On September 18, 2020, Generex Biotechnology Corporation and its majority owned subsidiary NuGenerex Immuno-Oncology, Inc. signed an agreement, called a Heads of Agreement, binding the August 14, 2020 memorandum of understanding with Bintai Kinden Corporation of Malaysia for the development and commercialization of the Ii-Key-SARS-CoV-2 coronavirus vaccine. The Agreement, among other things, also expanded an understanding between Generex and Bintai related to the following: Finalize and solidify the terms and conditions of the licensing agreement within TWO weeks from the date of the Agreement, wherein the Parties will complete its perusal, clarify and finalization of the terms and conditions of the Agreement. Parties agree to be bound by the terms from the original non-binding MOU and Parties are in legal process to effectuate and finalize the Contract Document.

Parties agree that Generex shall at all aspects procure all documentations, permits, consents, and approvals for the full approval of FDA for the said Vaccine. As outlined in the MOU, Bintai will pay Generex the following fees: 2,500,000 - Intellectual Properties ‘IP' Assignment Rights; 100,000 - Regulatory Fees; 25,000 - Legal Fees; 7,500,000 - Government of Malaysia Licensing Fees; 10,000,000 - Private Sector Licensing Fees; 3.00 Per Dose - Government of Malaysia Royalties Fees; 4.50 Per Dose - Private Sector Royalties Fees. This Current Report contains summaries of the material terms of the Agreement.

The summary of the Agreement contained in this Current Report is subject to, and is qualified in its entirety by, reference to the Agreement, which is filed as an exhibit hereto and incorporated herein by reference.