Document:

EX-4.2

 Exhibit 4.2 

FORM OF NOTE 
 Unless this
Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any Security issued upon registration of
transfer of, or in exchange for, or in lieu of, this Security is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

AON CORPORATION 
 4.500%
Senior Notes due 2028 
 Guaranteed by Aon plc 
  

			
	 No. 1
	  	$350,000,000

 CUSIP No. 037389 BB8 

AON CORPORATION 
 Aon
Corporation, a Delaware corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., as nominee for The
Depository Trust Company, or registered assigns, the principal sum of THREE HUNDRED FIFTY MILLION DOLLARS ($350,000,000) on December 15, 2028 and, subject to Section 16.05 of said Indenture, to pay interest thereon from December 3,
2018 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each June 15 and December 15, commencing June 15, 2019 (each, an “Interest Payment Date”),
at the rate of 4.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to
the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1 (whether or not a Business Day), as
the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a subsequent record date for the payment of such defaulted interest established by the Company, notice whereof shall be given to Holders of
Securities of this series not less than 15 days prior to such subsequent record date, such record date to be not less than 5 days preceding the date of payment of such defaulted interest, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

 Payment of the principal of (and premium, if any) and any such interest on this Security
will be made at the office or agency of the Company maintained for that purpose in the City of Chicago or the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by wire transfer, other electronic means or mailing checks to the address of the Holder entitled
thereto as such address shall appear in the Security Register. 
 The Securities of this series are subject to redemption and repurchase at
the option of the Company prior to the stated maturity as described in the Indenture and on the reverse hereof. 
 Reference is hereby made
to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to herein by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: December 3, 2018 
  

			
	AON CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	Attest:
	
	  

	Name:
	Title:

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
				
	 Dated: December 3, 2018
	 		 	By:	 	  

		 		 		 	Authorized Officer

 This Security is one of a duly authorized series of securities of the Company entitled
“4.500% Senior Notes due 2028” (herein called the “Securities”) issued and to be issued in one or more series under the Indenture, dated as of December 3, 2018 (the “Indenture”), between the Company, the Guarantor
and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. The Securities of this series will initially be issued in the aggregate principal amount of $350,000,000. The Company may, from time to time, without the written consent of or notice to holders of the Securities of this series,
create and issue under the Indenture additional securities having the same terms and conditions as the Securities of this series (other than the issue date, the issue price and, to the extent applicable, the first date from which interest on such
additional securities shall accrue and the first interest payment date for such additional securities) and such additional securities shall be consolidated with and form a single series with the Securities of this series. 

The Company may redeem the Securities of this series, in whole at any time, or in part from time to time, at the Company’s option, at a
price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such
payments of interest accrued as of the redemption date), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months), at a rate equal to the sum of the applicable Treasury Rate (as defined below), plus 25 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date (each such redemption being an “Optional
Redemption”). 
 On or after September 15, 2028 (three months prior to maturity) the Company may redeem any or all of the
Securities at a redemption price equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid interest on the principal amount of the Securities being redeemed to but excluding the redemption date (such redemption
also being an “Optional Redemption”). 
 If the Company has given notice of Optional Redemption as provided herein and in the
Indenture and funds for the redemption of any Securities of this series called for Optional Redemption have been made available on the applicable redemption date, such Securities will cease to bear interest on the date fixed for
redemption. Thereafter, the only right of the Holders of such Securities will be to receive payment of the applicable redemption price. 

The Company will prepare and send a notice of an Optional Redemption to each Holder of Securities to be redeemed by first-class mail at least
30 and not more than 90 calendar days prior to the date fixed for such Optional Redemption. On and after the redemption date for an Optional Redemption, interest will cease to accrue on the Securities called for redemption (unless the Company
defaults in the payment of the redemption price). 

 “Comparable Treasury Issue” means the United States Treasury security selected by
the Quotation Agent as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Securities. 
 “Comparable Treasury Price” means, with respect to
any redemption date, (i) the average of three Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent is given fewer
than five such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means each of J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and HSBC Securities (USA)
Inc. (or their respective affiliates that are primary U.S. government securities dealers in New York City, each of which the Company refers to as a Primary Treasury Dealer) and their respective successors and any other nationally recognized
investment banking firm that is a Primary Treasury Dealer appointed from time to time by the Company; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary
Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 
 “Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. 
 All payments made by the Guarantor with respect to the
Guarantee shall be made free and clear of and without withholding or deduction for or on account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or
levied by or on behalf of the government of the United Kingdom, of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless the Guarantor is required to
withhold or deduct Taxes by law. 
 If an Event of Default with respect to the Securities of this series shall occur and be continuing, the
principal amount of and accrued and unpaid interest, if any, on the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

 The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

 Interest on this Security shall be computed on the basis of a
360-day year consisting of twelve 30-day months. 
 All
terms used but not defined in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

This Security shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of
laws provisions thereof. 

 ASSIGNMENT 

I or we assign and transfer this Security to: 
  

                       
                                         
     
 (Insert assignee’s social security or tax I.D. number) 

 

                       
                                         
     
 (Print or type name, address and zip code of assignee) 

and irrevocably appoint: 
 as agent to transfer this Security on
the books of the Company. The agent may substitute another to act for him. 
  

							
	Date:	 	  
	  	Your Signature:	 	  

		 		  		 	(Sign exactly as your name appears on the face of this Security)

  

	
	 Signature Guarantee:
                                         
                       

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and
the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to
time due and payable by the Company under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when otherwise due in accordance with the terms thereof. The
obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and reference is hereby made to the Indenture for the precise
terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee
attorney-in-fact of such Holder for the purpose of such provisions. 
  

			
	Aon plc
		
	By:	 	  

		 	Name:
		 	Title:PRIVATE
AND CONFIDENTIAL

 

 

November
26, 2018

 

 

OLAREGEN
THERAPEUTIX INC.

1001
Avenues of Americas

New
York, NY 10018

Attention:Anthony
J. Dolisi, 

CEO
& President

 

 

Dear
Sirs:

 

Re:       Binding
Letter of Intent

 

This
letter agreement sets forth our agreement and understanding as to the essential terms of the sale to Generex Biotechnology
Corporation (or an affiliate thereof) (the “Purchaser”) by Olaregen Therapeutix Inc. (the “Company”)
of equity securities in the capital of the Company equal to fifty-one percent (51%) of the issued and outstanding equity securities
in the capital of the Company on a post-closing basis (the “Transaction”). The parties intend this letter agreement
to be binding and enforceable, and that it will inure to the benefit of the parties and their respective successors and assigns.

 

	Purchased
Shares. On the terms and subject to the fulfilment of the conditions hereof, on the Closing Date (as that term is hereinafter
defined) the Company will sell to the Purchaser, and the Purchaser will purchase and accept from the Company, an aggregate of
common shares in the capital of the Company equal to no less than fifty-one percent (51%) of the issued and outstanding equity
securities in the capital of the Company on a post-closing basis (the “Purchased Shares”).

 

	Purchase
Price. The price payable by the Purchaser to the Company for the Purchased Shares will be $3.75 per share for an aggregate
sum of Twelve Million Dollars ($12,000,000.00) (the “Purchase Price”).

    	 	1	 

     

    

	Within
two (2) business days of the execution of this Letter of Intent, the Purchaser will pay to the Company a Commercialization Milestone
Payment in the amount of Four Hundred Thousand Dollars ($400,000.00) (the “Milestone Payment”) by wire transfer
of immediately available funds.

 

		i.	On
                                         the Closing Date, the Milestone Payment (without interest) will be deemed applied against
                                         the Purchaser’s obligation to make payment of the Purchase Price (106,666 shares
                                         of Company common stock).

 

		ii.	In
                                         the event of the termination of this letter agreement after payment of the Milestone
                                         Payment (otherwise than by operation of the execution and delivery of the Formal Agreement),
                                         at the Purchaser’s sole option, (x) the Milestone Payment shall be repayable by
                                         the Company, without interest, within 180 days of the date of termination of this letter
                                         agreement (unless the Milestone Payment is due and payable on an earlier date pursuant
                                         to paragraph 2(f) of this letter agreement), or (y) in full and final satisfaction of
                                         the Company’s obligation to repay the Milestone Payment, the Company shall issue
                                         to the Purchaser that number of common shares in the capital of the Company equal to
                                         2% of the issued and outstanding equity securities in the capital of the Company (on
                                         a post-issuance basis) calculated as at the date of this letter agreement.

 

	The
balance of the Purchase Price will be due and payable by the Purchaser to the Company as follows (the “Incremental Payments”):

		i.	$800,000
                                         (213,333 shares of Company common stock) on December 31, 2018;

		ii.	$800,000.00
                                         (213,333 shares of Company common stock) on January 31, 2019;

		iii.	$3,000,000.00
                                         (800,000 shares of Company common stock) on February 28, 2019;

		iv.	$1,000,000.00
                                         (266,666 shares of Company common stock) on May 31, 2019; and

		v.	$6,000,000.00
                                         (1,600,000 shares of Company common stock) on September 30, 2019.

    	 	2	 

     

    

 

	Provided
that each of the Incremental Payments is made when due, the price to be paid by the Purchaser for each share of the Company’s
common stock shall be $3.75 per share. In the event any Incremental Payment is not paid when due:

 

		i.	The
                                         Company, in its sole discretion, shall have the option to increase the per share purchase
                                         price (and therefore the aggregate Purchase Price) for all remaining Purchased Shares
                                         from $3.75 per share to $4.00 per share. The Purchaser’s percentage ownership interest
                                         in the Purchased Shares shall vest in accordance with the payment schedule set forth
                                         above and shall be calculated and aggregated, as the case may be, based upon the amount
                                         of the Purchase Price paid at any given time.

 

		ii.	The
                                         Purchaser shall have a period of fifteen (15) calendar days following the date upon which
                                         an Incremental Payment (other than the Incremental Payment due on September 30, 2019)
                                         is due and payable to “cure” the default by making payment of such Incremental
                                         Payment in full (but subject to any per-Purchased Share price increase mandated by subparagraph
                                         (i) above) failing which the Company shall be entitled in its sole discretion to pursue
                                         alternative sources of capital without regard to any pre-emptive rights, rights of first
                                         refusal, or anti-dilution protections otherwise available to the Purchaser.

 

		iii.	In
                                         the event that the Purchaser fails to make full payment when due of the Incremental Payment
                                         due on September 30, 2019, the Purchaser’s entitlement to purchase the Purchased
                                         Shares applicable in respect of that Incremental Payment (1,600,000 shares of Company
                                         common stock) shall be forfeit and the Company shall be entitled to “claw back”
                                         fifty percent (50%) of any and all Purchased Shares theretofore purchased by the Purchaser
                                         (800,000 shares of Company common stock) as liquidated damages.

 

	The
Purchaser acknowledges and agrees that if Joseph Moscato ceases to be the President or Chief Executive Officer of the Purchaser,
then the Company has the right to decline to accept any Incremental Payments due and payable after the effective date of such
cessation and thereafter decline to sell any further Purchased Shares to the Purchaser.

 

	Provided
further that the Purchaser shall be entitled, in its sole discretion, to accelerate payment (and therefore common share vesting)
of any Incremental Payment, in whole or in part.

    	 	3	 

     

    

	The
Formal Agreement (as that term is hereinafter defined) will provide that it shall be a condition precedent to closing that the
Company will covenant and agree to deliver to the Purchaser, within sixty (60) calendar days of the Closing Date the financial
statements of the Company mandated by Regulation S-X (17 C.F.R. Part 210) audited by a PCAOB auditor (the “Financial
Statements”) so as to facilitate consolidation of such financial statements with those of the Purchaser. In the event
that the Financial Statements are not delivered to the Purchaser on or before the Delivery Date, the Purchaser shall be entitled,
in its sole discretion, to rescind the Transaction, in which event (i) the Milestone Payment and any Incremental Payments made
prior to such rescission will be forthwith due and repayable by the Company to the Purchaser, and (ii) the Company will transfer
and assign to the Purchaser an undivided twenty percent (20%) interest in any and all intellectual property of the Company as
at the date of this letter agreement together with any and intellectual property derived therefrom.

 

	The
Purchase Price will be utilized by the Company solely in accordance with a use of proceeds, budget, and timeline annexed to the
Formal Agreement. The Deposit shall be applied solely in support of the “soft” commercial launch of the Company product
Excellagenâ (the Company’s proprietary FDA-approved syringe-based flowable topical get that promotes the activation
of the healing process for the treatment of dermal wounds).

 

	On
the Closing Date, the Company will issue to the Purchaser an aggregate of 133,334 shares of its common stock in respect of the
Milestone Payment. The balance of the Purchased Shares will be issued to Purchaser incrementally as Incremental Payments are made
by the Purchaser.

 

	Conditions
Precedent to Closing. The closing of the Transaction will be subject to the satisfaction of the following conditions precedent
(in addition to any conditions precedent identified in the Formal Agreement (as that term is hereinafter defined)) (the “Conditions
Precedent”):

 

	The
parties shall have agreed upon the terms and conditions of a formal agreement in respect of the Transaction (the “Formal
Agreement”), which Formal Agreement shall memorialize the provisions of this letter agreement and include industry-standard
terms and conditions in respect of the Transaction. For greater certainty, the Formal Agreement will contain representations and
warranties customary to transactions like the Transaction, including, without limitation, representations and warranties by the
Company (i) as to the accuracy and completeness of the Company's internally generated financial statements, dated as of September
30, 2018, (ii) disclosure of all the Company's material contracts, commitments and liabilities, direct or contingent; (iii) the
physical condition, suitability, ownership and absence of liens, claims and other adverse interests with respect to the Company's
assets; (iv) issuance and status of the Purchased Shares; (e) the absence of liabilities with respect to the Company and liabilities
incurred in the ordinary course of business since the date of latest audited financial statements; (f) the absence of a material
adverse change in the condition (financial or otherwise), business, properties, assets or prospects of the Company; (g) the absence
of pending or threatened litigation, claims, investigations or other matters affecting the Transaction; (h) the Company's compliance
with laws and regulations applicable to its business and obtaining all licenses and permits required for its business; and (i)
the due incorporation, organization, valid existence, good standing and capitalization of the Company. The parties hereby covenant
and agree to diligently pursue good faith negotiation of the Formal Agreement.

    	 	4	 

     

    

 

	Each
of the Purchaser and the Company shall be satisfied, in its sole discretion, with the results of its due diligence investigations
in respect of the Transaction.

 

	The
holders of the Company’s Series A Preferred Stock (the “Preferred A Holders”) and the holders of the
Company’s common stock shall have executed and delivered to and in favor of the Company and the Purchaser any and all consents
to, and waivers in respect of, the Transaction as mandated the terms and conditions of (i) the Amended and Restated Certificate
of Incorporation of the Company (the “Certificate of Incorporation”), (ii) the August 29, 2018 Series A Convertible
Preferred Stock Purchase Agreement between the Company and the Preferred A Holders (the “Preferred A SPA”),
and (iii) the August 29, 2018 Investor Rights Agreement between the Company, the Preferred A Holders, and the holders of the Company’s
issued and outstanding common stock (the “Rights Agreement”), such consent to include, inter alia, (x)
consent to the composition of the Board (as that term is hereinafter defined), (y) consent to the issuance of the Purchased Shares
to the Purchaser, and (z) a waiver of the preemptive purchase rights set forth in the Rights Agreement.

 

	The
boards of directors of each of the Purchaser and the Company shall have approved the Transaction.

    	 	5	 

     

    

 

	Closing
Date. The closing date of the Transaction (the “Closing Date”) shall be the closing date specified in the
Formal Agreement; provided, however, that either party shall be entitled, in its sole discretion, to terminate this letter agreement
in the event that the Formal Agreement has not been executed and delivered by December 31, 2018. In the event that the Formal
Agreement has not been executed and delivered prior to the due date for payment of the First Incremental Payment , the Purchaser
shall nonetheless make the First Incremental Payment ($800,000.00) when due. In the event of the termination of this letter agreement
after payment of the First Incremental Payment (otherwise than by operation of the execution and delivery of the Formal Agreement),
at the Purchaser’s sole option, (x) the First Incremental Payment shall be repayable by the Company, without interest, within
180 days of the date of termination of this letter agreement (unless the First Incremental Payment is due and payable on an earlier
date pursuant to paragraph 2(f) of this letter agreement), or (y) in full and final satisfaction of the Company’s obligation
to repay the First Incremental Payment, the Company shall issue to the Purchaser that number of common shares in the capital of
the Company equal to 2% of the issued and outstanding equity securities in the capital of the Company (on a post-issuance basis)
calculated as at the date of this letter agreement.

 

	Board
Membership & Executive Management Participation. From and after the Closing Date and for so long as the Purchaser is the
registered and beneficial owner of not less than fifty-one percent (51%) of the issued and outstanding equity securities in the
capital of the Company, the size of the Company’s Board of Directors (the “Board”) shall be set at seven
(7) and shall be comprised of[1]:

 

	Anthony
Dolisi, Chairman of the Board, President & Chief Executive Officer of the Company;

 

	one
appointee of the Company;

 

	Joseph
Moscato, the President & Chief Executive Officer of the Purchaser;

 

	one
appointee of the Purchaser;

 

	one
appointee of the Preferred A Holders in accordance with the Investor Rights Agreement; and

 

	two
independent directors agreed upon by the Company and the Purchaser.[2]

[1]
The parties acknowledge that the composition
of the Board contemplated by this letter agreement will not meet the initial listing requirements for the Exchange Listing. In
order to achieve an Exchange Listing, a majority of the members of the Board will have to qualify as “independent.”

[2]
The parties acknowledge that it may be
necessary to amend the Amended and Restated Certificate of Incorporation of the Company in order to achieve the composition of
the Board contemplated by this letter agreement.

    	 	6	 

     

    

 

The
Company shall reimburse directors for reasonable expenses associated with travel in attending Board meetings. The Company shall
also tender a stipend or other remuneration to the two (2) independent directors, in such amount(s) as is customary in the industry.
The Company will maintain director and officer liability insurance with recognized carriers with coverage and in amounts satisfactory
to the Purchaser.

 

Upon
execution and delivery of this letter agreement, for throughout the currency of this letter agreement, Anthony Dolisi shall be
invited to attend each and every meeting of the board of directors of the Purchaser as an “observer”.

 

	Purchaser
Rights of First Refusal.

	The
Purchaser will have a right of first refusal, exercisable in its sole discretion, in respect of the provision of any requisite
funding (“R&D Funding”) for any research and development undertakings by the Company as designated and
approved by the Board (“R&D Undertakings”). If the Purchaser exercises such right of first refusal and
provides the R&D Funding, the Company and the Purchaser will each hold an undivided fifty percent (50%) interest in any and
all intellectual properties generated by the R&D Undertakings (and, by extension, the proceeds of any commercial exploitation
thereof).

 

	The
Purchaser will have a right of first refusal, exercisable in its sole direction, in respect of the provision to the Company of
any working capital required by the Company.

 

	Pre-Closing
Company Operation. Commencing on the date hereof and ending on the Escrow Release Date:

 

	Conduct
of Business. The Company shall: use its best efforts to preserve intact the Company’s business organization, its board
of directors, its employees and other business relationships; continue to operate in the ordinary course of its business and maintain
its books, records and accounts in accordance with generally accepted accounting principles, consistent with past practice; use
its reasonable best efforts to maintain the Company's current financial condition, including working capital levels; not incur
any indebtedness or enter into any agreements to make business or product line acquisitions; and, not declare or make any dividend
or stock distributions.

    	 	7	 

     

    

 

	Standstill.
The Company shall not enter into, nor continue any extant, negotiations for any merger or acquisition of the Company, any financing
that may result in a change of control of the Company, or the sale of all or substantially all of the Company’s assets without
providing written notification to Purchaser and procuring the Purchaser’s written consent to proceed. The Company acknowledges
that the Purchaser will incur significant expense in connection with its due diligence investigations of the Company and preparation
and negotiation of the Formal Agreement. As a result, upon execution of this letter agreement, the Company shall terminate any
extant discussions or negotiations with, and shall cease to provide information to or otherwise cooperate with, any party other
than the Purchaser and its representatives with respect to a Prospective Acquisition Transaction (as that term is hereinafter
defined. In addition, from and after the date hereof, neither the Company nor any of its shareholders, subsidiaries or affiliates,
or any of their respective officers, directors, employees, members, managers, representatives or agents, will directly or indirectly
encourage, solicit, initiate, have or continue any discussions or negotiations with or participate in any discussions or negotiations
with or provide any information to or otherwise cooperate in any other way with, or enter into any agreement, letter of intent
or agreement in principle with, or facilitate or encourage any effort or attempt by any corporation, partnership, company, person
or other entity or group (other than the Purchaser and its shareholders, subsidiaries or affiliates, or any of their respective
officers, directors, employees, members, managers, representatives or agents) concerning any merger, joint venture, recapitalization,
reorganization, sale of substantial assets, sale of any shares of capital stock, investment or similar transaction involving the
Company or any subsidiary or division of the Company (each, a "Prospective Acquisition Transaction"). The Company
shall notify the Purchaser promptly in writing of any inquiries, proposals or offers made by third parties to the Company or any
of its shareholders, subsidiaries or affiliates, or any of their respective officers, directors, employees, members, managers,
representatives or agents with respect to a Prospective Acquisition Transaction and furnish the Purchaser the terms thereof (including,
without limitation, the type of consideration offered and the identity of the third party). The Company shall deal exclusively
with the Purchaser with respect to any Prospective Acquisition Transaction.

 

	Post-Closing
Company Operations. On the Closing Date, the Purchaser and the Company will execute and deliver an operating agreement (the
“Operating Agreement”) in respect of the day-to-day management of the business, affairs, and operations of
the Company. The Operating Agreement will include the following terms:

 

    	 	8	 

     

    

 

	Until
the earlier of (i) the fourth anniversary of the Closing Date, and (ii) the effective date of an Exchange Listing (at that term
is hereinafter defined): (x) the Company’s extant management team (as such team may be modified from time to time by the
Board) will manage the day-to-day business, affairs, and operations of the Company in its sole discretion, subject to the supervisory
oversight of the Board; and (y) the Board will be populated with the individuals identified in the Formal Agreement, subject to
the Purchaser’s entitlement described in sub-paragraph (b) below and to the entitlement of the Board to fill vacancies in
accordance with the Company’s by-laws and applicable law.

 

	For
so long as the Purchaser holds not less than twenty percent (20%) of the issued and outstanding equity securities in the capital
of the Company, the Purchaser will be entitled to appoint one (1) individual to serve on the Board.

 

	For
so long as the Purchaser holds not less than twenty percent (20%) of the issued and outstanding equity securities in the capital
of the Company, the Purchaser will have standard-form: tag-along rights; preemptive securities purchase rights; and, standard
or customary anti-dilution protections.

 

	The
Company will have a standard-form drag-along right in respect of any securities in the capital of the Company of which the Purchaser
is the registered owner.

 

	The
Purchaser (or one or more affiliates of the Purchaser as designed by the Purchaser) will have an exclusive license to distribute
the Company’s products in the United States via the Purchaser’s direct-to-patient and management services organizations
at contracted prices equal to one percent (1%) above the applicable Federal Government Prices.

 

	Upon
the earliest of (a) the second anniversary of the Closing Date, and (ii) the date upon which audited financial statements disclose
Company EBITDA of not less than Ten Million Dollars ($10,000,000.00) for the 12-month period ending on the date of such financial
statements, it is understood and agreed that the Company shall have the absolute right to take itself public and list its common
shares of stock on a national stock exchange in the United States (an “Exchange Listing”). Should that occur,
the Company shall have the option to acquire the Purchased Shares from the Purchaser on the following terms and conditions:

 

	At
any time during the period commencing thirty (30) trading days after the effective date of the Exchange Listing and ending ninety
(90) trading days after such effective date, the Company, upon written notice to the Purchaser, may elect to purchase up to thirty-five
percent (35%) (leaving 16% remaining in the Company) of the Purchased Shares of which the Purchaser is the registered and beneficial
owner as at the date of receipt of such notice.

    	 	9	 

     

    

 

	The
per-share purchase price in respect of any Purchased Shares purchased by the Company pursuant to sub-paragraph (a) above will
be equal to the VWAP of the Company’s common shares for the thirty (30) trading days following the effective date of the
Exchange Listing. For purposes of this letter agreement, “VWAP” means, for any date, the daily volume weighted
average price for such date (or the nearest preceding date) of the relevant securities on the trading market where such securities
are then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9 a.m. New York City time to 4:02 p.m. New
York City time.

 

	Representations
& Warranties - Company. The Company represents and warrants to the Purchaser as follows, and confirms that the Purchaser
is relying upon the accuracy of each of such representations and warranties in connection with the purchase of the Purchased Shares
and the completion of the other transactions hereunder:

 

	On
the Closing Date, the Purchased Shares will constitute fifty-one percent (51%) of the issued and outstanding equity securities
in the capital of the Company on a fully-diluted basis.

 

	The
Company has good right, full corporate power and absolute authority to enter into this letter agreement and to sell the Purchased
Shares to the Purchaser in the manner contemplated hereby and to perform all of the Company’s obligations hereunder.

 

	Other
than as contemplated by the Certificate, the Preferred A SPA, and the Rights Agreement, no person (including any form of entity
or organization) has any agreement, option, understanding or commitment, or any right or privilege (whether by law, pre-emptive
or contractual) capable of becoming an agreement, option or commitment, including convertible securities, warrants or convertible
obligations of any nature, for, (i) the purchase, subscription, allotment or issuance of, or conversion into, any of the unissued
shares in the capital of the Company or any securities of the Company, or (ii) the purchase or other acquisition from the Company
of any of its undertaking, property or assets, other than in the ordinary course of the Company’s business.

    	 	10	 

     

    

 

	Representation
& Warranties – Purchaser. The Purchaser represents and warrants to the Company as follows, and confirms that the
Company is relying upon the accuracy of each of such representations and warranties in connection with the sale of the Purchased
Shares and the completion of the other transactions hereunder: The Purchaser has good right, full corporate power, and absolute
authority to enter into this letter agreement, to acquire the Purchased Shares from the Company in the manner contemplated hereby,
and to perform all of the Purchaser’s obligations hereunder.

 

	Confidentiality.
The parties acknowledge being bound by a reciprocal confidential disclosure agreement made as of the 13th day of September,
2018 (the “CDA”), the terms of which are incorporated hereby by reference.

 

	Disclosure.
The Company hereby acknowledges and accepts that, notwithstanding anything to the contrary set forth in the CDA, within four (4)
business days of the date of execution and delivery of this letter agreement, the Purchaser will be obligated by applicable federal
securities laws to file a Form 8-K Current Report with the U.S. Securities and Exchange Commission disclosing the existence, terms,
and conditions of this letter agreement. All press releases and other public announcements relating to this letter agreement or
the Transaction will be agreed upon by both parties acting reasonably.

 

	Expenses.
The parties will pay all of their respective expenses incidental to this letter agreement, the Formal Agreement, and the consummation
of the Transaction (and, for greater certainty, the fees and expenses associated with the requisite audit of the Company’s
financial statements will be borne by the Company). Each party hereby represents and warrants to the other that there are no brokerage
or finder’s fees that are or will be payable in respect of the Transaction.

 

	Governing
Law. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York without
regard to any conflict of laws principles.

 

 

Signature
Page to Follow

 

 

    	 	11	 

     

    

 

If
the foregoing correctly sets forth our mutual understanding and agreement, please so indicate by signing where indicated below
and returning a signed copy to the Purchaser.

 

	 	 	GENEREX
BIOTECHNOLOGY CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Joseph Moscato
	 	Title:	President & Chief Executive Officer
	 	 	 
	 	 	 
	 	 	OLAREGEN
THERAPEUTIX INC.
	 	 	 
	11/24/2018	By:	/s/ Anthony J. Dolisi
	 	Name:	Anthony J. Dolisi
	 	Title:	Chief Executive Officer and President
	 	 	 

 

    	 	12

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