Document:

SECURITIES
PURCHASE AGREEMENT 

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of August 25, 2015, among Advaxis, Inc., a Delaware
corporation (the “Company”), and the purchasers identified on the signature pages hereto (each a “Purchaser”
and collectively the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to a Registration Statement on Form S-3 (333-203497),
filed with the Commission (defined below) and declared effective on April 27, 2015, the Company desires to issue and sell to the
Purchasers, and the Purchasers, severally and not jointly, desire to purchase from the Company (the “Offering”)
in the aggregate, up to 1.8 million shares of Common Stock (the “Maximum Offering Amount”).

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agrees as follows:

 

ARTICLE
I.

DEFINITIONS 

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings indicated in this Section 1.1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 144 of the Securities Act. With respect to a Purchaser,
any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Purchaser
will be deemed to be an Affiliate of such Purchaser.

 

“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
means the closing of the purchase and sale of the Common Stock pursuant to Section 2.1.

 

“Closing
Date” means August 28, 2015.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, $0.001 par value per share, and any securities into which such common
stock may hereafter be reclassified.

 

“Company
Counsel” means Alston & Bird LLP.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Expiration
Date” shall mean August 28, 2015, or such other date as may be selected by the Company in its sole discretion without
notice to investors within 30 days thereafter.

 

“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3.1(a).

 

“Per
Share Purchase Price” equals $13.91 per share.

 

    	1

    	 

    

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Subscription
Amount” means, as to each Purchaser and the Closing, the amounts set forth below such Purchaser’s signature block
on the signature page hereto, in United States dollars and in immediately available funds.

 

“Trading
Day” means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not listed
on a Trading Market, a day on which the Common Stock is traded on the over-the-counter market, as reported by the OTC Bulletin
Board, or (iii) if the Common Stock is not quoted on the OTC Bulletin Board, a day on which the Common Stock is quoted in the
over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding
to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth
in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the New York Stock Exchange, the Nasdaq National Market or the Nasdaq SmallCap Market.

 

“Transaction
Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated
hereunder.

 

ARTICLE
II.

PURCHASE AND SALE 

 

2.1
Closing. Each Purchaser shall purchase from the Company, and the Company shall issue and sell to each Purchaser, a number
of Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price. Upon satisfaction of the
conditions set forth in Section 2.2, the Closing shall occur at the offices of the Company, or such other location as the parties
shall mutually agree. The Company may continue the Offering, in one or more Closings, until the earlier of the sale of the Maximum
Offering Amount or until the Expiration Date. Purchasers will be required to deliver executed, binding Securities Purchase Agreements
by the Expiration Date, the Closing of which will only be subject to the satisfaction of the Closing Conditions in Section 2.2.

 

2.2
Closing Conditions.

 

(a)
As a condition to the Purchasers’ obligation to close, at the Closing (unless otherwise specified below) the Company shall
have satisfied each of the conditions set forth below or shall deliver or cause to be delivered to each Purchaser the items set
forth below, as appropriate:

 

(i) this
Agreement duly executed by the Company;

 

(ii) the
Shares to be purchased by each Purchaser will be represented by one or more definitive global shares in book-entry form, which
will be deposited by the Company, or on behalf of the Company by Continental Stock Transfer and Trust Company, with the Depositary
Trust Company (“DTC”) or its designated custodian, and the Company will deliver the Shares as directed by each
Purchaser by causing DTC to credit the Shares to the account of each Purchaser, or their designee, at DTC;

 

    	2

    	 

    

 

(iii) the
representations and warranties made by the Company herein shall be true and correct in all material respects on the dates made
and on the date of Closing;

 

(iv) all
covenants, agreements and conditions contained in this Agreement to be performed by the Company on or prior to the Closing shall
have been performed or complied with in all material respects; and

 

(v) no
statute, rule, regulation, order, decree, ruling or injunction shall have been enacted, entered, promulgated, endorsed or threatened
or is pending by or before any governmental authority of competent jurisdiction which in any material respect restricts, prohibits
or threatens to restrict or prohibit the consummation of any of the transactions contemplated by the Transaction Documents.

 

(b)
As a condition to the Company’s obligation to close, at the Closing, each Purchaser shall have satisfied each of the conditions
set forth below or shall deliver or cause to be delivered to the Company the items set forth below, as appropriate:

 

(i) this
Agreement duly executed by such Purchaser;

 

(ii) such
Purchaser’s Subscription Amount as to such Closing by wire transfer to the account of the Company as provided to the Purchasers
in writing prior to the Closing Date;

 

(iii) the
representations and warranties made by the Purchasers herein shall be true and correct in all material respects on the dates made
and on the date of Closing;

 

(iv) each
Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by such Purchaser at or before the Closing;
and

 

(v) no
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated, endorsed
or threatened or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to
prohibit the consummation of any of the transactions contemplated by the Transaction Documents.

 

(c)
As of the Closing Date, there shall have been no Material Adverse Effect with respect to the Company or Purchaser since the date
hereof.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES 

 

3.1
Representations and Warranties of the Company. Except as set forth in the Company’s public filings under the Exchange
Act, the Company hereby makes the following representations and warranties as of the date hereof and as of the Closing Date to
each Purchaser:

 

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(a)
Organization and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite corporate
power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Company
is not in violation of any of the provisions of its certificate of incorporation, bylaws or other organizational or charter documents.
The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure
to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in (i) a material
adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the
results of operations, assets, business or financial condition of the Company, or (iii) a material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii)
or (iii), a “Material Adverse Effect”).

 

(b)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The
execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated
thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the
Company in connection therewith. Each Transaction Document has been (or upon delivery will have been) duly executed by the Company
and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies.

 

(c)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the
Company’s certificate of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company is a party
or by which any property or asset of the Company is bound or affected, or (iii) result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected;
except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material
Adverse Effect.

 

(d)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other
than (i) the application(s) to each Trading Market for the listing of the Shares for trading thereon in the time and manner required
thereby, and applicable Blue Sky filings and (ii) such as have already been obtained or such exemptive filings as are required
to be made under applicable state and federal securities laws.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser hereby, for itself and for no other Purchaser, represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows:

 

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(a)
Organization; Authority. Such Purchaser is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization with full right, corporate, limited liability or partnership power and authority to enter
into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations thereunder.
The execution, delivery and performance by such Purchaser of the transactions contemplated by this Agreement has been duly authorized
by all necessary corporate or similar action on the part of such Purchaser. Each Transaction Document to which it is a party has
been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute
the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

 

(b)
Information; Confidentiality. Such Purchaser and its advisors, if any, have been furnished with all publicly available materials
relating to the business, finances and operations of the Company and such other publicly available materials relating to the offer
and sale of the Shares as have been requested by such Purchaser. The Purchaser acknowledges and understands that the fact that
the Company is seeking to effect the sale of the Shares is itself material, non-public information, and disclosure of such information
or use of such information by the Purchasers or anyone receiving such information from the Purchasers in connection with the purchase,
sale or trade of the Company’s securities (other than use by the Purchasers in acquiring the Shares), or any hedging, derivative
or similar transactions or activities involving the Company’s securities, is a violation of securities laws. Such Purchaser
and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other
due diligence investigations conducted by such Purchaser or its advisors, if any, or its representatives shall modify, amend or
affect such Purchaser’s right to rely on the Company’s representations and warranties contained herein. Such Purchaser
understands that its investment in the Shares involves a high degree of risk. Such Purchaser has sought such accounting, legal
and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Shares.

 

(c)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters, including investing in biotechnology companies, so as to be capable of evaluating
the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment.
Such Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a
complete loss of such investment.

 

(d)
Sales; Short Selling. From and after the date that the Purchaser receives any information about the existence of the Offering,
and through the Closing Date, the Purchaser has not and shall not, directly or indirectly, sell shares of the Common Stock in
the open Trading Market or elsewhere, and has not and shall not directly or indirectly, through related parties, affiliates or
otherwise sell “short” or “short against the box” (as those terms are generally understood) any equity
security of the Company.

 

(e)
Information Regarding Purchaser. Purchaser has provided the Company with true, complete, and correct information regarding
all applicable items set forth in the on the signature page to this Agreement.

 

The
Company acknowledges and agrees that each Purchaser does not make or has not made any representations or warranties with respect
to the transactions contemplated hereby other than those specifically set forth in this Section 3.2.

 

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ARTICLE
IV.

MISCELLANEOUS 

 

4.1
Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement.

 

4.2
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

4.3
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified on the signature pages attached hereto prior to 5:30 p.m. (New York
City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number on the signature pages attached hereto on a day that is not a Trading Day or later than
5:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

4.4
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in
the case of an amendment, by the Company and each Purchaser or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

 

4.5
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

4.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser. Any Purchaser may assign any or all of its rights under this Agreement to any Person, provided such
transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions hereof that apply to the “Purchasers.”

 

4.7
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in Section 4.1.

 

4.8
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively
in the state or federal courts sitting in the City of New York. Each party hereto hereby irrevocably submits to the jurisdiction
of the state and federal courts sitting in the City of New York, New York, exclusive of all other jurisdictions, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is improper. If either party shall commence an action or proceeding to enforce any provisions of a
Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

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4.9
Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and delivery
of the Shares.

 

4.10
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

4.11
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and
the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

 

4.12
Replacement of Securities. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and
substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company
of such loss, theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement
Shares.

 

4.13
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Document.
Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising
out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined
as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel
in their review and negotiation of the Transaction Documents.

 

(Signature
Page Follows)

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	ADVAXIS,
    INC.	Address
    for Notice: 

305 College Road East 

Princeton, NJ 08540

 Attn: Sara Bonstein 

Tel: (609) 452-9813 

 

	By:	/s/
	  
	Name:	Dan O’Connor	 
	Title:	President and
    Chief Executive Officer	 

 

With
copy to (which shall not constitute notice):

  

Alston
& Bird LLP 

90 Park Avenue New
York, New York 10016 

Attn: Matthew W. Mamak, Esq. 

Tel: (212) 210-9400 

Fax: (212) 210-9444 

 

(Signature
Page Continues)

 

    	8

    	 

    

 

[PURCHASER
SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

	     	By:	Sectoral
Asset Management
	 	 	 
	 	 	/s/
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Date:
    ______________________, 2015 

 

	1,437,815	 	$13.91	 	$20,000,006.65
	NUMBER
    OF SHARES OF COMMON	 	PRICE
    PER SHARE	 	TOTAL
    PURCHASE PRICE
	STOCK
    SUBSCRIBED FOR	 	 	 	

 

The
above-signed Purchaser hereby provides the following information to the Company:

 

1. Please
provide the following information regarding the Purchaser:

 

	Purchaser
    Name and Address:
	 
	 
	 
	 
	 
	 
	 
	Telephone:
    ( ) ______-________
	 
	Facsimile:
    ( ) ______-_________
	 
	Email: _______________________
	 
	Tax ID #:_____________________

 

2. If
different from the information provided in Item 1 above, please provide the exact name that the Purchaser’s Shares are to
be registered in (this is the name that will appear on the stock certificate(s)). The Purchaser may use a nominee name if appropriate:

 

	Registered
    Holder of the Shares Name and Address:
	 
	 
	 
	 
	 
	 
	 
	Facsimile:
    ( ) ______-_________

 

3.
Please describe the relationship between the Purchaser of the Shares and the Registered Holder of the Shares listed in response
to Item 2 above, if different: 

 

 

4.
If different from the information provided in Item 1 above, please provide the mailing address of the Registered Holder of the
Shares listed in response to Item 2 above: 

 

 

  

 

5.
If different from the information provided above, please provide the number of shares of Common Stock beneficially owned (as determined
in accordance with SEC Rule 13d-3 under the Exchange Act) by the Purchaser immediately after Closing. Explain the nature of such
beneficial ownership, including shares of Common Stock not held of record by the Purchaser. Disclose the details of any rights
to acquire shares of Common Stock. 

 

 

 

 

    	9

    	 

    

 

[PURCHASER
SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

	  	By:	Knight
Therapeutics Inc.

	 	 	 
	 	 	/s/
	 	Name:	
	 	Title:	 
	 	 	 
	 	Date:
    ______________________, 2015

 

	359,454	 	$13.91	 	$5,000,005.14
	NUMBER
    OF SHARES OF COMMON	 	PRICE
    PER SHARE	 	TOTAL
    PURCHASE PRICE
	STOCK
    SUBSCRIBED FOR	 	 	 	

 

The
above-signed Purchaser hereby provides the following information to the Company:

 

 1. Please provide the following information regarding the Purchaser:

 

	Purchaser
    Name and Address:
	 
	 
	 
	 
	 
	 
	 
	Telephone:
    ( ) ______-________
	 
	Facsimile:
    ( ) ______-_________
	 
	Email: _______________________
	 
	Tax ID #:_____________________

 

2. If
different from the information provided in Item 1 above, please provide the exact name that the Purchaser’s Shares are to
be registered in (this is the name that will appear on the stock certificate(s)). The Purchaser may use a nominee name if appropriate:

 

	Registered
    Holder of the Shares Name and Address:
	 
	 
	 

	 
	 
	 
	 
	Facsimile:
    ( ) ______-_________

 

3.
Please describe the relationship between the Purchaser of the Shares and the Registered Holder of the Shares listed in response
to Item 2 above, if different: 

  

  

4.
If different from the information provided in Item 1 above, please provide the mailing address of the Registered Holder of the
Shares listed in response to Item 2 above: 

 

 

 

 

5. If
different from the information provided above, please provide the number of shares of Common Stock beneficially owned (as determined
in accordance with SEC Rule 13d-3 under the Exchange Act) by the Purchaser immediately after Closing. Explain the nature of such
beneficial ownership, including shares of Common Stock not held of record by the Purchaser. Disclose the details of any rights
to acquire shares of Common Stock.

 

 

  

  

    	10EX-4.1

 Exhibit 4.1 

(Front of Certificate) 
  

			
	Certificate No.		For                  Common Shares

 BICAPITAL CORPORATION 

Organized with perpetual duration, in accordance with the laws of the Republic of Panama by means of Public Deed No. 8,172 of November 15,
2006, authorized by Notary Augusto César Arosemena Santamaría of the Eleventh Notary of the Circuit of Panama, and registered in the Public Registry, Commercial Section, in File 546922, Digital Registry (Documento Redi) 1048297
of December 4, 2006, which was modified by the Public Deed No. 4,737 of May 25, 2007, authorized by Notary Augusto César Arosemena Santamaría of the Eleventh Notary of the Circuit of Panama, and registered in the Public
Registry, Commercial Section, in File 546922, Digital Registry 1145185, of June 6, 2007, by the Public Deed 7,094 of August 3, 2007, authorized by Notary Augusto César Arosemena Santamaría of the Eleventh Notary of the
Circuit of Panama, and registered in the Public Registry, Commercial Section, in File 546922, Digital Registry 1182189, of August 3, 2007, by Public Deed No. 4,580, of May 26, 2009, and Public Deed No. 5,559, of June 25,
2009, authorized by Notary Cecilio Roberto Moreno Arosemena of the Twelfth Notary of the Circuit of Panama, registered in the Public Registry, Commercial Section, in File 546922, Digital Registry 1605148, of June 25, 2009, by Public Deed
No. 6,776, of June 12, 2015, authorized by Notary Víctor Manuel Aldana Aparicio of the Eighth Notary of the Circuit of Panama, and registered in the Public Registry, Commercial Section, to Electronic File (Folio
Electrónico) 546922, Entry 8, of June 25, 2015, with domicile in Panama City, Republic of Panama. 
 THE CAPITAL STOCK SHALL BE
REPRESENTED BY EIGHT BILLION ONE HUNDRED MILLION (8,100,000,000) SHARES, DIVIDED THUSLY: A) EIGHT BILLION (8,000,000,000) COMMON SHARES, WITHOUT NOMINAL VALUE AND WITH UNLIMITED RIGHT TO VOTE; B) FIFTY MILLION (50,000,000) PREFERRED
SHARES, WITHOUT NOMINAL VALUE AND WITH LIMITED RIGHT TO VOTE; AND C) FIFTY MILLION (50,000,000) SHARES WITHOUT NOMINAL VALUE AND WITHOUT VOTE. THE NON-VOTING PREFERRED SHARES WILL HAVE PREFERENTIAL RIGHTS OVER THE DIVIDENDS DECLARED BY THE
CORPORATION UP TO THE AMOUNT CORRESPONDING TO SUCH SHARES, IN SUCH A WAY THAT THE COMMON AND PREFERRED SHARES WILL RECEIVE DIVIDENDS FROM THE CORPORATION, ONLY AFTER DIVIDENDS FOR NON-VOTING PREFERRED SHARES HAVE BEEN SATISFIED. IN THE CASE OF
NON-VOTING PREFERRED SHARES, THE BOARD OF DIRECTORS WILL ESTABLISH THE CONDITIONS, RIGHTS, PRIVILEGES, DIVIDENDS, FREQUENCY OF DIVIDEND PAYMENTS, AND OTHER TERMS OF SUCH SHARES IN FAVOR OF THE CORPORATION. 

 The present certificate confirms that 
  

 
 is owner of 

                         Common Shares
without nominal value, of the company BICAPITAL CORPORATION, fully subscribed and paid. 
 The rights conferred by this Certificate are subject to the
conditions, restrictions and preferences contained in the Articles of Incorporation, the Bylaws of the Company and the Resolutions of the Board of Directors adopted in accordance with the Law. 

IN WITNESS THEREOF, the Company has ordered its duly authorized dignitaries to issue this certificate, today
         
  

							
	
                     
    
	 		 	
                     
    
	  	
	President	 		 	Secretary	  	

  
  

(Reverse of Certificate) 
 For value received, I transfer, cede,
sell, and endorse to 
  
  

 
  

  
 2 

                  Shares
represented in this Certificate. 
 Date: 
 Signature: 

Witnessed by: 
 Date: 

Signature: 

  
 3

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