Document:

Original
Issue Date: November 26, 2018

Principal
Amount: $1,060,000.00

Purchase
Price: $1,000,000.00

 

NOTE

DUE
November 26, 2019

 

THIS
NOTE is one of a series of duly authorized and validly issued Notes of Generex Biotechnology Corporation, a Delaware corporation,
(the “Borrower”), having a place of business at 10102 USA Today Way, Miramar, Florida 33025, email: josephmoscatojr@gmail.com,
due November 26, 2019 (this note, the “Note” and, collectively with the other notes of such series,
the “Notes”).

 

FOR
VALUE RECEIVED, Borrower promises to pay to Istvan Elek or his registered assigns (the “Holder”), with
an address at: ________________________, or shall have paid pursuant to the terms hereunder, the principal sum of One Million
Sixty Thousand Dollars ($1,060,000.00) on November 26, 2019 (the “Maturity Date”) or such
earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest, if any, to the Holder
on the then outstanding principal amount of this Note in accordance with the provisions hereof.

 

This
Note is subject to the following additional provisions:

 

Section
1.Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note the following terms
shall have the following meanings:

 

“Bankruptcy
Event” means any of the following events: (a) Borrower thereof commences a case or other proceeding under any bankruptcy,
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction relating to Borrower thereof, (b) there is commenced against Borrower any such case or proceeding that is not dismissed
within 60 days after commencement, (c) Borrower is adjudicated insolvent or bankrupt or any order of relief or other order approving
any such case or proceeding is entered, (d) Borrower suffers any appointment of any custodian or the like for it or any substantial
part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) Borrower makes a general
assignment for the benefit of creditors, (f) Borrower calls a meeting of its creditors with a view to arranging a composition,
adjustment or restructuring of its debts or (g) Borrower by any act or failure to act, expressly indicates its consent to, approval
of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

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

 

“Change
of Control Transaction” means, the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of Borrower, by contract or otherwise) of
in excess of 50% of the voting securities of Borrower, (b) Borrower merges into or consolidates with any other Person, or any
Person merges into or consolidates with Borrower and, after giving effect to such transaction, the stockholders of Borrower immediately
prior to such transaction own less than 50% of the aggregate voting power of Borrower or the successor entity of such transaction,
(c) Borrower sells or transfers all or substantially all of its assets to another Person and the stockholders of Borrower immediately
prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after the transaction,
(d) a replacement at one time or within a one year period of more than one-half of the members of the Board of Directors which
is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by
those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors
was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the execution
by Borrower of an agreement to which Borrower is a party or by which it is bound, providing for any of the events set forth in
clauses (a) through (d) above.

 

    	 	1	 

     

    

 

“Original
Issue Date” means the date of the first issuance of the Note, regardless of any transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Note.

 

“Pledge
Agreement” means the Stock Pledge Agreement as defined in the Purchase Agreement.

 

“Purchase
Agreement” means that certain Securities Purchase Agreement pursuant to which this Note was issued.

 

“Transaction
Documents” shall have the meaning set forth on the Purchase Agreement.

 

Section
2.Interest and Funding.

 

a)       No
Interest in Cash. Prior to an event of default, this note shall not accrue interest.

 

b)       Payment
Grace Period. Except as set forth herein, the Borrower shall not have any grace period to pay any monetary amounts due under
this Note.

 

c)       Application
of Payments. Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed.
Payments made in connection with this Note shall be applied first to amounts due hereunder other than principal and interest,
thereafter to interest and finally to principal.

 

d)       Manner
and Place of Payment. Principal and interest on this Note and other payments in connection with this Note shall be payable
at the Holder’s offices as designated above in lawful money of the United States of America in immediately available funds
without set-off, deduction or counterclaim. Upon assignment of the interest of Holder in this Note, Borrower shall instead make
its payment pursuant to the assignee’s instructions upon receipt of written notice thereof. Except as set forth herein,
this Note may not be prepaid or mandatorily converted without the consent of the Holder.

 

Section
3.Events of Default.

 

a)      
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event
and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or
order of any court, or any order, rule or regulation of any administrative or governmental body):

 

i.                   
any default in the payment of (A) the principal or interest amount of this Note or (B) liquidated damages and other amounts owing
to Holder, within five (5) calendar days after the same shall become due and payable;

    	 	2	 

     

    

ii.       Borrower
shall materially fail to observe or perform any other covenant or agreement contained in the Note or other Transaction Document;

 

ii.                 
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under (A) any of the Transaction Documents, including but not limited to failure to strictly comply with the provisions
of the Transaction Documents, or (B) any other material agreement, lease, document or instrument to which Borrower, which, in
the case of subsection (B), would reasonably be expected to have a material adverse effect;

 

iii.               
any representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto
or any other report, financial statement or certificate made or delivered to the Holder in connection therewith shall be untrue
or incorrect in any material respect as of the date when made or deemed made;

 

iv.                
Borrower shall be subject to a Bankruptcy Event;

 

v.                  
Borrower shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement,
factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness
for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater than
$100,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or
being declared due and payable prior to the date on which it would otherwise become due and payable;

 

vi.                
Borrower shall be a party to any change of control transaction;

 

viii.       
any monetary judgment, writ or similar final process shall be entered or filed against Borrower, or any of its respective property
or other assets for more than $50,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed
for a period of 90 calendar days;

 

ix.       any
dissolution, liquidation or winding up by Borrower of a substantial portion of its business;

 

x.       cessation
of operations by Borrower; and

 

xi.       a
failure by Borrower to notify Holder of any material event of which Borrower is obligated to notify Holder pursuant to the terms
of this Note or any other Transaction Document;

 

In
the event more than one grace, cure or notice period is applicable to an Event of Default, then the shortest grace, cure or notice
period shall be applicable thereto.

 

    	 	3	 

     

    

 

b)       Remedies
Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note, liquidated damages and
other amounts owing in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately
due and payable in cash. Commencing on the Maturity Date, accelerated or otherwise, interest on this Note shall accrue at an interest
rate equal to the lesser of 24% per annum or the maximum rate permitted under applicable law. In connection with such acceleration
described herein, the Holder need not provide, and Borrower hereby waives, any presentment, demand, protest or other notice of
any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder
at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as
the Holder receives full payment. No such rescission or annulment shall affect any subsequent Event of Default or impair any right
consequent thereon.

 

Section
4.Miscellaneous.

 

a)      
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be: (i) if to Borrower, to the address set forth above, (ii) if to the Holder,
to: the addresses and fax numbers indicated on the first page hereto, with an additional copy by fax only to (which shall not
constitute notice): Grushko & Mittman, P.C., Attn: Eliezer Drew, Esq., email: eli@grushkomittman.com.

b)     
Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation
of Borrower, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable,
on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation
of Borrower 

c)      
Lost or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, Borrower shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen
or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt
of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to Borrower.

    	 	4	 

     

    

d)     
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note 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 conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense
of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective
Affiliates, directors, officers, shareholders, employees or agents) shall be commenced 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 (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or 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 Note 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 other manner permitted by applicable 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
Note or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of
this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding. This
Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies
of Holder, may be enforced against Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213
or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other
document or agreement to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient
or necessary to determine Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this
Note, whether or not such other document or agreement was delivered together herewith or was executed apart from this Note.

 

e)      
Waiver. Any waiver by Borrower or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of Borrower
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any
other occasion. Any waiver by Borrower or the Holder must be in writing.

    	 	5	 

     

    

f)      
Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain
in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all
other Persons and circumstances.

g)     
Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest
permitted under applicable law. Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other
law which would prohibit or forgive Borrower from paying all or any portion of the principal of or interest on this Note as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this
Note, and Borrower (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and
covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

h)     
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day.

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

j)       
Amendment. Unless otherwise provided for in the Purchase Agreement or hereunder, this Note may not be modified or amended
or the provisions hereof waived without the written consent of Borrower and the Holder. 

k)     
Facsimile Signature. In the event that the Borrower’s signature is delivered by facsimile transmission, PDF, electronic
signature or other similar electronic means, such signature shall create a valid and binding obligation of the Borrower with the
same force and effect as if such signature page were an original thereof.

 

*********************

 

(Signature
Pages Follow)

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by an authorized officer as of date written above.

 

Generex
Biotechnology Corporation

 

 

By:
___________________________________

Name:
Joseph Moscato

Title:
CEO

 

WITNESS:

 

 

 

______________________________________

 

    	 	7STOCK PLEDGE AGREEMENT

 

THIS STOCK PLEDGE AGREEMENT
(this “Agreement”), dated as of November 26, 2018, by and between Joseph Moscato (“Pledgor”)
and Istvan Elek (“Pledgee”);

 

W I T N E S S E T H:

 

WHEREAS, Pledgor
is the President and Chief Executive officer of Generex Biotechnology Corporation (the “Company”);

WHEREAS, the Company
issued a Note to Pledgee in the principal amount of $1,060,000 dated November 26, 2018 (the “Note”) and
the Pledgor has agreed to secure the Company’s obligations under the Note by granting Pledgee a security interest in 400,000
shares of the Company’s Dividend Stock, which the Pledgor will be the legal and beneficial owner of following the Stock Dividend
(the “Shares”);

NOW, THEREFORE,
in consideration of the promises and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.       Definitions.

The following terms
shall have the following meanings wherever used in this Agreement:

(a)       “Dividend
Stock” shall have the meaning given thereto in section 2 of this Agreement.

(b)       “Event
of Default” shall have the meaning given thereto in the Note.

(c)       “Obligations”
shall mean all principal and interest and other payments which may be due and payable under this Agreement or the Note.

(d)       “Option
Obligations” shall mean all principal and interest and other payments which may be due and payable under this Agreement
or the Note calculated in the same manner as the Obligations, provided that upon any exercise of the Conversion Option, the aggregate
purchase price of such exercise will be deemed to be a payment against the Obligations.

(e)       “Original
Common Stock” shall have the meaning given thereto in section 2 of this Agreement.

(e)       “Satisfaction
Date” shall mean that date on which all of the Obligations have been paid or otherwise satisfied in full.

(f)       “Stock
Dividend” shall have the meaning given thereto in section 2 of this Agreement.

2.       Pledge
of the Pledged Securities/Additional Deposits.

    	 	1	 

     

    

 

(a)       As
security for the due and timely payment of the Obligations, the Pledgor hereby, pledges to the Pledgee, and grants to the Pledgee
a first priority lien and security interest in the Shares (as same are constituted from time to time), together with all cash dividends,
stock dividends, interest, profits, premiums, redemptions, warrants, subscription rights, options, substitutions, exchanges and
other distributions now or hereafter made on the Shares and all cash and non-cash proceeds thereof, until the Satisfaction Date.
Pledgee acknowledges that the Shares will be issued to Pledgor upon conversion of Pledgor’s 391 Shares of the Company’s
Series I Convertible Preferred Stock (“Preferred Stock”) which are currently convertible into 156,000 (“Original
Common Stock”) shares of Common Stock but will become convertible into an additional 3,120,000 shares of Common Stock
(the “Dividend Stock”) pursuant to the Company’s 20 for 1 common stock dividend ((the “Stock
Dividend”). The Preferred Stock is currently pledged to Alpha Capital Anstalt, but upon conversion, only the Original
Shares, and not the Dividend Shares, will be subject to such pledge; therefore the Shares may be freely pledged to Pledgee following
the Stock Dividend. The Shares and all property at any time pledged to the Pledgee hereunder or in which the Pledgee is granted
a security interest (whether described herein or not) and all income therefrom and proceeds thereof are herein collectively called
the “Pledged Securities”.

(b)       In
furtherance of the pledge hereunder, upon request from Pledgee, no later than at any time following the ex-dividend date of the
Stock Dividend, the Pledgor will deliver to the Pledgee the certificates representing all of the Pledged Securities, each of which
now remains in the name of the Pledgor and is accompanied by appropriate medallion guaranteed stock powers duly endorsed in blank
by the Pledgor.

(c)       If,
while this Agreement is in effect, the Pledgor becomes entitled to receive or receives any stock certificate (including, without
limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase or
reduction of capital or issued in connection with any reorganization, option or rights, whether as an addition to, in substitution
of, or in exchange for, any Pledged Securities or otherwise, the Pledgor agrees to accept the same as agent for the Pledgee, to
hold the same in trust on behalf of and for the benefit of the Pledgee, and upon request from Pledgee, deliver the same promptly
upon receipt to the Pledgee in the exact form received, with the endorsement of the Pledgor when necessary and/or appropriate undated
stock powers duly executed in blank, to be held by the Pledgee, subject to the terms hereof, as additional collateral security
for the Obligations. Any sums paid on or in respect of the Pledged Securities on the liquidation or dissolution of the Pledgor
shall be paid over to the Pledgee, to be held by the Pledgee, subject to the terms and conditions hereof, as additional collateral
security for the Obligations.

 

3.       Retention
of the Pledged Securities.

(a)       Except
as otherwise provided herein, the Pledgee shall have no obligation with respect to the Pledged Securities, except to use reasonable
care in the custody and preservation thereof, to the extent required by law.

(b)       The
Pledgee shall hold the Pledged Securities in the form in which same are delivered herewith, unless and until there shall occur
an Event of Default.

4.       Rights
of the Pledgor. Throughout the term of this Agreement, so long as no Event of Default has occurred and is continuing, the Pledgor
shall have the right to vote the Pledged Securities in all matters presented to the stockholders of the Pledgor for vote thereon,
except in a manner inconsistent with the terms of this Agreement.

 

    	 	2	 

     

    

 

5.       Event
of Default; Power of Attorney.

(a)       Upon
the occurrence and during the continuance of any Event of Default, the Pledgee shall have the right to: (i) exercise all voting
and corporate rights of, and all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining
to, any Pledged Securities as if the Pledgee was the absolute owner thereof, including (without limitation) the right to exchange,
at its discretion, any and all of the Pledged Securities upon the merger, consolidation, reorganization, recapitalization or other
readjustment of the Pledgor or upon the exercise by the Pledgor or the Pledgee of any right, privilege or option pertaining to
any of the Pledged Securities and, in connection therewith, to deposit and deliver any and all of the Pledged Securities with any
committee, depository, transfer agent, registrar or other designated agency on such terms and conditions as the Pledgee may determine,
all without liability except to account for property actually received by it; (ii) apply any funds or other property received in
respect of the Pledged Securities to the Obligations, and receive in its own name any and all further distributions which may be
paid in respect of the Pledged Securities, all of which shall, upon receipt by the Pledgee, be applied to the Obligations; (iii)
transfer all or any portion of the Pledged Securities (as determined by the Pledgee in its discretion) on the books of the Company
to and in the name of the Pledgee or such other person or persons as the Pledgee may designate; (iv) effect any sale, transfer
or disposition of all or any portion of the Pledged Securities and in furtherance thereof, take possession of and endorse any and
all checks, drafts, bills of exchange, money orders or other documents and instruments received on account of the Pledged Securities;
(v) collect, sue for and give acquittance for any money due on account of any of the foregoing; and (vi) take any and all other
action contemplated by this Agreement, or as otherwise permitted by law, or as the Pledgee may reasonably deem necessary or appropriate,
in order to accomplish the purposes of this Agreement.

(b)       In
furtherance of the foregoing powers of the Pledgee, the Pledgor hereby authorizes and appoints the Pledgee, with full powers of
substitution, as the true and lawful attorney-in-fact of the Pledgor, in his name, place and stead, to take any and all such action
as the Pledgee, in its sole discretion, may deem necessary or appropriate in furtherance of the exercise of the aforesaid powers.
Such power of attorney shall be coupled with an interest, and shall be irrevocable until the Satisfaction Date. Without limitation
of the foregoing, such power of attorney shall not in any manner be affected or impaired by reason of any act of the Pledgor or
by operation of law. Nothing herein contained, however, shall be deemed to require or impose any duty upon the Pledgee to exercise
any of the rights or powers granted herein.

(c)       The
foregoing rights and powers granted to the Pledgee, and the foregoing power of attorney, shall be fully binding upon any person
who may acquire any beneficial interest in any of the Pledged Securities or any other property held or received by the Pledgee
hereunder.

6.       Foreclosure;
Sale of Pledged Securities.

(a)       Without
limitation of paragraph 5 above, in the event that the Pledgee shall make any sale or other disposition of any or all of the Pledged
Securities following an Event of Default, the Pledgee may also:

(i)       offer
and sell all or any portion of the Pledged Securities publicly through a registered broker-dealer, or by means of a private placement
restricting the offer or sale to a limited number of prospective purchasers who meet such suitability standards as the Pledgee
and its counsel may deem appropriate, and who may be required to represent that they are purchasing Pledged Securities for investment
and not with a view to distribution;

(ii)       sell
any or all of the Pledged Securities upon credit or for future delivery, without being in any way liable for failure of the purchaser
to pay for the subject Pledged Securities; and

(iii)       
receive and collect the net proceeds of any sale or other disposition of any Pledged Securities, and apply same in such order and
to such of the Obligations (including the customary costs and expenses of the sale or disposition of the Pledged Securities) as
the Pledgee may, in its absolute discretion, deem appropriate.

    	 	3	 

     

    

 

(b)       Upon
any sale of any of the Pledged Securities in accordance with this Agreement, the Pledgee shall have the right to assign, transfer
and deliver the subject Pledged Securities to the purchaser(s) thereof, and each such purchaser shall be entitled to hold such
Pledged Securities absolutely free from any right or claim of the Pledgor and/or any other person claiming any beneficial interest
in the Pledged Securities, including any equity of redemption (which right and all other such rights are hereby waived by the Pledgor
to the fullest extent permitted by law).

(c)       Following
the occurrence and during the existence of an Event of Default, Pledgor will cooperate and provide such certificate, resolutions,
representations, legal opinions and all other matters necessary to facilitate a transfer or sale of any part of the Pledged Securities.

 

(d)       Nothing
herein contained shall be deemed to require the Pledgee to effect any sale or disposition of any Pledged Securities at any time,
or to consummate any proposed public or private sale at the time and place at which same was initially called. It is the intention
of the parties hereto that the Pledgee shall, subject to any further conditions imposed by this Agreement, at all times following
the occurrence of an Event of Default, have the right to use or deal with the Pledged Securities as if the Pledgee were the outright
owner thereof, and to exercise any and all rights and remedies, as a secured party in possession of collateral or otherwise, under
any and all provisions of law.

 

(e)       The
Pledgor may take action and exercise rights in connection with any portion of the Pledged Securities regardless of the proportion
in which Pledgor has provided Pledged Securities.

 

7.       Covenants,
Representations and Warranties.

In connection with
the transactions contemplated by this Agreement, and knowing that the Pledgee is and shall be relying hereon, the Pledgor hereby
covenants, represents and warrants that:

(a)       following
conversion of the Preferred Stock, the Pledged Securities will be duly and validly issued, is and will be fully paid and non-assessable,
and is and will be owned by the Pledgor free and clear of any and all restrictions, pledges, liens, encumbrances or other security
interests of any kind, save and except for the pledge to the Pledgee pursuant to this Agreement;

(b)       there
are and will be no options, warrants or other rights in respect of the sale, transfer or other disposition of any of the Pledged
Securities by the Pledgor, and the Pledgor has the absolute right to pledge the Pledged Securities hereunder without the necessity
of any consent of any Person;

 

(c)       neither
the execution or delivery of this Agreement, nor the consummation of the transactions contemplated hereby, nor the compliance with
or performance of this Agreement by the Pledgor, conflicts with or will result in the breach or violation of or a default under
the terms, conditions or provisions of (i) any mortgage, security agreement, indenture, evidence of indebtedness, loan or financing
agreement, or other agreement or instrument to which the Pledgor is a party or by which the Pledgor is bound, or (ii) any provision
of law, any order of any court or administrative agency, or any rule or regulation applicable to the Pledgor;

(d)       this
Agreement has been duly executed and delivered by the Pledgor, and constitutes the legal, valid and binding obligation of the Pledgor,
enforceable against the Pledgor in accordance with its terms;

(e)       there
are no actions, suits or proceedings pending or threatened against or affecting the

    	 	4	 

     

    

 

8.       UCC
Filings. Pledgor hereby grants to Pledgee the right and authority to file an UCC Financing Statement in any jurisdiction to
memorialize the security interest herein granted.

 

9.       Return
of the Pledged Securities. To the extent that the Pledgee shall not previously have taken, acquired, sold, transferred, disposed
of or otherwise realized value on the Pledged Securities in accordance with this Agreement, at the Satisfaction Date, any security
interest in the Pledged Securities shall automatically terminate, cease to exist and be released, and the Pledgee shall forthwith
return the Pledged Securities to and in the name of the Pledgor, and file, at Pledgor’s expense, releases of Pledgee’s
security interest in the Pledged Securities or Pledgor may make such filings on its own behalf.

 

10.       Expenses
of the Pledgee. All expenses incurred by the Pledgee (including but not limited to reasonable attorneys’ fees) in connection
with any actual or attempted sale or other disposition of Pledged Securities hereunder shall be reimbursed to the Pledgee by the
Pledgor on demand, or, at the Pledgee’s option, such expenses may be added to the Obligations and shall be payable on demand.

 

11.       Further
Assurances. From time to time hereafter, each party shall take any and all such further action, and shall execute and deliver
any and all such further documents and/or instruments, as any other party may request in order to accomplish the purposes of and
fulfill the parties’ obligations under this Agreement, in order to enable the Pledgee to exercise any of its rights hereunder,
and/or in order to secure more fully the Pledgee’s interest in the Pledged Securities.

 

12.       Miscellaneous.

 

(a)       All
notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Pledgee to: _________________________ and (ii) if to the Pledgor, to: c/o NuGenerex
Diagnostics, 10102 USA Today Way, Miramar, FL 33025, Attention: Joseph Moscato.

 

(b)       If
any notice to Pledgor of the sale or other disposition of Pledged Securities is required by then applicable law, five (5) business
days prior written notice (which Pledgor agrees is reasonable notice within the meaning of Section 9-504(3) of the Uniform Commercial
Code) to Pledgor of the time and place of any sale of Pledged Securities which Pledgor agrees may be by private sale. The rights
granted in this section are in addition to any and all rights available to Pledgee under the Uniform Commercial Code.

 

    	 	5	 

     

    

 

(c)       The
laws of the State of New York including but not limited to Article 9 of the Uniform Commercial Code as in effect from time to time,
shall govern the construction and enforcement of this Agreement and the rights and remedies of the parties hereto. The parties
hereby consent to the exclusive jurisdiction of all courts sitting in the State and County of New York, in connection with any
action or proceeding under or relating to this Agreement, and waive trial by jury in any such action or proceeding.

 

(d)       This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators,
personal representatives, successors and permitted assigns. The Pledgor shall not, however, assign any of its or his rights or
obligations hereunder without the prior written consent of the Pledgee, and the Pledgee shall not assign its rights hereunder without
simultaneously assigning its obligations hereunder to the subject assignee. Except as otherwise referred to herein, this Agreement,
and the documents executed and delivered pursuant hereto, constitute the entire agreement between the parties relating to the specific
subject matter hereof.

 

(e)       Neither
any course of dealing between the Pledgor and the Pledgee nor any failure to exercise, or any delay in exercising, on the part
of the Pledgee, any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, power or privilege operate as a waiver of any other exercise of such right, power or privilege or any other right,
power or privilege.

 

(f)       The
Pledgee’s rights and remedies, whether hereunder or pursuant to any other agreements or by law or in equity, shall be cumulative
and may be exercised singly or concurrently.

 

(g)       No
change, amendment, modification, waiver, assignment of rights or obligations, cancellation or discharge hereof, or of any part
hereof, shall be valid unless the Pledgee shall have consented thereto in writing.

 

(h)       The
captions and paragraph headings in this Agreement are for convenience of reference only, and shall not in any way define, limit
or describe the construction, terms or provisions of this Agreement.

 

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

 

(j)       If
any provision of this Agreement is held invalid or unenforceable, either in its entirety or by virtue of its scope or application
to given circumstances, such provision shall thereupon be deemed modified only to the extent necessary to render same valid, or
not applicable to given circumstances, or excised from this Agreement, as the situation may require, and this Agreement shall be
construed and enforced as if such provision had been included herein as so modified in scope or application, or had not been included
herein, as the case may be.

 

13.       Conversion
Option. At any time after the ex-dividend date of the Stock Dividend, each of Pledgor hereby and Pledgee shall have an option
to cause the Shares to be delivered to Pledgee (the “Conversion Shares”) in extinguishment of the Obligations,
in whole or in part, at a fixed price of $2.50 per Conversion Share ( “Conversion Option”). The Pledgee shall exercise
the Pledgee Option by giving written notice to Pledgor of the number of Conversion Shares for which Pledgee is exercising the Pledgee
Option (“Option Notice”). Upon sending of receiving an Option Notice, Pledgee shall he entitled to a DWAC transfer
the Conversion Shares being purchased pursuant to such Option Notice to the Pledgee. Upon Pledgee’s receipt of confirmation
of such transfer, the Obligations shall be deemed reduced by an amount equal to the number of Conversion Shares multiplied by $2.50.

 

 

 

 

[REST OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Stock Pledge Agreement on and as of the date first set forth above.

 

	PLEDGOR:	 	PLEDGEE
	 	 	 
	 	 	 
	Joseph Moscato	 	Istvan Elek

  

 

ACKNOWLEDGEMENT

 

Generex Biotechnology Corporation (the “Company”)
acknowledges the foregoing Stock Pledge Agreement. The Company undertakes and agrees to not take any action or effect any conversion
of the Pledged Securities that would impair Pledgee’s right under the Stock Pledge Agreement.

 

 

COMPANY

 

Generex Biotechnology Corporation

 

 

_______________________________

By: Joseph Moscato

Its: CEO

 

    	 	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]