Document:

Exhibit 10.27

 

AMENDMENT TO DEMAND NOTE

 

THIS AMENDMENT TO
DEMAND NOTE (this “Amendment”) is by and between NEVILLE HOGAN (the “Lender”) and INTERACTIVE
MOTION TECHNOLOGIES INC., a Massachusetts corporation (the “Borrower”).

 

WHEREAS, pursuant
to an Agreement and Plan of Merger dated as of the date hereof, Bionik Laboratories Corp., a Delaware corporation (“Bionik”)
shall acquire the Borrower pursuant to the terms thereof; and

 

WHEREAS, as
a condition precedent to Bionik acquiring the Borrower, Bionik required that the Borrower and the Lender enter into and be bound
by the terms of this Amendment.

 

FOR VALUABLE CONSIDERATION,
the receipt of which is hereby acknowledged, the Lender and the Borrower agree that the Demand Note in the principal amount of
$25,000 dated December 13, 2011 (the “Note”) shall hereby be amended as follows:

 

1.          Interest
Rate. The interest rate as provided in the Note shall continue in accordance with the Note until December 31, 2015. Effective
as of January 1, 2016, the interest rate shall be amended to be the Prime Rate as published from time to time in the “Money
Rates” section of The Wall Street Journal or any successor publication, or in the event that such rate is no longer
published in The Wall Street Journal, a comparable index or reference agreed upon in good faith by the Lender and the Borrower.

 

2.          Maturity
Date. Notwithstanding the demand feature of the Note, in no event shall the Note be due or payable, and the Lender shall not
make any demand of any principal or accrued and unpaid interest, until the earlier of: (a) December 31, 2017 and (b) the date Bionik
raises new capital exceeding $15 million in cash, or earlier in the discretion of the Borrower.

 

3.          Part
of Note. The Borrower is authorized to affix a copy of this Amendment to the Note.

 

4.          Ratification
and Confirmation. Except as expressly amended hereby, the Note shall remain in full force and effect and is hereby ratified
and affirmed. Nothing herein contained or implied shall be construed as a waiver of any other provision of the Note or any other
document executed in connection with the Note or a waiver of any presently existing or future default in the non-payment of principal
and/or interest or any other amounts due under the Note.

 

IN WITNESS WHEREOF,
the Lender and the Borrower have executed this Amendment as of March 1, 2016.

 

	BORROWER:	 	LENDER:
	 	 	 
	Interactive Motion Technologies Inc.	 	 
	 	 	 	 
	By:	/s/ Jules M. Fried	 	      /s/ Neville Hogan
	Name:	Jules M. Fried	 	Neville Hogan
	Title:	CEO	 	 

 

    			 

     

    

 

AMENDMENT TO DEMAND NOTE

 

THIS AMENDMENT TO
DEMAND NOTE (this “Amendment”) is by and between NEVILLE HOGAN (the “Lender”) and INTERACTIVE
MOTION TECHNOLOGIES INC., a Massachusetts corporation (the “Borrower”).

 

WHEREAS, pursuant
to an Agreement and Plan of Merger dated as of the date hereof, Bionik Laboratories Corp., a Delaware corporation (“Bionik”)
shall acquire the Borrower pursuant to the terms thereof; and

 

WHEREAS, as
a condition precedent to Bionik acquiring the Borrower, Bionik required that the Borrower and the Lender enter into and be bound
by the terms of this Amendment.

 

FOR VALUABLE CONSIDERATION,
the receipt of which is hereby acknowledged, the Lender and the Borrower agree that the Demand Note in the principal amount of
$25,000 dated January 25, 2013 (the “Note”) shall hereby be amended as follows:

 

1.          Interest
Rate. The interest rate as provided in the Note shall continue in accordance with the Note until December 31, 2015. Effective
as of January 1, 2016, the interest rate shall be amended to be the Prime Rate as published from time to time in the “Money
Rates” section of The Wall Street Journal or any successor publication, or in the event that such rate is no longer
published in The Wall Street Journal, a comparable index or reference agreed upon in good faith by the Lender and the Borrower.

 

2.          Maturity
Date. Notwithstanding the demand feature of the Note, in no event shall the Note be due or payable, and the Lender shall not
make any demand of any principal or accrued and unpaid interest, until the earlier of: (a) December 31, 2017 and (b) the date Bionik
raises new capital exceeding $15 million in cash, or earlier in the discretion of the Borrower.

 

3.          Part
of Note. The Borrower is authorized to affix a copy of this Amendment to the Note.

 

4.          Ratification
and Confirmation. Except as expressly amended hereby, the Note shall remain in full force and effect and is hereby ratified
and affirmed. Nothing herein contained or implied shall be construed as a waiver of any other provision of the Note or any other
document executed in connection with the Note or a waiver of any presently existing or future default in the non-payment of principal
and/or interest or any other amounts due under the Note.

 

IN WITNESS WHEREOF,
the Lender and the Borrower have executed this Amendment as of March 1, 2016.

 

	BORROWER:	 	LENDER:
	 	 	 
	Interactive Motion Technologies Inc.	 
	 	 	 	 
	By:	/s/ Jules M. Fried	 	      /s/ Neville Hogan
	Name:	Jules M. Fried	 	Neville Hogan
	Title:	CEOExhibit 10.28

 

DEMAND NOTE

 

This Demand Note Payable on Demand (the
“Note”) is made and effective the Upon cashing check number 1327 from account number 009485843217 in the amount of
$50,000.00 dated for 8-8-11.

 

BETWEEN: Hermano Igo Krebs (the “lender”),
residential address, 81 Lovell Road, Watertown, MA 02422, SSN ###-##-####

 

		AND:	Interactive Motion Technologies Inc. (the “borrower”),
a corporation organized and existing under the laws of the state of Massachusetts, with its head office located at: 80 Coolidge
Hill Road, Watertown, MA 02472

 

FOR VALUE RECEIVED, the undersigned Borrower
jointly and severally promise to pay to the order of Lender, the sum of fifty-thousand dollars, $50,000.00 together with interest
of 10 year US Treasury bond rate plus 2% on the unpaid balance. The entire principal and any accrued interest shall be fully and
immediately payable UPON DEMAND of Lender thereof.

 

Upon default in making payment within 30
days of demand, and providing this note is turned over for collection, Borrower agrees to pay all reasonable legal fees and costs
of collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance
with the laws of the payee’s state. All parties to this note waive presentment, notice of non-payment, protest and notice
of protest, and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge
of any collateral for this note.

 

IN WITNESS WHEREOF, the undersigned has
caused this Demand Note to be duly executed as of the date first written above.

 

	LENDER	 	BORROWER
	 	 	 
	/s/ Hermano Igo Krebs	 	/s/ Lewis M. Nashner
	 	 	 
	Authorized Signature	 	Authorized Signature
	 	 	 
	Hermano Igo Krebs	 	Lewis M. Nashner
	Print Name and Title	 	Print Name and Title

 

    			 

     

    

 

DEMAND NOTE

 

This Demand Note Payable on Demand (the
“Note”) is made and effective the Upon cashing check number 1375 from account number 009485843217 in the amount of
$25,000.00 dated for January 10, 2012.

 

BETWEEN: Hermano Igo Krebs (the “lender”),
residential address, 81 Lovell Road, Watertown, MA 02422, SSN ###-##-####

 

		AND:	Interactive Motion Technologies Inc. (the “borrower”),
a corporation organized and existing under the laws of the state of Massachusetts, with its head office located at: 80 Coolidge
Hill Road, Watertown, MA 02472

 

FOR VALUE RECEIVED, the undersigned Borrower
jointly and severally promise to pay to the order of Lender, the sum of fifty-thousand dollars $25,000.00 together with interest
of 10 year US Treasury bond rate plus 2% on the unpaid balance. The entire principal and any accrued interest shall be fully and
immediately payable UPON DEMAND of Lender thereof.

 

Upon default in making payment within 30
days of demand, and providing this note is turned over for collection, Borrower agrees to pay all reasonable legal fees and costs
of collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance
with the laws of the payee’s state. All parties to this note waive presentment, notice of non-payment, protest and notice
of protest, and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge
of any collateral for this note.

 

IN WITNESS WHEREOF, the undersigned has
caused this Demand Note to be duly executed as of the date first written above.

 

	LENDER	 	BORROWER
	 	 	 
	/s/ Hermano Igo Krebs	 	/s/ Rodolfo Rohr
	 	 	 
	Authorized Signature	 	Authorized Signature
	 	 	 
	Hermano Igo Krebs	 	Rodolfo Rohr, CEO
	Print Name and Title	 	Print Name and Title

 

    			 

     

    

 

DEMAND NOTE

 

This Demand Note Payable on Demand (the
“Note”) is made and effective upon transfer from account number 3777877238 in the amount of $25,000.00 dated for January
25, 2013.

 

BETWEEN: Hermano Igo Krebs, an individual
(the “lender”), residential address, 81 Lovell Road, Watertown, MA 02422, SSN ###-##-####

 

		AND:	Interactive Motion Technologies Inc. (the “borrower”),
a corporation organized and existing under the laws of the state of Massachusetts, with its head office located at: 80 Coolidge
Hill Road, Watertown, MA 02472

 

FOR VALUE RECEIVED, the undersigned Borrower
jointly and severally promise to pay to the order of Lender, the sum of twenty one thousand five hundred dollars, $25,000.00 together
with interest of 12% on the unpaid balance. The entire principal and any accrued interest shall be fully and immediately payable
UPON DEMAND of Lender thereof.

 

Upon default in making payment within 30
days of demand, and providing this note is turned over for collection, Borrower agrees to pay all reasonable legal fees and costs
of collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance
with the laws of the payee’s state. All parties to this note waive presentment, notice of non-payment, protest and notice
of protest, and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge
of any collateral for this note.

 

IN WITNESS WHEREOF, the undersigned has
caused this Demand Note to be duly executed as of the date first written above.

 

	LENDER	 	BORROWER
	 	 	 
	/s/ Hermano Igo Krebs	 	/s/ Deborah Campbell
	 	 	 
	Authorized Signature	 	Authorized Signature
	 	 	 
	Hermano Igo Krebs	 	Deborah Campbell, Business Director
	Print Name and Title	 	Print Name and Title

 

    			 

     

    

 

DEMAND NOTE

 

This Demand Note Payable on Demand (the
“Note”) is made and effective upon transfer from account number 3777877238 in the amount of $20,000.00 dated May 15,
2014

 

BETWEEN: Hermano Igo Krebs an individual
(the “lender”), residential address, 81 Lovell Road, Watertown, MA 02472, SSN ###-##-####

 

		AND:	Interactive Motion Technologies Inc. (the “borrower”),
a corporation organized and existing under the laws of the state of Massachusetts, with its head office located at: 80 Coolidge
Hill Road, Watertown, MA 02472

 

FOR VALUE RECEIVED, the undersigned Borrower
jointly and severally promise to pay to the order of Lender, the sum of twenty one thousand five hundred dollars, $20,000.00 together
with interest of 12% on the unpaid balance. The entire principal and any accrued interest shall be fully and immediately payable
UPON DEMAND of Lender thereof.

 

Upon default in making payment within 30
days of demand, and providing this note is turned over for collection, Borrower agrees to pay all reasonable legal fees and costs
of collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance
with the laws of the payee’s state. All parties to this note waive presentment, notice of non-payment, protest and notice
of protest, and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge
of any collateral for this note.

 

IN WITNESS WHEREOF, the undersigned has
caused this Demand Note to be duly executed as of the date first written above.

 

	LENDER	 	BORROWER
	 	 	 
	/s/ Hermano Igo Krebs	 	/s/ Deborah Campbell
	 	 	 
	Authorized Signature	 	Authorized Signature
	 	 	 
	Hermano Igo Krebs, Board Member	 	Deborah Campbell, Business Director
	Print Name and Title	 	Print Name and Title

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