GENEREX BIOTECHNOLOGY CORP
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v140286_ex10-1.htm
<TEXT>
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    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
10.1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Generex
Biotechnology Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33
Harbour Square, Suite 202</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Toronto,
Ontario</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Canada
M5J 2G2</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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                  <td align="left" valign="top" width="37%"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">February 13,
      2009</font></td>
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          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cranshire
Capital, L.P.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3100
Dundee Road, Suite 703</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Northbrook,
Illinois 60062</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Re:</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Generex
      Biotechnology Corporation</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">-<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">8%
      Senior Secured Convertible Note</font></div>
                </div>
                <div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">March
      1, 2009 Installment
Amount</font></div>
                </div>
              </div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
Sirs:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Reference is made to that certain 8%
Senior Secured Convertible Note in the original principal amount of $5,000,000
(the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Note</font>&#8221;)
issued by Generex Biotechnology Corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;) to
Cranshire Capital, L.P. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Holder</font>&#8221;) on March 31,
2008. Capitalized terms used in this letter agreement that are not otherwise
defined herein have the meanings set forth in the Note.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This letter confirms the agreement
between the Company and the Holder as of February 13, 2009 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Effective Date</font>&#8221;) as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the terms of the Note, (i) the Effective Date will constitute the
      Installment Notice Due Date and the Company Installment Notice Date in
      respect of the Applicable Installment Date and (ii) this letter will
      constitute (a) the Company Installment Notice in respect of the
      Installment Amount due on March 1, 2009 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Applicable Installment
      Date</font>&#8221;), (b) the Company&#8217;s election of a Company Conversion in
      respect of the Applicable Installment Amount (as that term is hereinafter
      defined) and the Applicable Installment Date, and (c) subject to the
      matters disclosed in Section 10 hereof, the Company&#8217;s confirmation of the
      matters required to be confirmed in Section 8 of the Note in connection
      with the Company&#8217;s election of a Company Conversion with respect to the
      Applicable Installment Amount and the Applicable Installment
      Date.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the computation of the Installment Amount set forth in the Note, the
      computation of the Installment Amount solely in respect of the Applicable
      Installment Date will instead be the product of (i) $1,927,333.42
      multiplied by (ii) the Holder Pro Rata Amount, together with the sum of
      all accrued and unpaid Interest as of the Applicable Installment Date
      under the Note because the Applicable Installment Date is also an Interest
      Date (collectively, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Applicable Installment
      Amount</font>&#8221;).</font></div>
            </td>
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      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the Pre-Installment Conversion Price set forth in the Note, the
      Pre-Installment Conversion Price in respect of the Applicable Installment
      Amount will be equal to the price which shall be computed as 90% of the
      arithmetic average of the VWAP of the Common Stock on each of the twenty
      (20) consecutive Trading Days immediately preceding and including the
      Effective Date (to be appropriately adjusted for any stock split, stock
      dividend, stock combination or other similar transaction during such
      measuring period).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with Section 8(a) of the Note, the Company will deliver the
      Pre-Installment Conversion Shares (which shall instead equal the number of
      shares of Common Stock equal to the quotient of (i) the Applicable
      Installment Amount divided by (ii) the Pre-Installment Conversion Price
      determined pursuant to Section 3 above) to the Holder no later than two
      (2) Trading Days after the Effective Date, provided that the Company will
      deliver irrevocable instructions with respect to the issuance of such
      Pre-Installment Conversion Shares to its Transfer Agent on February 13,
      2009.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the Company Conversion Price set forth in the Note, the Company Conversion
      Price in respect of the Applicable Installment Amount will be equal to the
      price which shall be computed as 90% of the arithmetic average of the VWAP
      of the Common Stock on each of the fourteen (14) consecutive Trading Days
      immediately preceding and including March 6, 2009 (to be appropriately
      adjusted for any stock split, stock dividend, stock combination or other
      similar transaction during such measuring
  period).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will deliver the number of shares of Common Stock to be delivered
      pursuant to a Company Conversion (which Company Conversion shall occur on
      March 6, 2009 instead of March 1, 2009) in respect of the Applicable
      Installment Amount and the Applicable Installment Date, reduced by the
      number of the Pre-Installment Conversion Shares delivered in connection
      with the Applicable Installment Amount and the Applicable Installment
      Date, no later than March 9, 2009, and such delivery of such shares will
      be deemed timely and effective payment of the Applicable Installment
      Amount on the Applicable Installment Date if so delivered no later than
      March 9, 2009.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      at the date hereof, one of the Equity Conditions has not been satisfied in
      that the Company received notice from The NASDAQ Stock Market of the
      Company&#8217;s failure to comply with the minimum bid price requirement of
      Marketplace Rule 4310(c)(4) (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Listing Maintenance
      Equity Condition</font>&#8221;).&#160;&#160;The Holder hereby waives
      satisfaction of only the Listing Maintenance Equity Condition solely with
      respect to the Applicable Installment Date and the Applicable Installment
      Amount thereby entitling the Company to pay the whole of the Applicable
      Installment Amount due on the Applicable Installment Date pursuant to a
      Company Conversion pursuant to Section 1 hereof if, subject to the matters
      disclosed in Section 10 hereof&#160;&#160;(i) all other Equity Conditions
      and (ii) all other conditions relating to a Company Conversion, in each
      case, are satisfied in accordance with the terms of the
    Note.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company represents, warrants and covenants that the Company has not
      entered into, and will not enter into, any agreement with any holder of
      Other Notes on terms or conditions which are more favorable to any such
      holder with respect to the matters addressed by&#160;this letter
      agreement. To the extent the Company enters into any&#160;agreement with
      any holder of Other Notes that contains any terms or conditions which are
      more favorable to any such holder with respect to the matters addressed
      by&#160;this letter agreement, then the Holder, at its option, shall be
      entitled to the benefit of such more favorable terms or conditions (as the
      case may be) and this letter agreement shall be automatically amended to
      reflect such more favorable terms or conditions (as the case may
      be).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      obligations of the Holder hereunder are several and not joint with the
      obligations of any other holder of Other Notes and the Holder shall not be
      responsible in any way for the performance of the obligations of any other
      holder of Other Notes under any other similar agreement. Nothing contained
      herein, and no action taken by the Holder pursuant hereto, shall be deemed
      to constitute the Holder and the holders of the Other Notes as, and the
      Company acknowledges that the Holder and the holders of the Other Notes do
      not so constitute, a partnership, an association, a joint venture or any
      other kind of group or entity, or create a presumption that the Holder or
      any holder of Other Notes are in any way acting in concert or as a group
      or entity with respect to such obligations or the transactions
      contemplated by this Agreement or any matters, and the Company
      acknowledges that the Holder and the holders of the Other Notes are not
      acting in concert or as a group, and the Company shall not assert any such
      claim, with respect to such obligations or the transactions contemplated
      by this Agreement or any other similar agreement. The decision of the
      Holder to enter into this letter agreement has been made by the Holder
      independently of any holder of Other Notes. The Company and the Holder
      confirm that the Holder has independently participated with the Company in
      the negotiation of the transaction contemplated hereby with the advice of
      its own counsel and advisors. The Holder shall be entitled to
      independently protect and enforce its rights, including, without
      limitation, the rights arising out of this letter agreement or out of any
      other Transaction Documents, and it shall not be necessary for any other
      holder of Other Notes to be joined as an additional party in any
      proceeding for such purpose. To the extent that any holder of Other Notes
      enters into an agreement with the same or similar terms and conditions or
      pursuant to the same or similar documents, all such matters are solely in
      the control of the Company, not the action or decision of the Holder, and
      would be solely for the convenience of the Company and not because it was
      required or requested the Holder.</font></div>
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      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company acknowledges that there have occurred Events of Default under the
      Notes and that Holder and the Company are engaged in the process of
      negotiating certain amendments and waivers with respect thereto. Nothing
      in this letter shall constitute a waiver of any Events of Default and
      Holder fully and specifically reserves any and all rights, powers,
      privileges and remedies under the Transaction Documents or
      otherwise.</font></div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to the opening of the Principal Market on February 17, 2009, the Company
      shall file with the SEC a Form 8-K Current Report describing all of the
      material terms of the transactions contemplated by this letter agreement
      in the form required by the 1934 Act and attaching a form of this letter
      agreement.</font></div>
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      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
letter agreement may be executed in any number of counterparts and signature
pages hereto may be delivered by facsimile or other electronic means, all of
which taken together shall constitute one and the same instrument, and any of
the parties hereto may execute this letter agreement by signing any such
counterpart.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[<font style="DISPLAY: inline; FONT-STYLE: italic">signature pages
follow</font>]</font></div>
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