accrued in accordance with this Section 1.3(b) through the
date the Conversion Notice is withdrawn.

     

    (c)             In
addition to any other rights available to the Holder, if the Borrower fails to
cause its transfer agent to transmit via DWAC or transmit to the Holder a
certificate or certificates representing the shares of Common Stock issuable
upon conversion of this Note on or before the Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the shares of Common Stock issuable upon conversion of
this Note which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Borrower shall (1) pay in cash to the Holder the amount by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by
multiplying (A) the number of shares of Common Stock issuable upon conversion of
this Note that the Borrower was required to deliver to the Holder in connection
with the conversion at issue times (B) the price at which the sell order giving
rise to such purchase obligation was executed, and (2) at the option of the
Holder, either reinstate the portion of the Note and equivalent number of shares
of Common Stock for which such conversion was not honored or deliver to the
Holder the number of shares of Common Stock that would have been issued had the
Borrower timely complied with its conversion and delivery obligations
hereunder.  For example, if the Holder purchases Common Stock having a
total purchase price of $11,000 to cover a Buy-In with respect to an attempted
conversion of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (1) of the immediately
preceding sentence the Borrower shall be required to pay the Holder $1,000. The
Holder shall provide the Borrower written notice indicating the amounts payable
to the Holder in respect of the Buy-In, together with applicable confirmations
and other evidence reasonably requested by the Borrower.  Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Borrower’s
failure to timely deliver certificates representing shares of Common Stock upon
conversion of this Note as required pursuant to the terms hereof.

     

    
      
        
        

      

      
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    Section
1.4                                  Ownership Cap and Certain
Conversion Restrictions.

     

    Notwithstanding
anything to the contrary set forth herein, at no time may the Holder convert all
or a portion of this Note if the number of shares of Common Stock to be issued
pursuant to such conversion would exceed, when aggregated with all other shares
of Common Stock owned by the Holder at such time, the number of shares of Common
Stock which would result in the Holder beneficially owning (as determined in
accordance with Section 13(d) of the Exchange Act and the rules thereunder) more
than 4.9% of all of the Common Stock outstanding at such time; provided, however, that upon
the Holder providing the Borrower with sixty-one (61) days notice (the “Waiver Notice”) that
the Holder would like to waive this Section 1.4(a) with regard to any or all
shares of Common Stock issuable upon conversion of this Note, this Section
1.4(a) will be of no force or effect with regard to all or a portion of the Note
referenced in the Waiver Notice.

     

    Section
1.5                                  Adjustment of Conversion
Price.

     

    (a)           No
Impairment.  The Borrower shall not, by amendment of its
Articles of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Borrower, but will at all
times in good faith, assist in the carrying out of all the provisions of this
Section 1.5 and in the taking of all such action as may be necessary or
appropriate in order to protect the Conversion Rights of the Holder against
impairment.  In the event a Holder shall elect to convert any Notes as
provided herein, the Borrower cannot refuse conversion based on any claim that
such Holder or any one associated or affiliated with such Holder has been
engaged in any violation of law, violation of an agreement to which such Holder
is a party or for any reason whatsoever, unless, an injunction from a court, or
notice, restraining and or adjoining conversion of all or of said Notes shall
have issued and the Borrower posts a surety bond for the benefit of such Holder
in an amount equal to one hundred thirty percent (130%) of the amount of the
Notes the Holder has elected to convert, which bond shall remain in effect until
the completion of arbitration/litigation of the dispute and the proceeds of
which shall be payable to such Holder (as liquidated damages) in the event it
obtains judgment.

    

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    (b)           Issue
Taxes.  The Borrower shall pay any and all issue and other
taxes, excluding federal, state or local income taxes, that may be payable in
respect of any issue or delivery of shares of Common Stock on conversion of this
Note pursuant thereto; provided, however, that the
Borrower shall not be obligated to pay any transfer taxes resulting from any
transfer requested by the Holder in connection with any such
conversion.

     

    (c)           Fractional
Shares.  No fractional shares of Common Stock shall be issued
upon conversion of this Note.  In lieu of any fractional shares to
which the Holder would otherwise be entitled, the Borrower shall pay cash equal
to the product of such fraction multiplied by the average of the Closing Bid
Prices of the Common Stock for the five (5) consecutive Trading Days immediately
preceding the Conversion Date.

     

    (d)           Reservation of Common
Stock.  The Borrower shall at all times when this Note shall be
outstanding, reserve and keep available out of its authorized but unissued
Common Stock at least one hundred twenty percent (120%) of the number of shares
of Common Stock for which this Note and all interest accrued thereon are at any
time convertible.  The Borrower shall, from time to time in accordance
with Delaware law, increase the authorized number of shares of Common Stock if
at any time the unissued number of authorized shares shall not be sufficient to
satisfy the Borrower’s obligations under this Section 1.5(d).

     

    (e)           ­Regulatory
Compliance.  If any shares of Common Stock to be reserved for
the purpose of conversion of this Note or any interest accrued thereon require
registration or listing with or approval of any governmental authority, stock
exchange or other regulatory body under any federal or state law or regulation
or otherwise before such shares may be validly issued or delivered upon
conversion, the Borrower shall, at its sole cost and expense, in good faith and
as expeditiously as possible, endeavor to secure such registration, listing or
approval, as the case may be.  The Borrower will provide, at the
Borrower’s expense, such legal opinions in the future as are reasonably
necessary for the issuance and resale of the Common Stock issuable upon
conversion of the Note and exercise of any warrants issued to the Holder
pursuant to an effective registration statement, Rule 144 under the 1933 Act or
an exemption from registration.  In the event that Common Stock is
sold in a manner that complies with an exemption from registration, the Borrower
will promptly instruct its counsel (at its expense) to issue to the transfer
agent an opinion permitting removal of the legend.

    

    Section
1.6                                No Rights as
Shareholder.  Nothing contained in this Note shall be construed
as conferring upon the Holder, prior to the conversion of this Note, the right
to vote or to receive dividends or to consent or to receive notice as a
shareholder in respect of any meeting of shareholders for the election of
directors of the Borrower or of any other matter, or any other rights as a
shareholder of the Borrower.

    
      
        
        

      

      
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    FORM
OF

     

    NOTICE OF
CONVERSION

     

    (To be
Executed by the Registered Holder in order to Convert the Note)

     

    The
undersigned hereby irrevocably elects to convert $ ________________ of the
principal amount of the above Note No. ___ into shares of Common Stock of
Advaxis, Inc. (the “Borrower”) according to the conditions hereof, as of the
date written below.

     

    Date of
Conversion
_________________________________________________________

     

    Applicable
Conversion Price __________________________________________________

     

    Number of
shares of Common Stock beneficially owned or deemed beneficially owned by the
Holder on the Date of 

    Conversion:
_________________________

     

    Signature___________________________________________________________________

     

    [Name]

     

    Address:__________________________________________________________________

     

    _______________________________________________________________________

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
A

    

    Form of Common Stock
Purchase Warrant

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
B

    

    Form of Amended and
Restated

    Common Stock Purchase
Warrant

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
C

    

    Trust Wire
Instructions

    

    Bank Name
& Address:

    

    ____________

    

    ABA
Routing Number:  __________

    

    A/C:  _____________

    

    Name:  ____________

    

    Reference:  ______________

    

    For
International Wires:  ________________

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