Document:

Unassociated Document

    Exhibit
      4.33

     

    NEITHER
      THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
      TO
      SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
      COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE
      SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED
      BY SUCH SECURITIES.

     

    

     

    GENEREX
      BIOTECHNOLOGY CORPORATION

     

    WARRANT

     

    Date
      of
      Original Issuance: January 13, 2006

     

    GENEREX
      BIOTECHNOLOGY CORPORATION,
      a
      Delaware corporation (the "Company"),
      hereby
      certifies that, for value received, Zapfe Holdings Inc. or its registered
      assigns (the "Holder"),
      is
      entitled to purchase from the Company up to a total of 102,232 shares of common
      stock, par value $0.001 per share (the "Common
      Stock"),
      of the
      Company (each such share, a "Warrant
      Share"
      and all
      such shares, the "Warrant
      Shares")
      at an
      exercise price equal to $1.25 per share (as adjusted from time to time as
      provided in Section 9, the "Exercise
      Price"),
      at any
      time and from time to time from and after the date hereof and through and
      including January 13, 2011 (the "Expiration
      Date"),
      and
      subject to the following terms and conditions:

     

    1. Definitions.
      In
      addition to the terms defined elsewhere in this Warrant, capitalized terms
      that
      are not otherwise defined herein shall have the meanings given to such terms
      in
      the Securities Purchase Agreement of even date herewith to which the Company
      and
      the original Holder are parties (the "Purchase
      Agreement").

     

    2. Registration
      of Warrant.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the "Warrant
      Register"),
      in the
      name of the record Holder hereof from time to time. The Company may deem and
      treat the registered Holder of this Warrant as the absolute owner hereof for
      the
      purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    3. Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a "New
      Warrant"),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant. 

     

    4. Exercise
      and Duration of Warrants.
      Subject
      to the terms and conditions hereof, this Warrant shall be exercisable by the
      registered Holder at any time and from time to time on or after the date hereof
      to and including the Expiration Date. At 6:30 p.m., New York City time on the
      Expiration Date, the portion of this Warrant not exercised prior thereto shall
      be and become void and of no value, provided,
      that if
      the closing sales price of the Common Stock on the Expiration Date is greater
      than 102% of the Exercise Price on the Expiration Date, then this Warrant shall
      be deemed to have been exercised in full (to the extent not previously
      exercised) on a “cashless exercise” basis at 6:30 P.M. New York City time on the
      Expiration Date. The Company may not call or redeem any portion of this Warrant
      without the prior written consent of the Holder.

     

    5. Delivery
      of Warrant Shares.

     

    (a) To
      effect
      exercises hereunder, the Holder shall not be required to physically surrender
      this Warrant unless the aggregate Warrant Shares represented by this Warrant
      is
      being exercised. Upon delivery of a written notice, in the form of the Exercise
      Notice attached hereto (the “Exercise
      Notice”)
      to the
      Company (together with the Warrant Shares Exercise Log attached thereto (the
      “Warrant Shares Exercise Log”) at its address for notice set forth herein and
      upon payment of the Exercise Price multiplied by the number of Warrant Shares
      that the Holder intends to purchase hereunder, the Company shall promptly (but
      in no event later than three Trading Days after the Date of Exercise (as defined
      herein)) issue and deliver to the Holder, a certificate for the Warrant Shares
      issuable upon such exercise, which, unless otherwise required by the Purchase
      Agreement, shall be free of restrictive legends. The Company shall, upon request
      of the Holder and subsequent to the date on which a registration statement
      covering the resale of the Warrant Shares has been declared effective by the
      Securities and Exchange Commission, use commercially reasonable efforts to
      deliver Warrant Shares hereunder electronically through the Depository Trust
      Corporation or another established clearing corporation performing similar
      functions, if available, provided, that, the Company may, but will not be
      required to change its transfer agent if its current transfer agent cannot
      deliver Warrant Shares electronically through the Depository Trust Corporation.
      A "Date
      of Exercise"
      means
      the date on which the Holder shall have delivered to Company: (i) the Exercise
      Notice (with the Warrant Exercise Log attached to it), appropriately completed
      and duly signed and (ii) if such Holder is not utilizing the cashless exercise
      provisions set forth in this Warrant, payment of the Exercise Price for the
      number of Warrant Shares so indicated by the Holder to be
      purchased.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

     

    (b) If
      by the
      third Trading Day after a Date of Exercise the Company fails to deliver the
      required number of Warrant Shares in the manner required pursuant to Section
      5(a), then the Holder will have the right to rescind such exercise.

     

    (c) If
      by the
      third Trading Day after a Date of Exercise the Company fails to deliver the
      required number of Warrant Shares in the manner required pursuant to Section
      5(a), and if after such third Trading Day and prior to the receipt of such
      Warrant Shares, the Holder purchases (in an open market transaction or
      otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a "Buy-In"),
      then
      the Company 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 Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue by (B) the
      closing bid price of the Common Stock at the time of the obligation giving
      rise
      to such purchase obligation and (2) at the option of the Holder, either
      reinstate the portion of the Warrant and equivalent number of Warrant Shares
      for
      which such exercise was not honored or deliver to the Holder the number of
      shares of Common Stock that would have been issued had the Company timely
      complied with its exercise and delivery obligations hereunder. The Holder shall
      provide the Company written notice indicating the amounts payable to the Holder
      in respect of the Buy-In.

     

    (d) Provided
      that the Holder has satisfied its obligations hereunder, the Company's
      obligations to issue and deliver Warrant Shares in accordance with the terms
      hereof are absolute and unconditional, irrespective of any action or inaction
      by
      the Holder to enforce the same, any waiver or consent with respect to any
      provision hereof, the recovery of any judgment against any Person or any action
      to enforce the same, or any setoff, counterclaim, recoupment, limitation or
      termination, or any violation or alleged violation of law by the Holder or
      any
      other Person, and irrespective of any other circumstance which might otherwise
      limit such obligation of the Company to the Holder in connection with the
      issuance of Warrant Shares. 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 Company's failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the Warrant
      as
      required pursuant to the terms hereof.

     

    6. Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; provided, however, that the Company
      shall
      not be required to pay any tax which may be payable in respect of any transfer
      involved in the registration of any certificates for Warrant Shares or Warrants
      in a name other than that of the Holder. The Holder shall be responsible for
      all
      other tax liability that may arise as a result of holding or transferring this
      Warrant or receiving Warrant Shares upon exercise hereof.

     

    
      
         

      

      
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    7. Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity (which shall not
      include a surety bond), if requested. Applicants for a New Warrant under such
      circumstances shall also comply with such other reasonable regulations and
      procedures and pay such other reasonable third-party costs as the Company may
      prescribe. If a New Warrant is requested as a result of a mutilation of this
      Warrant, then the Holder shall deliver such mutilated Warrant to the Company
      as
      a condition precedent to the Company’s obligation to issue the New
      Warrant.

     

    8. Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      9).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable.

     

    9. Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      9.

     

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be adjusted to equal the product
      obtained by multiplying the Exercise Price by a fraction the numerator of which
      shall be the number of shares of Common Stock outstanding immediately before
      such event and the denominator of which shall be the number of shares of Common
      Stock outstanding immediately after such event. Any adjustment made pursuant
      to
      clause (i) of this paragraph shall become effective immediately after the record
      date for the determination of stockholders entitled to receive such dividend
      or
      distribution, and any adjustment pursuant to clause (ii) or (iii) of this
      paragraph shall become effective immediately after the effective date of such
      subdivision or combination. If any event requiring an adjustment under this
      paragraph occurs during the period that an Exercise Price is calculated
      hereunder, then the calculation of such Exercise Price shall be adjusted
      appropriately to reflect such event.

     

    
      
         

      

      
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    (b) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding, (1) the Company effects any merger
      or consolidation of the Company with or into another Person, (2) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (3) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (4) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (in any such case, a "Fundamental
      Transaction"),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the "Alternate
      Consideration").
      For
      purposes of any such exercise, the determination of the Exercise Price shall
      be
      appropriately adjusted to apply to such Alternate Consideration based on the
      amount of Alternate Consideration issuable in respect of one share of Common
      Stock in such Fundamental Transaction, and the Company shall apportion the
      Exercise Price among the Alternate Consideration in a reasonable manner
      reflecting the relative value of any different components of the Alternate
      Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction, then
      the Holder shall be given the same choice as to the Alternate Consideration
      it
      receives upon any exercise of this Warrant following such Fundamental
      Transaction. At the Holder's option and request, any successor to the Company
      or
      surviving entity in such Fundamental Transaction shall, either (1) issue to
      the
      Holder a new warrant substantially in the form of this Warrant and consistent
      with the foregoing provisions and evidencing the Holder's right to purchase
      the
      Alternate Consideration for the aggregate Exercise Price upon exercise thereof,
      or (2) purchase the Warrant from the Holder for a purchase price, payable in
      cash within five Trading Days after such request (or, if later, on the effective
      date of the Fundamental Transaction), equal to the Black Scholes value of the
      remaining unexercised portion of this Warrant on the date of such request.
      The
      terms of any agreement pursuant to which a Fundamental Transaction is effected
      shall include terms requiring any such successor or surviving entity to comply
      with the provisions of this paragraph (c) and insuring that the Warrant (or
      any
      such replacement security) will be similarly adjusted upon any subsequent
      transaction analogous to a Fundamental Transaction.

     

    (c) Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to paragraph
      (a) of this Section, the number of Warrant Shares that may be purchased upon
      exercise of this Warrant shall be increased or decreased proportionately, so
      that after such adjustment the aggregate Exercise Price payable hereunder for
      the adjusted number of Warrant Shares shall be the same as the aggregate
      Exercise Price in effect immediately prior to such adjustment.

     

    (d) Calculations.
      All
      calculations under this Section
      9
      shall be
      made to the nearest cent or the nearest 1/100th
      of a
      share, as applicable. The number of shares of Common Stock outstanding at any
      given time shall not include shares owned or held by or for the account of
      the
      Company, and the disposition of any such shares shall be considered an issue
      or
      sale of Common Stock.

     

    (e) Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      9,
      the
      Company at its expense will promptly compute such adjustment in accordance
      with
      the terms of this Warrant and prepare a certificate setting forth such
      adjustment, including a statement of the adjusted Exercise Price and adjusted
      number or type of Warrant Shares or other securities issuable upon exercise
      of
      this Warrant (as applicable), describing the transactions giving rise to such
      adjustments and showing in detail the facts upon which such adjustment is based.
      Upon written request, the Company will promptly deliver a copy of each such
      certificate to the Holder and to the Company's Transfer Agent.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    

     

    (f) Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such
      transaction, at least 20 calendar days prior to the applicable record or
      effective date on which a Person would need to hold Common Stock in order to
      participate in or vote with respect to such transaction, and the Company will
      take all steps reasonably necessary in order to insure that the Holder is given
      the practical opportunity to exercise this Warrant prior to such time so as
      to
      participate in or vote with respect to such transaction; provided, however,
      that
      the failure to deliver such notice or any defect therein shall not affect the
      validity of the corporate action required to be described in such
      notice.

     

    10. Payment
      of Exercise Price.
      The
      Holder may pay the Exercise Price in one of the following manners:

     

    (a) Cash
      Exercise.
      The
      Holder may deliver immediately available funds; or

     

    (b) Cashless
      Exercise.
      If an
      Exercise Notice is delivered: (i) prior to the first year anniversary of this
      Warrant and a registration statement permitting the Holder to resell the Warrant
      Shares is not then effective or the prospectus forming a part thereof is not
      then available to the Holder for the resale of the Warrant Shares or (ii) after
      the first year anniversary of this Warrant, then the Holder may notify the
      Company in an Exercise Notice of its election to utilize cashless exercise,
      in
      which event the Company shall issue to the Holder the number of Warrant Shares
      determined as follows:

     

    X
      = Y
      [(A-B)/A]

     

    where:

     

    X
      = the
      number of Warrant Shares to be issued to the Holder.

     

    Y
      = the
      number of Warrant Shares with respect to which this Warrant is being
      exercised.

     

    A
      = the
      average of the closing prices for the five Trading Days immediately prior to
      (but not including) the Exercise Date.

     

    B
      = the
      Exercise Price.

     

    
      
         

      

      
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    For
      purposes of Rule 144 promulgated under the Securities Act, it is intended,
      understood and acknowledged that the Warrant Shares issued in a cashless
      exercise transaction shall be deemed to have been acquired by the Holder, and
      the holding period for the Warrant Shares shall be deemed to have commenced,
      on
      the date this Warrant was originally issued.

     

    11. Limitations
      on Exercise.
      Notwithstanding anything to the contrary contained herein, the number of shares
      of Common Stock that may be acquired by the Holder upon any exercise of this
      Warrant (or otherwise in respect hereof) shall be limited to the extent
      necessary to insure that, following such exercise (or other issuance), the
      total
      number of shares of Common Stock then beneficially owned by such Holder and
      its
      Affiliates and any other Persons whose beneficial ownership of Common Stock
      would be aggregated with the Holder's for purposes of Section 13(d) of the
      Exchange Act, does not exceed 9.999% of the total number of issued and
      outstanding shares of Common Stock (including for such purpose the shares of
      Common Stock issuable upon such exercise). For such purposes, beneficial
      ownership shall be determined in accordance with Section 13(d) of the Exchange
      Act and the rules and regulations promulgated thereunder. This provision shall
      not restrict the number of shares of Common Stock which a Holder may receive
      or
      beneficially own in order to determine the amount of securities or other
      consideration that such Holder may receive in the event of a Fundamental
      Transaction as contemplated in Section 9 of this Warrant. This restriction
      may
      not be waived.

     

    12. No
      Fractional Shares.
      No
      fractional shares of Warrant Shares will be issued in connection with any
      exercise of this Warrant. In lieu of any fractional shares which would,
      otherwise be issuable, the Company shall pay cash equal to the product of such
      fraction multiplied by the closing price of one Warrant Share as reported by
      the
      applicable Trading Market on the date of exercise.

     

    13. Notices.
      Any and
      all notices or other communications or deliveries hereunder (including, without
      limitation, any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 6:30 p.m. (New York City time)
      on
      any Trading Day, (iii) the Trading Day following the date of mailing, if sent
      by
      nationally recognized overnight courier service, or (iv) upon actual receipt
      by
      the party to whom such notice is required to be given. The addresses for such
      communications shall be: 

     

    
      	
              If
                to the Company:

            	
              Generex
                Biotechnology Corporation

              33
                Harbour Square, Suite 202

              Toronto,
                Ontario

              Canada
                M5J
                2G2

              Attention:
                Anna E. Gluskin

              Facsimile:
                (416) 364-9363

            
	
              With
                a copy to:

            	
              Eckert
                Seamans Cherin & Mellott, LLC

              1515
                Market Street, 9th
                Floor

              Philadelphia,
                PA 19102

              Attention:
                Gary A. Miller, Esquire

              Facsimile:
                (215) 851-8383

            

    

    

    
      
         

      

      
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              If
                to the Holder:

            	
              To
                the address or facsimile number appearing on the Warrant Register
                or such
                other address or facsimile number as the Holder may provide to the
                Company
                in accordance with this Section.

            

    

    

    14. Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 30 days' notice
      to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or shareholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the Holder's last address as shown on the Warrant
      Register.

     

    15. Miscellaneous.

     

    (a) This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and assigns. Subject to the preceding sentence,
      nothing in this Warrant shall be construed to give to any Person other than
      the
      Company and the Holder any legal or equitable right, remedy or cause of action
      under this Warrant. This Warrant may be amended only in writing signed by the
      Company and the Holder and their successors and assigns.

     

    (b) All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant 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 this
      Warrant and the transactions herein contemplated (“Proceedings”)
      (whether brought against a party hereto or its respective Affiliates, employees
      or agents) shall be commenced exclusively in the state and federal courts
      sitting in the City of New York, Borough of Manhattan (the “New
      York Courts”).
      Each
      party hereto hereby irrevocably submits to the exclusive jurisdiction of the
      New
      York Courts for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein, and
      hereby irrevocably waives, and agrees not to assert in any Proceeding, any
      claim
      that it is not personally subject to the jurisdiction of any New York Court,
      or
      that such Proceeding has been commenced in an improper or inconvenient forum.
      Each party hereto hereby irrevocably waives personal service of process and
      consents to process being served in any such Proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to such party at the address in effect for notices to it under this
      Warrant and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      Each party hereto hereby irrevocably waives, to the fullest extent permitted
      by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Warrant or the transactions contemplated
      hereby. If either party shall commence a Proceeding to enforce any provisions
      of
      this Warrant, then the prevailing party in such Proceeding shall be reimbursed
      by the other party for its attorney’s fees and other costs and expenses incurred
      with the investigation, preparation and prosecution of such
      Proceeding.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    

     

    (c) The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    (d) In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

     

    SIGNATURE
      PAGE FOLLOWS]

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      authorized officer as of the date first indicated above.

     

    
      	 	
              GENEREX
                BIOTECHNOLOGY CORPORATION

               

               

            
	 	
              By:/s/
                Rose C. Perri

            
	 	
              Name: Rose
                C. Perri [document reviewer]

            
	 	
              Title: Chief
                Financial Officer

            
	 	 
	 	 
	 	
              By: /s/
                Mark A. Fletcher   

            
	 	
              
                Name: Mark
                  A. Fletcher [document preparer]
Title: Executive
                Vice-President, General Counsel

            

    

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    GENEREX
      BIOTECHNOLOGY CORPORATION

    WARRANT
      ORIGINALLY ISSUED JANUARY 13, 2006

    

    EXERCISE
      NOTICE

    

     

    To
      GENEREX
      BIOTECHNOLOGY CORPORATION:

     

    The
      undersigned hereby irrevocably elects to purchase _____________ shares of Common
      Stock pursuant to the above captioned Warrant, and, if such Holder is not
      utilizing the cashless exercise provisions set forth in the Warrant, encloses
      herewith $________ in cash, certified or official bank check or checks or other
      immediately available funds, which sum represents the aggregate Exercise Price
      (as defined in the Warrant) for the number of shares of Common Stock to which
      this Exercise Notice relates, together with any applicable taxes payable by
      the
      undersigned pursuant to the Warrant.

     

    By
      its
      delivery of this Exercise Notice, the undersigned represents and warrants to
      the
      Company that in giving effect to the exercise evidenced hereby the Holder will
      not beneficially own in excess of the number of shares of Common Stock
      (determined in accordance with Section 13(d) of the Securities Exchange Act
      of
      1934) permitted to be owned under Section 11 of this Warrant to which this
      notice relates.

     

    The
      undersigned requests that certificates for the shares of Common Stock issuable
      upon this exercise be issued in the name of

     

     

    PLEASE
      INSERT SOCIAL SECURITY OR

    TAX
      IDENTIFICATION NUMBER

     

    (Please
      print name and address)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Warrant
      Shares Exercise Log

     

    
      	
              Date

            	
              Number
                of Warrant Shares Available to be Exercised

            	
              Number
                of Warrant Shares Exercised

            	
              Number
                of Warrant Shares Remaining to be Exercised

            
	
               

               

               

               

               

               

               

               

               

               

               

               

               

               

            	 	 	 

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    GENEREX
      BIOTECHNOLOGY CORPORATION

    WARRANT
      ORIGINALLY ISSUED JANUARY 13, 2006

    

    FORM
      OF
      ASSIGNMENT

    

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the above-captioned
      Warrant to purchase ____________ shares of Common Stock to which such Warrant
      relates and appoints ________________ attorney to transfer said right on the
      books of the Company with full power of substitution in the
      premises.

     

    Dated: _______________,
      ____

     

    
      	 	
              _______________________________________

            
	 	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

               

               

            
	 	
              ____________________________________

            
	 	
              Address
                of Transferee

               

               

            
	 	
              ____________________________________

            
	 	
              ____________________________________

            
	
              In
                the presence of:

            	 
	
              __________________________Unassociated Document

    Exhibit
      4.34

    

    WARRANT

    

    

    THE
      SECURITIES REPRESENTED BY THIS WARRANT AND SECURITIES ISSUABLE UPON EXERCISE
      OF
      THIS WARRANT HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”),
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE
      SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
      BE
      OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND
      APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL IN FORM REASONABLY
      ACCEPTABLE TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
      ACT. ANY SUCH OFFER, SALE, ASSIGNMENT OR TRANSFER MUST ALSO COMPLY WITH THE
      APPLICABLE STATE SECURITIES LAWS.

    

    

    Generex
      Biotechnology Corporation

    Warrant
      To Purchase Common Stock

    

    Number
      of Shares: ________

    Date
      of Original Issuance: April 17, 2006

    

    Generex
      Biotechnology Corporation, a Delaware corporation (the “Company”),
      hereby certifies that, for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, [name],
      the
      registered holder hereof or his permitted assigns, is entitled, subject to
      the
      terms set forth below, to purchase from the Company upon surrender of this
      Warrant, at any time or times on or after the date hereof, but not after 11:59
      P.M. Eastern Time on the Expiration Date (as defined herein) [number]
      (####)
      fully
      paid nonassessable shares of Common Stock (as defined herein) of the Company
      (the “Warrant
      Shares”)
      at the
      purchase price per share provided in Section 1(b) below.

    

    Section
      1.

    

    (a) Resolution.
      This
      Warrant is issued pursuant to the unanimous resolution of the Board of Directors
      of the Company passed on April 17, 2006.. 

    

    (b) Definitions.
      The
      following words and terms as used in this Warrant shall have the following
      meanings:

    

    (i) “Common
      Stock”
means
      (i) the Company’s common stock, $.001 par value per share, and
      (ii) any capital stock into which such Common Stock shall have been changed
      or any capital stock resulting from a reclassification of such Common
      Stock.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    

    (ii) “Convertible
      Securities”
means
      any stock or securities (other than Options) directly or indirectly convertible
      into or exchangeable for Common Stock.

    

    (iii) “Expiration
      Date”
means
      April
      16, 2011.

    

    (iv) “Options”
means
      any rights, warrants, or options to subscribe for or purchase Common Stock
      or
      Convertible Securities. 

    

    (v) “Person”
means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization and a government or any
      department or agency thereof.

    

    (vi) “Principal
      Market”
means
      the NASDAQ National Market or the NASDAQ Capital Market.

    

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

    

    (viii) “Trading
      Day”
means
      a
      day on which the Common Stock is traded on a Principal Market. 

    

    (ix) “VWAP”
means,
      for any date, the price determined by the first of the following clauses that
      applies: (a) if the Common Stock is then listed or quoted on a Principal Market,
      the daily volume weighted average price of the Common Stock for such date (or
      the nearest preceding date) on the Principal Market on which the Common Stock
      is
      then listed or quoted 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); (b) if
      the
      Common Stock is not then listed or quoted on a Principal Market and if prices
      for the Common Stock are then quoted on the OTC Bulletin Board, the volume
      weighted average price of the Common Stock for such date (or the nearest
      preceding date) on the OTC Bulletin Board; (c) 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 (d)
      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 Company. 

    

    (x) “Warrant”
means
      this Warrant and all Warrants issued in exchange, transfer or replacement of
      any
      thereof.

    

    (xi) “Warrant
      Exercise Price”
shall
      be $2.66
      per
      Common Share, subject to adjustment as hereinafter provided.

    
      
         

      

      
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    Section
      2. Exercise
      of Warrant.

    

    (a) Subject
      to the terms and conditions hereof, this Warrant may be exercised by the holder
      hereof then registered on the books of the Company, in whole or in part, at
      any
      time on any business day on or after the opening of business on the date hereof
      and prior to 11:59 P.M. Eastern Time on the Expiration Date by (i) delivery
      of a written notice, in the form of the subscription notice attached as
Exhibit
      A
      hereto
      (the “Exercise
      Notice”),
      of
      such holder’s election to exercise this Warrant, which notice shall specify the
      number of Warrant Shares to be purchased, (ii) except as otherwise provided
      in
      Section 2(d), payment to the Company of an amount equal to the Warrant Exercise
      Price multiplied by the number of Warrant Shares as to which this Warrant is
      being exercised (plus any applicable issue or transfer taxes) (the “Aggregate
      Exercise Price”)
      in
      cash or by check or wire transfer, and (iii) the surrender to a common
      carrier for delivery to the Company as soon as practicable following such date,
      this Warrant (or an indemnification undertaking with respect to this Warrant
      in
      the case of its loss, theft or destruction); provided, that if such Warrant
      Shares are to be issued in any name other than that of the registered holder
      of
      this Warrant, such issuance shall be deemed a transfer and the provisions of
      Section 7 shall be applicable. In the event of any exercise of the rights
      represented by this Warrant in compliance with this Section 2(a), a certificate
      or certificates for the Warrant Shares so purchased, in such denominations
      as
      may be requested by the holder hereof and registered in the name of, or as
      directed by, the holder, shall be issued as soon as practicable, and in no
      event
      later than three (3) business days after the Company’s receipt of the Exercise
      Notice, the Aggregate Exercise Price, which shall not be required for a Cashless
      Exercise (as defined in Section 2(d)), and this Warrant (or an indemnification
      undertaking with respect to this Warrant in the case of its loss, theft or
      destruction), and deliver the same at the Company’s expense to, or as directed
      by, such holder. Upon delivery of the Exercise Notice and Aggregate Exercise
      Price referred to in clause (ii) above, which shall not be required for a
      Cashless Exercise, the holder of this Warrant shall be deemed for all corporate
      purposes to have become the holder of record of the Warrant Shares with respect
      to which this Warrant has been exercised, irrespective of the date of delivery
      of this Warrant as required by clause (iii) above or the certificates evidencing
      such Warrant Shares. In the case of a dispute as to the determination of the
      Warrant Exercise Price, the Company shall promptly issue to the holder the
      number of shares of Common Stock that is not disputed and shall submit the
      disputed determinations or arithmetic calculations to the holder via facsimile
      within three (3) business days of receipt of the holder’s subscription
      notice.

    

    (b) Unless
      the rights represented by this Warrant shall have expired or shall have been
      fully exercised, the Company shall, as soon as practicable and in no event
      later
      than three (3) business days after any exercise and at its own expense, issue
      a
      new Warrant identical in all respects to this Warrant exercised except it shall
      represent rights to purchase the number of Warrant Shares purchasable
      immediately prior to such exercise under this Warrant exercised, less the number
      of Warrant Shares with respect to which such Warrant is exercised.

    

    (c) Notwithstanding
      anything in this Warrant to the contrary, in no event shall the holder of this
      Warrant be entitled to exercise a number of Warrant Shares (or portions thereof)
      in excess of the number of Warrant Shares (or portions thereof) upon exercise
      of
      which the sum of (i) the number of Warrant Shares beneficially owned by the
      holder and its affiliates (other than Warrant Shares which may be deemed
      beneficially owned through the ownership of the unexercised Warrants and the
      unexercised or unconverted portion of any other securities of the Company with
      limitations similar to this paragraph (c)) and (ii) the number of Warrant Shares
      issuable upon exercise of the Warrants (or portions thereof) with respect to
      which the determination described herein is being made, would result in
      beneficial ownership by the holder and its affiliates of more than 9.9% of
      the
      outstanding shares of Company common stock. For purposes of the immediately
      preceding sentence, beneficial ownership shall be determined in accordance
      with
      Regulation 13D-G of the Securities Exchange Act of 1934, as amended, except
      as
      otherwise provided in clause (i) of the preceding sentence.

    
      
         

      

      
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    (d) If
      at any
      time after one year from the date of issuance of this Warrant there is no
      effective registration statement on Form S-3 registering the resale of the
      Warrant Shares by the holder, then this Warrant may also be exercised at such
      time by means of a “Cashless
      Exercise”
in
      which the holder shall be entitled to receive a certificate for the number
      of
      Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
      where: 

    

    (A)
      = the
      VWAP on the Trading Day immediately preceding the date of such election;

    

    (B)
      = the
      Warrant Exercise Price of this Warrant, as adjusted; and 

    

    (X)
      = the
      number of Warrant Shares issuable upon exercise of this Warrant in accordance
      with the terms of this Warrant by means of a cash exercise rather than a
      cashless exercise. 

    

    Section
      3. Representations
      and Covenants as to Common Stock.
      The
      Company hereby represents and covenants as follows:

    

    (a) This
      Warrant is, and any Warrant issued in substitution for or replacement of this
      Warrant will upon issuance be, duly authorized and validly issued.

    

    (b) All
      Warrant Shares which may be issued upon the exercise of the rights represented
      by this Warrant will, upon issuance, be validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges with respect to the
      issue thereof.

    

    (c) During
      the period within which the rights represented by this Warrant may be exercised,
      the Company will at all times have authorized and reserved at least 100% of
      the
      number of shares of Common Stock needed to provide for the exercise of the
      rights then represented by this Warrant and the par value of said shares will
      at
      all times be less than or equal to the applicable Warrant Exercise
      Price.

    

    (d) The
      Company shall promptly secure the listing of the shares of Common Stock issuable
      upon exercise of this Warrant upon each national securities exchange or
      automated quotation system, if any, upon which shares of Common Stock are then
      listed (subject to official notice of issuance upon exercise of this Warrant)
      and shall maintain, so long as any other shares of Common Stock shall be so
      listed, such listing of all shares of Common Stock from time to time issuable
      upon the exercise of this Warrant; and the Company shall so list on each
      national securities exchange or automated quotation system, as the case may
      be,
      and shall maintain such listing of, any other shares of capital stock of the
      Company issuable upon the exercise of this Warrant if and so long as any shares
      of the same class shall be listed on such national securities exchange or
      automated quotation system.

    
      
         

      

      
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    (e) The
      Company will not, by amendment of its Certificate 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 by it hereunder, but will at all times in good faith assist in the
      carrying out of all the provisions of this Warrant and in the taking of all
      such
      action as may reasonably be requested by the holder of this Warrant in order
      to
      protect the exercise privilege of the holder of this Warrant against dilution
      or
      other impairment, consistent with the tenor and purpose of this Warrant will
      take all such actions as may be necessary or appropriate in order that the
      Company may validly and legally issue fully paid and nonassessable shares of
      Common Stock upon the exercise of this Warrant.

    

    (f) This
      Warrant will be binding upon any entity succeeding to the Company by merger,
      consolidation or acquisition of all or substantially all of the Company’s
      assets.

    

    Section
      4. Taxes.
      The
      Company shall pay any and all taxes which may be payable with respect to the
      issuance and delivery of Warrant Shares upon exercise of this
      Warrant.

    

    Section
      5. Warrant
      Holder Not Deemed a Stockholder.
      Except
      as otherwise specifically provided herein, no holder, as such, of this Warrant
      shall be entitled to vote or receive dividends or be deemed the holder of shares
      of the Company for any purpose, nor shall anything contained in this Warrant
      be
      construed to confer upon the holder hereof, as such, any of the rights of a
      stockholder of the Company or any right to vote, give or withhold consent to
      any
      corporate action (whether any reorganization, issue of stock, reclassification
      of stock, consolidation, merger, conveyance or otherwise), receive notice of
      meetings, receive dividends or subscription rights, or otherwise, prior to
      the
      issuance to the holder of this Warrant of the Warrant Shares which he or she
      is
      then entitled to receive upon the due exercise of this Warrant. In addition,
      nothing contained in this Warrant shall be construed as imposing any liabilities
      on such holder to purchase any securities (upon exercise of this Warrant or
      otherwise) or as a stockholder of the Company, whether such liabilities are
      asserted by the Company or by creditors of the Company. Notwithstanding this
      Section 5, the Company will provide the holder of this Warrant with copies
      of
      the same notices and other information given to the stockholders of the Company
      generally, contemporaneously with the giving thereof to the
      stockholders.

    

    Section
      6. Representations
      of Holder. The
      holder of this Warrant, by the acceptance hereof, represents that he is
      acquiring this Warrant and the Warrant Shares for his own account for investment
      only and not with a view towards, or for resale in connection with, the public
      sale or distribution of this Warrant or the Warrant Shares, except pursuant
      to
      sales registered or exempted under the Securities Act; provided, however, that
      by making the representations herein, the holder does not agree to hold this
      Warrant or any of the Warrant Shares for any minimum or other specific term
      and
      reserves the right to dispose of this Warrant and the Warrant Shares at any
      time
      in accordance with or pursuant to a registration statement or an exemption
      under
      the Securities Act. The holder of this Warrant further represents, by acceptance
      hereof, that, as of this date, such holder is an “accredited investor” as such
      term is defined in Rule 501(a)(1) of Regulation D promulgated by the
      Securities and Exchange Commission under the Securities Act (an “Accredited
      Investor”).

    

    Section
      7. Ownership
      and Transfer.

    

    (a) The
      Company shall maintain at its principal executive offices (or such other office
      or agency of the Company as it may designate by notice to the holder hereof),
      a
      register for this Warrant, in which the Company shall record the name and
      address of the person in whose name this Warrant has been issued, as well as
      the
      name and address of each transferee. The Company may treat the person in whose
      name any Warrant is registered on the register as the owner and holder thereof
      for all purposes, notwithstanding any notice to the contrary, but in all events
      recognizing any transfers made in accordance with the terms of this
      Warrant.

    
      
         

      

      
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    (b) This
      Warrant and the rights granted to the holder hereof are transferable, in whole
      or in part, upon surrender of this Warrant, together with a properly executed
      warrant power in the form of Exhibit
      B
      attached
      hereto; provided, however, that any transfer or assignment shall be subject
      to
      the conditions set forth in Section 7(c) below.

    

    (c) The
      holder of this Warrant understands that this Warrant has not been and is not
      expected to be, registered under the Securities Act or any state securities
      laws, and may not be offered for sale, sold, assigned or transferred unless
      (i) subsequently registered thereunder, or (ii) the transferee is an
      affiliated entity that is an Accredited Investor, or (iii) such holder
      shall have delivered to the Company an opinion of counsel, in generally
      acceptable form, to the effect that the securities to be sold, assigned or
      transferred may be sold, assigned or transferred pursuant to Regulation S under
      the Securities Act or to an exemption from such registration; provided that
      (A) any sale of such securities made in reliance on Rule 144 promulgated
      under the Securities Act may be made only in accordance with the terms of said
      Rule and further, if said Rule is not applicable, any resale of such securities
      under circumstances in which the seller (or the person through whom the sale
      is
      made) may be deemed to be an underwriter (as that term is defined in the
      Securities Act) may require compliance with some other exemption under the
      Securities Act or the rules and regulations of the Securities and Exchange
      Commission thereunder; and (B) neither the Company nor any other person is
      under any obligation to register the Warrants under the Securities Act or any
      state securities laws or to comply with the terms and conditions of any
      exemption thereunder.

    

    (d) The
      initial holder of this Warrant is entitled to certain piggyback registration
      rights in respect of the Warrant Shares such that the Warrant Shares shall
      be
      included on the next registration statement on Form S-3 that the Company files
      after the date hereof to register shares of Common Stock under the Securities
      Act, other than any registration statement that the Company files to register
      shares of Common Stock issuable pursuant to any employee benefit plan.

    

    Section
      8. Adjustment
      of Warrant Exercise Price and Number of Shares.
      The
      Warrant Exercise Price and the number of shares of Common Stock issuable upon
      exercise of this Warrant shall be adjusted from time to time as
      follows:

    

    (a) Adjustment
      of Warrant Exercise Price upon Subdivision or Combination of Common
      Stock.
      If the
      Company at any time after the date of issuance of this Warrant subdivides (by
      any stock split, stock dividend, recapitalization or otherwise) one or more
      classes of its outstanding shares of Common Stock into a greater number of
      shares, the Warrant Exercise Price in effect immediately prior to such
      subdivision will be proportionately reduced and the number of shares of Common
      Stock obtainable upon exercise of this Warrant will be proportionately
      increased. If the Company at any time after the date of issuance of this Warrant
      combines (by combination, reverse stock split or otherwise) one or more classes
      of its outstanding shares of Common Stock into a smaller number of shares,
      the
      Warrant Exercise Price in effect immediately prior to such combination will
      be
      proportionately increased and the number of shares of Common Stock obtainable
      upon exercise of this Warrant will be proportionately
      decreased.

    
      
         

      

      
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    (b) Distribution
      of Assets.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of Common Stock, by way of return
      of capital or otherwise (including, without limitation, any distribution of
      cash, stock or other securities, property or options by way of a dividend,
      spin
      off, reclassification, corporate rearrangement or other transaction) (a
“Distribution”),
      at
      any time after the issuance of this Warrant, then, in each such
      case:

    

    (i) the
      Warrant Exercise Price in effect immediately prior to the close of business
      on
      the record date fixed for the determination of holders of Common Stock entitled
      to receive the Distribution shall be reduced, effective as of the close of
      business on such record date, to a price determined by multiplying such Warrant
      Exercise Price by a fraction of which (A) the numerator shall be the Closing
      bid
      price on the trading day immediately preceding such record date minus the value
      of the Distribution (as determined in good faith by the Company’s Board of
      Directors) applicable to one share of Common Stock, and (B) the denominator
      shall be the Closing bid price on the trading day immediately preceding such
      record date; and

    

    (ii) either
      (A) the number of Warrant Shares obtainable upon exercise of this Warrant shall
      be increased to a number of shares equal to the number of shares of Common
      Stock
      obtainable immediately prior to the close of business on the record date fixed
      for the determination of holders of Common Stock entitled to receive the
      Distribution multiplied by the reciprocal of
      the
      fraction set forth in the immediately preceding clause (i), or (B) in the event
      that the Distribution is of common stock of a company whose common stock is
      traded on a national securities exchange or a national automated quotation
      system, then the holder of this Warrant shall receive an additional warrant to
      purchase Common Stock, the terms of which shall be identical to those of this
      Warrant, except that such warrant shall be exercisable into the amount of the
      assets that would have been payable to the holder of this Warrant pursuant
      to
      the Distribution had the holder exercised this Warrant immediately prior to
      such
      record date and with an exercise price equal to the amount by which the exercise
      price of this Warrant was decreased with respect to the Distribution pursuant
      to
      the terms of the immediately preceding clause (i). 

     

    (c) Certain
      Events.
      If any
      event occurs of the type contemplated by the provisions of this Section 8 but
      not expressly provided for by such provisions (including, without limitation,
      the granting of stock appreciation rights, phantom stock rights or other rights
      with equity features), then the Company’s Board of Directors will make an
      appropriate adjustment in the Warrant Exercise Price and the number of shares
      of
      Common Stock obtainable upon exercise of this Warrant so as to protect the
      rights of the holders of the Warrants; provided that no such adjustment will
      increase the Warrant Exercise Price or decrease the number of shares of Common
      Stock obtainable as otherwise determined pursuant to this Section
      8.

    

    (d) Notices.

    

    (i) Immediately
      upon any adjustment of the Warrant Exercise Price, the Company will give written
      notice thereof to the holder of this Warrant, setting forth in reasonable
      detail, and certifying, the calculation of such adjustment. 

    
      
         

      

      
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    (ii) The
      Company will give written notice to the holder of this Warrant at least twenty
      (20) days prior to the date on which the Company closes its books or takes
      a
      record (A) with respect to any dividend or distribution upon the Common
      Stock, (B) with respect to any pro rata subscription offer to holders of
      Common Stock or (C) for determining rights to vote with respect to any
      Organic Change (as defined below), dissolution or liquidation, provided that
      such information shall be made known to the public prior to or in conjunction
      with such notice being provided to such holder.

    

    (iii) The
      Company will also give written notice to the holder of this Warrant at least
      twenty (20) days prior to the date on which any Organic Change, dissolution
      or
      liquidation will take place, provided that such information shall be made known
      to the public prior to or in conjunction with such notice being provided to
      such
      holder.

    

    Section
      9. Purchase
      Rights; Reorganization, Reclassification, Consolidation, Merger or
      Sale.
      (a) In
      addition to any adjustments pursuant to Section 8 above, if at any time the
      Company grants, issues or sells any Options, Convertible Securities or rights
      to
      purchase stock, warrants, securities or other property pro rata to the record
      holders of any class of Common Stock (the “Purchase
      Rights”),
      then
      the holder of this Warrant will be entitled to acquire, upon the terms
      applicable to such Purchase Rights, the aggregate Purchase Rights which such
      holder could have acquired if such holder had held the number of shares of
      Common Stock acquirable upon complete exercise of this Warrant immediately
      before the date on which a record is taken for the grant, issuance or sale
      of
      such Purchase Rights, or, if no such record is taken, the date as of which
      the
      record holders of Common Stock are to be determined for the grant, issue or
      sale
      of such Purchase Rights.

    

    (b)
      Any
      recapitalization, reorganization, reclassification, consolidation, merger,
      sale
      of all or substantially all of the Company’s assets to another Person or other
      transaction which is effected in such a way that holders of Common Stock are
      entitled to receive (either directly or upon subsequent liquidation) stock,
      securities or assets with respect to or in exchange for Common Stock is referred
      to herein as “Organic
      Change”.
      Prior
      to the consummation of any (i) sale of all or substantially all of the Company’s
      assets to an acquiring Person or (ii) other Organic Change following which
      the
      Company is not a surviving entity, the Company will secure from the Person
      purchasing such assets or the successor resulting from such Organic Change
      (in
      each case, the “Acquiring
      Entity”)
      written agreement (in form and substance satisfactory to the holders of Warrants
      representing a majority of the shares of Common Stock obtainable upon exercise
      of the Warrants then outstanding) to deliver to each holder of Warrants in
      exchange for such Warrants, a security of the Acquiring Entity evidenced by
      a
      written instrument substantially similar in form and substance to this Warrant
      and satisfactory to the holders of the Warrants (including, an adjusted warrant
      exercise price equal to the value for the Common Stock reflected by the terms
      of
      such consolidation, merger or sale, and exercisable for a corresponding number
      of shares of Common Stock acquirable and receivable upon exercise of the
      Warrants, if the value so reflected is less than the Warrant Exercise Price
      in
      effect immediately prior to such consolidation, merger or sale). Prior to the
      consummation of any other Organic Change, the Company shall make appropriate
      provision (in form and substance satisfactory to the holders of Warrants
      representing a majority of the shares of Common Stock obtainable upon exercise
      of the Warrants then outstanding) to insure that each of the holders of the
      Warrants will thereafter have the right to acquire and receive in lieu of or
      in
      addition to (as the case may be) the shares of Common Stock immediately
      theretofore acquirable and receivable upon the exercise of such holder’s
      Warrants, such shares of stock, securities or assets that would have been issued
      or payable in such Organic Change with respect to or in exchange for the number
      of shares of Common Stock which would have been acquirable and receivable upon
      the exercise of such holder’s Warrant as of the date of such Organic Change
      (without taking into account any limitations or restrictions on the
      exercisability of this Warrant).

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    

    Section
      10. Lost,
      Stolen, Mutilated or Destroyed Warrant.
      If this
      Warrant is lost, stolen, mutilated or destroyed, the Company shall, on receipt
      of an indemnification undertaking, issue a new Warrant of like denomination
      and
      tenor as this Warrant so lost, stolen, mutilated or destroyed.

    

    Section
      11. Notice. Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Warrant must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      (iii) upon receipt, when sent by e-mail (provided that the transmission is
      electronically tracked and the results of tracking kept on file by the sending
      party); or (iv) one business day after deposit with a nationally recognized
      overnight delivery service, in each case properly addressed to the party to
      receive the same. The mailing addresses, facsimile numbers and e-mail addresses
      for such communications shall be as set forth below:

    

    If
      to the
      Company:

    

    Generex
      Biotechnology Corporation

    33
      Harbour Square, Suite 202

    Toronto,
      Ontario M5J 2G2

    Telephone: (416)
      364-2551

    Facsimile: (416)
      364-9363

    E-mail: mfletcher@generex.com

    Attention: Mark
      A.
      Fletcher

    Executive
      Vice-President and General Counsel

    

    With
      a
      copy to:

    

    Eckert
      Seamans Cherin & Mellott

    1515
      Market Street, 9th
      Floor

    Philadelphia,
      Pennsylvania 19102-1909

    Telephone: (215)
      851-8472

    Facsimile: (215)
      851-8383

    E-mail: gmiller@escm.com

    Attention: Gary
      A.
      Miller, Esq.

    

    Or
      at
      such other mailing address, facsimile number or e-mail address that the Company
      shall specify by notice to the holder.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    

    To
      a
      holder of this Warrant:

    

    __________________

    __________________

    

    Or
      at
      such other mailing address, facsimile number or e-mail address that the holder
      of this Warrant shall specify by notice to the Company.

    

    Each
      party shall provide five days’ prior written notice to the other party of any
      change in mailing address, facsimile number or e-mail address. 

    

    Section
      12. Amendments.
      This
      Warrant and any term hereof may be changed, waived, discharged, or terminated
      only by an instrument in writing signed by the party or holder hereof against
      which enforcement of such change, waiver, discharge or termination is sought.
      

    

    Section
      13. Date.
      This
      Warrant, in all events, shall be wholly void and of no effect after the
      close of business on the Expiration Date, except that notwithstanding any other
      provisions hereof, the provisions of Section 7 shall continue in full force
      and
      effect after such date as to any Warrant Shares or other securities issued
      upon
      the exercise of this Warrant.

    

    Section
      14. Descriptive
      Headings; Governing Law.
      The
      descriptive headings of the several Sections and paragraphs of this Warrant
      are
      inserted for convenience only and do not constitute a part of this Warrant.
      This
      Warrant shall be governed by the internal laws of the State of Delaware, without
      giving effect to any choice of law or conflict of law provision or rule (whether
      of the State of Delaware or any other jurisdictions) that would cause the
      application of the laws of any jurisdictions other than the State of
      Delaware.

    

    This
      Warrant has been duly executed by the Company as if the 17th
      day of
      April, 2006.

    

    
      	 	 
	 	
              GENEREX
                BIOTECHNOLOGY CORPORATION

            
	 	 
	 	 
	 	
              By:
                /s/ Rose Perri

            
	 	
              Name:
                Rose Perri

            
	 	
              Title:
                Chief Financial Officer [docrev]

            
	 	 
	 	 
	 	
              By:
                /s/ Mark A. Fletcher

            
	 	
              Name:
                Mark A. Fletcher

            
	 	
              Title:
                Executive Vice-President, General Counsel

            
	 	
              [docprep]

            

    

    

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    EXHIBIT
      A TO WARRANT

    

    SUBSCRIPTION
      FORM

    TO
      BE EXECUTED BY REGISTERED HOLDER TO EXERCISE WARRANT

    
      	
              Warrant
                Date:

            	
              Apr
                17 06

            
	
              Warrant
                Expiration:

            	
              Apr
                16 11

            
	
              Strike:

            	
              $2.66

            
	
              Amount:

            	
              ________

            
	
              Holder:

            	
              ________

            

    

    

    The
      undersigned holder hereby exercises the right to purchase _________________
      of
      the shares of Common Stock (“Warrant
      Shares”)
      of
      Generex Biotechnology Corporation, a Delaware corporation (the “Company”),
      evidenced by the attached Warrant (the “Warrant”).
      Capitalized terms used herein and not otherwise defined shall have the
      respective meanings set forth in the Warrant.

    

    1.
      Form
      of Warrant Exercise Price.
      The
      Holder intends that payment of the Warrant Exercise Price shall be made
      as:

    

    a
      “Cash
      Exercise”
with
      respect to _______________________ Warrant Shares.

    

    2.
      Payment
      of Warrant Exercise Price.
      If the
      holder has elected a Cash Exercise with respect to some or all of the Warrant
      Shares to be issued pursuant hereto, the holder is transmitting herewith the
      sum
      of $___________________ to the Company in payment for such Warrant Shares.
      

    

    3.
      Delivery
      of Warrant Shares.
      The
      Company shall deliver to the holder __________ Warrant Shares in accordance
      with
      the terms of the Warrant.

    

    Date:_____________,
      200_

    

    Name
      of
      Registered Holder:

    

    ________________________________________

    

    Signature:

    

    By: ___________________________________________      

    Print
      Name and Title:______________________________    

    Title:_____________________________________

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    EXHIBIT
      B TO WARRANT

    

    FORM
      OF WARRANT POWER

    

    
      	
              Warrant
                Date:

            	
              Apr
                17 06

            
	
              Warrant
                Expiration:

            	
              Apr
                16 11

            
	
              Strike:

            	
              $2.66

            
	
              Amount:

            	
              ________

            
	
              Holder:

            	
              ________

            

    

    

    FOR
      VALUE
      RECEIVED, the undersigned does hereby assign and transfer to ________________,
      Federal Identification No. __________, a warrant to purchase ____________ shares
      of the capital stock of Generex Biotechnology Corporation, a Delaware
      corporation, standing in the name of the undersigned on the books of said
      corporation. The undersigned does hereby irrevocably constitute and appoint
      ______________, attorney to transfer the warrants of said corporation, with
      full
      power of substitution in the premises.

    

    

    Dated:
      _________, 200_

    

     

    

    

    
      	 	_____________________________________
	 	 
	 	
              By:_________________________________________

            
	 	
              Name:_______________________________________

            
	 	
              Title:___________________________________

            

    

    

    
      
         

      

      
        12

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