LICENCE AGREEMENT











UNIVERSITY OF TECHNOLOGY, SYDNEY





and





NUVILEX AUSTRALIA PTY LTD

























*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.



i







TABLE OF CONTENTS



|1.   | DEFINITIONS AND INTERPRETATION                                  | 4 
|---- | --------------------------------------------------------------- | --
|1.1  | DEFINITIONS                                                     | 4 
|1.2  | INTERPRETATION                                                  | 7 
|1.3  | CURRENCY                                                        | 7 
|     |                                                                 |   
|2.   | TERM                                                            | 7 
|     |                                                                 |   
|3.   | GRANT OF LICENCE                                                | 8 
|3.1  | GRANT OF LICENCE TO LICENSEE                                    | 8 
|3.2  | NOT USED                                                        | 8 
|3.3  | GRANT OF SUB-LICENCES                                           | 8 
|3.4  | OPERATION OF SECTION 145 OF THE AUSTRALIAN PATENTS ACT 1990     | 8 
|3.5  | RECORDING OF LICENCE                                            | 8 
|3.6  | RESERVATION OF RIGHT TO RESEARCH                                | 9 
|3.7  | UNIVERSITY TO COMMUNICATE IMPROVEMENTS TO LICENSEE              | 9 
|3.8  | ASSISTANCE BY UNIVERSITY                                        | 9 
|3.9  | REFERRAL OF ENQUIRIES                                           | 9 
|3.10 | TERMS OF SUB-LICENCES                                           | 9 
|3.11 | PROVISION OF A COPY OF A SUB-LICENCE AGREEMENT                  | 9 
|3.12 | NOT USED                                                        | 10
|3.13 | COMMERCIALISATION                                               | 10
|     |                                                                 |   
|4.   | LICENCE FEE                                                     | 10
|     |                                                                 |   
|5.   | GENERAL OBLIGATIONS OF LICENSEE                                 | 11
|5.1  | USE REASONABLE EFFORTS TO COMMERCIALISE                         | 11
|5.2  | REGULATORY APPROVALS                                            | 11
|5.3  | USE OF PATENT NUMBERS                                           | 11
|5.4  | COMPLIANCE WITH LAWS                                            | 11
|5.5  | NO MISLEADING OR DECEPTIVE CONDUCT                              | 12
|5.6  | LICENSEE TO COMMUNICATE LICENSEE’S IMPROVEMENTS TO UNIVERSITY   | 12
|5.7  | ANNUAL REPORTING BY LICENSEE                                    | 12
|     |                                                                 |   
|6.   | PATENTS                                                         | 12
|6.1  | WHAT WILL BE PATENTED                                           | 12
|6.2  | PATENT OWNERSHIP                                                | 12
|6.3  | NOT USED                                                        | 12
|6.4  | PATENT TO BE MAINTAINED                                         | 13
|6.5  | LICENSEE DECLINES TO PATENT                                     | 13
|     |                                                                 |   
|7.   | INTELLECTUAL PROPERTY                                           | 13
|7.1  | OWNERSHIP                                                       | 13
|7.2  | INFRINGEMENT                                                    | 13
|7.3  | PARTIES TO CONSIDER ACTING JOINTLY IN RELATION TO INFRINGEMENTS | 13
|7.4  | PARTIES DECIDE TO ACT JOINTLY                                   | 14
|7.5  | LICENSEE ELECTS TO PROCEED SOLELY                               | 14





*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

ii









|8.   | CONFIDENTIAL INFORMATION                                                  | 14
|---- | ------------------------------------------------------------------------- | --
|8.1  | OWNERSHIP OF CONFIDENTIAL INFORMATION                                     | 14
|8.2  | USE OF CONFIDENTIAL INFORMATION                                           | 14
|8.3  | NON DISCLOSURE OF CONFIDENTIAL INFORMATION                                | 15
|8.4  | RELIEF TO RECIPIENT                                                       | 15
|8.5  | DAMAGES INADEQUATE                                                        | 15
|8.6  | DISCLOSURE TO DIRECTORS AND EMPLOYEES                                     | 15
|8.7  | NOT USED                                                                  | 16
|8.8  | DISCLOSURE FOR NON-COMMERCIAL RESEARCH                                    | 16
|8.9  | INFRINGEMENT OF CONFIDENTIALITY                                           | 16
|8.10 | PUBLIC STATEMENTS                                                         | 16
|8.11 | SURVIVAL OF OBLIGATIONS                                                   | 16
|     |                                                                           |   
|9.   | PUBLICATIONS                                                              | 16
|9.1  | PUBLICATIONS TO BE PROVIDED TO LICENSEE                                   | 16
|9.2  | LICENSEE MAY OBJECT TO PUBLICATION                                        | 17
|9.3  | WHEN UNIVERSITY MAY AUTHORISE PUBLICATION                                 | 17
|9.4  | PATENT APPLICATIONS                                                       | 17
|9.5  | NOT USED                                                                  | 17
|     |                                                                           |   
|10.  | INSURANCE                                                                 | 17
|10.1 | LICENSEE TO OBTAIN INSURANCE                                              | 17
|10.2 | LICENSEE TO OBTAIN NO FAULT COMPENSATION CLINICAL TRIAL INSURANCE         | 18
|10.3 | LICENSEE TO MAINTAIN INSURANCE                                            | 18
|10.4 | LICENSEE TO PROVIDE A COPY OF CERTIFICATE OF INSURANCE                    | 18
|10.5 | UNIVERSITY MAY INSURE IF LICENSEE FAILS TO INSURE                         | 18
|10.6 | SUSPENSION OF OPERATION OF CLAUSES 10.1 TO 10.4                           | 18
|     |                                                                           |   
|11.  | WARRANTIES                                                                | 19
|11.1 | COMMERCIALISATION IS UNCERTAIN                                            | 19
|11.2 | WARRANTIES BY UNIVERSITY                                                  | 19
|11.3 | ACKNOWLEDGMENTS                                                           | 20
|11.4 | NO OTHER WARRANTIES                                                       | 20
|     |                                                                           |   
|12.  | INDEMNITIES                                                               | 20
|12.1 | INDEMNITY BY LICENSEE                                                     | 20
|12.2 | INDEMNITY BY UNIVERSITY                                                   | 21
|12.3 | MITIGATION                                                                | 21
|     |                                                                           |   
|13.  | DISPUTE
    RESOLUTION                                                    | 21
|13.1 | WHEN THIS CLAUSE APPLIES                                                  | 21
|13.2 | NOTICE OF DISPUTE                                                         | 21
|13.3 | APPOINTMENT OF REPRESENTATIVE                                             | 22
|13.4 | MECHANISM FOR RESOLUTION OF DISPUTE                                       | 22
|13.5 | COMMENCEMENT OF LEGAL PROCEEDINGS                                         | 22
|     |                                                                           |   
|14.  | TERMINATION                                                               | 23
|14.1 | TERMINATION FOR DEFAULT                                                   | 23
|14.2 | TERMINATION FOR INSOLVENCY EVENT                                          | 23
|14.3 | TERMINATION FOR ABANDONMENT EVENT                                         | 23
|14.4 | TERMINATION DOES NOT AFFECT PRIOR RIGHTS OR OBLIGATIONS OR ACCRUED RIGHTS | 23





*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

iii









|15.   | TERMINATION
    AND CONFIDENTIAL INFORMATION              | 23
|----- | --------------------------------------------------------- | --
|15.1  | RETURN OF CONFIDENTIAL INFORMATION                        | 23
|15.2  | DESTRUCTION OF CONFIDENTIAL INFORMATION                   | 24
|15.3  | RECIPIENT MAY KEEP A COPY OF THE CONFIDENTIAL INFORMATION | 24
|      |                                                           |   
|16.   | GOODS
    AND SERVICES TAX                                | 24
|16.2  | GST RECOVERY                                              | 24
|16.3  | REIMBURSABLE AMOUNT                                       | 24
|16.4  | LEGISLATIVE CHANGES                                       | 25
|16.5  | TAX INVOICE                                               | 25
|      |                                                           |   
|17.   | SERVICE
    OF NOTICES                                    | 25
|17.1  | MANNER OF SERVICE OF NOTICES                              | 25
|17.2  | WHEN SERVICE BY POST IS EFFECTIVE                         | 25
|17.3  | WHEN SERVICE BY EMAIL TRANSMISSION IS EFFECTIVE           | 25
|17.4  | WHEN PERSONAL SERVICE IS EFFECTED                         | 25
|      |                                                           |   
|18.   | GENERAL                                                   | 26
|18.1  | NO ASSIGNMENT OR SUB-CONTRACTING                          | 26
|18.2  | RELATIONSHIP BETWEEN THE PARTIES                          | 26
|18.3  | FURTHER ASSURANCE                                         | 26
|18.4  | COUNTERPARTS                                              | 26
|18.5  | LEGAL COSTS                                               | 26
|18.6  | WARRANTY OF AUTHORITY                                     | 26
|18.7  | WHOLE AGREEMENT                                           | 26
|18.8  | VARIATIONS                                                | 27
|18.9  | WAIVER                                                    | 27
|18.10 | APPLICABLE LAW                                            | 27
|18.11 | SEVERANCE                                                 | 27









*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

iv







REFERENCE SCHEDULE





|Item 1  | Effective Date of Agreement        | 13 October 2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------- | ---------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item 2  | Licensee                           | Nuvilex Australia Pty Ltd                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Item 3  | Ownership of Intellectual Property | Solely owned by University                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Item 4  | Licensed Intellectual Property     | Patent/s: Cells Genetically Modified to Comprise Pancreatic
        Islet Glucokinase and Uses Thereof
        Filing details:
        ·Patent
        applications derived from PCT/AU2008/001160
        o   Australia: 2007904310
        o   United States: 14/185716
        o   Europe: 08782908.1
        
        Trademarks: N/A
        Copyright: N/A
        Plant Breeders Rights: N/A Knowhow: Data and knowhow
        related the Patent or Patent Applications
|Item 5  | Territory                          | Worldwide                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Item 6  | Exclusivity                        | Exclusive rights to Licensed Intellectual Property, except Knowhow.                                                                                                                                                                                                                                                                                                                                                                                                            
|        |                                    | Non-Exclusive rights to Knowhow.                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Item 7  | Field                              | Treatment of Diabetes using the Licensed Intellectual Property                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 8  | Patent Administration Fee          | [**] on all amounts paid by University to prosecute and maintain patents related to Licensed Intellectual Property                                                                                                                                                                                                                                                                                                                                                             
|Item 9  | Royalty                            | [**] Gross Exploitation Revenue on Product Sales                                                                                                                                                                                                                                                                                                                                                                                                                               
|Item 10 | Term                               | 20 years (or the remainder of any term on the Licensed Intellectual Property)                                                                                                                                                                                                                                                                                                                                                                                                  
|Item 11 | Milestone Payments                 | Successful conclusion of:
        ·[**********]
        ·[**********]
        ·[**********]
        ·[**********]                                                                                                                                                                                                                                                                                                                                                              











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.



1









|Item 12 | Product /Service                                         | Use of Melligen cell line to treat diabetes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------- | -------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item 13 | Sub Licensee Royalty                                     | [**] gross revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Item 14 | Existing publications and disclosures for the Technology | Ann M. Simpson, M. Anne Swan, Guo Jun Liu,
        Chang Tao, Bronwyn A O’Brien, Edwin Ch’ng, Leticia M. Castro, Julia Ting, Zehra Elgundi, Tony An, Mark Lutherborrow,
        Fraser Torpy, Donald K. Martin, Bernard E. Tuch and Graham M. Nicholson (2013). Insulin Trafficking in a Glucose Responsive Engineered
        Human Liver Cell Line is Regulated by the Interaction of ATP-Sensitive Potassium Channels and Voltage-Gated Calcium Channels, Gene
        Therapy -Tools and Potential Applications, Dr. Francisco Martin (Ed.), ISBN: 978-953-51-1014-9, InTech, DOI:  10.5772/52839.
        Available from:
        
        http://www.intechopen.com/books/gene-therapy-tools-and-potential-applications/insulin-trafficking-in-a-glucose-responsive
        -engineered-human-liver-cell-line
        -is-regulated-by-the-int
        
        Tuch et al., (2003).
        “Function of a genetically modified human liver cell line that stores, processes and secretes insulin”. Gene Therapy.
        Vol. 10 (6), pp490-503.
        
        Tabiin
        et al., (2001). “Susceptibility of Insulin-Secreting Hepatocytes to the Toxicity
        of Pro-inflammatory Cytokines”.
        Journal of Autoimmunity. Vol. 17 (3), pp229-242.
        
        Simpson et al.,(1997).
        “Gene therapy of diabetes: glucose-stimulated insulin secretion in a human hepatoma cell line (HEP G2ins/g)”. Gene
        Therapy. Vol. 4 (11), pp1202-14.
        
        Simpson et
        al.,(1995). ”Functional expression of the human insulin gene in a human hepatoma cell line (HEP G2)”. Gene
        Therapy. Vol. 2 (3), pp223-231.
|Item 15 | Interest rate amounts on overdue amounts                 | [**] per annum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               





























*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

2









|Item 16 | Contact details for Licensee                      | Chief Executive Officer of Nuvilex Australia Pty Ltd
        12510 Prosperity Drive
        Suite 310
        Silver Spring, Maryland 20904 USA
        Telephone:+917.595.2850
        Facsimile: +917.595.2851
        Email: kwaggoner@nuvilex.com
|------- | ------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item 17 | Contact details for University                    | Director, Research & Innovation Office
        Level 14, Building 1
        University of Technology, Sydney
        15 BROADWAY NSW 2007
        Telephone: 02 9514 9861
        Facsimile: 02 9514 1244
        Email: patents@uts.edu.au          
|Item 18 | Period Objectionable Material not to be published | 12 months                                                                                                                                                                                                                                            



















*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.



3







LICENCE AGREEMENT








THIS LICENSE AGREEMENTis made on the 10 day of October
2014

(“Agreement”)





|BETWEEN | UNIVERSITY OF TECHNOLOGY, SYDNEY (ABN 77 257 686 961), a body corporate constituted pursuant to the provisions of the University of Technology, Sydney Act 1989(NSW) of 15 Broadway, ULTIMO NSW 2007 (“University”)
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                    
|AND     | NUVILEX AUSTRALIA PTY LTD (ACN 600 316 621) of Level 15, 300 Queen Street, Brisbane, QLD 4001(“Licensee”)                                                                                                          





BACKGROUND





|A | The University owns the Intellectual Property.                                                          
|- | --------------------------------------------------------------------------------------------------------
|  |                                                                                                         
|B | The University has agreed to grant a licence to the Licensee to Commercialise the Intellectual Property.







THIS AGREEMENT PROVIDES



|1.  | DEFINITIONS AND INTERPRETATION
|--- | ------------------------------
|    |                               
|1.1 | Definitions                   



In this Agreement:



Abandonment Eventmeans
the Licensee fails to Commercialise the Intellectual Property for a period of 2 years.



Agreementmeans this Agreement and any appendices
to it.



BIPmeans Intellectual
Property owned, acquired or licensed by the University that is described in a Research Agreement between the Licensee and the University
as being Intellectual Property that the University has made available for a research project.



Business Daymeans:



| | (a) | in relation to the doing of any act or the receipt of any notice by the University,
a day (other than a Saturday or Sunday) upon which banks are ordinarily open for business in Sydney, Australia; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to the doing of any act or the receipt of any notice by Licensee,
a day (other than a Saturday or Sunday) upon which banks are ordinarily open for business in Sydney, Australia.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

4







Commercialise or
Commercialisationmeans:



| | (a) | in relation to a product that uses or incorporates part or all of the Intellectual Property to use, make, manufacture, have made or manufactured, sell, advertise, promote, distribute, hire, or otherwise dispose of the product, or to keep it for the purpose of doing any of those things;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                               
| | (b) | in relation to a method or process that uses or incorporates part or all of the Intellectual Property, to use the method or process or do any act referred to above in respect of a product resulting from such use; or                                                                       
| |     |                                                                                                                                                                                                                                                                                               
| | (c) | to research, develop or test a product or process that uses or incorporates part or all of the Intellectual Property.                                                                                                                                                                         









Confidential
Informationof a party (“Discloser”) means, in respect of the
other party (“Recipient”), any or all information and data of any nature:



| | (a) | disclosed by the Discloser to the Recipient in connection with this Agreement; or
| | --- | ---------------------------------------------------------------------------------



| | (b) | obtained by the Recipient where the Recipient knows or suspects, or ought reasonably to have known
or suspected, that the information was obtained, whether directly or indirectly, from the Discloser and the Discloser would treat
such information as confidential, whether before or after the Effective Date of this Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Defence
Trade Controls Lawmeans any Australian law restricting or regulating the export, transfer or trading of specified defence-related
or weapons-related goods, services or technologies, including each of the Defence Trade Controls Act 2012 (Cth), Customs Act 1901
(Cth), Weapons of Mass Destruction (Prevention of Proliferation) Act 1995 (Cth), Nuclear Non-Proliferation (Safeguards) Act 1987
(Cth) and Chemical Weapons (Prohibition) Act 1994 (Cth).



Effective
Datemeans the date of this Agreement as specified at Item 1of the reference
schedule.



Fieldmeans the field as specified at Item 7of the reference schedule.



Improvementsmeans all developments of, improvements to, additions to or alterations to the Licensed Intellectual Property (after
the Effective Date).



Insolvency
Eventmeans:



| | (a) | a winding up order is made;
| | --- | ---------------------------



| | (b) | a resolution is made for winding up (other than for the purpose of reconstruction);
| | --- | -----------------------------------------------------------------------------------



| | (c) | a provisional liquidator or administrator is appointed;
| | --- | -------------------------------------------------------



| | (d) | an official manager, a receiver, a receiver and manager or similar officer is appointed and that
appointment is not stayed or revoked within 14 days of such appointment;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | ceasing to carry on business; or
| | --- | --------------------------------



| | (f) | any proposal to enter into a scheme of arrangement or composition for the benefit of creditors
(except for the purpose of reconstruction).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

5





Intellectual Propertymeans:



| | (a) | the Licensed Intellectual Property;
| | --- | -----------------------------------



| | (b) | all Patent Applications (including foreign applications) that are filed or may later be filed based
on or corresponding to the Licensed Intellectual Property in paragraph (a) above;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | all divisional and continuation, in whole or in part, applications and reissue applications based
on any of the foregoing Licensed Intellectual Property or Patent Applications;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | all issued and unexpired patents resulting from any application in paragraph (a), (b) or (c) above;
| | --- | ---------------------------------------------------------------------------------------------------



| | (e) | all issued and unexpired reissue, re-examination, renewal, or extension patents that may be based
on any patents referred to in paragraph (d) above; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Improvements.
| | --- | -------------



Licensed
Intellectual Propertymeans that intellectual property described at Item 4of
the Reference Schedule.



Non-Commercial
Researchmeans research that is not funded in whole or part by a for-profit entity and in respect of which a for-profit
entity does not obtain a right to Commercialise or otherwise exploit the outcome of the research.



Partyor Partiesmeans a party or the parties to this Agreement.



Patentmeans a patent granted that encompasses any part of the Intellectual Property.



Patent
Applicationmeans any new patent application filed after the Effective Date which is either related to the Licensed
Intellectual Property or arisen separately from it but still within the Field and of potential commercial interest to the Licensor.



Productmeans each product:



| | (a) | the manufacture, use, or sale of which infringes (or which would, but for the licence granted under
this Agreement, infringe), uses, or employs any part of the Intellectual Property; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | that is derived from the Intellectual Property.
| | --- | -----------------------------------------------



Proposed
Publicationmeans:



| | (a) | a manuscript or abstract intended for publication;
| | --- | --------------------------------------------------



| | (b) | a paper or abstract intended to be orally presented;
| | --- | ----------------------------------------------------



| | (c) | any poster presentation; or
| | --- | ---------------------------



| | (d) | any other public disclosure that relates to any matter concerning the Intellectual Property but
excludes a student thesis
| | --- | -------------------------------------------------------------------------------------------------------------------------



Public
Domainmeans the general store of knowledge that is known or generally available and ascertainable by members of the
community.







*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

6





Royaltymeans
the figure or percentage at Item 9of the Reference Schedule.



Termmeans the period defined at Item 10of
the Reference Schedule.



Territorymeans
that region or regions described at Item 5of the Reference Schedule where the Licensee
may Commercialise the Intellectual Property.



| | 1.2 | Interpretation
| | --- | --------------



| | (a) | A reference to a Party to this Agreement includes a reference to that Party's
executor, administrator, heirs, successors, permitted assignees, guardian, and trustee in bankruptcy, all of whom, respectively,
are bound by the provisions of this Agreement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Headings in this Agreement are inserted for guidance only and shall not affect
the meaning and interpretation of the remaining provisions of this Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Words in this Agreement importing the singular number or plural number shall
include the plural number and singular number respectively.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Words in this Agreement importing persons include all persons, entities and
associations, including companies, trusts, bodies corporate, statutory bodies, partnerships, and joint ventures.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Where a word or phrase is given a particular meaning in this Agreement, other
parts of speech and grammatical forms of that word or phrase have corresponding meanings.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Where a party to this Agreement is more than one person the covenants and
obligations on their part contained in this Agreement are binding upon each of them jointly and severally.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The word “including” is not a word of limitation.
| | --- | -------------------------------------------------



| | (h) | If something must be done on a day that is not a Business Day, it may be
done on the next day that is a Business Day.
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (i) | A reference to any statute is a reference to that statute, as amended and
in force from time to time.
| | --- | -----------------------------------------------------------------------------------------------------





| | 1.3 | Currency
| | --- | --------



| | (a) | A reference to an amount of money is a reference to that amount in Australian dollars.
| | --- | --------------------------------------------------------------------------------------



| | (b) | All amounts payable pursuant to this Agreement shall be paid in Australian dollars.
| | --- | -----------------------------------------------------------------------------------



| | 2. | TERM
| | -- | ----





The term
of this Agreement (“Term”) in each country shall be the period commencing
upon the Effective Date and ending:



| | (a) | where a Patent encompassing any of the Intellectual Property has been granted
in that country – on the date of expiration of the last to expire Patent granted in that country;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

7







| | (b) | where a Patent encompassing any of the Intellectual Property has not been
granted in that country – on the date of expiration of the last to expire Patent granted in any country; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | where no Patent encompassing any of the Intellectual Property has been granted
in any country - on the expiration of the period at Item 10of the Reference Schedule from the Effective Date,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



unless this Agreement is terminated
earlier in accordance with Clause 14.



| | 3. | GRANT OF LICENCE
| | -- | ----------------



| | 3.1 | Grant of Licence to Licensee
| | --- | ----------------------------



The University grants to the
Licensee a licence in accordance with the exclusivity terms at Item 6of the Reference Schedule in the Territory to Commercialise
the Intellectual Property within the Field.



| | 3.2 | Not Used
| | --- | --------



| | 3.3 | Grant of Sub-Licences
| | --- | ---------------------



Licensee may grant a sub-licence
to Commercialise the Intellectual Property without the prior written consent of the University.



| | 3.4 | Operation of Section 145 of the Australian Patents Act 1990
| | --- | -----------------------------------------------------------



This Agreement operates as a separate agreement
in relation to:



| | (a) | each Patent in each country; and
| | --- | --------------------------------



| | (b) | such that the Intellectual Property that never becomes the subject of a patent,
| | --- | -------------------------------------------------------------------------------



to the intent and purpose
that if a party terminates this Agreement pursuant to section 145 of the Australian Patents Act 1990 (or any similar or corresponding
provision of the law of any country), that termination shall operate with respect to the Patent that ceased to be in force, without
affecting the continued operation of this Agreement in relation to:



| | i. | all remaining Patents; and
| | -- | --------------------------



| | ii. | such of the Intellectual Property that never becomes the subject of a patent.
| | --- | -----------------------------------------------------------------------------



| | 3.5 | Recording of Licence
| | --- | --------------------



| | (a) | Licensee may apply to the Commissioner of Patents in Australia (and any other
similar official or functionary in the Territory) to note on the Patents register (or any similar register in any other country)
particulars of Licensee’s entitlement as licensee to an interest in the Patents pursuant to this Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The University must assist, at Licensee’s expense, and consent to the
application referred to in paragraph (a) of this Clause 3.5 and must procure the consent and assistance of the University to that
application.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

8







| | 3.6 | Reservation of Right to Research
| | --- | --------------------------------



Notwithstanding any other provision
in this Agreement, the University reserves the right to undertake internal Non-Commercial Research in relation to the Intellectual
Property. Any research undertaken pursuant to this Clause 3.6 must be on terms that comply with Clauses 8 and 9 of this Agreement.



| | 3.7 | University to Disclose Improvements to Licensee
| | --- | -----------------------------------------------



The University must promptly disclose Improvements
to Licensee.



| | 3.8 | Assistance by University
| | --- | ------------------------



The University must give to Licensee
all information and reasonable assistance in its power to enable Licensee to Commercialise the Intellectual Property and the Products
to the best advantage.



| | 3.9 | Referral of Enquiries
| | --- | ---------------------



The University must promptly
refer all commercially relevant enquiries it receives in relation to Products to Licensee.



| | 3.10 | Terms of Sub-Licences
| | ---- | ---------------------



| | (i) | Subject to paragraphs 3.10 (ii) to(iv) inclusive, the University acknowledges that the terms of
a sub-license agreement are a matter for Licensee to determine; however the non-economic terms of any sub-license should be similar
to those in this Agreement, specifically including Clauses 5, 8, 10 and 12 .
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | The Licensee agrees that it cannot accept non-cash consideration from a sub-licensee without the
prior written consent of the University.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | As partial consideration for the license granted to the Licensee under this Agreement, the Licensee
shall pay the University the Sub Licensee Royalty (Item 13) in relation to a sub-license of the Licensed Intellectual Property
under this Agreement by the University.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Such Sub Licensee Royalty shall be applied to any payments made to the Licensee in relation to
a sub-license of the Licensed Intellectual Property, including, but not limited to, any royalty payments paid to the Licensee on
sales of any Products by the sub-licensee, initial licensing fees, milestone fees, maintenance fees and minimum royalty payments,
to the extent any such payment is directly attributable to the sub-license of the Licensed Intellectual Property.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.11 | Copy of Sub-Licence Agreement to be Provided to University
| | ---- | ----------------------------------------------------------



Licensee must:



| | (a) | upon execution of a sub-licence agreement; or
| | --- | ---------------------------------------------



| | (b) | upon execution of an agreement varying a sub-licence agreement, or effecting a variation of a sub-licence
agreement in any other way; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (c) | upon receipt of a written request by the University, provide to the University:
| | --- | -------------------------------------------------------------------------------









*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

9







(d)an executed copy of a sub-licence agreement; or



(e)an executed copy of an agreement varying a sub-licence agreement; or



(f)particulars of a variation of a sub-licence agreement effected in any other way.



| | 3.12 | Not Used
| | ---- | --------



| | 3.13 | Commercialisation
| | ---- | -----------------



Without limiting the Licensee's
obligations under Clause 5.4, each Party must comply with all applicable statutes, regulations, rules, ordinances, by-laws and
other subordinate legislation in connection with the licencing, use and Commercialisation of the Intellectual Property contemplated
by this Agreement.



| | 4. | LICENCE FEE
| | -- | -----------



| | 4.1 | The Licensee must pay to the University:
| | --- | ----------------------------------------





| | (a) | the Patent Administration Fee (Item 8); and
| | --- | -------------------------------------------



| | (b) | the Royalty (Item 9);
| | --- | ---------------------



| | (c) | the Milestone Payments (Item 11); and
| | --- | -------------------------------------



| | (d) | the Sub-Licensee Royalty (Item 13).
| | --- | -----------------------------------



| | 4.2 | The Royalty and Sub-Licensee Royalty must be paid to the University once every 6 months (“Half
Year”) throughout the Term. Each Half Year ends on 31 March and 30 September respectively. The Royalty and Sub-Licence Royalty
must be paid within 30 days of the end of the Half Year and must include a written report ‘Royalty and Revenue Report’
with respect to the immediately completed Half Year, which details the following:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | the number of Products sold for that Half Year;
| | --- | -----------------------------------------------



| | (b) | the invoice price of each Product sold for that Half Year; and
| | --- | --------------------------------------------------------------



| | (c) | the amount of Royalty and Sub-Licensee Royalty payable to the Licensor for that Half Year.
| | --- | ------------------------------------------------------------------------------------------





|4.3 | (a) | Throughout the Term
(Item 10), the Licensee must keep proper records of sales, as well as any purchases
made pursuant to any Sub-Licence Agreements, in respect of its Commercialisation of the Products (“Books”).
|--- | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (b) | Throughout the Term, but not more often than once in each 6 month period, authorised representatives
of the University may inspect the Books. The Licensee will provide all necessary reasonable assistance in order for the said representatives
to properly carry out the inspection. The representatives may take copies of the Books. If a variation of 10% in an amount which
is payable to the Licensor is revealed from the inspection of the Books, the representatives’ costs will be paid by the Licensee.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

10







| | 4.4 | The Royalty and Sub-Licensee Royalty must be clear from all set-offs, counterclaims, charges, taxes
(including withholding taxes), any other government charges, duties and other costs, and be calculated on the listed price of any
Products and not on any discounted prices.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | If any amounts which are owed to the Licensor under this Clause are in arrears by more than 60
days, then interest is charged at the rate, asset out in Item 15.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.6 | The amount referred to in Clause 4.2 is exclusive of goods and services tax.
| | --- | ----------------------------------------------------------------------------



| | 4.7 | The University shall provide to Licensee an invoice for the amount referred to in Clause 4.2; and
for the goods and services tax applicable to the amount referred to in Clause 4.2, that complies with the requirements of the A
New Tax System (Goods and Services Tax) Act 1999.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.8 | Licensee must pay the invoice referred to in Clause 4.7 within 30 days of Licensee’s receipt
of the invoice.
| | --- | ------------------------------------------------------------------------------------------------------------



| | 5. | GENERAL OBLIGATIONS OF LICENSEE
| | -- | -------------------------------



| | 5.1 | Use Reasonable Efforts to Commercialise
| | --- | ---------------------------------------



Licensee, either on its own
or through a sub-licensee or an affiliate, must use its reasonable efforts consistent with customary business practices to develop
and Commercialise the Intellectual Property in a diligent manner.



| | 5.2 | Regulatory Approvals
| | --- | --------------------



Licensee must at its expense
apply for and obtain all regulatory approvals, licences, permits and approvals from any government, government agency, or regulatory
agency that may be required to Commercialise the Intellectual Property.



| | 5.3 | Use of Patent Numbers
| | --- | ---------------------



Licensee must ensure that
the Products and the packaging of the Products includes a reference to the patent/patent application numbers that relate to that
Product, where the absence of that reference in any manner detrimentally affects the rights conferred by the Patent.



| | 5.4 | Compliance with Laws
| | --- | --------------------



Licensee must comply with
all applicable laws in relation to the Commercialisation of the Intellectual Property.



| | 5.4A | If applicable and if University determines when acting reasonably and after conducting any necessary
investigations, that University is or may be exposed to a risk of breaching Defence Trade Controls Law as a result of any activity
in which the Licensee is or will be engaged in connection with the provision of the Licence, University may, at its absolute discretion:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | require the Licensee to comply with any reasonable directions issued by University
in order to mitigate the risk, including a direction to cease undertaking the supply of the Commercialised Intellectual Property
to a sanctioned country without a permit to export the controlled technology; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | terminate this Agreement immediately without notice.
| | --- | ----------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

11







| | 5.5 | No Misleading or Deceptive Conduct
| | --- | ----------------------------------



Licensee must not engage in any
misleading or deceptive conduct or conduct likely to be misleading or deceptive in Commercialising the Intellectual Property.



| | 5.6 | Licensee to Communicate Licensee’s Improvements to University
| | --- | -------------------------------------------------------------



Licensee must promptly disclose
Improvements it makes to the Intellectual Property to the University.



| | 5.7 | Annual Reporting by Licensee
| | --- | ----------------------------



Licensee must provide to the
University a written report, no more frequently than once each calendar year, within two months of the University requesting the
report, and must set out in the report:



| | (a) | the progress of research and development in relation to the Intellectual Property;
| | --- | ----------------------------------------------------------------------------------



| | (b) | the progress in Commercialising the Intellectual Property;
| | --- | ----------------------------------------------------------



| | (c) | prospective grants of sub-licenses;
| | --- | -----------------------------------



| | (d) | forecasts of sales of Products;
| | --- | -------------------------------



| | (e) | the development or making of improvements to the Intellectual Property; and
| | --- | ---------------------------------------------------------------------------



| | (f) | any other matter reasonably requested by the University.
| | --- | --------------------------------------------------------



| | 6. | PATENTS
| | -- | -------



| | 6.1 | What Will be Patented
| | --- | ---------------------



Licensee, in its discretion and
at its cost, may seek and maintain patent protection for all or any part of the Intellectual Property in any countries in the Territory
(Item 5). Licensee agrees to consult with the University as to what Intellectual Property should be patented and must give
due regard to the University’s views and representations.



| | 6.2 | Patent Ownership
| | --- | ----------------



| | (a) | All applications for provisional patents and patents in relation to the Intellectual Property will
be in the name of the University.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All patents in relation to the Intellectual Property will be owned by the University.
| | --- | -------------------------------------------------------------------------------------



| | 6.3 | Not Used
| | --- | --------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

12







| | 6.4 | Patent to be Maintained
| | --- | -----------------------



Subject to Clause 6.5, the Licensee
will decide which patents shall be maintained and will pay the University a Patent Administration Fee (Item
8) to administer the Intellectual Property on behalf of the Licensee.



| | 6.5 | Licensee Declines to Patent
| | --- | ---------------------------



If:



| | (a) | Licensee does not wish to protect any particular Intellectual Property, or wishes to discontinue
paying any expenses in relation to any particular Intellectual Property;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the University does wish to patent that Intellectual Property, or to continue to pay those expenses;
and
| | --- | --------------------------------------------------------------------------------------------------------



| | (c) | the University proceeds to do so, Licensee shall have no further rights in relation to that Intellectual
Property.
| | --- | ------------------------------------------------------------------------------------------------------------------



| | 7. | INTELLECTUAL PROPERTY
| | -- | ---------------------



| | 7.1 | Ownership
| | --- | ---------



| | (a) | The Parties acknowledge that the Intellectual Property is the property of the University
| | --- | ----------------------------------------------------------------------------------------



| | (b) | Licensee must not:
| | --- | ------------------



| | (i) | directly or indirectly contest or impair the University’s ownership
of the Intellectual Property; or
| | --- | ----------------------------------------------------------------------------------------------------



| | (ii) | represent that it has any ownership interest in the Intellectual Property.
| | ---- | --------------------------------------------------------------------------



| | 7.2 | Infringement
| | --- | ------------



If either Party shall learn or
believe that:



| | (a) | any unauthorised person has come into possession of any part of the Intellectual Property;
| | --- | ------------------------------------------------------------------------------------------



| | (b) | any person has made any improper or unauthorised use of the Intellectual Property; or
| | --- | -------------------------------------------------------------------------------------



| | (c) | any unauthorised person is doing anything in contravention of rights that attach to and arise from
the Intellectual Property, that Party must immediately report full particulars to the other.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.3 | Parties to Consider Acting Jointly in Relation to Infringements
| | --- | ---------------------------------------------------------------



As soon as practicable:



| | (a) | after receipt of the information referred to in Clause 7.2; or
| | --- | --------------------------------------------------------------



| | (b) | after any challenge in any manner to the Intellectual Property is made by any person, the Parties
must confer and decide what course should betaken.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

13







| | 7.4 | Parties Decide to Act Jointly
| | --- | -----------------------------



If the Parties agree, the parties shall
jointly proceed with instituting or defending any proceedings concerning the Intellectual Property, and in that event:



| | (a) | they shall jointly give all necessary instructions to legal representatives;
| | --- | ----------------------------------------------------------------------------



| | (b) | in the event that the Parties are unable to agree upon the instructions to give to legal representatives,
those instructions shall be given by Licensee;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Licensee shall be responsible for all legal fees and disbursements in relation to such proceedings;
and
| | --- | -------------------------------------------------------------------------------------------------------



| | (d) | after payment of all legal expenses, Licensee shall solely retain any damages or other monies that
accrue from those proceedings.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | 7.5 | Licensee Elects to Proceed Solely
| | --- | ---------------------------------



If Licensee wishes to solely
institute or defend any proceedings concerning the Intellectual Property, to the extent of Licensee’s rights in this Agreement:



| | (a) | Licensee must, at the University's request, and as a precondition to the right to commence or defend
any proceedings, indemnify the University with respect to any obligation or liability whatsoever that the University might be called
upon to discharge, and must sign a Deed of Indemnity in such form as the University's solicitor shall reasonably require;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the University must, after the provision of the indemnity referred to in paragraph (a) of this
Clause 7.5, at the cost and expense of Licensee, provide to Licensee all reasonable assistance in its power with respect to the
proceedings;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the University must, after the provision of the indemnity referred to in paragraph (a) of this
Clause 7.5, at the cost and expense of Licensee, execute a power of attorney or other authority to enable Licensee to institute
or defend any proceedings;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Licensee may solely give all instructions to legal representatives;
| | --- | -------------------------------------------------------------------



| | (e) | Licensee shall solely be responsible for all legal fees and disbursements with respect to such
proceedings; and
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (f) | after payment of all legal expenses, Licensee shall solely retain any damages or other monies that
accrue from those proceedings.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | 8. | CONFIDENTIAL INFORMATION
| | -- | ------------------------



| | 8.1 | Ownership of Confidential Information
| | --- | -------------------------------------



The Confidential Information
is the property of the Discloser.



| | 8.2 | Use of Confidential Information
| | --- | -------------------------------



A Recipient must use the
Confidential Information of the Discloser solely for the purpose for which it was disclosed and for no other purpose whatsoever,
without the prior written consent of the Discloser, which the
Discloser shall be at liberty to give or to decline to give in its unfettered and uncontrolled discretion.









*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

14







| | 8.3 | Non Disclosure of Confidential Information
| | --- | ------------------------------------------



A Recipient must keep the Confidential
Information of the Discloser secret and confidential, and must not, disclose, communicate or otherwise make known to any person
any part of the Confidential Information without the prior written consent of the Discloser, which the Discloser shall be at liberty
to give or to decline to give in its unfettered and uncontrolled discretion, except for disclosures permitted under Clause 8.6,
8.7 or 8.8 or to the extent that the disclosure is required by law.



| | 8.4 | Relief to Recipient
| | --- | -------------------



The Recipient shall be relieved
from the Recipient's obligations contained in Clauses 8.2 and 8.3 in respect to any Confidential Information which:



| | (a) | the Recipient can show was in the possession of the Recipient as at the date of the disclosure
and that it was not already known subject to an obligation of confidentiality;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | becomes part of the Public Domain other than by a breach of this Agreement; or
| | --- | ------------------------------------------------------------------------------



| | (c) | the Recipient can show was received in good faith from a person:
| | --- | ----------------------------------------------------------------



| | (i) | who is not a party to this Agreement; and
| | --- | -----------------------------------------



| | (ii) | who did not receive the Confidential Information from the Discloser or any person in respect to
whom the Discloser can trace the provision of the Confidential Information originating with it.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.5 | Damages Inadequate
| | --- | ------------------



The Recipient acknowledges that:



| | (a) | damages may be an inadequate remedy to the Discloser in the event of any breach of Clause 8.2 or
8.3 occurring and that only injunctive relief or some other equitable remedy might be adequate to properly protect the interests
of the Discloser; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Discloser would not have entered into this Agreement but for the acknowledgment made by the
Recipient in paragraph (a) of this Clause 8.5.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | 8.6 | Disclosure to Directors and Employees
| | --- | -------------------------------------



| | (a) | The Recipient may disclose the Confidential Information of the Discloser to such of its directors
and employees as is necessary to enable the Recipient to fully take advantage of the Confidential Information for the purposes
of this Agreement.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Recipient warrants that each person to whom the Recipient is permitted to disclose the Confidential
Information, before such disclosure is made, is subject to contractual or other duties of confidentiality to the Recipient at least
to the extent imposed upon the Recipient pursuant to this Agreement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Discloser may require that none of its Confidential Information be disclosed to a director
or employee of the Recipient unless that person enters into a confidentiality undertaking upon such terms as the solicitor for
the Discloser shall reasonably require.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------









*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

15







| | 8.7 | Not Used
| | --- | --------



| | 8.8 | Disclosure for Non-Commercial Research
| | --- | --------------------------------------



| | (a) | Without limiting this Clause 8, the University must keep any confidential information comprised
in the Intellectual Property secret and confidential and must not use, disclose, communicate or otherwise make known to any person
any part of that information without the prior written consent of Licensee, which Licensee shall be at liberty to give or to decline
to give in its unfettered and uncontrolled discretion, except:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | for disclosures for the purpose of exercising its rights pursuant to Clause 3.6; or
| | --- | -----------------------------------------------------------------------------------



| | (ii) | to the extent that the disclosure is required by law.
| | ---- | -----------------------------------------------------



| | (b) | The University must ensure that its disclosure of information pursuant to
paragraph (a)(i) of this Clause 8.8 is upon such terms, or is restricted to such an extent, as:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | protects the information from unauthorised or improper use or disclosure; and
| | --- | -----------------------------------------------------------------------------



| | (ii) | does not prejudice any possible future patent application in relation to what is to be disclosed.
| | ---- | -------------------------------------------------------------------------------------------------



| | 8.9 | Infringement of Confidentiality
| | --- | -------------------------------



If the Recipient learns or believes
that:



| | (a) | any unauthorised person has come into possession of any part of the Confidential Information of
the Discloser;
| | --- | --------------------------------------------------------------------------------------------------------------



| | (b) | any person has made any improper or unauthorised use of the Confidential Information of the Discloser;
or
| | --- | ---------------------------------------------------------------------------------------------------------



| | (c) | any unauthorised person is doing anything in contravention of rights that attach to and arise from
the Confidential Information of the Discloser, the Recipient must immediately report full particulars to the Discloser, and must
provide to the Discloser all assistance and information it may request with respect to that information.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8.10 | Public Statements
| | ---- | -----------------



Neither Party may make any public
or media statement concerning this Agreement or status or progress of Licensee without the consent of the other Party.



| | 8.11 | Survival of Obligations
| | ---- | -----------------------



The termination of this Agreement
shall not affect each Party’s obligations in this Agreement relating to the Confidential Information of the other set out
in Clauses 8.1 to 8.10.



| | 9. | PUBLICATIONS
| | -- | ------------



| | 9.1 | Publications to be provided to Licensee
| | --- | ---------------------------------------



The University must serve upon
Licensee a copy of any Proposed Publication.









*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

16







| | 9.2 | Licensee may object to publication
| | --- | ----------------------------------



| | (a) | Licensee may, within 30 days of a Proposed Publication being served upon it, object to the publication
of the Proposed Publication. Any objection to a Proposed Publication will specify the portions of the Proposed Publication considered
objectionable (“Objectionable Material”).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | On receiving notice from Licensee of Objectionable Material, the University and Licensee agree
to work together to revise the Proposed Publication to remove or alter the Objectionable Material in a manner acceptable to both
Licensee and the University. The University is not restricted from publishing or presenting the Proposed Publication as long as
the Objectionable Material has been removed.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Any Objectionable Material will not be disclosed for the period as specified at Item
18from the date the University delivered the Proposed Publication to Licensee, to allow for the filing of a patent
application in respect of the Objectionable Material.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.3 | When University may Authorise Publication
| | --- | -----------------------------------------



The University may publish or
authorise the publication of a Proposed Publication if:



| | (a) | the contents of the Proposed Publication are the subject of a patent that has issued;
| | --- | -------------------------------------------------------------------------------------



| | (b) | the contents of the Proposed Publication are the subject of an application for a patent or provisional
patent that has been published;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the Proposed Publication was served upon Licensee in accordance with Clause 9.1 and Licensee informs
the University that it does not object to its publication;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Proposed Publication was served upon Licensee in accordance with Clause 9.1, but Licensee did
not object to publication within the time required by Clause 9.2; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the Proposed Publication was served upon Licensee in accordance with Clause 9.1, Licensee objects
to publication within the time required by Clause 9.2 and a period of 12 calendar months elapses from the date of Licensee’s
objection.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.4 | Patent Applications
| | --- | -------------------



If paragraph (c) of Clause 9.3
applies, the Parties will use their reasonable efforts to ensure that the contents of a Proposed Publication is protected by the
lodging of a provisional patent application within the time mentioned in that Clause.



| | 9.5 | Not Used
| | --- | --------



| | 10. | INSURANCE
| | --- | ---------



| | 10.1 | Licensee to Obtain Insurance
| | ---- | ----------------------------



Before Licensee or a Sub-Licensee
sells any Product, Licensee must take out a product liability policy of insurance, or must ensure that the Sub-Licensee takes out
a product liability policy of insurance (as applicable), covering:



| | (a) | all usual risks covered by such policies; and
| | --- | ---------------------------------------------



| | (b) | any loss or damage or injury of any kind whatsoever and howsoever caused
to any person or property, arising out of the Commercialisation of the Intellectual Property by Licensee or its Sub-Licensee (as
the case may be) and the use of the Products for an amount no less than $10,000,000.00 per claim.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

17







| | 10.2 | Licensee to Obtain No Fault Compensation Clinical Trial Insurance
| | ---- | -----------------------------------------------------------------



Before Licensee or a Sub-Licensee
commences any clinical trial in relation to the Intellectual Property, Licensee must obtain, or must ensure that the Sub-Licensee
obtains, a no fault compensation trial policy of insurance covering:



| | (a) | all usual risks covered by such policies; and
| | --- | ---------------------------------------------



| | (b) | any loss or damage or injury or death, arising out of the clinical trial
for an amount no less than $10,000,000.00 per claim.
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | 10.3 | Licensee to Maintain Insurance
| | ---- | ------------------------------



Licensee must maintain, or
must ensure that the Sub-Licensee maintains, the insurance policy referred to in Clauses 10.1 and 10.2 until:



| | (a) | in the case of an event based insurance policy, the date of the last use
or sale of a Product; or
| | --- | -------------------------------------------------------------------------------------------------



| | (b) | in the case of a claims made insurance policy, that date which is 7 years
from the date of the last use or sale of a Product.
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | 10.4 | Licensee to Provide a Copy of Certificate of Insurance
| | ---- | ------------------------------------------------------



Licensee must on an annual
basis produce to the University for the University's inspection a certificate of currency issued by the insurer in respect to the
insurance to be maintained under Clauses 10.1 and 10.2.



| | 10.5 | University May Insure if Licensee Fails to Insure
| | ---- | -------------------------------------------------



If Licensee fails to keep
current the insurance policies required pursuant to Clauses 10.1 and 10.2, the University may effect such insurance and recover
from Licensee all the University's expenses of doing so.



| | 10.6 | Suspension of Operation of Clauses 10.1 to 10.4
| | ---- | -----------------------------------------------



| | (a) | The operation of Clauses 10.1 to 10.4 is suspended in relation to Licensee
or a particular Sub-Licensee while the following conditions are met:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Licensee or the Sub-Licensee self-insures for product liability and clinical
trials;
| | --- | ------------------------------------------------------------------------------------



| | (ii) | Licensee or the Sub-Licensee’s annual gross revenues exceed US$5 billion;
and
| | ---- | -----------------------------------------------------------------------------



| | (iii) | Licensee has in writing notified the University that conditions (i) and (ii)
of paragraph (a) of this Clause 10.6 have been met and produced evidence demonstrating compliance with those conditions.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

18







| | (b) | The operation of Clauses 10.1 to 10.5 recommences upon the conditions in
paragraph (a) of this Clause 10.6 ceasing to apply.
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (c) | The operation of Clauses 10.1 to 10.5 remains in full force and effect for
Licensee and any Sub-Licensee that does not meet the conditions in paragraph (a).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | WARRANTIES
| | --- | ----------



| | 11.1 | Commercialisation is Uncertain
| | ---- | ------------------------------



Licensee acknowledges the
fundamental uncertainty with respect to the Commercialisation of new technology.



| | 11.2 | Warranties by University
| | ---- | ------------------------



| | 11.2.1 | The University warrants that it is duly incorporated and validly existing
under the laws of Australia.
| | ------ | ------------------------------------------------------------------------------------------------------



| | 11.2.2 | The University warrants that, subject to Clause 11.2.3, it has the legal
right and power to enter into this Agreement.
| | ------ | ----------------------------------------------------------------------------------------------------------------------



| | 11.2.3 | The University warrants that the execution, delivery and performance of this
Agreement by the University has been duly and validly authorised by all necessary corporate action.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2.4 | The University warrants that the execution and performance of this Agreement
by the University does not violate or conflict with or result in a breach of or constitute a default under or result in the imposition
of any encumbrance under the provisions of the University’s governing rules (including any constitution, if applicable).
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2.5 | The University warrants that, subject to Clause 11.2.3, this Agreement is
valid and binding upon it.
| | ------ | ----------------------------------------------------------------------------------------------------



| | 11.2.6 | Subject to Clause 11.2.7, the University warrants to the Licensee that as
at the date of this Agreement:
| | ------ | --------------------------------------------------------------------------------------------------------



| | (a) | it solely owns the Intellectual Property both legally and beneficially;
| | --- | -----------------------------------------------------------------------



| | (b) | it has made reasonable enquiries to establish whether it owns the Intellectual
Property both legally and beneficially;
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (c) | the Intellectual Property is not encumbered, mortgaged, or charged in any
way, nor subject to any lien;
| | --- | -------------------------------------------------------------------------------------------------------



| | (d) | there is no litigation pending in respect to the Intellectual Property and
there is no claim or demand that has been received from any person in relation to the Intellectual Property; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | except as disclosed by the University to Licensee and except for this Agreement,
the University has not entered into any deed, contract, arrangement or understanding dealing in any way with the Intellectual Property.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11.2.7 | The warranties in paragraph (a) and (b) of Clause 11.2.6 are made by the
University to the best of its actual knowledge, without having searched in every patent database in the world, and are made subject
to:
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (a) | anything that might be discovered from such a search; and                                                                                                             
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                       
| | (b) | any research or other work being undertaken by any person, which may be concerned with the same subject matter as the Intellectual Property, of which it is not aware.





*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

19







| | 11.3 | Acknowledgments
| | ---- | ---------------



Each party acknowledges
that:



| | (a) | except for such warranties on the part of the University as are expressly
set out in this Agreement, there are no other terms or warranties binding upon the University or between the University and Licensee;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the University has not made, nor has any person on behalf of the University
made any term, warranty, undertaking, or understanding whatsoever that is not expressly set out in this Agreement;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to the full extent permitted by law, there are no statutory warranties binding
upon the University; and
| | --- | -------------------------------------------------------------------------------------------------------



| | (d) | no representation or promise of any description, not expressly included in
this Agreement, was made before this Agreement was entered into by the Parties.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.4 | No Other Warranties
| | ---- | -------------------



Licensee acknowledges that
the University has not made and does not make any warranty or representation whatsoever as to:



| | (a) | the safety of the Intellectual Property or of the Products;
| | --- | -----------------------------------------------------------



| | (b) | the Commercialisation of the Intellectual Property or of the Products;
| | --- | ----------------------------------------------------------------------



| | (c) | the marketability of the Intellectual Property or of the Products;
| | --- | ------------------------------------------------------------------



| | (d) | the profits or revenues that may result from the Commercialisation of the
Intellectual Property or of the Products;
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (e) | the Commercialisation prospects or success of any part of the Intellectual
Property or of the Products;
| | --- | -------------------------------------------------------------------------------------------------------



| | (f) | whether any patent application may be granted, or granted with the claims
sought, or any reduced claims; or
| | --- | -----------------------------------------------------------------------------------------------------------



| | (g) | whether any patent granted may be declared valid or can be registered.
| | --- | ----------------------------------------------------------------------



| | 12. | INDEMNITIES
| | --- | -----------



| | 12.1 | Indemnity by Licensee
| | ---- | ---------------------



| | (a) | Licensee indemnifies and shall continue to indemnify the University, its
officers, employees, sub-contractors and agents from and against all actions, claims, proceedings or demands (including those brought
by third parties) which may be brought against it or them, whether on their own or jointly, in respect of any loss, death, injury,
illness or damage (whether personal or property, and whether special, direct, indirect or consequential, including consequential
financial loss) arising out of the Commercialisation or use of the Intellectual Property, and any Products derived from the Intellectual
Property, to the extent that it relates to or arises from the breach of any term of this Agreement by the Licensee.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

20







| | (b) | The liability of Licensee to indemnify the University, its officers, employees,
sub-contractors and agents in paragraph (a) of this Clause 12.1 is reduced proportionately to the extent that the action, claim,
proceeding or demand relates to or arises from the University's breach of its obligations under this Agreement (including any warranty)
or from any negligent or wilful act or omission of the University.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The obligation to indemnify the University, its officers, employees, sub-contractors
and agents set out in paragraph (a) of this Clause 12.1 is a continuing obligation separate and independent of other obligations,
and shall survive the expiration of the Term or termination of this Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.2 | Indemnity by University
| | ---- | -----------------------



| | (a) | The University indemnifies and shall continue to indemnify Licensee its officers,
employees, sub-contractors and agents from and against all actions, claims, proceedings or demands (including those brought by
third parties) which may be brought against it or them, whether on their own or jointly, in respect of any loss, death, injury,
illness or damage arising out of any breach of a warranty by the University in this Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The obligation to indemnify Licensee and its officers, employees, sub-contractors
and agents set out in paragraph (a) of this Clause 12.2 is a continuing obligation separate and independent of other obligations,
and shall survive the expiration of the Term or termination of this Agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.3 | Mitigation
| | ---- | ----------



If an event arises that may:



| | (a) | give rise to an obligation on a Party to indemnify the other party under
this Clause 12, the Party with the benefit of the indemnity; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | reduce or otherwise affect a Party's obligation to indemnify the other Party
under this Clause 12, the indemnifying Party, must use its reasonable endeavours to avoid or mitigate any loss, damage, cost or
expense relating to or arising from that event.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | DISPUTE RESOLUTION
| | --- | ------------------



| | 13.1 | When This Clause Applies
| | ---- | ------------------------



| | (a) | A Party must not commence legal proceedings against another Party, unless
that Party wishing to commence proceedings has complied with Clauses 13.2 to 13.5.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Clauses 13.2 to 13.5 shall not apply where a Party seeks urgent interlocutory
or equitable relief from a court.
| | --- | ---------------------------------------------------------------------------------------------------------------



| | 13.2 | Notice of Dispute
| | ---- | -----------------



When a Party claims that
a dispute has arisen under this Agreement (“Dispute”), that Party must serve written notice of the Dispute (“Notice
of Dispute”) to each other Party at the addresses provided at Item 16or Item 17.











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

21







| | 13.3 | Appointment of Representative
| | ---- | -----------------------------



| | (a) | Following a Notice of Dispute, the Parties must each, within 5 Business Days
of a Party’s receipt of a Notice of Dispute, appoint a representative to resolve the Dispute.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The representative appointed pursuant to paragraph (a) of this Clause 13.3
must have authority to resolve the Dispute in all respects and to bind the Party the person represents to any resolution of the
Dispute.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The representatives appointed pursuant to paragraph (a) of this Clause 13.3
must use their best endeavours to resolve the Dispute.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



| | 13.4 | Mechanism for Resolution of Dispute
| | ---- | -----------------------------------



| | (a) | If a Dispute has not been resolved within 10 Business Days of the first notification
of the Dispute, or such further period as the Parties or the representatives appointed pursuant to Clause 13.3 shall allow, those
representatives must use their best endeavours to reach agreement upon a mechanism for the resolution of the Dispute.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The mechanism for resolution of a Dispute for the purposes of paragraph (a)
of this Clause 13.4 may include, but need not necessarily be, further negotiations, mediation, conciliation, arbitration, litigation
and expert determination.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The agreement upon a mechanism for the resolution of a Dispute pursuant to
paragraph (a) of this Clause 13.4 must include agreement with respect to such of the following as are applicable:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | a timetable for the taking of all necessary steps relating to the mechanism;
| | --- | ----------------------------------------------------------------------------



| | (ii) | a procedure for the selection of any person to be appointed to act as a mediator,
conciliator, or arbitrator;
| | ---- | -------------------------------------------------------------------------------------------------------------



| | (iii) | that person's remuneration; and
| | ----- | -------------------------------



| | (iv) | who shall be responsible for the payment of that remuneration.
| | ---- | --------------------------------------------------------------



| | 13.5 | Commencement of Legal Proceedings
| | ---- | ---------------------------------



If:



| | (a) | the Parties have not reached agreement upon a mechanism for the resolution
of a Dispute within 15 Business Days after a Party receives a Notification of Dispute or any additional period agreed upon pursuant
to paragraph (a) Clause 13.4;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a party fails to observe the timetable referred to in paragraph (a) of Clause
13.4; or
| | --- | --------------------------------------------------------------------------------------



| | (c) | the mechanism for the resolution of the Dispute does not resolve the Dispute,
any Party may commence proceedings in any court of competent jurisdiction in relation to that Dispute.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







22







| | 14. | TERMINATION
| | --- | -----------



| | 14.1 | Termination for Default
| | ---- | -----------------------



If:



| | (a) | a Party is in default of any obligation contained in this Agreement;
| | --- | --------------------------------------------------------------------



| | (b) | that default has continued for not less than 14 days or occurred more than
14 days earlier and has not been remedied;
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (c) | the non-defaulting Party serves upon the defaulting Party notice in writing
requiring the default to be remedied within 30 days of the date of such notice, or such greater number of days as the non-defaulting
Party may in its discretion allow; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the defaulting Party shall have failed to comply with the notice referred
to in paragraph (c) of this Clause 14.1, the non-defaulting Party may immediately terminate this Agreement by notice in writing
to the defaulting Party.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14.2 | Termination for Insolvency Event
| | ---- | --------------------------------



If an Insolvency Event occurs
in relation to a Party, the other Party may by notice in writing terminate this Agreement immediately.



| | 14.3 | Termination for Abandonment Event
| | ---- | ---------------------------------



If an Abandonment Event occurs,
either Party may by notice in writing to the other Party terminate this Agreement immediately.



| | 14.4 | Termination Does Not Affect Prior Rights or Obligations or Accrued Rights
| | ---- | -------------------------------------------------------------------------



| | (a) | The termination of this Agreement by a Party shall not relieve the other
Party from performing all obligations which:
| | --- | ---------------------------------------------------------------------------------------------------------------------



(i)are due to be performed before the effective termination of this Agreement; or



(ii)are due to be performed as a result of that termination.



| | (b) | The termination of this Agreement will not affect any rights which accrue
to a Party before the termination, or which arise connected with the termination, which are preserved.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15. | TERMINATION AND CONFIDENTIAL INFORMATION
| | --- | ----------------------------------------



| | 15.1 | Return of Confidential Information
| | ---- | ----------------------------------



Immediately upon the termination
of this Agreement, however that arises, unless the Parties enter into a further agreement in respect to the Confidential Information,
the Recipient must immediately upon being so requested in writing by the Discloser, deliver to the Discloser:



| | (a) | all Confidential Information in its possession;
| | --- | -----------------------------------------------



| | (b) | all Confidential Information which it has provided to any other person;
| | --- | -----------------------------------------------------------------------



| | (c) | all notes, memoranda, correspondence, reports, summaries, and all other matters
or things brought into existence by the party which in any manner refers to any part of the Confidential Information; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | all notes, memoranda, correspondence, reports, summaries, and all other matters
or things brought into existence by any person which in any manner refers to any part of the Confidential Information.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

23





| | 15.2 | Destruction of Confidential Information
| | ---- | ---------------------------------------



| | (a) | Any part of the Confidential Information which cannot conveniently be returned
to the Discloser by the Recipient must be completely destroyed in that manner that the Discloser directs.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Discloser shall be entitled to appoint a person to oversee and verify
the performance by the Recipient of its obligations pursuant to paragraph (a) of this Clause 15.2.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Upon the performance by the Recipient of its obligations contained in paragraph
(a) of this Clause 15.2, the Recipient must certify in writing to the Discloser that performance has been completed.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The certificate provided by the Recipient to the Discloser pursuant to paragraph
(c) of this Clause 15.2 is agreed by the Parties to be a warranty by the Recipient that the Recipient has performed all the Recipient's
obligations contained in paragraph (a) of this Clause 15.2.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.3 | Recipient May Keep a Copy of the Confidential Information
| | ---- | ---------------------------------------------------------



Notwithstanding the provisions
of Clauses 15.1 and 15.2, the Recipient may keep a copy of the Confidential Information for its record keeping purposes only.



| | 16. | GOODS AND SERVICES TAX
| | --- | ----------------------





| | 16.1. | For the purposes
of this Clause 16, GST, Input Tax Credit, Recipient, Supplier, Supply, Tax Invoice and
| | ----- | -------------------------------------------------------------------------------------------------------





Taxable Supply have the meanings
attributed to those terms in the A New Tax System (Goods and Services Tax) Act 1999.



| | 16.2 | GST Recovery
| | ---- | ------------



If GST is payable by a Supplier
on a Supply made under this Agreement, then, to the extent that:



| | (a) | the consideration for that Supply is not already stated to include an amount
in respect of GST; or
| | --- | --------------------------------------------------------------------------------------------------



| | (b) | the amount of GST stated to be included in the consideration is less than
the amount of the GST liability actually incurred by the Supplier in respect of that Supply, the Supplier may increase the consideration
by the applicable amount of GST and the Recipient must pay that increased amount at the same time and to the same extent as any
part of the consideration is payable to the Supplier is respect of the Supply.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16.3 | Reimbursable Amount
| | ---- | -------------------



Where any expenses incurred
by a Supplier are to be reimbursed by the Recipient under this Agreement, the reimbursable amount shall be determined as follows:



| | (a) | first, any amount which the Supplier is entitled to claim as an Input Tax
Credit shall be deducted from the cost to the Supplier of the expense item to arrive at an “Actual Cost”; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | second, the Actual Cost shall be increased by and to the extent of the amount
of GST payable by the Supplier in respect of the Supply to the Recipient for which the expense item is consideration.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

24









| | 16.4 | Legislative Changes
| | ---- | -------------------



If the GST payable by the
Supplier on a Taxable Supply is varied pursuant to any change in legislation, the consideration payable under this Agreement must
be increased or decreased to reflect that variation of the GST.



| | 16.5 | Tax Invoice
| | ---- | -----------



If GST is payable, the Supplier
will provide the Recipient with a Tax Invoice or a document adequate to entitle the Recipient to claim an Input Tax Credit.



| | 17. | SERVICE OF NOTICES
| | --- | ------------------



| | 17.1 | Manner of Service of Notices
| | ---- | ----------------------------



Any notice to be given or
served by a Party upon the other pursuant to this Agreement shall be sufficiently served if:



| | (a) | sent by pre-paid post to the office of the Party appearing at Item
16or Item 17of the Reference Schedule, or to the address of the Party
last known to the Party serving such notice;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | sent by email transmission; or
| | --- | ------------------------------



| | (c) | delivered personally to the Party or the Party's address appearing upon this
Agreement, or to the address of the Party last known to the Party serving notice.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17.2 | When Service by Post is Effective
| | ---- | ---------------------------------



Where service is effected
by prepaid post, service shall be deemed to have taken place 2 Business Days after the document to be served has been placed in
a postal receptacle, and the document shall be deemed to have been received by the addressee on the day that it is deemed to have
been served.



| | 17.3 | When Service by Email Transmission is Effective
| | ---- | -----------------------------------------------



Service is effected by email
upon completion of the transmission of the email, unless the sender receives: (i) a report of delivery failure; (ii) a report of
delivery delay; (iii) an "out of office" message; or (iv) a message from the addressee that the notice is illegible,
incomplete or corrupted within 24 hours of the notice being e-mailed.



| | 17.4 | When Personal Service is Effected
| | ---- | ---------------------------------



Where service is effected
personally, service shall be deemed to have taken place at the time of actual delivery.









*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

25









| | 18. | GENERAL
| | --- | -------



| | 18.1 | No Assignment or Subcontracting
| | ---- | -------------------------------



Neither Party may assign,
sub-contract or transfer any of their rights or obligations in this Agreement to any person, without the prior consent in writing
of the other Party which the other Party must not unreasonably withhold.



| | 18.2 | Relationship between the Parties
| | ---- | --------------------------------



| | (a) | The relationship between the Parties is that of licensor and licensee, and
nothing in this Agreement shall be construed or interpreted to make one Party the agent, partner, joint venturer or representative
of the other.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Neither Party may at any time, without the prior written consent of the other,
act as or represent that it is the agent, partner, joint venturer or representative of the other.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.3 | Further Assurance
| | ---- | -----------------



Each Party must, on demand
by another Party, perform all such acts and execute all such agreements, assurances and other documents and instruments as that
Party reasonably requires either to perfect the rights and powers afforded, created or intended to be afforded or created by this
Agreement or to give full force and effect to, or facilitate the performance of, the transactions provided for in this Agreement.



| | 18.4 | Counterparts
| | ---- | ------------



This Agreement may be executed
in separate counterparts, and all those counterparts together constitute one agreement.



| | 18.5 | Legal Costs
| | ---- | -----------



Each Party shall be responsible
for its own legal fees and costs in connection with the preparation, negotiation and execution of this Agreement.



| | 18.6 | Warranty of Authority
| | ---- | ---------------------



Where this Agreement is signed
by a person for and on behalf of a Party, that person:



| | (a) | warrants that the person is the authorised agent of that Party with express
authority to enter into and sign this Agreement for and on behalf of that Party, and thereby to bind that Party to the obligations
upon that Party contained in this Agreement; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | acknowledges that the other Party to this Agreement would not have entered
into this Agreement but for the warranty of authority contained in paragraph (a) of this Clause 18.6.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.7 | Whole Agreement
| | ---- | ---------------



The Parties acknowledge that
solely in relation to the subject matter of this Agreement:



| | (a) | this Agreement merges all discussions between the Parties, up to the Effective
Date;
| | --- | ------------------------------------------------------------------------------------



| | (b) | the whole of the agreement between the Parties is contained in this Agreement;
and
| | --- | ----------------------------------------------------------------------------------



| | (c) | there are no agreements, understandings other terms, whether express or implied,
or collateral agreements in force or effect between the Parties that are not contained in this Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

26







| | 18.8 | Variations
| | ---- | ----------



No variation to this Agreement
shall be binding upon the Parties, unless that variation is in writing and is signed by all the Parties.



| | 18.9 | Waiver
| | ---- | ------



| | (a) | No failure or delay of any Party to exercise any right given pursuant to
this Agreement or to insist on strict compliance by any other Party of any obligation in this Agreement shall constitute a waiver
of any Party's rights to demand exact compliance with the terms of this Agreement.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Waiver by a Party of any particular default by any other Party shall not
affect or prejudice each Party's right in respect of any prior or subsequent default of the same or of a different nature.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Any delay or omission by a party to exercise any right arising from any default
shall not affect or prejudice that Party's right in respect to such a default or any subsequent default or the continuance of any
default.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Any waiver shall be an effective waiver only if the waiver is expressly set
out in writing and signed by the party making the waiver.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | 18.10 | Applicable Law
| | ----- | --------------



| | (a) | The Parties agree that this Agreement is made and entered into in the State
of New South Wales in Australia.
| | --- | ------------------------------------------------------------------------------------------------------------



| | (b) | The Parties agree to submit themselves to the non-exclusive jurisdiction
of the laws in force for the time being in New South Wales.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Parties agree to submit themselves to the non-exclusive jurisdiction
of the Courts in New South Wales.
| | --- | ----------------------------------------------------------------------------------------------------------



| | 18.11 | Severance
| | ----- | ---------



If it is held by a court
that:



| | (a) | any part of this Agreement is or would be void, voidable, illegal or unenforceable;
or
| | --- | --------------------------------------------------------------------------------------



| | (b) | the application of any part of this Agreement to any person or circumstances
shall be or become invalid or unenforceable, unless any part of this Agreement were severed from this Agreement, that part shall
be severable and shall not affect the continued operation of the remaining terms of this Agreement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended.

27







SIGNATURES OF PARTIES





|SIGNED                               | ) |                               | 
|------------------------------------ | - | ----------------------------- | 
|for UNIVERSITY OF TECHNOLOGY, SYDNEY | ) |                               | 
|in the presence of                   | ) | Signature                     | 
|                                     | ) |                               | 
|                                     |   |                               | 
|                                     |   | Printed Name: Glenn Wightwick | 
|                                     |   |                               | 
|                                     |   |                               | 
|                                     |   | Signature of witness          | 
|                                     |   | Printed Name:                 | 



|SIGNED                        | ) |                                   | 
|----------------------------- | - | --------------------------------- | 
|for NUVILEX AUSTRALIA PTY LTD | ) |                                   | 
|in the presence of            | ) | Signature                         | 
|                              | ) |                                   | 
|                              |   |                                   | 
|                              |   | Printed Name: Kenneth L. Waggoner | 
|                              |   |                                   | 
|                              |   |                                   | 
|                              |   | Signature of witness              | 
|                              |   | Printed Name: Beth Jones          | 









28