Exhibit 10.21

Statement of Work for MAP Feasibility Project

 

PARTIES:   Universal Biosensors Pty Ltd (“UBS”) and Cilag GmbH International
(“Cilag”)

REFERENCE:

  The parties shall perform the following Project under the terms and conditions
of the Amended and Restated Development & Research Agreement between Cilag and
UBS dated August 19, 2011 as follows. PROJECT TITLE:   MAP Feasibility Project
(“Project”) OBJECTIVE:   Demonstration of the technical feasibility of
developing a MAP strip based on Gemini technology.

TERM OF WORK: Twelve (12) consecutive months beginning as of the date this SOW
is executed by all of the parties, or as terminated earlier or extended as set
forth herein.

SCOPE OF WORK AND DELIVERABLES: See Attachment A attached hereto and made a part
hereof.

TEAM MEMBERS: The core team members from Cilag will be *[REDACTED] and
*[REDACTED] and from UBS will be *[REDACTED] and *[REDACTED].

TIMELINE, COSTS AND PAYMENT:

FEES: The fees payable by Cilag to UBS for the Project will be US$4.5 million,
subject to increase in accordance with the terms of this SOW. UBS acknowledges
that Cilag has paid US $250,000 of the US$4.5 million prior to execution of this
SOW for work begun prior to such execution. The payments corresponding to the
milestone set out in the table below shall be made within 45 days of completion
of the relevant milestone.

In the event that UBS and Cilag, at any time, mutually agree that feasibility
will not be achieved based on the stated milestones in the table below and the
milestone metrics set forth on Attachment A, the Project will be terminated and
no payments will be due from Cilag for milestones not achieved prior to the
termination date.

CAPITAL EXPENDITURES: UBS capital expenditures for the Project shall not exceed
US$1.2 million without approval by Cilag. UBS will recover its capital
expenditure costs from Cilag against supplier invoices incurred by UBS. Payment
must be made by Cilag to UBS in accordance with the supplier’s terms so that UBS
can pay the supplier invoices when due.

All capital equipment purchased by UBS and paid for by Cilag shall be the sole
property of Cilag and shall be:

a.) subject to removal at any time upon Cilag’s demand provided that such
removal does not prevent UBS from fulfilling its obligations under this SOW if
this SOW is still in force between the parties after the removal;

b.) used only for the purposes of the Project and as otherwise directed by
Cilag;

 

* Confidential portion has been omitted and has been filed separately with the
Securities and Exchange Commission pursuant to a request for confidential
treatment.

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c.) maintained in good condition (protection, calibration, maintenance and care,
other than normal wear and tear) and secured against loss and damage in the same
manner as UBS secures its own equipment;

d.) identified clearly as the sole property of Cilag by indicating on them as
belonging to “Cilag GmbH International.” in a way as to put creditors or others
on notice that Cilag retains title thereto.

At the conclusion of the Project and for a period of 45 days thereafter, Cilag
may at its sole discretion and expense, determine that the equipment must be
returned to Cilag. If Cilag does not request the return of the equipment within
the 45 day period, then UBS may, at Cilag’s cost, return the equipment to Cilag,
dispose of the equipment, or negotiate reasonable terms with Cilag for retaining
the equipment.

SCHEDULE: At the completion of each milestone of the schedule set forth below, a
revised completion date for the Project will be provided to Cilag by UBS. In the
event that the Project is not completed on or before the end of the twelve month
period of the Project term the term shall be extended from month-to-month and
the additional fees for each additional month will be as follows:

 

  •  

At the end of each thirty (30) day extension period of the Project term, UBS
will invoice Cilag for **[REDACTED] percent (**[REDACTED]%) of the pro-rata
monthly cost of the initial 12 month Project term (**[REDACTED]). For the
avoidance of doubt, milestone fees will also be payable with respect to any
milestones achieved during this extension period of the Project term.

 

  •  

If feasibility has not been achieved by the end of the Project term, either
party may terminate the Project and this SOW at anytime with 1 month’s prior,
written notice to the other party. The obligation for Cilag to pay UBS for any
milestones completed prior to termination survives the termination or expiration
of this SOW.

 

Milestone/Activity

   Indicative Start
Date*     Indicative Finish
Date*     Payment
(US$‘000)  

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

*[REDACTED]

     *[REDACTED ]      *[REDACTED ]      *[REDACTED ] 

TOTAL PROJECT

         4,25   

 

* All Project dates in this SOW are for planning purposes only and are subject
to change. A milestone does not need to be achieved within the indicative
timeframes in order for milestone payment obligations to arise.

 

** Confidential portion has been omitted and has been filed separately with the
Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

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ACCEPTANCE OF STATEMENT OF WORK DESCRIPTION AND TERMS:

UNIVERSAL BIOSENSORS PTY LTD

 

By:  

    /s/ Salesh Balak

Name:  

Salesh Balak

Title:  

Director

Date:  

October 11, 2011

 

 

CILAG GMBH INTERNATIONAL

 

By:  

    /s/ Heinz Schmid

Name:  

Heinz Schmid

Title:  

  General Manager

Date:  

September 19, 2011

By:  

 /s/ Christian Cuzick

Name:  

 /s/ Christian Cuzick

Title:  

 Finance Director

Date:  

 September 27, 2011

 

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Milestone definition

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*[REDACTED]

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* Confidential portion has been omitted and has been filed separately with the
Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

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