Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 61

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 61
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 of the licenses or to comply with manufacturing obligations under these agreements,
or otherwise expire. There is no assurance that we will be able to renew or renegotiate our license agreements on acceptable terms if
and when such agreements terminate. We cannot guarantee that any in-license is enforceable or will not be terminated in the future. The
termination of any in-license or our inability to practice such technology and/or to enforce our rights under any in-license would materially
and adversely affect our ability to commercialize our Deep TMS systems.

The license
agreements for our critical patents and related intellectual property impose significant monetary obligations and other requirements on
us that may adversely affect our ability to successfully execute our business plan.

We depend upon license agreements with the PHS and
Yeda for our intellectual property rights to Deep TMS technology. Deep TMS was developed by our founders, among others, prior to our founding
over the course of their work for the PHS. The key family of patents and patent applications upon which the unique coil of Deep TMS technology
is based is owned by the DHHS (based on an assignment of the related rights from the PHS) and is exclusively in-licensed to us under a
license agreement with the PHS. A second family of patent applications covering additional functions of Deep TMS (including the multichannel
stimulator that we are developing for use in a more advanced version of our system), which is jointly owned by us with the NIH and Yeda,
is also licensed to us under the PHS license agreement and our license agreement with Yeda.

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Our license agreement with Yeda was made within the
context of research we commissioned at the Weizmann Institute involving Deep TMS. This agreement provides for in-licensed rights relating
to our second and third families of patent applications, which cover additional characteristics of Deep TMS (including several Deep TMS
coils, multi-channel stimulation, and methods of use), as well as in-licensed rights to rotational field TMS, which involves the perpendicular
placement of two coils over the head operated with a phase lag which causes a rotating induced electric field that enables stimulation
of neurons in various orientations.

These agreements provide us an exclusive (subject
to certain standard exceptions and such as described below), worldwide license, with a right to sublicense, subject to the approval of
PHS and Yeda, as applicable, for the life of the relevant patents (in the case of Yeda, on a per country basis or until the