# EDGAR Filing Document

**Accession Number:** 0001949257
**File Stem:** 0001213900-23-010446
**Filing Date:** 2023-2
**Character Count:** 1859582
**Document Hash:** b1afacc110f01ee903c22ae6f2762ee8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-010446.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001213900-23-010446

**CONFORMED SUBMISSION TYPE**: 20FR12B

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Radiopharm Theranostics Ltd
- **CENTRAL INDEX KEY:** 0001949257
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41621
- **FILM NUMBER:** 23614426

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 3, 62 LYGON STREET
- **CITY:** CARLTON VIC
- **STATE:** C3
- **ZIP:** 3053
- **BUSINESS PHONE:** 61 3 9824 5254

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 3, 62 LYGON STREET
- **CITY:** CARLTON VIC
- **STATE:** C3
- **ZIP:** 3053

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 20-F**

**(Mark One)**

☒ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR**

☐ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from __________<u> </u> to _________<u> </u>**

**OR** 

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Date of event requiring this shell company report _________<u> </u>**

**Commission file number**

**Radiopharm Theranostics Limited** 

**(**Exact name of Registrant as specified in its charter and translation of Registrant's name into English)

Australia

(Jurisdiction of incorporation or organization)

Level 3, 62 Lygon Street, Carlton VIC 3053<br> Australia

(Address of principal executive offices)

Riccardo Canevari, Chief Executive Officer

Level 3, 62 Lygon Street, Carlton VIC 3053<br> Australia

Phone: +61 3 9824 5254 E-mail: rc@radiopharmtheranostics.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares, as represented by American Depositary Shares | RADX | The Nasdaq Stock Market LLC |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act. **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. **None**

The number of ordinary shares outstanding as of September 30, 2022, was 255,433,248.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☐ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br>Non-accelerated filer ☐ Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☐ No

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **[PART I](#a_001)** | **[PART I](#a_001)** | **1** |
| &nbsp;&nbsp;&nbsp;[Item 1.](#a_002) | [Identity of Directors, Senior Management and Advisers](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 2.](#a_003) | [Offer Statistics and Expected Timetable](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 3.](#a_004) | [Key Information](#a_004) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 4.](#a_005) | [Information on the Company](#a_005) | 23 |
| &nbsp;&nbsp;&nbsp;[Item 4a.](#a_006) | [Unresolved Staff Comments](#a_006) | 46 |
| &nbsp;&nbsp;&nbsp;[Item 5.](#a_007) | [Operating and Financial Review and Prospects](#a_007) | 46 |
| &nbsp;&nbsp;&nbsp;[Item 6.](#a_008) | [Directors, Senior Management and Employees](#a_008) | 50 |
| &nbsp;&nbsp;&nbsp;[Item 7.](#a_009) | [Major Shareholders and Related Party Transactions](#a_009) | 61 |
| &nbsp;&nbsp;&nbsp;[Item 8.](#a_010) | [Financial Information](#a_010) | 62 |
| &nbsp;&nbsp;&nbsp;[Item 9.](#a_011) | [The Offer and Listing](#a_011) | 62 |
| &nbsp;&nbsp;&nbsp;[Item 10.](#a_012) | [Additional Information](#a_012) | 63 |
| &nbsp;&nbsp;&nbsp;[Item 11.](#a_013) | [Quantitative and Qualitative Disclosures about Market Risk](#a_013) | 78 |
| &nbsp;&nbsp;&nbsp;[Item 12.](#a_014) | [Description of Securities Other Than Equity Securities](#a_014) | 78 |
| **[PART II](#a_015)** | **[PART II](#a_015)** | **88** |
| &nbsp;&nbsp;&nbsp;[Item 13.](#a_016) | [Defaults, Dividend Arrearages and Delinquencies](#a_016) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 14.](#a_017) | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#a_017) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 15.](#a_018) | [Controls and Procedures](#a_018) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16.](#a_019) | [Reserved](#a_019) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16a.](#a_020) | [Audit Committee Financial Expert](#a_020) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16b.](#a_021) | [Code of Ethics](#a_021) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16c.](#a_022) | [Principal Accountant Fees and Services](#a_022) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16d.](#a_023) | [Exemptions from the Listing Standards for Audit Committees](#a_023) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16e.](#a_024) | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#a_024) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16f.](#a_025) | [Change in Registrant's Certifying Accountant](#a_025) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16g.](#a_026) | [Corporate Governance](#a_026) | 88 |
| &nbsp;&nbsp;&nbsp;[Item 16h.](#a_027) | [Mine Safety Disclosure](#a_027) | 88 |
| **[PART III](#a_028)** | **[PART III](#a_028)** | **89** |
| &nbsp;&nbsp;&nbsp;[Item 17.](#a_029) | [Financial Statements](#a_029) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 18.](#a_030) | [Financial Statements](#a_030) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 19.](#a_031) | [Exhibits](#a_031) | 90 |

---

i

**INTRODUCTION**

Radiopharm Theranostics Limited was incorporated under the laws of Australia in February 2021. The primary listing of our ordinary shares is the Australian Securities Exchange ("ASX") and this Registration Statement relates to a secondary listing of our ordinary shares, in the form of American Depositary Shares, on the Nasdaq Capital Market. As used in this Registration Statement on Form 20-F, the terms "we," "us," "our", "Radiopharm" and the "Company" mean Radiopharm Theranostics Limited and its subsidiaries, unless otherwise indicated.

**FINANCIAL AND OTHER INFORMATION** 

Our consolidated financial statements appearing in this Registration Statement on Form 20-F are prepared in Australian dollars and in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Our consolidated financial statements appearing in this Registration Statement on Form 20-F comply with both the IFRS and Australian Accounting Standards. In this Registration Statement, all references to "U.S. dollars" or "US$" are to the currency of the United States and all references to "Australian dollars" or "$" or "A$" are to the currency of Australia.

In this Registration Statement, "fiscal year" refers to the period between July 1 and June 30 of the following year. For instance, the term "fiscal 2022" refers to our fiscal year ending June 30, 2022.

Statements made in this Registration Statement on Form 20-F concerning the contents of any contract, agreement or other document are summaries of such contracts, agreements or documents and are not complete descriptions of all of their terms. If we filed any of these documents as an exhibit to this Registration Statement or to any registration statement that we previously filed, you may read the document itself for a complete description of its terms.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

Except for the historical information contained in this Registration Statement on Form 20-F, the statements contained in this Registration Statement on Form 20-F are "forward-looking statements" which reflect our current view with respect to future events and financial results. We urge you to consider that statements which use the terms "anticipate," "believe," "do not believe," "expect," "plan," "intend," "estimate," and similar expressions are intended to identify forward-looking statements and these forward-looking statements, include, without limitation, any statements relating to:

● our product development and business strategy, including the potential size of the markets for our products and future development and/or expansion of our products and therapies in our markets;

● our current and future research and development activities, including clinical testing and manufacturing and related costs and timing;

● sufficiency of our cash resources;

● our ability to commercialize products and generate product revenues;

● our ability to raise additional funding when needed;

● any statements concerning anticipated regulatory activities or licensing or collaborative arrangements, including our ability to obtain regulatory clearances;

● our research and development expenses;

● our operations and intellectual property risks;

● our ability to remain compliant with the Australian Securities Exchange ("ASX") and Nasdaq's continued listing standards; and

● any statement of assumptions underlying any of the foregoing.

We remind investors that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, our achievements or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by applicable law, including the securities laws of the United States, we undertake no obligation to publicly release any update or revision to any forward-looking statements to reflect new information, future events or circumstances, or otherwise after the date hereof. Please see the Risk Factors section that appears in "Item 3. Key Information – D. Risk Factors."

ii

**PART I**

 **Item 1. Identity of Directors, Senior Management and Advisers**

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***A. Directors and Senior Management***

For the names, business addresses and functions of our directors and senior management, see "Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management" and "Item 6. Directors, Senior Management and Employees – C. Board Practices."

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***B. Advisers***

Our legal adviser is Rimôn, Level 10, 20 Martin Place, Sydney, NSW 2000, Australia.

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***C. Auditors***

Our auditors for our fiscal years 2022 and 2021 were Grant Thornton Audit Pty Ltd.

 **Item 2. Offer Statistics and Expected Timetable**

Not applicable.

 **Item 3. Key Information**

A. [Reserved]

B. Capitalization

The following table sets forth our cash and capitalization as of June 30, 2022 as derived from our financial statements, which are prepared in accordance with IFRS, as issued by the International Accounting Standards Board, and Australian Accounting Standards. The information in this table should be read in conjunction with the financial statements and related notes included in this Registration Statement.

---

| | |
|:---|:---|
|  | **As of<br> June 30,<br> 2022 (A$)** |
| Total cash | 26979105 |
| Borrowings |  |
| Equity: |  |
| &nbsp;&nbsp;&nbsp;Share capital | 86758783 |
| &nbsp;&nbsp;&nbsp;Other reserves | 7109134 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (30905198) |
| &nbsp;&nbsp;&nbsp;Total equity | 62962719 |
| Total capitalization | 62962719 |

---

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

*The following risks relate specifically to our business and should be considered carefully. Our business, financial condition and results of operations could be adversely affected by any of the following risks. As a result, the trading price of our ordinary shares and our American Depositary Shares, or ADSs, could decline and the holders could lose part or all of their investment.*

**Risks Related to Our Business**

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***We have a history of operating losses and may not achieve or maintain profitability in the future*.**

We have experienced significant recurring operating losses and negative cash flows from operating activities since inception. For example, for the year ended June 30, 2022, we had a total comprehensive loss of A$30.4 million and negative cash flows from operating activities of approximately A$9.9 million. As of June 30, 2022, we had accumulated losses of A$30.8 million.

We are a clinical-stage radiotherapeutics company that focuses on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical need. The success of any product development is uncertain.

We expect to continue to incur losses from operations for the foreseeable future and expect the costs of drug development to increase in the future as more patients are recruited to the clinical trials. In particular, we expect to continue to incur significant losses in the development of our clinical trials and drug candidates. Because of the numerous risks and uncertainties associated with the development, manufacturing, sales and marketing of our drug candidates, we may experience larger than expected future losses and may never become profitable.

Moreover, there is a substantial risk that we, or our development partners, may not be able to complete the development of our current drug candidates or develop other pharmaceutical products. It is possible that none of them will be successfully commercialized, which would prevent us from ever achieving profitability.

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***Our research and development activities could be adversely impacted if our sources of funding and revenue are insufficient*.**

We anticipate that as the costs related to the development of our clinical trials will increase, we will require additional funds to achieve our long-term goals of commercialization and further development of our drug candidates. In addition, we will require funds to pursue regulatory applications, defend intellectual property rights, contract manufacturing capacity, potentially develop marketing and sales capability and fund operating expenses. We intend to seek such additional funding through public or private financings and/or through licensing of our assets or other arrangements with corporate partners. However, such financing, licensing opportunities or other arrangements may not be available from any sources on acceptable terms, or at all. Any shortfall in funding could result in us having to curtail or cease our research and development activities, thereby harming our business, financial condition and results of operations.

In addition, because of the numerous risks and uncertainties associated with the development of our drug candidates, we are unable to predict the timing or amount of increased research and development costs, or when, or if, we will be able to achieve or maintain profitability. Our costs could significantly increase beyond current expectations if the applicable regulatory authorities require further studies in addition to those currently anticipated. In any case, even if our drug candidates are approved for commercial sale, we anticipate incurring significant costs associated with the commercial launch of such drug candidates and there can be no guarantee that we will ever generate significant revenues.

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***We currently have no source of product revenue and may never become profitable.***

Our drug candidates have not been approved for commercial sale. We expect it to be several years before they are approved, if ever, and we are able to commence sales of our drug candidates. To date, we have not generated any revenue from the licensing or commercialization of our drug candidates and do not expect to receive revenue from them for a number of years, if ever. We will not be able to generate product revenue unless and until our current drug candidates or any future drug candidates, alone or with future partners, successfully completes clinical trials, receives regulatory approval and is successfully commercialized. Although we may seek to obtain revenue from collaboration or licensing agreements with third parties, we currently have no such agreements that could provide us with material, ongoing future revenue and we may never enter into any such agreements.

 ****

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***We will require additional financing and may be unable to raise sufficient capital, which could have a material impact on our research and development programs or commercialization of our drug candidates.***

We have historically devoted most of our financial resources to research and development, including pre-clinical and clinical development activities. To date, we have financed a significant amount of our operations through equity financings. The amount of our future net losses will depend, in part, on the rate of our future expenditures and our ability to obtain funding through equity or debt financings or strategic collaborations. The amount of such future net losses, as well as the possibility of future profitability, will also depend on our success in developing and commercializing products that generate significant revenue. Our failure to become and remain profitable would depress the value of our ADSs and could impair our ability to raise capital, expand our business, maintain our research and development efforts, diversify our product offerings or even continue our operations.

We anticipate that our expenses will increase substantially for the foreseeable future if, and as, we:

● continue our research and preclinical and clinical development of our drug candidates;

● expand the scope of our current proposed clinical studies for our drug candidates;

● initiate additional preclinical, clinical or other studies for our drug candidates;

● change or add additional manufacturers or suppliers;

● seek regulatory and marketing approvals for our drug candidates that successfully complete clinical studies;

● seek to identify and validate additional drug candidates;

● acquire or in-license other drug candidates and technologies;

● maintain, protect and expand our intellectual property portfolio;

● attract and retain skilled personnel;

● create additional infrastructure to support our operations as a publicly quoted company and our product development and planned future commercialization efforts;

● add an internal sales force; and

● experience any delays or encounter issues with any of the above.

Until our drug candidates become commercially available, we will need to obtain additional funding in connection with the further development of our drug candidates. Our ability to obtain additional financing will be subject to a number of factors, including market conditions, our operating performance and investor sentiment. As such, additional financing may not be available to us when needed, on acceptable terms, or at all. If we are unable to raise capital when needed or on attractive terms, we could be forced to delay, reduce or eliminate our research and development programs or any future commercialization efforts or obtain funds by entering agreements on unattractive terms.

Furthermore, any additional equity fundraising in the capital markets may be dilutive for shareholders and any debt-based funding may bind us to restrictive covenants and curb our operating activities and ability to pay potential future dividends even when profitable. We cannot guarantee that future financing will be available in sufficient amounts or on acceptable terms, if at all. If we are unable to raise additional capital in sufficient amounts or on acceptable terms, we will be prevented from pursuing research and development efforts. This could harm our business, operating results and financial condition and cause the price of our ADSs to fall.

If we are unable to secure sufficient capital to fund our operations, then we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to third parties to develop and market drug candidates that we would otherwise prefer to develop and market ourselves. For example, strategic collaborations could require us to share commercial rights to our drug candidates with third parties in ways that we do not intend currently or on terms that may not be favorable to us. Moreover, we could also have to relinquish valuable rights to our technologies, future revenue streams, research programs or drug candidates or grant licenses on terms that may not be favorable to us.

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***We have a limited operating history and a history of losses and expect future losses, and there can be no assurances that we will achieve and sustain profitability, which makes our ability to continue as a*** ***going concern at risk.***

We have incurred significant net losses and negative cash flow from operations since our inception. We reported net loss of A$30,420,008 during the year ended June 30, 2022. We will expect to continue to incur losses in fiscal 2023 and will need to continue to raise additional funds through equity offerings for our business to survive.

Our financial statements have been prepared assuming that Radiopharm will continue as a going concern The application of the going concern principle is dependent upon Radiopharm achieving profitable operations to generate sufficient cash flows to fund continued operations, or, in the absence of adequate cash flows from operations, obtaining additional financing. However, there is a material uncertainty as to our ability to continue as a going concern and, therefore, that we may be unable to realize our assets and discharge our liabilities in the normal course of business. The accompanying financial statements to this Registration Statement have been prepared assuming that we will continue as a going concern. As discussed in Note 20(a)(v) to the financial statements, we incurred a net loss of A$30,420,008 and had net assets of A$62,692,719 during the year ended June 30, 2022. These conditions, along with other matters as set forth in Note 20(a)(v), raise substantial doubt about our ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 20(a)(v). The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Such material uncertainty as to our ability to continue as a going concern may adversely impact our ability to obtain the debt or equity financing we need to continue our business operations. If Radiopharm is unable to achieve profitable operations or obtain additional debt or equity financing, we may be required to reduce or to limit operations, or cease operations altogether and our shareholders and holders of the ADSs may lose some or all of their investment in Radiopharm.

 ****

***We may find it difficult to enroll patients in our clinical trials, and patients could discontinue their participation in clinical trials, which could delay or prevent clinical trials and make those trials more expensive to undertake.***

Identifying and qualifying patients to participate in current and any future clinical trials of our drug candidates is critical to our success. The timing of our clinical trials depends on the speed at which we can recruit patients to participate in testing our drug candidates. Patients may be unwilling to participate in any future clinical trials because of negative publicity from adverse events in the biotechnology industry. Patients could be unavailable for other reasons, including competitive clinical trials for similar patient populations, and the timeline for recruiting patients, conducting trials and obtaining regulatory approval of potential products may be delayed. If we have difficulty enrolling a sufficient number of patients to conduct any future clinical trials as planned, we may need to delay, limit or discontinue those clinical trials. Clinical trial delays could result in increased costs, slower product development, setbacks in testing the safety and effectiveness of our technology or discontinuation of the clinical trials altogether.

 ****

***Any failure to implement our business strategy could negatively impact our business, financial condition and results of operations*.**

The development and commercialization of our drug candidates is subject to many risks, including:

● additional clinical or pre-clinical trials may be required beyond what we currently expect;

● regulatory authorities may disagree with our interpretation of data from our preclinical studies and clinical studies or may require that we conduct additional studies;

● regulatory authorities may disagree with our proposed design of future clinical trials;

● regulatory authorities may delay approval of our drug candidates, thus preventing milestone payments from our collaboration partners;

● we may be unable to obtain and maintain regulatory approval of our drug candidate in any jurisdiction;

● the prevalence and severity of any side effects of any drug candidate could delay or prevent commercialization, limit the indications for any approved drug candidate, require the establishment of a risk evaluation and mitigation strategy, or cause an approved drug candidate to be taken off the market;

● regulatory authorities may identify deficiencies in manufacturing processes;

● regulatory authorities may change their approval policies or adopt new regulations;

● the third party manufacturers we expect to depend on to supply or manufacture our drug candidates may not produce adequate supply;

● we, or our third party manufacturers, may not be able to source or produce current Good Manufacturing Practice (cGMP) materials for the production of our drug candidates;

● we may not be able to manufacture our drug candidates at a cost or in quantities necessary to make commercially successful products;

● we may not be able to obtain adequate supply of our drug candidates for our clinical trials;

● we may experience delays in the commencement of, enrolment of patients in and timing of our clinical trials;

● we may not be able to demonstrate that our drug candidates are safe and effective as a treatment for its indications to the satisfaction of regulatory authorities, and we may not be able to achieve and maintain compliance with all regulatory requirements applicable to our drug candidates;

● we may not be able to maintain a continued acceptable safety profile of our products following approval;

● we may be unable to establish or maintain collaborations, licensing or other arrangements;

● the market may not accept our drug candidates;

● we may be unable to establish and maintain an effective sales and marketing infrastructure, either through the creation of a commercial infrastructure or through strategic collaborations, and the effectiveness of our own or any future strategic collaborators' marketing, sales and distribution strategy and operations will affect our profitability;

● we may experience competition from existing products or new products that may emerge;

● we and our licensors may be unable to successfully obtain, maintain, defend and enforce intellectual property rights important to protect our drug candidates; and

● we may not be able to obtain and maintain coverage and adequate reimbursement from third party payors.

If any of these risks materializes, we could experience significant delays or an inability to successfully develop and commercialize our drug candidates we or our partners may develop, which would have a material adverse effect on our business, financial condition and results of operations.

 ****

***Positive results from preclinical studies of our drug candidates are not necessarily predictive of the results of our planned clinical trials of our drug candidates*.** 

Positive results in preclinical proof of concept and animal studies of our drug candidates may not result in positive results in clinical trials in humans. Many companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in clinical trials after achieving positive results in preclinical development or early stage clinical trials, and we cannot be certain that we will not face similar setbacks. These setbacks can be caused by preclinical findings made while clinical trials were underway or safety or efficacy observations made in clinical trials, including adverse events. Moreover, preclinical and clinical data are often susceptible to varying interpretations and analyses Many companies that believed their drug candidates performed satisfactorily in preclinical studies and clinical trials nonetheless failed to obtain FDA or other regulatory authority approval. If we fail to produce positive results in our clinical trials of our drug candidates, the development timeline and regulatory approval and commercialization prospects for our drug candidates, and, correspondingly, our business and financial prospects, would be negatively impacted.

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***Ongoing and future clinical trials of drug candidates may not show sufficient safety and efficacy to obtain requisite regulatory approvals for commercial sale*.**

Phase I and Phase II clinical trials are not primarily designed to test the efficacy of a drug candidate but rather to test safety and to understand the drug candidate's side effects at various doses and schedules. Furthermore, success in preclinical and early clinical trials does not ensure that later large-scale trials will be successful nor does it predict final results. Acceptable results in early trials may not be repeated in later trials. Further, Phase III clinical trials may not show sufficient safety or efficacy to obtain regulatory approval for marketing. In addition, clinical results are frequently susceptible to varying interpretations that may delay, limit or prevent regulatory approvals. Negative or inconclusive results or adverse medical events during a clinical trial could require that the clinical trial be redone or terminated. The length of time necessary to complete clinical trials and to submit an application for marketing approval by applicable regulatory authorities may also vary significantly based on the type, complexity and novelty of the drug candidate involved, as well as other factors. If we suffer any significant delays, quality issues, setbacks or negative results in, or termination of, our clinical trials, we may be unable to continue the development of our drug candidates or generate revenue and our business may be severely harmed.

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***If we do not obtain the necessary regulatory approvals, we will be unable to commercialize our drug candidates*.**

The clinical development, manufacturing, sales and marketing of our drug candidates are subject to extensive regulation by regulatory authorities in the United States, the United Kingdom, the European Union, Australia and elsewhere. Despite the substantial time and expense invested in preparation and submission of a Biologic License Application or equivalents in other jurisdictions, regulatory approval is never guaranteed. The number, size and design of preclinical studies and clinical trials that will be required will vary depending on the product, the disease or condition for which the product is intended to be used and the regulations and guidance documents applicable to any particular product. Additionally, during the review process and prior to approval, the FDA and/or other regulatory bodies may require additional data, including with respect to whether our products have abuse potential, which may delay approval. The FDA or other regulators can delay, limit or deny approval of a product for many reasons, including, but not limited to, the fact that regulators may not approve our or a third party manufacturer's processes or facilities or that new laws may be enacted or regulators may change their approval policies or adopt new regulations requiring new or different evidence of safety and efficacy for the intended use of a product.

Successful results in clinical trials and in the subsequent application for marketing approval are not guaranteed. If we are unable to obtain regulatory approvals, we will not be able to generate revenue from our drug candidates. Even if we receive regulatory approval for any of our drug candidates, our profitability will depend on our ability to generate revenues from their sale or the licensing of our technology.

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***Even if our drug candidates receive regulatory approval, it may still face development and regulatory difficulties that may delay or impair future sales of drug candidates*.**

Even if we or our licensing partners receive regulatory approval to sell any drug candidates, the relevant regulatory authorities may, nevertheless, impose significant restrictions on the indicated uses, manufacturing, labelling, packaging, adverse event reporting, storage, advertising, promotion and record keeping or impose ongoing requirements for post-approval studies. In addition, regulatory agencies subject a marketed product, its manufacturer and the manufacturer's facilities to continual review and periodic inspections. Previously unknown problems with the drug candidate, including adverse events of unanticipated severity or frequency, may result in restrictions on the marketing of the product, and could include withdrawal of the product from the market. In addition, new statutory requirements may be enacted or additional regulations may be enacted that could prevent or delay regulatory approval of our drug candidates.

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***We have limited manufacturing experience with our drug candidates*.**

We have no manufacturing capabilities and are dependent on third parties for cost effective manufacture and manufacturing process development of the company's drug candidates. Problems with third party manufacturers or the manufacturing process, or the scaling up of manufacturing activities as such may delay clinical trials and commercialization of our drug candidates.

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***To the extent we rely significantly on contractors, we will be exposed to risks related to the business and operational conditions of our contractors*.**

We are a small company, with few internal staff and limited facilities. We are and will be required to rely on a variety of contractors to manufacture and transport our drug candidates, to perform clinical testing and to prepare regulatory dossiers. Adverse events that affect one or more of our contractors could adversely affect us, such as:

● a contractor is unable to retain key staff that have been working on our drug candidates;

● a contractor is unable to sustain operations due to financial or other business issues;

● a contractor loses their permits or licenses that may be required to manufacture our drug candidates; or

● errors, negligence or misconduct that occur within a contractor may adversely affect our business.

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***We depend on, and will continue to depend on, collaboration and strategic alliances with third partners. To the extent we are able to enter into collaborative arrangements or strategic alliances, we will be exposed to risks related to those collaborations and alliances*.**

An important element of our strategy for developing, manufacturing and commercializing our drug candidates is entering into partnerships and strategic alliances with other pharmaceutical companies or other industry participants.

Any partnerships or alliance we have or may have in the future may be terminated for reasons beyond our control or we may not be able to negotiate future alliances on acceptable terms, if at all. These arrangements may result in us receiving less revenue than if we sold our products directly, may place the development, sales and marketing of our products outside of our control, may require us to relinquish important rights or may otherwise be on unfavorable terms. Collaborative arrangements or strategic alliances will also subject us to a number of risks, including the risk that:

● we may not be able to control the amount and timing of resources that our strategic partner/collaborators may devote to the drug candidates;

● strategic partner/collaborators may experience financial difficulties;

● the failure to successfully collaborate with third parties may delay, prevent or otherwise impair the development or commercialization of our drug candidates or revenue expectations;

● products being developed by partners/collaborators may never reach commercial stage resulting in reduced or even no milestone or royalty payments;

● business combinations or significant changes in a collaborator's business strategy may also adversely affect a collaborator's willingness or ability to complete their obligations under any arrangement;

● a collaborator could independently move forward with a competing product developed either independently or in collaboration with others, including our competitors; and

● collaborative arrangements are often terminated or allowed to expire, which would delay the development and may increase the cost of developing drug candidates.

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***Because we rely on third party manufacturing and supply partners, our supply of research and development, preclinical and clinical development materials may become limited or interrupted or may not be of satisfactory quantity or quality*.**

We rely on third party supply and manufacturing partners to manufacture and supply the materials for our research and development and preclinical and clinical study supplies. We do not own manufacturing facilities or supply sources for such materials.

There can be no assurance that our supply of research and development, preclinical and clinical development biologics and other materials will not be limited, interrupted or restricted in certain geographic regions, be of satisfactory quality or continue to be available at acceptable prices. Replacement of a third-party manufacturer could require significant effort, cost and expertise because there may be a limited number of qualified replacements.

The manufacturing process for a drug candidate is subject to FDA and foreign regulatory authority review. Suppliers and manufacturers must meet applicable manufacturing requirements and undergo rigorous facility and process validation tests required by regulatory authorities in order to comply with regulatory standards. In the event that any of our suppliers or manufacturers fails to comply with such requirements or to perform its obligations to us in relation to quality, timing or otherwise, or if our supply of components or other materials becomes limited or interrupted for other reasons, we may be forced to manufacture the materials ourselves or enter into an agreement with another third party, which would be costly and delay any future clinical trials.

Further, if any third-party provider fails to meet its obligations to manufacture our products, or fails to maintain or achieve satisfactory regulatory compliance, the development of such substances and the commercialization of any therapies, if approved, could be stopped, delayed or made commercially unviable, less profitable or may result in enforcement actions against us.

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***Our research and development efforts will be jeopardized if we are unable to retain key personnel and cultivate key academic and scientific collaborations*.**

Changes in our senior management can be disruptive to our business and may adversely affect our operations. For example, when we have changes in senior management positions, we may elect to adopt different business strategies or plans. Any new strategies or plans, if adopted, may not be successful and if any new strategies or plans do not produce the desired results, our business may suffer.

Moreover, competition among biotechnology and pharmaceutical companies for qualified employees is intense and as such we may not be able to attract and retain personnel critical to our success. Our success depends on our continued ability to attract, retain and motivate highly qualified management, clinical and scientific personnel, manufacturing personnel, sales and marketing personnel and on our ability to develop and maintain important relationships with clinicians, scientists and leading academic and health institutions. If we fail to identify, attract, retain and motivate these highly skilled personnel, we may be unable to continue our product development and commercialization activities.

In addition, biotechnology and pharmaceutical industries are subject to rapid and significant technological change. Our drug candidates may be or become uncompetitive. To remain competitive, we must employ and retain suitably qualified staff that are continuously educated to keep pace with changing technology, but may not be in a position to do so.

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***We may encounter difficulties in managing our growth, which could negatively impact our operations.***

As we advance our clinical development programs for drug candidates, seek regulatory approval in the United States and elsewhere and increase the number of ongoing product development programs, we anticipate that we will need to increase our product development, scientific and administrative headcount. We will also need to establish commercial capabilities in order to commercialize any drug candidates that may be approved. Such an evolution may impact our strategic focus and our deployment and allocation of resources.

Our ability to manage our operations and growth effectively depends upon the continual improvement of our procedures, reporting systems and operational, financial and management controls. We may not be able to implement administrative and operational improvements in an efficient or timely manner and may discover deficiencies in existing systems and controls. If we do not meet these challenges, we may be unable to execute our business strategies and may be forced to expend more resources than anticipated addressing these issues.

We may acquire additional technology and complementary businesses in the future. Acquisitions involve many risks, any of which could materially harm our business, including the diversion of management's attention from core business concerns, failure to effectively exploit acquired technologies, failure to successfully integrate the acquired business or realize expected synergies or the loss of key employees from either our business or the acquired businesses.

In addition, in order to continue to meet our obligations as a publicly listed company in both Australia and the United States and to support our anticipated long-term growth, we will need to increase our general and administrative capabilities. Our management, personnel and systems may not be adequate to support this future growth.

If we are unable to successfully manage our growth and the increased complexity of our operations, our business, financial position, results of operations and prospects may be harmed.

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***Future potential sales of our drug candidates may suffer if they are not accepted in the marketplace by physicians, patients and the medical community*.**

There is a risk that our drug candidates may not gain market acceptance among physicians, patients and the medical community, even if they are approved by the regulatory authorities. The degree of market acceptance of any of our approved drug candidates will depend on a variety of factors, including:

● timing of market introduction, number and clinical profile of competitive products;

● our ability to provide acceptable evidence of safety and efficacy and our ability to secure the support of key clinicians and physicians for our drug candidates;

● cost-effectiveness compared to existing and new treatments;

● availability of coverage, reimbursement and adequate payment from health maintenance organizations and other third party payers;

● prevalence and severity of adverse side effects; and

● other advantages over other treatment methods.

Physicians, patients, payers or the medical community may be unwilling to accept, use or recommend our drug candidates which would adversely affect our potential revenues and future profitability. Adverse publicity or public perception regarding our drug candidates may negatively influence the success of these therapies.

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***We face competition from entities that may develop drug candidates for our target disease indications, including companies developing novel treatments and technology platforms based on modalities and technology similar to ours.***

The development and commercialization of drug candidates is highly competitive. Multinational pharmaceutical companies and specialized biotechnology companies could develop drug candidates and processes competitive with our drug candidates. Competitive therapeutic treatments include those that have already been approved and accepted by the medical community, patients and third party payers, and any new treatments that enter the market.

There may be a significant number of products that are currently under development, and may become commercially available in the future, for the treatment of conditions for which we are developing, and may in the future try to develop, drug candidates.

Multinational pharmaceutical companies and specialized biotechnology companies could have significantly greater financial, technical, manufacturing, marketing, sales and supply resources and experience than we have. If we successfully obtain approval for any drug candidate, we could face competition based on many different factors, including the safety and effectiveness of our drug candidates, the ease with which our drug candidates can be administered and the extent to which patients accept relatively new routes of administration, the timing and scope of regulatory approvals for these drug candidates, the availability and cost of manufacturing, marketing and sales capabilities, price, reimbursement coverage and patent position.

Competing products could present superior treatment alternatives, including by being more effective, safer, less expensive or marketed and sold more effectively than any products we may develop. Competitive products may make any products we develop obsolete or non-competitive before we recover the expense of developing and commercializing our drug candidates. Such competitors could also recruit our employees, which could negatively impact our level of expertise and our ability to execute our business plan.

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***If healthcare insurers and other organizations do not pay for our drug candidates or impose limits on reimbursement, our future business may suffer.***

Our drug candidates may be rejected by the market due to many factors, including cost. The continuing efforts of governments, insurance companies and other payers of healthcare costs to contain or reduce healthcare costs may affect our future revenues and profitability. In Australia and certain foreign markets, the pricing of pharmaceutical products is subject to government control. We expect initiatives for similar government control to continue in the United States and elsewhere. The adoption of any such legislative or regulatory proposals could harm our business and prospects.

Successful commercialization of our drug candidates will depend in part on the extent to which reimbursement for the cost of our products and related treatment will be available from government health administration authorities, private health insurers and other organizations. Our drug candidates may not be considered cost-effective and reimbursement may not be available to consumers or may not be sufficient to allow our products to be marketed on a competitive basis. Third-party payers are increasingly challenging the price of medical products and treatment. If third party coverage is not available for our drug candidates the market acceptance of these drug candidates will be reduced. Cost-control initiatives could decrease the price we might establish for drug candidates, which could result in product revenues lower than anticipated. If the price for our drug candidates decreases or if governmental and other third-party payers do not provide adequate coverage and reimbursement levels our potential revenue and prospects for profitability will suffer.

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***We could become exposed to product liability claims that could harm our business.***

The testing, marketing and sale of therapeutic products entails an inherent risk of product liability. We rely on a number of third-party researchers and contractors to produce, collect, and analyze data regarding the safety and efficacy of our drug candidates. We also have quality control and quality assurance in place to mitigate these risks, as well as professional liability and clinical trial insurance to cover financial damages in the event that human testing is done incorrectly or the data is analyzed incorrectly.

Notwithstanding our control procedures, we may face product liability exposure related to the testing of our drug candidates in human clinical trials. If any of our drug candidates are approved for sale, we may face exposure to claims by an even greater number of persons than were involved in the clinical trials once marketing, distribution and sales of our drug candidates begin. Regardless of merit or eventual outcome, liability claims may result in:

● decreased demand for our drug candidates;

● injury to our reputation;

● withdrawal of clinical trial participants;

● costs of related litigation;

● substantial monetary awards to patients and others;

● loss of revenues; and

● the inability to commercialize drug candidates.

With respect to product liability claims, we could face additional liability beyond insurance limits if testing mistakes were to endanger any human subjects. In addition, if a claim is made against us in conjunction with these research testing activities, the market price of our ADSs may be negatively affected.

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***The outbreak of a pandemic could adversely impact our business, including our non-clinical studies and clinical trials.***

Public health crises such as pandemics or similar outbreaks might adversely impact our business. In December 2019, a novel strain of coronavirus (COVID-19) first surfaced in China and subsequently spread to most countries in the world.

As a result of the COVID-19 outbreak, or similar pandemics, we have and may in the future experience disruptions that could severely impact our business, preclinical studies and clinical trials, including:

● delays or difficulties in enrolling patients in our clinical trials;

● delays or difficulties in clinical site initiation, including difficulties in recruiting clinical site investigators and clinical site staff;

● delays or disruptions in non-clinical experiments and investigational new drug application-enabling good laboratory practice standard toxicology studies due to unforeseen circumstances at contract research organizations and vendors along their supply chain;

● increased rates of patients withdrawing from our clinical trials following enrollment as a result of contracting COVID-19, being forced to quarantine, or not wanting to attend hospital visits;

● diversion of healthcare resources away from the conduct of clinical trials, including the diversion of hospitals serving as our clinical trial sites and hospital staff supporting the conduct of our clinical trials;

● interruption of key clinical trial activities, such as clinical trial site data monitoring, due to limitations on travel imposed or recommended by national, state or local governments, employers and others or interruption of clinical trial subject visits and study procedures (particularly any procedures that may be deemed non-essential), which may impact the integrity of subject data and clinical study endpoints;

● interruption or delays in the operations of the U.S. Food and Drug Administration, the European Medicines Agency, the Australian Therapeutic Goods Administration or other foreign regulatory agencies, which may impact approval timelines;

● interruption of, or delays in receiving, supplies of our drug candidates from our contract manufacturing organizations due to staffing shortages, production slowdowns or stoppages and disruptions in our supply chain or distribution vendors' ability to ship drug candidates; and

● limitations on employee resources that would otherwise be focused on the conduct of our non-clinical studies and clinical trials, including because of sickness of employees or their families, the desire of employees to avoid contact with large groups of people, an increased reliance on working from home or mass transit disruptions.

**Risks Related to Intellectual Property**

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***Our success depends on our ability to protect our intellectual property and our proprietary technology.***

Our success is to a certain degree also dependent on our ability to obtain and maintain patent protection or where applicable, to receive/maintain orphan drug designation/status and resulting marketing exclusivity for our drug candidates.

We may be materially adversely affected by our failure or inability to protect our intellectual property rights. Without the granting of these rights, the ability to pursue damages for infringement would be limited. Similarly, any know-how that is proprietary or particular to our technologies may be subject to risk of disclosure by employees or consultants despite having confidentiality agreements in place.

Any future success will depend in part on whether we can obtain and maintain patents to protect our own products and technologies; obtain licenses to the patented technologies of third parties; and operate without infringing on the proprietary rights of third parties. Biotechnology patent matters can involve complex legal and scientific questions, and it is impossible to predict the outcome of biotechnology and pharmaceutical patent claims. Any of our future patent applications may not be approved, or we may not develop additional products or processes that are patentable. Some countries in which we may sell our drug candidate or license our intellectual property may fail to protect our intellectual property rights to the same extent as the protection that may be afforded in the United States or Australia. Some legal principles remain unresolved and there has not been a consistent policy regarding the breadth or interpretation of claims allowed in patents in the United States, the United Kingdom, the European Union, Australia or elsewhere. In addition, the specific content of patents and patent applications that are necessary to support and interpret patent claims is highly uncertain due to the complex nature of the relevant legal, scientific and factual issues. Changes in either patent laws or in interpretations of patent laws in the United States, the United Kingdom, the European Union or elsewhere may diminish the value of our intellectual property or narrow the scope of our patent protection. Even if we are able to obtain patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors from competing with us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our patents by developing similar or alternative technologies or products in a non-infringing manner. We may also fail to take the required actions or pay the necessary fees to maintain our patents.

Moreover, any of our pending applications may be subject to a third party pre-issuance submission of prior art to the U.S. Patent and Trademark Office, or USPTO, the European Patent Office, or EPO, the Intellectual Property Office, or IPO, in the United Kingdom, the Australian Patent and Trademark Office and/or any patents issuing thereon may become involved in opposition, derivation, reexamination, post grant review, interference proceedings or other patent office proceedings or litigation, in the United States or elsewhere, challenging our patent rights. An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate, our patent rights, and allow third parties to commercialize our technology or products and compete directly with us, without payment to us. In addition, if the breadth or strength of protection provided by our patents and patent applications is threatened, it could dissuade companies from collaborating with us to exploit our intellectual property or develop or commercialize current or future drug candidates.

The issuance of a patent is not conclusive as to the inventorship, scope, validity or enforceability, and our patents may be challenged in the courts or patent offices in the United States, the European Union, Australia and elsewhere. Such challenges may result in loss of ownership or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit the duration of the patent protection of our technology and products. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing products similar or identical to ours.

In addition, other companies may attempt to circumvent any regulatory data protection or market exclusivity that we obtain under applicable legislation, which may require us to allocate significant resources to preventing such circumvention. Such developments could enable other companies to circumvent our intellectual property rights and use our clinical trial data to obtain marketing authorizations in the European Union, Australia and in other jurisdictions. Such developments may also require us to allocate significant resources to prevent other companies from circumventing or violating our intellectual property rights.

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***Intellectual property rights of third parties could adversely affect our ability to commercialize our drug candidates, such that we could be required to litigate with or obtain licenses from third parties in order to develop or market our drug candidates.***

Our commercial success may depend upon our future ability and the ability of our potential collaborators to develop, manufacture, market and sell our drug candidates without infringing valid intellectual property rights of third parties.

If a third-party intellectual property right exists it may require the pursuit of litigation or administrative proceedings to nullify or invalidate the third party intellectual property right concerned, or entry into a license agreement with the intellectual property right holder, which may not be available on commercially reasonable terms, if at all.

Third-party intellectual property right holders, including our competitors, may bring infringement claims against us. We may not be able to successfully settle or otherwise resolve such infringement claims. If we are unable to successfully settle future claims or otherwise resolve such claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable and time-consuming litigation and may be prevented from, or experience substantial delays in, marketing our drug candidate.

If we fail to settle or otherwise resolve any such dispute, in addition to being forced to pay damages, we or our potential collaborators may be prohibited from commercializing any drug candidates we may develop that are held to be infringing, for the duration of the patent term. We might, if possible, also be forced to redesign our formulations so that we no longer infringe such third-party intellectual property rights. Any of these events, even if we were ultimately to prevail, could require us to divert substantial financial and management resources that we would otherwise be able to devote to our business.

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***Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed*.**

Because we collaborate with various organizations and academic institutions on the advancement of our technology and drug candidates, we may, at times, share trade secrets with them. We seek to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material transfer agreements, collaborative research agreements, consulting agreements or other similar agreements with our collaborators, advisors, employees and consultants prior to beginning research or disclosing proprietary information. These agreements typically limit the rights of the third parties to use or disclose our confidential information, such as trade secrets. Despite these contractual provisions, the need to share trade secrets and other confidential information increases the risk that such trade secrets become known by potential competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, discovery by a third party of our trade secrets or other unauthorized use or disclosure would impair our intellectual property rights and protections in our drug candidates.

In addition, these agreements typically restrict the ability of our collaborators, advisors, employees and consultants to publish data potentially relating to our trade secrets. Our academic collaborators typically have rights to publish data, provided that we are notified in advance and may delay publication for a specified time in order to secure our intellectual property rights arising from the collaboration. In other cases, publication rights are controlled exclusively by us. In other cases, we may share these rights with other parties. Despite our efforts to protect our trade secrets, our competitors may discover our trade secrets, either through breach of these agreements, independent development or publication of information including our trade secrets in cases where we do not have proprietary or otherwise protected rights at the time of publication.

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***Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.***

Periodic maintenance fees, renewal fees, annuity fees and various other governmental fees on patents and applications are required to be paid to the United State Patent and Trademark Office and other governmental patent agencies outside of the United States in several stages over the lifetime of the patents and applications. The USPTO and various corresponding governmental patent agencies outside of the United States require compliance with a number of procedural, documentary, fee payment and other similar provisions during the patent application process and after a patent has issued. There are situations in which non-compliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction.

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***We may become involved in lawsuits to protect and defend our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.***

Competitors may infringe our patents or other intellectual property and we may inadvertently infringe the patent or intellectual property of others. To counter infringement or unauthorized use, we may be required to file claims, and any related litigation and/or prosecution of such claims can be expensive and time consuming. Any claims we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their intellectual property. In addition, in a patent infringement proceeding, a court may decide that a patent of ours is invalid in whole or in part, unenforceable, or construe the patent's claims narrowly allowing the other party to commercialize competing products on the grounds that our patents do not cover such products.

Even if resolved in our favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and management personnel from their normal responsibilities. Such litigation or proceedings could substantially increase our operating losses and reduce our resources available for development activities. We may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial resources. The effects of patent litigation or other proceedings could therefore have a material adverse effect on our ability to compete in the marketplace.

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***Confidentiality and invention assignment agreements with our employees, advisors and consultants may not adequately prevent disclosure of trade secrets and protect other proprietary information.***

We consider proprietary trade secrets and/or confidential know-how and unpatented know-how to be important to our business. We may rely on trade secrets and/or confidential know-how to protect our technology, especially where patent protection is believed by us to be of limited value. However, trade secrets and/or confidential know-how can be difficult to maintain as confidential.

To protect this type of information against disclosure or appropriation by competitors, our policy is to require our employees, advisors and consultants to enter into confidentiality and invention assignment agreements with us. However, current or former employees, advisors and consultants may unintentionally or willfully disclose our confidential information to competitors, and confidentiality and invention assignment agreements may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. Enforcing a claim that a third party obtained illegally and is using trade secrets and/or confidential know-how is expensive, time consuming and unpredictable. The enforceability of confidentiality and invention assignment agreements may vary from jurisdiction to jurisdiction.

Failure to obtain or maintain trade secrets and/or confidential know-how trade protection could adversely affect our competitive position. Moreover, our competitors may independently develop substantially equivalent proprietary information and may even apply for patent protection in respect of the same. If successful in obtaining such patent protection, our competitors could limit our use of our trade secrets and/or confidential know-how.

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***Intellectual property rights do not address all potential threats to our competitive advantage.***

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect our business, or permit us to maintain our competitive advantage. The following examples are illustrative:

● Others may be able to make products that are similar to ours but that are not covered by our intellectual property rights.

● Others may independently develop similar or alternative technologies or otherwise circumvent any of our technologies without infringing our intellectual property rights.

● We or any of our collaboration partners might not have been the first to conceive and reduce to practice the inventions covered by the patents or patent applications that we own, license or will own or license.

● We or any of our collaboration partners might not have been the first to file patent applications covering certain of the patents or patent applications that we or they own or have obtained a license.

● It is possible that any pending patent applications that we have filed, or will file, will not lead to issued patents.

● Issued patents that we own may not provide us with any competitive advantage, or may be held invalid or unenforceable, as a result of legal challenges by our competitors.

● Our competitors might conduct research and development activities in countries where we do not have patent rights, or in countries where research and development safe harbor laws exist, and then use the information learned from such activities to develop competitive products for sale in our major commercial markets.

● Ownership of our patents or patent applications may be challenged by third parties.

● The patents of third parties or pending or future applications of third parties, if issued, may have an adverse effect on our business.

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***We may face difficulties with protecting our intellectual property in certain jurisdictions, which may diminish the value of our intellectual property rights in those jurisdictions.***

The laws of some jurisdictions do not protect intellectual property rights to the same extent as the laws in the United States and the European Union, and many companies have encountered significant difficulties in protecting and defending such rights in such jurisdictions. If we or our collaboration partners encounter difficulties in protecting, or are otherwise precluded from effectively protecting, the intellectual property rights important for our business in such jurisdictions, the value of these rights may be diminished and we may face additional competition from others in those jurisdictions.

Some countries in Europe and China have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we are, or any of our licensors is, forced to grant a license to third parties with respect to any patents relevant to our business, our competitive position or commercial advantage may be impaired and our business and results of operations may be adversely affected.

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***Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our drug candidates and any future drug candidates.***

As is the case with other biotechnology and pharmaceutical companies, our success is heavily dependent on intellectual property rights, particularly patents. Obtaining and enforcing patents in the biopharmaceutical industry involves technological and legal complexity, and obtaining and enforcing biopharmaceutical patents is costly, time-consuming and inherently uncertain. The U.S. Supreme Court in recent years has issued rulings either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations or ruling that certain subject matter is not eligible for patent protection. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on decisions by Congress, the federal courts, the USPTO and equivalent bodies in non-U.S. jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce existing patents and patents we may obtain in the future.

Patent reform laws, such as the Leahy-Smith America Invents Act, or the Leahy-Smith Act, as well as changes in how patent laws are interpreted, could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents. The Leahy-Smith Act made a number of significant changes to U.S. patent law. These include provisions that affect the filing and prosecution strategies associated with patent applications, including a change from a "first-to-invent" to a "first-inventor-to-file" patent system, and a change allowing third-party submission of prior art to the USPTO during patent prosecution and additional procedures to attack the validity of a patent by USPTO-administered post-grant proceedings, including post-grant review, *inter partes* review and derivation proceedings. The USPTO has developed regulations and procedures to govern administration of the Leahy-Smith Act, and many of the substantive changes to patent law associated with the Leahy-Smith Act and, in particular, the "first-inventor-to-file" provisions, became effective in 2013. The Leahy-Smith Act and its implementation may increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents, all of which could have harm our business, financial condition and results of operations.

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***Price controls may be imposed in non-U.S. markets, which may negatively affect our future profitability.***

In some countries, particularly EU member states, Japan, Australia and Canada, the pricing of prescription drugs is subject to governmental control. In these countries, pricing negotiations with governmental authorities can take considerable time after receipt of marketing approval for a product. In addition, there can be considerable pressure by governments and other stakeholders on prices and reimbursement levels, including as part of cost containment measures. Political, economic and regulatory developments may further complicate pricing negotiations, and pricing negotiations may continue after reimbursement has been obtained. Reference pricing used by various EU member states and parallel distribution, or arbitrage between low-priced and high-priced member states, can further reduce prices. In some countries, we or our collaborators may be required to conduct a clinical trial or other studies that compare the cost-effectiveness of our drug candidates to other available therapies in order to obtain or maintain reimbursement or pricing approval. Publication of discounts by third-party payors or authorities may lead to further pressure on the prices or reimbursement levels within the country of publication and other countries. If reimbursement of our drug candidates is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory levels, our business, revenues or profitability could be harmed.

**Risks Relating to Ownership of the ADSs**

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***The trading price of the ADSs may be volatile, and purchasers of the ADSs could incur substantial losses.***

The market price of our ordinary shares historically has been, and we expect our ordinary shares and ADSs will continue to be, subject to significant fluctuations over short periods of time. These fluctuations may be due to factors specific to us, to changes in analysts' recommendations and earnings estimates, to arbitrage between our Australian-listed ordinary shares and our Nasdaq-listed ADSs, to changes in exchange rates, or to factors affecting the biopharmaceutical industry or the securities markets in general. Market fluctuations, as well as general political and economic conditions, such as a recession, interest rate or currency fluctuations, could adversely affect the market price of our securities.

We may experience a material decline in the market price of our shares, regardless of our operating performance. Therefore, a holder of our ADSs may not be able to sell those ADSs at or above the price paid by such holder for such ADSs. Price declines in our ADSs could result from a variety of factors, including many outside our control. These factors include:

● the results of pre-clinical testing and clinical trials by us and our competitors;

● unforeseen safety issues or adverse side effects resulting from the clinical trials or the commercial use of our drug candidate;

● regulatory actions in respect of any of our drug candidates or the products of any of our competitors;

● announcements of the introduction of new products by us or our competitors;

● market conditions, including market conditions in the pharmaceutical and biotechnology sectors;

● increases in our costs or decreases in our revenues due to unfavorable movements in foreign currency exchange rates;

● developments or litigation concerning patents, licenses and other intellectual property rights;

● litigation or public concern about the safety of our drug candidates;

● changes in recommendations or earnings estimates by securities analysts;

● actual and anticipated fluctuations in our quarterly operating results;

● deviations in our operating results from the estimates of securities analysts;

● rumors relating to us or our competitors;

● additions or departures of key personnel;

● changes in third party reimbursement policies; and

● developments concerning current or future strategic alliances or acquisitions.

In addition, volatility and low market price of our ADSs may adversely impact investors' interest in our securities. A decline in investors' interest may prompt further volatility and decrease in market price.

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***If we are or become a passive foreign investment company ("PFIC"), then that would subject our U.S. shareholders to adverse tax rules.***

Holders of our ADSs who are U.S. taxpayers will be subject to particular income tax rules if we are a passive foreign investment company, or PFIC. These rules could result in a reduction in the after-tax return to a "U.S. Holder" of our ADSs and reduce the value of our ADSs. For U.S. federal income tax purposes, we will be classified as a PFIC for any taxable year in which (i) 75% or more of our gross income is passive income, or (ii) at least 50% of the average value of all of our assets for the taxable year produce or are held for the production of passive income. For this purpose, cash is considered to be an asset that produces passive income.

If we are classified as a PFIC in any year that a U.S. Holder owns ADSs, the U.S. Holder will generally continue to be treated as holding ADSs of a PFIC in all subsequent years, notwithstanding that we are not classified as a PFIC in a subsequent year. Dividends received by the U.S. Holder and gains realized from the sale of our ADSs would be taxed as ordinary income and subject to an interest charge. We urge U.S. investors to consult their own tax advisors about the application of the PFIC rules and certain elections that may help to minimize adverse U.S. federal income tax consequences in their particular circumstances. For further information, see Item 10.E – Additional Information – Taxation – U.S. Taxation.

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***The requirements of being a public company may strain our resources and divert management's attention.***

Upon listing on the Nasdaq Capital Market, we will become subject to the reporting requirements of the U.S. Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act, the listing requirements of the Nasdaq Capital Market and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires that we file an annual report on Form 20-F. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight are required. As a result, management's attention may be diverted from other business concerns, which could adversely affect our business and results of operations.

The Sarbanes-Oxley Act requires that we assess the effectiveness of our internal control over financial reporting annually and disclosure controls and procedures quarterly. If we identify material weaknesses in future periods or we are not able to comply with the requirements of Section 404 in a timely manner, our reported financial results could be restated, we could be subject to investigations or sanctions by regulatory authorities, which would require additional financial and management resources, and the market price of our ordinary shares could decline.

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***We could become subject to the auditor attestation requirement under the Sarbanes-Oxley Act even if we have little or no revenue, thus imposing significant cost and administrative burden on us.***

We currently qualify as an "emerging growth company" and, as a result, are exempt from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of internal controls over financial reporting. We expect to remain an emerging growth company until the earlier of the last day of our fiscal year following the fifth anniversary of the completion of our first public offering in the United States or, as of the last business day of our most recently completed second fiscal quarter, our aggregate worldwide market value of the voting and non-voting common equity held by our non-affiliates is US$700 million or more. Once we cease to be an emerging growth company and the aggregate worldwide market value of our voting equity held by non-affiliates exceeds US$75 million as of our most recently completed second fiscal quarter, then we will be subject to the auditor attestation requirement in the assessment of the internal controls over financial reporting.

While the U.S. Securities and Exchange Commission ("SEC") has acknowledged the significant cost of the auditor attestation requirement for small companies and provided an exemption for U.S. "smaller reporting companies" with less than US$100 million in revenue, the SEC has decided not to similarly exempt foreign private issuers (such as Radiopharm) unless they comply with the reporting requirements for U.S. companies, including presenting financial statements in accordance with U.S. generally accepted accounting principles. Given the significant cost and administrative burden resulting from inconsistent reporting obligations under the rules of the SEC and ASX, it may not be feasible for us to comply with the SEC's reporting requirements for U.S. companies in the event Radiopharm were to cease being an "emerging growth company" and have aggregate worldwide market value of our voting equity held by non-affiliates exceeding US$75 million.

In such event, we could be obligated to incur significant compliance costs (which the SEC estimated to be US$210,000 per annum in 2019) and administrative burden given our limited number of personnel. If such costs were to become too significant, we could reconsider our listing on Nasdaq because, as the SEC has acknowledged, the savings for a small company could be put to more productive use such as developing the company.

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***Our issuance of additional ordinary shares in connection with financings, acquisitions, investments, or otherwise will dilute all other ADS holders.***

We expect to issue additional ordinary shares in the future that will result in dilution to all other ADS holders. We may also raise capital through equity financings in the future. As part of our business strategy, we may acquire or make investments in complementary companies, products, or technologies and issue equity securities to pay for any such acquisition or investment. While we will be subject to the constraints of the ASX Listing Rules regarding the percentage of our capital that we are able to issue within a 12-month period (subject to applicable exceptions), any such issuances of additional ordinary shares may cause ADS holders to experience significant dilution of their ownership interests and the per ADS value of our ADSs to decline.

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***As long as we remain subject to the rules of the ASX, we may be unable to conduct certain types of capital raisings without shareholder approval if such capital raising would result in an equity issuance above regulatory thresholds and, consequently, we could be unable to obtain financing sufficient to sustain our business if we are unsuccessful in soliciting requisite shareholder approvals.***

Our ability to access equity capital is limited by ASX Listing Rule 7.1, which provides that a company may not, subject to certain exceptions for certain types of offering (*e.g*., rights offers) or approval by shareholders, issue or agree to issue during any consecutive 12-month period any equity securities, or other securities with rights to conversion to equity, if the number of those securities in aggregate would exceed 15% of the number of ordinary securities on issue at the commencement of that 12-month period.

Our equity issuances will be limited by ASX Listing Rule 7.1 as long as we continue to be listed on the ASX and this constraint may prevent us from raising the full amount of equity capital needed for operations without prior shareholder approval or structuring the capital raising within one of the exceptions to this limitation such as a rights offer.

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***We are subject to risks associated with currency fluctuations, and changes in foreign currency exchange rates could impact our results of operations.***

Our ordinary shares are quoted in Australian dollars on the ASX and the ADSs will be quoted in U.S. dollars. Any significant change in the value of the Australian dollar may have a negative effect on the value of the ADSs in U.S. dollars. In addition, if the Australian dollar weakens against the U.S. dollar, then, if we decide to convert our Australian dollars into U.S. dollars for any business purpose, appreciation of the U.S. dollar against the Australian dollar would have a negative effect on the U.S. dollar amount available to us. To the extent that we need to convert U.S. dollars we receive into Australian dollars for our operations, appreciation of the Australian dollar against the U.S. dollar would have a negative effect on the Australian dollar amount we would receive from the conversion. Consequently, appreciation or depreciation in the value of the Australian dollar relative to the U.S. dollar would affect our financial results reported in U.S. dollar terms without giving effect to any underlying change in our business or results of operations. As a result of such foreign currency fluctuations, it could be more difficult to detect underlying trends in our business and results of operations.

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***Our ADS holders are not shareholders and do not have shareholder rights.***

Deutsche Bank, as depositary, registers and delivers our American Depositary Shares, or ADSs. Our ADS holders will not be treated as shareholders and do not have the rights of shareholders. The depositary will be the holder of the shares underlying our ADSs. Holders of our ADSs will have ADS holder rights. A deposit agreement among us, the depositary and our ADS holders, and the beneficial owners of ADSs, sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs. For a description of ADS holder rights, see "Description of Securities" in this Registration Statement.

Our shareholders have shareholder rights. Australian law and our constitution govern shareholder rights. For a description of our shareholders' rights, see "Memorandum and Articles of Association" in this Registration Statement. Shareholders are entitled to our notices of general meetings and to attend and vote at our general meetings of shareholders. At a general meeting, every shareholder present (in person or by proxy, attorney or representative) and entitled to vote has one vote on a show of hands. Every shareholder present (in person or by proxy, attorney or representative) and entitled to vote has one vote per fully paid ordinary share on a poll. This is subject to any other rights or restrictions which may be attached to any shares. According to our Constitution, a resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is demanded under which every ordinary shareholder present in person or by proxy has one vote for every ordinary share held. Under our Constitution, a poll may be demanded by the chairman, at least five members entitled to vote on the resolution; or by members with at least 5% of the votes that may be cast on the resolution on a poll.

Our ADS holders do not have the same voting rights as our shareholders. ADS holders may exercise voting rights with respect to the underlying ordinary shares only in accordance with the provisions of the deposit agreement. Under the deposit agreement, ADS holders vote by giving voting instructions to the depositary. Upon receipt of instructions, the depositary will try to vote in accordance with those instructions. Otherwise, ADS holders will not be able to vote unless they withdraw the ordinary shares underlying their ADSs.

If we ask for our ADS holders' instructions, the depositary will notify our ADS holders of the upcoming vote and arrange to deliver our voting materials and form of notice to them. The depositary will try, as far as practical, subject to Australian law and the provisions of the depositary agreement, to vote the shares as our ADS holders instruct. The depositary will not vote or attempt to exercise the right to vote other than in accordance with the instructions of the ADS holders. We cannot assure our ADS holders that they will learn of ordinary shareholders' meetings and receive the voting materials in time to instruct the depositary or withdraw the underlying ordinary shares. This means that there is a risk that our ADS holders may not be able to exercise voting rights and there may be nothing they can do if their shares are not voted as they requested.

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***Our ADS holders do not have the same rights to receive dividends or other distributions as our shareholders.***

Subject to any special rights or restrictions attached to a share, the directors may determine that a dividend will be payable on a share and fix the amount, the time for payment and the method for payment (although we have never declared or paid any cash dividends on our ordinary shares and we do not anticipate paying any cash dividends in the foreseeable future). Dividends may be paid on shares of one class but not another and at different rates for different classes. Dividends and other distributions payable to our shareholders with respect to our ordinary shares generally will be payable directly to them. Any dividends or distributions payable with respect to ordinary shares will be paid to the depositary, which has agreed to pay to our ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after deducting its fees and expenses. Our ADS holders will receive these distributions in proportion to the number of shares their ADSs represent. In addition, there may be certain circumstances in which the depositary may not pay to our ADS holders amounts distributed by us as a dividend or distribution.

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***There are circumstances where it may be unlawful or impractical to make distributions to the holders of our ADSs.***

The deposit agreement with the depositary generally requires the depositary to convert foreign currency it receives in respect of deposited securities into U.S. dollars and distribute the U.S. dollars to ADS holders, provided the depositary can do so on a reasonable basis. If it does not convert foreign currency, the depositary may distribute the foreign currency only to those ADS holders to whom it is possible to do so. If a distribution is payable by us in Australian dollars, the depositary will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, our ADS holders may lose some of the value of the distribution. The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. This means that our ADS holders may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for us to make them available.

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***ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could augur less favorable results to the plaintiff(s) in any such action.***

The deposit agreement governing the ADSs representing our ordinary shares provides that holders and beneficial owners of ADSs irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs against us or the depositary, including any claim under the U.S. federal securities laws, to the fullest extent permitted by applicable law. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the deposit agreement, by a court of the State of New York or a federal court, which have non-exclusive jurisdiction over matters arising under the deposit agreement, applying such law. By agreeing to such provision, investors in the ADRs will not be deemed to have waived Radiopharm's compliance with the U.S. federal securities laws and the rules and regulations thereunder. However, the jury trial waiver provision may limit access to information and lead to other imbalances of resources between Radiopharm and shareholders, and such provision may limit our shareholders' ability to bring a claim in a judicial forum that they find favorable.

In determining whether to enforce a jury trial waiver provision, New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs or by us or the Depositary of compliance with any provision of the federal securities laws. If you or any other holder or beneficial owner of ADSs brings a claim against us or the Depositary in connection with matters arising under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the Depositary.

If a lawsuit is brought against us and/or the Depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may determine different results than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.

As the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that the waiver would likely continue to apply to purchasers of ADSs in secondary transactions. In addition, we believe that the waiver would likely continue to apply to ADS holders or beneficial owners who withdraw the ordinary shares from the ADS facility with respect to claims arising before the cancellation of the ADSs and the withdrawal of the ordinary shares, and the waiver would likely not apply to ADS holders or beneficial owners who subsequently withdraw the ordinary shares represented by ADSs from the ADS facility with respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the applicability of the jury trial waiver to ADS holders or beneficial owners who withdraw the ordinary shares represented by the ADSs from the ADS facility. Nevertheless, if this jury trial waiver is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or the ADSs serves as a waiver by any owner or holder of ADSs or by us or the Depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.

***The exclusive jurisdiction and arbitration provides in the deposit agreement may discourage claims or limit the ability of the ADSs holders to bring a claim.***

In addition, any legal suit, action or proceeding, including claims under the Securities Act or the Exchange Act, against or involving Radiopharm or the Depositary that arise out of or are based upon the Deposit Agreement, ownership of the ADSs or the transactions contemplated by the deposit agreement may only be instituted by holders of ADSs, including purchasers of ADSs in secondary transactions, in a state or federal court in the City of New York. Holders of ADSs irrevocably waive any objection which they may have to the laying of venue of any such proceeding, and submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

Thus, the exclusive jurisdiction and arbitration clauses in the deposit agreement may adversely affect the ADSs holders ability to file a claim against us or the depositary for any claim connected with the deposit agreement, including claims under the Securities Act and Exchange Act, in particular by increasing the costs of filing such claim or preventing ADSs holders from bringing a claim in a favorable venue.

**Risks Relating to Our Location in Australia**

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***Australian takeovers laws may discourage takeover offers being made for us or may discourage the acquisition of large numbers of our shares.***

Radiopharm is incorporated in Australia and is subject to the takeover laws of Australia, including the Corporations Act 2001 (Commonwealth of Australia). Subject to a range of exceptions, the Corporations Act prohibits the acquisition of a direct or indirect interest in our issued voting shares (including through the acquisition of ADSs) if the acquisition of that interest will lead to a person's or someone else's voting power in us increasing from 20% or below to more than 20% or increasing from a starting point that is above 20% and below 90%. Exceptions to the general prohibition include circumstances where the person makes a formal takeover bid for us, if the person obtains shareholder approval for the acquisition or if the person acquires less than 3% of the voting power of us in any rolling six-month period. Australian takeovers laws may discourage takeover offers being made for us or may discourage the acquisition of large numbers of our shares.

***Holders of our ordinary shares or ADSs may have difficulty in effecting service of process in the United States or enforcing judgments obtained in the United States.***

Holders of our ordinary shares or ADSs may have difficulties enforcing, in actions brought in courts in jurisdictions located outside the U.S., liabilities under U.S. securities laws. In particular, if such a holder sought to bring proceedings in Australia based on U.S. securities laws, the Australian court might consider:

● that it did not have jurisdiction; and/or

● that it was not an appropriate forum for such proceedings; and/or

● that, applying Australian conflict of laws rule, U.S. law (including U.S. securities laws) did not apply to the relationship between holders of our ordinary shares or ADSs and us or our directors and officers; and/or

● that the U.S. securities laws were of a public or penal nature and should not be enforced by the Australian court.

Holders of our ordinary shares and ADSs may also have difficulties enforcing in courts outside the United States judgments that are obtained in the U.S. courts against any of our directors and executive officers or us, including actions under the civil liability provisions of the U.S. securities laws.

***As a foreign private issuer whose shares are listed on the Nasdaq Capital Market, we may follow certain home country corporate governance practices instead of certain Nasdaq requirements.***

As a foreign private issuer whose ADSs will be listed on the Nasdaq Capital Market, we are permitted to follow certain home country corporate governance practices instead of certain requirements of The Nasdaq Marketplace Rules. As an Australian company listed on the Nasdaq Capital Market, we may follow home country practice in Australia with regard to the composition of the board of directors and director nomination process. In addition, we may follow Australian law instead of the Nasdaq Marketplace Rules that require that we obtain shareholder approval for certain dilutive events, such as for the establishment of equity-based compensation plans, an issuance that will result in a change of control of the company, certain transactions other than a public offering involving issuances of a 20% or more interest in the company and certain acquisitions of the shares or assets of another company. Accordingly, our shareholders may not be afforded the same protection as provided under Nasdaq's corporate governance rules that are applicable to U.S. companies.

***As a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and are permitted to file less information with the SEC than a U.S. company.***

As a "foreign private issuer" (as defined in the SEC's rules), we are not subject to all the disclosure requirements applicable to U.S. public companies. For example, we are exempt from certain rules under the Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies under the Exchange Act. In addition, our senior management and directors are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover, while we currently make annual and semi-annual filings with respect to our listing on the ASX and expect to file financial reports on an annual and semi-annual basis, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public companies that file quarterly reports on Form 10-Q.

***Any loss of our foreign private issuer status in the future could result in significant additional cost.***

While we currently qualify as a foreign private issuer, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. In the future, we would lose our foreign private issuer status if we to fail to meet the requirements necessary to maintain our foreign private issuer status as of the relevant determination date. For example, if 50% or more of our securities are held by U.S. residents and more than 50% of our senior management or directors are residents or citizens of the United States, we could lose our foreign private issuer status.

The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer could be significantly more than costs we incur as a foreign private issuer. If we were to cease to be a foreign private issuer, then we would be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which forms are more detailed and extensive in certain respects than the forms available to a foreign private issuer. We would be required to prepare our financial statements in accordance with U.S. GAAP rather than IFRS. Such conversion of our financial statements to U.S. GAAP would involve significant time and cost. In addition, we could lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers such as the ones described above and exemptions from procedural requirements related to the solicitation of proxies.

***U.S. investors may have difficulty enforcing civil liabilities against our company, our directors or members of senior management and the experts named in this Registration Statement.***

Certain members of our senior management and board of directors named in this Registration Statement are non-residents of the United States, and a substantial portion of the assets of such persons are located outside the United States. As a result, it may be impracticable to serve process on such persons in the United States or to enforce judgments obtained in U.S. courts against them based on civil liability provisions of the securities laws of the United States. Even if you are successful in bringing such an action, there is doubt as to whether Australian courts would enforce certain civil liabilities under U.S. securities laws in original actions or judgments of U.S. courts based upon these civil liability provisions. In addition, awards of punitive damages in actions brought in the United States or elsewhere may be unenforceable in Australia or elsewhere outside the United States. An award for monetary damages under U.S. securities laws would be considered punitive if it does not seek to compensate the claimant for loss or damage suffered and is intended to punish the defendant.

The enforceability of any judgment in Australia will depend on the particular facts of the case as well as the laws and treaties in effect at the time. As a result, our shareholders may have more difficulty in protecting their interests through actions against us, our management or our directors than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***Our quorum requirements to vote at a shareholders meeting and our voting procedures may not protect our shareholders interests.***

Our Constitution provides that the quorum requirement for a shareholders meeting is two shareholders. In addition, our Constitution provides that voting at a shareholders meeting can be made on a show of hands. As a result, all our shareholders can be bound by a vote on a show of hands by only two shareholders. Thus, our Constitution may be unable to effectively protect the interests of our shareholders. In addition, neither the Corporations Act nor the ASX listing rules provide for any protection mechanism against binding decisions made at a shareholders meeting by only two shareholders on a show of hands.

 **Item 4. Information on the Company**

A. History and Development of the Company

Our legal name is Radiopharm Theranostics Limited ("Radiopharm"). We were incorporated in February 2021. We are incorporated in Australia and listed on the ASX under the symbol "RAD" in October 2021.

In July 2021, we entered into an exclusive license agreement with NanoMab Technologies Limited ("NanoMab"). Under the terms of the agreement, we have the exclusive rights to the technology NanoMab developed, and in particular Anti-HER-2, Anti-TROP-2, Anti-PD-L1 and Anti-PTK7. We have agreed to pay upfront license fees equivalent to US$3,000,000 in cash and US$9,500,000 in the form of ordinary shares, and performance-based consideration linked to the achievement of certain value-inflection development milestones and commercial outcomes, as well as net sales-based royalty payments and sublicensing fees. This agreement was subsequently amended in August 2021 and October 2021 where an additional US$2,000,000 of upfront fees were payable and additional performance-based consideration linked to the achievement of certain value-inflection development milestones and commercial outcomes was added

In July 2021, we entered into an exclusive license agreement with TRIMT GmbH ("TRIMT"). Under the terms of the agreement, we have the exclusive rights to the Ga-Trivehexin technology TRIMT developed. We have agreed to pay upfront license fees equivalent to US$10,000,000 in the form of cash and shares, and performance-based consideration linked to the achievement of certain value-inflection development milestones and commercial outcomes, as well as net sales-based royalty payments and sublicensing fees.

In September 2021, we entered into an exclusive license agreement with Diaprost AB ("Diaprost") and Fredax AB ("Fredax"). Under the terms of the agreement, we have the exclusive rights to the technology Diaprost developed.

In August 2021, we entered into a license agreement for the F-FPIA Imaging Agent with Cancer Research Technology Limited, a company incorporated in the UK. Under the terms of the Agreement, we have the exclusive right to develop and commercialize the F-FPIA imaging Agent in the fields of diagnosis, imaging, prevention and treatment of diseases.

In September 2021, we issued 20,000,000 convertible notes at A$1.00 per note to a number of sophisticated investors. The subscription amounts was intended to satisfy upfront obligations under the current license agreements and to complete the initial public offer in Australia The convertible notes were converted upon initial public offering

In October 2021, we listed on the ASX under the symbol "RAD".

In June 2022, we entered into an exclusive sublicensing agreement with NeoIndicate, LLC ("NeoIndicate"), a US company, to a PTPµ-targeted radiopharmaceutical agent, which was developed at Case Western Reserve University ("CWRU") in Ohio. The sublicensing agreement grants us the rights to develop the PTPµ-targeted agent as an imaging diagnostic and as a targeted radiopharmaceutical theranostic as part of our clinical development pipeline.

Our registered office is located at Suite 1, Level 3, 62 Lygon Street, Carlton, Victoria 3053, Australia, and our telephone number is +61 3 9824 5254. Our address on the Internet is www.radiopharmtheranostics.com. The information on, or accessible through, our website is not part of this Registration Statement on Form 20-F. We have included our website address in this Registration Statement on Form 20-F solely as an inactive textual reference. All information we file with the U.S. Securities and Exchange Commission ("SEC") is available through the SEC's Electronic Data Gathering, Analysis and Retrieval system, which may be accessed through the SEC's website at www.sec.gov.

B. Business Overview

**Strategy** 

We are a research and development company that aims to develop and commercialize platforms of radiopharmaceutical products for both therapeutic and diagnostic applications in precision oncology.

We develop targeted and scientifically validated radiopharmaceutical technologies that are in both pre-clinical and clinical stages of development. These technologies span all size molecules comprising peptides, fatty acids and antibody targets attached to medical quality radioisotopes. We are pursuing registration and marketing approval for each product and therapy under development in the United States, the European Union, the United Kingdom, China, Japan, Australia, Canada and Israel.

To achieve our goals, we intend to:

● **Focus on tumor types that can be considered radiosensitive**. There are several tumor types that are considered radiosensitive and that are difficult to detect and treat. We intend to develop theranostic clinical products that enable detection and treatment of solid tumor with high mortality rates that is more effective than what current treatments provide.

● **Expand our licensed platform technologies.** We have a pipeline of six licensed platform technologies and a joint venture with MD Anderson in Houston, one of the world's leading cancer research centers, called "Radiopharm Ventures LLC" which has been created to develop novel radiopharmaceutical products. All of the novel technologies in development focus both on diagnostic and therapeutic product candidates targeting high unmet medical needs.. We intend to continue to expand our platforms to increase the number of clinical trials that we conduct.

● **Partner with nuclear medicine suppliers**. We need to obtain a constant supply of therapeutic isotopes that can be used in our clinical trials. We have partnered with nuclear medicine supplier to obtain access to high-quality isotopes that can be used efficiently in our clinical trials. We intend to maintain our current partnerships and expand the number of our partners to increase and improve our supply of isotopes.

● **Enter into license agreements to expand our clinical assets**. We have entered into license agreements with prestigious universities and institutions that have allowed us to exclusively use, globally, novel technology to develop our clinical assets. We intend to maintain the current license agreements in effect and seek other opportunities to expand our clinical assets.

● **Advance our investigational product candidates towards approval in the United States and elsewhere**. We intend to pursue FDA approval of all our product candidates currently in development. All preclinical and clinical trials are structured to ensure that each program is FDA compliant. We will be pursuing a New Drug Application ("NDA") with the FDA with respect to each of our product candidates. If the NDA is approved, the product may be marketed in the United States. If an NDA for one of our product candidates is approved in the United States, we plan to pursue marketing approval of our product candidates in other regions including the Europe Union, United Kingdom, China, Japan, Australia, Canada and Israel.

● **Enter into strategic partnership and collaborations to develop our product candidates**. We have entered into strategic partnerships and collaborations with prestigious universities and institutions to advance our clinical trials and progress their development. We intend to continue to seek partnerships and collaborations in the future to further develop the existing product candidates and explore opportunities for additional product candidates.

● **Maintain a strong intellectual property portfolio**. We have developed a global intellectual property strategy to support our commercial objectives. We are monitoring the results of our research and development programs to identify new intellectual property that aligns with those commercial objectives. We intend to take a global approach to our intellectual property strategy and we intend to pursue patent protection in key global markets, including the United States, the European Union, the United Kingdom, China, Japan, Australia, Canada and Israel

**Clinical Approach**

We are pursuing FDA approval of all our drug candidates currently being developed. We will be working with the FDA to ensure each clinical program is structured to meet regulatory requirements. FDA approval will be sought following the completion of successful Phase III studies. If we receive FDA approval for our drug candidates, we will be able to commercialize our drug candidates in the United States and pursue regulatory approval for the drug to be made available in other jurisdictions, including the European Union, the United Kingdom, China, Japan, Australia, Canada and Israel. The graphic below represents our clinical development pipelines.

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The terms "ODD" and "RPDD" mean, respectively, "Orphan Drug Designation" and "Rare Pediatric
Disease Designation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The terms "DX" and "TX" mean, respectively, "Diagnostic" and "Therapeutic".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. RAD601 and RAD602 Phase I trial will be conducted in Australia.

**Market Opportunity**

The combined annual global market size of the indications we are targeting is over US$6 billion, which is derived from the total addressable market for the treatment of medical conditions that drug candidates aim to address. Thus, there is significant economic potential to shareholders, as well as benefit to patients suffering from these medical conditions. Currently we do not have any products approved for commercial sale. Before receiving any approvals to commercialize our clinical products from the relevant regulators, we will need to conduct clinical trials according to the rules and regulations of the countries in which we will seek regulatory approvals, including the United States. As there is no certainty on whether we will obtain any regulatory approval in light of the several regulatory steps needed to receive such approvals, we are currently unable to determine what percentage of the addressable global market size we will be able to target with our clinical products.

**Nuclear Medicine and Theranostics** 

Nuclear medicine is a medical specialty that uses radioactive tracers (radiopharmaceuticals) to assess bodily functions and to diagnose and treat diseases, including tumors. Specially designed cameras allow doctors to track the path of these radioactive tracers. In particular, radiation methods are used to provide images of tumors and thus localize them. X-ray, computerized tomography ("CT") and magnetic resonance imaging ("MRI") are used to elucidate gross tumor characteristics, including size, shape, and position, and are often used to guide surgery or external beam radiation therapy. To improve resolution of a scan, contrast media may be injected into the patient. More recent developments employ intravenous administration of a radioisotopic tracer which localizes to specific areas or cells, such as tumors. The radiation emanating from the tracers are collected by an external detector such as a gamma camera revealing areas of accumulation. For example, a bone scan (using Technetium-99m, 99mTc) is used to identify bone metastases. However, the radioisotope is absorbed in areas of high bone turnover and, as such, is not specific for metastases with dark spots also resulting from bone healing (e.g. fracture) or infection (e.g. osteomyelitis). Similarly, some metastases may not be detected on a bone scan.

Positron emission tomography ("PET") and single photon emission computed tomography ("SPECT") are functional imaging techniques that use radiotracers to visualize and measure changes and staging for many cancers. A variety of different tracers are used but the most common used in PET is fluorodeoxyglucose ("FDG") which incorporates isotopic fluorine, <sup>18</sup>F. FDG is a glucose analog and concentrates in areas of high metabolic activity. Currently, more than 90% of clinical PET studies in cancer in the United States are performed with <sup>18</sup>F-FDG. However, FDG is physiologically absorbed in some parts of the human body, such as the brain, heart and urinary tract (it is excreted renally). In addition, false positives may result from infection, inflammation or granulomatous diseases. Thus, due to lack of sensitivity, FDG-PET/CT is not part of the recommended diagnostic methods in prostate, bladder, nor primary breast cancer.

Radiation methods are also used to treat tumors. In particular, X-rays or gamma- (y-) rays are used in treating tumors because they are able to penetrate the tumor in deep tissue regions. However, externally applied X-ray and y-ray radiations penetrate through normal cells to reach the tumor often leading to serious side effects. Another radiation method used to treat tumors is the external beam radiation procedure, which is one of the most widely used treatments for cancer, with approximately 50% of all cancer patients receiving radiation therapy as part of their treatment regimen. The external beam radiation procedure is highly effective in killing cancer cells and contributes towards approximately 40% of curative treatment for cancer. However, despite the successes, only a limited number of sites in the body can be irradiated at any time due to the off-target effects of radiation that can damage normal tissues and not all types of cancers can be treated with external beam radiation, as certain organs or tumor types may be difficult to access with radiation beams. As a result, its use has generally been restricted to treating localized tumors and it is not typically used as a monotherapy to treat patients who have metastatic disease.

A common method used to treat cancer is traditional chemotherapy, which is administered intravenously and releases medical radioisotopes. The radioisotopes target and destroy harmful cells in the body, and their effectiveness varies depending upon the type of radiation they emit and their half-life Over 40 million such nuclear medicine procedures are performed annually with the demand for medical radioisotopes increasing by around 5% each year. However, even if administered locally, traditional chemotherapy is not cancer specific. Thus, the radioisotopes cannot distinguish between tumor tissue and normal tissue. As a result, the radioisotopes released spread and destroy normal cells resulting in unavoidable side effects, such as appetite changes, nausea, vomiting, bowel issues, hair loss, fatigue and skin and nail changes.

Theranostics have the potential to address the shortcomings of traditional nuclear medicine. Theranostics refers to drugs or methods that have the potential to combine both the diagnosis of disease and its treatment, therapeutics. Theranostics in nuclear medicine employs a radioactive compound for diagnostic imaging, target-expression confirmation, and radionuclide therapy. Recently, there has been an increased focus on radiopharmaceuticals that function as theranostics. In particular, progress in antibody and small-molecule design for targeted delivery and the increased availability of radionuclides with potent therapeutic properties have fueled interest in the field of targeted radiotherapy. Research has focused on high linear energy transfer therapies which deliver ablative radioactive doses to cancerous cells over a small range, sparing adjacent non-targeted tissues.

There are two main classes of therapeutic radiopharmaceuticals, which differ based on the types of particles that are emitted, which are β-emitting radioisotopes and ɑ-emitting radioisotopes. Beta emitters kill cancer cells primarily by creating free radicals that damage cellular machinery and cause single-stranded DNA breaks which are potentially repairable by the cell. Alpha particles, in contrast, cause greater physical damage to cancer cells than β particles, including multiple double-stranded DNA breaks, which are highly lethal. Alpha particles are larger and have higher energy transfer rates than β particles. This higher energy transfer rate allows ɑ particles to deposit a greater amount of lethal energy over a short distance of one to two cells, compared to the relatively long distance of up to 12 mm for β particles, allowing a particles to limit damage only to cancer cells in close proximity while reducing off-target radiation risk. However, beta emitters have more proven and solid supply chain and already experienced FDA approvals in Prostate cancer and Neuro Endocrine Tumors

Radiopharmaceuticals also differ based on the technology that supports them and their effect and degree of penetration on tumor cells. There are certain radiopharmaceuticals that act on specific molecular targets associated with cancer. These include the larger "designer" antibodies, termed mAb, that identify surface markers which are more common on cancers than normal cells, or proteins which are altered or mutant on cancer. In particular, mAb may be used either alone to destroy cancer cells or as carriers of other substances used either for treatment or diagnostic purposes. For example, chemotherapeutic agents or radioactive substances can be attached to mAbs to deliver high concentrations of these toxic substances directly to the tumor cells, the cancer being destroyed by the agent, not the mAb. These targeted, or "silver bullet", approaches may be less toxic and produce better results than conventional chemotherapy or external beam radiation therapy because they reduce the delivery of harmful agents to normal tissues.

However, while mAb are more effective than traditional chemotherapy for targeting tumors, there are shortcomings. In particular, their use in molecular imaging and therapeutics is often impaired by their size resulting in long residence times in the body, associated with slow and low tumor uptake and with limited tumor penetration potential. Thus, we intend to develop theranostic radiopharmaceuticals that can provide a more effective diagnosis and treatment of the tumors our clinical products target.

The PSA-mAb technology is based on a highly selective novel human mAb (PSA-mAb) that identifies prostate specific antigen ("PSA") in prostate cancer. Their use in molecular therapeutics is not impaired by their size, which is less likely to result in long residence times in the body and slow and low tumor absorption and thus limited penetration. We intend to develop a novel human mAb that is addressing a new target (KLK3) in the prostate cancer cell, with the potential to deliver a more effective treatment compared to currently available radiopharmaceuticals.

Nanobodies provide an advantage over mAb in that nanobodies can be radiolabeled with short-lived radioisotopes and provide high contrast images within a few hours after injection, allowing early diagnosis and reduced radiation exposure of patients. In therapy, the small radioactively labelled nanobodies prove to be superior to radioactively labelled mAb due to their higher specificity and their pharmacodynamic profile.

Pivalate and Trivehexin (Avβ6-Integrin) are small molecules compared to antibodies and consequently may be expected to penetrate a tumor mass. FPIA is recruited by cells as part of a cancer-relevant biochemical pathway with the consequence that the labelled fluorine moity in <sup>18</sup>F-FPIA is absorbed into tumorous cells. We believe Pivalate has the unique advantage or crossing the blood brain barrier, ending up with significant uptake in the tumor lesions..Trivehexin is designed to bind to a unique cancer antigen called AvB6. This target is significantly different for integrins studied for many years that are targeting AvB3 and AvB5.

DUNP19 is a small antibody molecule that has a unique "dual action" ability to effectively find, internalize and destroy both cancer-, and tumor micro-environment ("TME") cells, such as stromal and immune cells, which comprise more than 50% of tumor masses. Currently available antibodies for cancer treatment generally fail to target TME cells. This double mechanism of action aims to address the cancer cells directly and the surrounding areas where tumor cells find elements critical for their growth. This antibody is applicable to a broad range of currently untreatable cancers.

PTPµ (PTPmu) targeted agent is a highly specific, targeted agent for the detection, imaging and treatment of tumors. When combined with low level radiation, the PTPµ-targeted agent functions as a highly specific Positron Emission Tomography (PET) imaging agent. When combined with high energy radiation, the PTPµ-targeted agent works as a radiopharmaceutical theranostic to destroy tumors. The PTPµ-targeted agent labels invading tumor cells far away from the main tumor mass, achieving specific recognition of the full extent of an invasive tumor. It also recognizes this fragment in multiple tumor types including brain tumors and gynecological cancers. The potential advantages compared to other molecules resides in the fact that the target (PTPu Ex) is present only on the tumor cells and not in the healthy tissue, potentially supporting the development of a more targeted therapy.

In addition, "Radiopharm Ventures LLC", a joint venture with MD Anderson, has been created to develop novel radiopharmaceutical products based on MD Anderson intellectual property.

We are developing theranostic radiopharmaceuticals based on six licensed platform technologies to target several indications of solid tumors. The clinical trials we intend to undertake are based upon novel licensed technology that aims to target cancer cells with innovative mechanisms of action (MoAs) and pathways

**Our Licensed Platform Technologies**

***Nano-mAbs***

Nano-mAbs is a novel radiopharmaceutical platform invented by Dr Hong Hoi Ting. Nano-mAbs are made using genetically engineered camelid derived single domain antibodies (sdAb) that can be labelled with radioisotopes in order to diagnose and treat specific cancers expressing HER-2, TROP-2, PD-L1 and PTK7 receptors.

Members of the Camelidae (including camels and llamas) produce, in addition to conventional antibodies, a unique type of antibody that lacks the structural feature known as light chains. The variable antigen-binding domains derived from these antibodies have been named "nanobodies" by one developer. Camelid sdAb demonstrate high specificity and affinity, when properly selected, and are more stable than conventional antibodies. Furthermore, their toxicity and immunogenicity are both low. They are easy to produce and their modularity makes them amenable for the generation of multivalent complexes. Due to their relatively small molecular weight ((-15 kDa) and lower complexity compared to mAb (-150 kDa) and antibody fragments, sdAb/nanobodies exhibit better pharmacokinetics for non-invasive targeted imaging. In addition, their properties such as shorter circulation times, deeper tumor penetration and high specificity to the target make them preferable.

A Phase I imaging trial is complete, with results indicating the potential for use as a whole - body assessment of HER-2+ cancers. A Phase I therapeutic trial in HER-2+ breast cancer and gastric cancer, and a Phase I therapeutic trial in PDL1+ non-small cell lung cancer is anticipated to start in the first half of 2023. We will seek Investigational New Drug ("IND") approval from the FDA in 2023 to start a Phase I trial with RAD201 and RAD202. In addition, we plan to request Ethics Committee approval in Australia to start a Phase I trial in 2023 for RAD204.

***Pivalate***

Pivalate is a small molecule <sup>18</sup>F-FPIA radiotracer and is the invention of Professor Eric Aboagye of Imperial College London ("ICL"). Pivalate was developed for the detection, characterization and progression monitoring of glioblastoma and brain metastases using the novel agent, Fluoropivalate (FPIA), tagged with the radioisotope Fluorine-18 (<sup>18</sup>F-FPIA) for imaging and potentially I-131 or At-211 for therapeutic use.

The technology is based on a short chain carbohydrate which utilizes the early steps of fatty acid oxidation and is very stable. Phase I diagnostic trial in high- and low-grade glioma is complete. The clinical trials were performed at ICL, after the investigator received Ethics Committee approval. Recent Phase IIa interim diagnostic results in Brain Metastases patients at ICL, showed high uptake regardless of origin of primary tumor. This indicates that Pivalate has the potential to detect and monitor cerebral metastases. Patients without previous external beam radiation showed higher tumor uptake of the radiotracer, while previously treated patients show a trend towards lower uptake of the radiotracer. There were no adverse safety events, confirming the Phase I result.

18F-FPIA essentially targets fatty acid synthetase, selectively overexpressed by tumors, but not by normal brain cells. Tumor cells have evolved unique biochemical pathways for de novo fatty acid synthesis aimed at preventing excessive oxidative stress, an outcome of which is cell death, and maintaining favourable cellular composition for membrane formation and proliferation. Part of this process is the uptake of short chain carboxylates by cells, such as acetate and propionate. Non-naturally occurring pivalate is retained in this process and the ICL researchers have shown that the analogue fluoropivalate (using 18F-FPIA) is imported into and retained by tumor cells. High tumor uptake of 18F-FPIA has been demonstrated in murine and human tumor xenografts (tumors implanted into mice) of the breast, brain, and prostate. We plan to request IND approval from the FDA for the next development trial in 2023 for RAD101. RAD 102 is in an early preliminary stage and we thus do not plan to submit an IND application with the FDA until we have gathered more preclinical data.

***Avβ6-Integrin (Trivehexin)***

Avβ6 is the invention of internationally regarded integrin expert Professor Johannes Notni, formerly at the Technical University of Munich and now senior executive at TRIMT. Avβ6-integrin is an antigen over-expressed in tumors such as pancreatic carcinoma, head-and-neck cancer, and certain lung cancers, as well as in fibrotic tissues. Avβ6 is a strong selective ligand for a cell surface protein called avβ6-integrin. As such, it can accumulate in tissue areas characterized by high avβ6-integrin levels.

Avβ6 aims to allow early detection of the above-mentioned conditions by PET imaging. A diagnostic compassionate use study in ongoing in Germany in pancreatic and head & neck cancer with 62 patients to date. Trivehexin received IND approval from the FDA in December 2022. A Phase I diagnostic trial is anticipated to start in the first quarter of calendar 2023 for RAD301

Trivehexin is a novel molecule developed specifically for the proposed applications of imaging and diagnosis. The inventors designed the molecule on the belief that trimerization should result in elevated target-specific uptake and prolonged retention. 13 PET kinetics in limited human studies show rapid target specific (tumor) uptake, where it remains stable for 80 minutes or more, and fast clearance from non-target tissue (blood and muscle).

Avβ6-integrin is exclusively expressed on epithelial cells and overexpressed by carcinomas including Pancreatic ductal adenocarcinoma ("PDAC"), squamous cell carcinoma, gastric, colon, ovarian and lung (specifically NSCLC). It is commonly associated with invasive tumors. Avβ6-integrin is also involved in the development of fibrosis, for example interstitial pulmonary fibrosis and this may be an area of interest for RAD at some future point. Avβ6-integrin is completely absent in the normal pancreatic tissue according to immunohistochemistry but overexpressed in almost 90% of all PDAC.

***PSA-mAb***

PSA-mAb is the invention of Professor David Ulmert of UCLA and Essen University. PSA-mAb is a humanized monoclonal antibody, capable of targeting free human prostate kallikrien (or prostate specific antigen (PSA)) in prostate cancer cells. The antibody platform aims to provide a theranostic approach for prostate cancer. Attachment to 225Ac results in potentially curative treatment by sustained tumor regression and a significant increase in median survival time. PSA-mAb is at pre-clinical stage. A Phase I therapeutic trial in Australia with RAD401 and RAD402, is anticipated to start after Ethics Committee approval that we expect to request in mid 2023.

PSA is a 33 kD6 protein synthesised in the epithelial cells of the prostate gland. It is an enzyme or protease that belongs to the subgroup of kallikreins and has a function in facilitating sperm motility. PSA is present in small quantities in the serum of men with healthy prostates and is often elevated in the presence of prostate cancer, albeit it is not uniquely an indicator of prostate cancer as it may also be elevated in the non-cancerous conditions of prostatitis or benign prostatic hyperplasia.

***DUNP 19***

DUNP19 ("Dual Action LRRC15 targeting antibody") is a small antibody molecule discovered by UCLA's Technology Development Group, that has a unique "dual action" ability to target both tumor and the surrounding tumor micro-environment ("TME") cells, such as stromal and immune cells which comprise more than 50% of tumor masses. Currently available antibodies for cancer treatment generally fail to target TME cells. This antibody is applicable to a broad range of currently untreatable cancers. A Phase I therapeutic trial in osteosarcoma, an aggressive bone cancer expressing high levels of LRRC15 and that primarily targets children and young adults, is planned for the second half of 2023. In September 2022, the FDA granted Orphan Drug Designation and Pediatric Rare Disease Designation to DUNP19 in osteosarcoma We plan to request Ethics Committee approval in Australia to start Phase I for RAD502 in the third quarter of calendar2023.

**PTPµ (PTPmu)**

PTPµ (PTPmu) is a peptide molecule biomarker, invented by Dr Susann Brady-Kalnay at Case Western Reserve University in Ohio. This molecule is highly specific targeting agent for the detection, imaging and treatment of tumors. When combined with low level radiation, the PTPµ biomarker functions as a highly specific PET imaging agent. When combined with high energy radiation, the PTPµ biomarker works as a radiopharmaceutical theranostic to destroy tumors. In therapeutic mode, the biomarker labels tumor cells far away from the main tumor mass, achieving specific recognition of the full extent of an invasive tumor. The biomarker recognizes PTPµ in multiple tumor types including brain and gynaecological tumors. Currently in pre-clinical stage, initial trial activity will focus on glioblastoma. We plan to request Ethics Committee approval in Australia to start Phase I in 2023 for RAD 601 and RAD602

***Radiopharm Ventures LLC***

The joint venture between Radiopharm Ventures and MD Anderson will initially focus on developing at least four therapeutic products. The first potential therapeutic candidate is a humanized immunoglobulin G (IgG) antibody against tumor-specific antigen B7-H3, also known as CD276, which is highly expressed in several common tumors but not in healthy cells. Pre-clinical studies suggest the candidate antibody is effective in eliminating resistant colorectal cancers in lab models.

**Our Drug Candidates**

***<u>RAD101</u>****<u>(Pivalate Brain Metastasis Diagnostic) and **RAD102** (Pivalate Therapeutic)</u>*

We believe Pivalate will prove useful for the detection of glioblastoma and brain metastases, with potential for characterizing the grade of the disease and for monitoring progression and treatment related changes. The compound, fluoropivalate (FPIA) in which the fluorine moity has been substituted by the isotopic form, <sup>18</sup>F, as <sup>18</sup>F-fluoropivalate or <sup>18</sup>F-FPIA (or 3-18F-fluoro-2,2- dimethylpropionic acid), can be used for the imaging of tumors which have a high fatty acid turnover and/or are hypoxic or for which the commonly used <sup>18</sup>F-FDG imaging agent is sub-optimal. <sup>18</sup>F-FPIA attempts to overcome the limitations of currently available technologies such as PET, FDG and MRI, due to their necrotic, inflammatory and high sugar uptake confounding factors.

The ICL investigators believe that FPIA uptake will be higher in high-grade or fast-growing gliomas compared to less serious lower grade gliomas, because high-grade tumors have greater fatty acid oxidation as a result of biochemical processes aimed at overcoming oxidative stress.

The utility of <sup>18</sup>F-FPIA as an imaging agent has been evidenced in animal models of disease and it has been well-tolerated with no off-target tissue absorption in a human study. Low levels of accumulation in excretory organs are likely to be inconsequential, but may rule out use in liver, bladder and kidney cancers and may confound attempts to image prostate cancer.

The primary endpoint of RAD101 Phase I was safety and biodistribution. There was no secondary endpoint. In the Phase I diagnostic trial of <sup>18</sup>F-FPIA (RAD101) in high- and low-grade glioma, no adverse effects were recorded and tissue uptake, other than in the liver and kidneys, was low in 24 healthy volunteers.

In October 2022, the interim data of RAD101 Phase IIa imaging trial in 17 brain metastases from different primary tumors, were presented at the 34th Joint Meeting of the European Organization for Research and Treatment of Cancer (EORTC)/American Association for Cancer Research (AACR) / US National Cancer Institute (NCI) symposium in Barcelona. The trial analyzed whether RAD101 uptake is higher over background in cerebral metastases and whether Stereotactic Radiosurgery (SRS) impacts RAD101 uptake at early time points (4-8 weeks) when changes in imaging outcome can influence future patient management. There were two cohorts of patients, 11 treatment naïve and 6 SRS treated (4-8 weeks post treatment). The primary endpoint was biodistribution of <sup>18</sup>F-FPIA with different primary tumors. Tumor-to-background ratio was lower in the cohort that received radiotherapy 2.92 ± 0.26 (p = 0.074) and comparatively, dynamic contrast enhanced (DCE)-Kep - symmetric exchange rate of MRI contrast agent across the capillary wall - was markedly lower in the same group. The results showed statistical significance due to a high uptake regardless of origin of primary tumor, indicating RAD101 can be used to detect and monitor cerebral metastases, supporting therapeutic development. The results are to be published in a peer-reviewed journal.

RAD101 Phase II diagnostic renal and other solid tumors are also recruiting or underway.

Ongoing work at ICL will focus on therapeutic development, with a therapeutic candidate for RAD102 Phase I anticipated at the end of 2023 / beginning 2024. This work is supported by RAD through a Service Research Agreement with Imperial.

RAD101 Phase I and Phase II trials for brain metastases were conducted in United Kingdom. RAD101 Phase III is planned to be conducted in the United States with a start date expected in the third quarter of calendar 2023. The clinical data gathered outside the United States in Phase I and II may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. While RAD102 Phase I is planned to be conducted in United States, we cannot currently provide an expected start date.

***<u>RAD201</u>****<u>(Nano-mAb HER-2 Breast Diagnostic) and **RAD202** (Nano-mAb Her-2 Breast Therapeutic)</u>*

The camelid derived single domain antibody RAD201 is a novel antibody, engineered to bind to imaging isotope Tc-99m which targets a protein called human epidermal growth factor receptor 2 ("HER-2") often associated with breast cancer. HER-2 overexpression in breast cancer is often associated with aggressive disease and consequently, poor prognosis.

In December 2021, we announced the completion of a Phase I study investigating the potential safety, dosimetry and efficacy of RAD201 in HER-2 positive breast cancer subjects, in concert with its collaborators at Shanghai General Hospital in China and NanoMab in London, UK and Hong Kong, China. The study, conducted at Shanghai General Hospital under the direction of Dr Jinhua Zhao, imaged 40 histopathologically-proven breast cancer subjects. The procedure involved injecting the subject with RAD201, allowing time for the single domain antibody to localize at the HER-2 positive cancer and clear from non-target organs, then imaging the subject two hours post-injection using a Single Photon Emission Computed Tomography ("SPECT") camera. This procedure yielded clear and easy to interpret images. The images provided outstanding target-to-background, making quantification straightforward and RAD201 SPECT imaging a potentially fast and non-invasive way of gaining insight to HER-2 overexpression in breast cancer primary and metastatic lesions. No concerning safety signal was observed, with only a minor grade 1 adverse event reported as unrelated to RAD201.

Based on these results, RAD plans to initiate a Phase I therapy study for RAD202 as a company-sponsored Investigational New Drug ("IND") recognized by the FDA in the first half of 2023. RAD202 will be composed of the same single domain antibody construct as RAD201, but will incorporate the therapeutic, beta particle-emitting isotope, Lu177 that has the potential to kill cancer cells.

RAD201 Phase I was performed in China after having received approval from the Ethics Committee of the Shanghai hospital where the trial was conducted. The clinical data gathered outside the United States in Phase I may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. We do not currently intend to further develop RAD201. RAD202 Phase I is planned to be conducted in United States with a start date expected in the third quarter of calendar 2023.

***<u>RAD203</u>****<u>(Nano-mAb PDL1 Non-small Cell Lung Diagnostic) **and RAD204** (Nano-mAb PDL1 Non-small Cell Lung Therapeutic)</u>*

The camelid derived single domain antibody RAD203 is engineered to bind to imaging isotope Tc-99m which targets a protein called programmed cell death ligand (PDL1) expressed in non-small cell lung cancer (NSCLC), the most common type of lung cancer and a high unmet medical need. NanoMab completed a Phase I imaging study in 40 NSCLC patients in Shanghai and London. RAD 203 has been licensed to Lantheus Molecular Imaging ("Lantheus") with worldwide rights (excluding China). Thus, Lantheus has been granted the rights to develop RAD203 and the rights to market it worldwide, while we retained the rights to develop RAD203 and the rights to market it in China only. The technology is currently in Phase II imaging trial in NSCLC.

In March 2022 Radiopharm signed a Letter of Intent with global oncology provider GenesisCare to commence a Phase I therapeutic trial using RAD204, incorporating the therapeutic, beta particle-emitting isotope, Lu177. It will be the first human clinical trial exposure to this compound and, if successful, will set the stage for expanded development in lung cancer patients whose cancer is sensitive to treatment with this type of immunotherapy. RAD204 will deliver increasing doses on Lu177 (beta emitter isotope) to the cancer cell, disrupting their tumor DNA and killing the tumor cell as a result. Potentially it could be used as a single agent or in combination with checkpoint inhibitors. RAD204 Phase I is planned to be conducted in Australia with a start date expected in the second quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase II may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD204 Phase II is planned to be conducted in United States with a start date expected in the third quarter of calendar 2024.

***<u>RAD301</u>****<u>(Avβ6-Integrin Pancreatic Diagnostic)</u>*

The company has published studies presenting evidence supporting the utility of 68Ga-Trivehexin coupled with PET/CT in localizing PDAC, parotid duct cancer metastasis and head and neck squamous cell carcinoma along with comparative scans obtained with a healthy subject. While these studies may be described as anecdotal, requiring validation in multi-patient cohorts, they provide a rationale for progression into a formal Phase I trial as a diagnostic product in multiple cancers.

In September 2022, the RAD301 asset was independently endorsed by a medical team in Dresden, in a presentation at the 35th Annual Congress of the European Association of Nuclear Medicine (EANM), titled "PET/CT and PET/MRI imaging with RAD301 in patients with pancreatic cancer – first clinical experience" , highlighting the significance and growing recognition of the technology.

In December 2022, we received IND approval from the FDA. An IND approved Phase I is planned in the United States between December 2022 and February 2023 with an estimated completion date during the third quarter of calendar 2023.

***<u>RAD401</u>****<u>(PSA-mAb Prostate Cancer Diagnostic) and **RAD402** (PSA-mAb Prostate Cancer Therapeutic)</u>*

PSA-mAb is capable of targeting free human prostate kallikren (PSA) in prostate cancer cells. In addition, its combination with the radioisotope 225Ac results in potentially curative treatment by sustained tumor regression and a significant increase in median survival time.

PSA-mAb is at pre-clinical stage. The antibody was investigated in an independent study, involving many institutions including the Memorial Sloane Kettering Cancer Centre, using two murine models, (i) mice with xenografted prostate cancer (human androgen-sensitive prostate adenocarcinoma cells, "LNCaP-AR"), and (ii) PSA-expressing, cancer- susceptible transgenic mice (known as KLK3_Hi-Myc mice). The animals were imaged with 89Zr, or treated with 90Y or 225Ac-labelled PSA-mAb and subjected to gamma counting, PET, autoradiography, and microscopy for biodistribution and subcellular localisation of the labelled mAb. The potential therapeutic efficacy of 225Ac-PSA-mAb and 90Y-PSA-mAb in LNCaP-AR tumors was assessed by various measures including survival. An investigation of the pharmacokinetics of 89Zr-PSA-mAb PET were carried out in non-human primates ("NHP"), cynomolgus macaques – such studies aim to provide better guidance on the activity of the radiolabelled material in humans. 89Zr-PSA-mAb-PET visualisation in the NHP animals was conducted over a 2-week observation period.

In the mouse models, specific tumor uptake of radiolabelled PSA-mAb increased over time and correlated with PSA expression. Uptake was highly specific for the tumor masses as compared to healthy tissue. Administration of the three different radio-conjugates resulted in almost identical biodistributions, choice of chelate and radionuclide having negligible impact on tumor targeting and organ kinetics of PSA-mAb. Treatment with 90Y-/225Ac-PSA-mAb effectively reduced tumor burden and prolonged the animals' survival. Effects of 90Y-PSA-mAb were more immediate than 225Ac-PSA-mAb but less sustained. Complete responses were observed in seven of 18 225Ac-PSA-mAb and one of nine mice treated with 90Y- PSA-mAb. Pharmacokinetics of 89Zr-PSA-mAb were consistent between NHPs and comparable with those in mice. The studies also provided information on the biodistribution of the labelled agents. The authors concluded that their studies establish PSA-mAb as a new theranostic agent that allows highly specific and effective downstream targeting of AR in PSA-expressing tissue and that the data supports the clinical translation of radiolabelled PSA-mAb for treating prostate cancer.

A Phase I therapeutic trial using RAD 402 is anticipated to start in Australia after Ethics Committee approval, between January and March 2023. RAD401 and RAD402 Phase I are planned to be conducted in Australia with a start date expected in the third quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase I for RAD 401 and RAD402 may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD401 and RAD402 Phase II are planned to be conducted in the United States with a start date expected in the fourth quarter of calendar 2024.

***<u>RAD502</u>****<u>(DUNP-19 Osteosarcoma)</u>*

DUNP19 ("Dual Action LRRC15 targeting antibody") is a small antibody, that has a unique "dual action" ability to target both tumor and the surrounding tumor micro-environment ("TME") cells, such as stromal and immune cells which comprise more than 50% of tumor masses. Currently available antibodies for cancer treatment generally fail to target these cells.

LRRC15 expression is produced by cancer cells and the surrounding tumor micro-environment, but not by healthy normal tissues. Its production is very high in aggressive and treatment resistant tumors.

A Phase I therapeutic trial in osteosarcoma, an aggressive bone cancer expressing high levels of LRRC15 and that primarily targets children and young adults, is planned for the second half of 2023. In September 2022, the FDA granted Orphan Drug Designation and Pediatric Rare Disease Designation to DUNP19 in osteosarcoma. Orphan Drug Designation can be granted by the FDA for a drug or biologic product with the potential to diagnose, prevent or treat rare diseases and conditions. Recipients of the designation receive benefits and incentives including tax credits for qualified clinical trials, exemption form user fees and a potential seven years of market exclusivity following the drug's approval.

The RPD program is aimed at advancing development of drugs with the potential to treat serious, rare pediatric diseases. RPD allows companies to receive a priority review voucher (PRV) from the FDA at the time a marketing authorization is granted.

RAD502 Phase I is planned to be conducted in Australia with a start date in the fourth quarter of calendar 2023. We plan to request Ethics Committee approval in Australia to start the Phase I in the third quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase I for RAD502 may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD502 Phase II is planned to be conducted in the United States with a start date expected in the first quarter of calendar 2025.

***RAD601*** *(*PTPµ *Glioblastoma Diagnostic) and **RAD602** (*PTPµ *Glioblastoma Therapeutic)*

PTPµ is a unique biomarker present only in tumor cells but not healthy cells (see image below).

The technology has shown positive pre-clinical data in human glioblastoma tumor models.

The radionuclide carrying PTPµ-targeting agent holds the potential to be a therapy in a range of tumor types. The current standard of care is surgery followed by nonspecific radiation and chemotherapy. There is an immediate need for targeted therapies with high sensitivity and specificity.

Manufacturing of PTPµ is scheduled to commence in December 2022 and a Phase I glioblastoma imaging study using RAD601 attached to the isotope Gallium 68 (Ga86), is anticipated to start in 12 months time.

RAD602 represents the following step in development. After proving tumor uptake with the RAD601imaging asset, we plan to start phase I development of RAD 602 in Glioblastoma between the end of 2023 and the beginning 2024, in combination with Lu177 or with Pb212, both Beta emitter isotopes.

We do not expect to start a clinical trial for RAD601 in the foreseeable future. RAD602 Phase I is planned to be conducted in Australia with a start date expected in the third quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase I may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD602 Phase II is planned to be conducted in the United States with a start date expected in the fourth quarter of calendar 2024.

**Intellectual Property**

We have implemented a patent filing strategy as we develop our products and therapies in conjunction with our scientific advisory board. Currently, we own 22 patents. A summary of the number of patents, patent types and jurisdictions in listed in the table below. Once converted to the complete/PCT stage, the provisional patents will also be applicable to all PCT contracting states. International search reports and written opinions of the International Search Authority have confirmed that the key claims in our filed Patent Cooperation Treaty applications are novel and inventive and that the invention meets the requirements of industrial applicability. The preparation of the International Search Report (ISR) and International Search Opinion (ISO) for PCT applications is one of the main procedural steps of the international phase of the Patent Cooperation Treaty (PCT). The purpose of conducting the searches at the international phase is to identify the relevant prior art and for the International Searching Authority to establish a preliminary opinion as to whether the claims are novel, involve an inventive step and are industrially applicable. While the ISR and the ISO are non-binding, in the sense that national patent offices are not obliged to accept any finding of the International Searching Authority, these reports often represented a useful guide in relation to the patentability of the subject matter claimed in the PCT application.

In the context of the PCT applications that cover our product candidates, the International Searching Authority is the Australian Patent Office. Accordingly, the opinion expressed in the ISR / ISO for each of these PCT applications is based on searches that have been conducted by Australian Patent Examiners.

In addition to pursing patent protection for all of our assets, we rely on unpatented trade secrets, know-how and other confidential information as well as proprietary technological innovation and expertise that are protected in part by confidentiality and invention assignment agreements with our employees, advisors and consultants.

Patent matters in biotechnology are highly uncertain and involve complex legal and factual questions. The availability and breadth of claims allowed in biotechnology and pharmaceutical patents cannot be predicted. Statutory differences in patentable subject matter may limit the scope of protection we can obtain on some or all of our licensed inventions or prevent us from obtaining patent protection either of which could harm our business, financial condition and results of operations. Since patent applications are not published until at least 18 months from their first filing date and the publication of discoveries in the scientific literature often lags behind actual discoveries, we cannot be certain that we, or any of our licensors, were the first creator of inventions covered by pending patent applications, or that we or our licensors, were the first to file patent applications for such inventions. Additionally, the grant and enforceability of a patent is dependent on a number of factors that may vary between jurisdictions. These factors may include the novelty of the invention, the requirement that the invention not be obvious in the light of prior art (including prior use or publication of the invention), the utility of the invention and the extent to which the patent clearly describes the best method of working the invention. In short, this means that claims granted in various territories may vary and thereby influence commercial outcomes.

While we have applied for and will continue to file for protection as appropriate for our therapeutic products and technologies, we cannot be certain that any future patent applications we file, or licensed to us, will be granted, or that we will develop additional proprietary products or processes that are patentable or that we will be able to license any other patentable products or processes. We cannot be certain that others will not independently develop similar products or processes, duplicate any of the products or processes developed or being developed by the company or licensed to us, or design around the patents owned or licensed by us, or that any patents owned or licensed by us will provide us with competitive advantages.

Furthermore, we cannot be certain that patents held by third parties will not prevent the commercialization of products incorporating the technology developed by us or licensed to us, or that third parties will not challenge or seek to narrow, invalidate or circumvent any of the issued, pending or future patents owned or licensed by us.

Our commercial success will also depend, in part, on our ability to avoid infringement of patents issued to others. If a court determines that we were infringing any third-party patents, we could be required to pay damages, alter our products or processes, obtain licenses or cease certain activities. We cannot be certain that the licenses required under patents held by third parties would be made available on terms acceptable to us or at all. To the extent that we are unable to obtain such licenses, we could be foreclosed from the development, export, manufacture or commercialization of the product requiring such license or encounter delays in product introductions while we attempt to design around such patents, and any of these circumstances could have a material adverse effect on our business, financial condition and results of operations. We may have to resort to litigation to enforce any patents issued or licensed to us or to determine the scope and validity of third-party proprietary rights. Such litigation could result in substantial costs and diversion of effort by us. We may have to participate in opposition proceedings before the Australian Patent and Trademark Office or another foreign patent office, or in interference proceedings declared by the United States Patent and Trademark Office, to determine the priority of invention for patent applications filed by competitors. Any such litigation interference or opposition proceeding, regardless of outcome, could be expensive and time consuming, and adverse determinations in any such proceedings could prevent us from developing, manufacturing or commercializing our products and could have a material adverse effect on our business, financial condition and results of operations.

As of June 30, 2022, the Company also owns pending Australian trademark applications. The Company is yet to file applications in United States, Europe, United Kingdom, China and Japan. As of June 30, 2022, we added 1 new patent applications to our portfolio.

**Patent Portfolio**

The following table presents our portfolio of patents and patent applications, including their current status and title. We currently own 22 patents.

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**Competition** 

The table below outlines existing drugs and therapies used to treat the illnesses we aim to treat with our drug candidates.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company name** | **Ticker** | **Clinical stage** | **Products /Indications** | **Product Differences** |
| **AAA /Novartis** | SWX: NOVN | Commercial and Phase I to Phase III | Radioligand therapies for NET, prostate, glioblastoma, small cell lung cancer. Most recent product, Pluvicto (Lu177 PSMA-617) for progressive prostate cancer therapy FDA approved Mar 2022; Locametz (Ga68 PSMA) prostate cancer imaging FDA approved Mar 2022 | Only focuses on peptide, no SdmAb or IGG |
| **Telix** | ASX: TLX | Commercial and Phase I to Phase III | Therapeutics and imaging for various cancers:- prostate, kidney, brain, bone marrow. Lead agent Illuccix (Ga68 PSMA-11) for prostate cancer imaging FDA and TGA approved 2021 | Product uses different small molecule and monoclonal antibody targets |
| **Clarity** | ASX: CU6 | Phase I & Phase II | Therapeutics and imaging for prostate, breast and neuroblastoma | Focus on copper isotopes only |
| **Point Bio** | Nasdaq: PNT | Phase I to Phase III | Therapeutics for prostate and solid tumors expressing Fibroblast Activation Protein (FAP) | Preclinical stage with FAP targeting and Ac-225 in prostate with a different molecule |
| **Clovis** | Nasdaq: CLVS | Phase II | Therapeutics and imaging for multiple tumor types | Only one molecule in development targeting Fibroblast Activation Protein (FAP) |
| **RayzeBio** | Private | Preclinical | Therapeutic for gastroenteropancreatic neuroendocrine tumors | Ac225 Dotatate for neuroendocrine tumors, targeting different molecule |

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**Regulatory Authorities**

The ongoing research and development, clinical, regulatory, commercial and manufacturing activities of our drug candidates are subject to extensive regulation by numerous governmental authorities, including (i) in Australia, principally the Therapeutics Goods Administration, or TGA; (ii) in the United States, principally the Food and Drug Administration, or FDA; and (iii) in Europe, principally the European Medicines Agency, or EMA and local competent authorities, ethics committees (ECs), institutional research boards (IRBs) and other regulatory authorities at federal, state or local levels. We, along with our third-party contractors, will be required to navigate the various preclinical, clinical and commercial approval and post-approval requirements of the governing regulatory agencies of the countries in which we wish to conduct studies or seek approval or licensure of our drug candidates.

***United States***

*FDA process*

In the United States, the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act, or the FDCA, and its implementing regulations. Regulations that govern the pharmaceutical quality, safety, efficacy, labeling, storage, record keeping, advertising and promotion of such products under the Federal Food, Drug and Cosmetic Act, the Public Health Service Act, and their implementing regulations.

The process of obtaining FDA approval and achieving and maintaining compliance with applicable laws and regulations requires the expenditure of substantial time and financial resources. Failure to comply with applicable FDA or other requirements may result in refusal to approve pending applications, a clinical hold, warning letters, civil or criminal penalties, recall or seizure of products, partial or total suspension of production or withdrawal of the product from the market. FDA approval is required before any new drug or biologic, including a new use of a previously approved drug, can be marketed in the United States. All applications for FDA approval must contain, among other things, information relating to safety and efficacy, pharmaceutical quality, packaging, labeling and quality control.

Government oversight of the pharmaceutical industry is usually classified into pre-approval and post-approval categories. Most of the therapeutically significant innovative products marketed today are the subject of New Drug Applications, or NDAs, or Biologics License Applications, or BLAs. Pre-approval activities are used to assure the product is safe and effective before marketing.

*Drug Approval Process — FDA*

None of our drug candidates may be marketed in the United States until the drug has received FDA approval. The steps required before a drug may be marketed in the United States generally include the following:

● completion of extensive pre-clinical laboratory tests, animal studies, and formulation studies in accordance with the FDA's GLP and GMP regulations;

● submission to the FDA of an Investigational New Drug, or IND, application for human clinical testing, which must become effective before human clinical trials may begin;

● performance of adequate and well-controlled human clinical trials in accordance with GCP requirements to establish the safety and efficacy of the drug for each proposed indication;

● submission to the FDA of an NDA/BLA after completion of all pivotal clinical trials;

● satisfactory completion of an FDA pre-approval inspection of the manufacturing facility or facilities at which the active pharmaceutical ingredient, or API, and finished drug product are produced and tested to assess compliance with current Good Manufacturing Practices, or cGMPs; and

● FDA review and approval of the NDA/BLA prior to any commercial marketing or sale of the drug in the United States.

After the completion of clinical studies of a product candidate, FDA approval of a BLA must be obtained before commercial marketing of the biological product. The BLA must include results of product development, laboratory and animal studies, human studies, information on the manufacture and composition of the product, proposed labeling and other relevant information. In addition, under the Pediatric Research Equity Act ("PREA"), a BLA or supplement to a BLA must contain data to assess the safety and effectiveness of the product for the claimed indications in all relevant pediatric subpopulations and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may grant deferrals for submission of data or full or partial waivers. Unless otherwise required by regulation, PREA does not apply to any biological product for an indication for which orphan designation has been granted. The testing and approval processes require substantial time and effort and there can be no assurance that the FDA will accept the BLA for filing and, even if filed, that any approval will be granted on a timely basis, if at all.

The manufacturing and quality, as well as preclinical and clinical testing and approval process requires substantial time, effort and financial resources, and we cannot guarantee approval of our drug candidates will be granted on a timely basis, if at all. Notably, the FDA may reach different conclusions than we have after analyzing the same data, or there may difference of opinion amongst members of FDA's review team.

The FDA may inspect and audit domestic and foreign development facilities, planned production facilities, clinical trial sites and laboratory facilities. There is a pre-approval inspection after submission to market a new product, routine inspection of a regulated facility and a "for-cause" inspection to investigate a specific problem that has come to FDA's attention. After the product is approved and marketed, the FDA uses different mechanisms for assuring that firms adhere to the terms and conditions of approval described in the application and that the product is manufactured in a consistent and controlled manner. This is done by periodic unannounced inspections of production and quality control facilities by FDA's field investigators and analysts.

Preclinical tests include laboratory evaluation of toxicity in animals and in vitro (laboratory tests). The results of preclinical tests, together with manufacturing information and analytical data, are submitted as part of an IND application to the FDA. The IND application is based on the results of initial testing done on animals for pharmacology and toxicity, which is used to develop a plan for testing the drug on humans. Only after preclinical testing, FDA determines whether the drug should be tested in people.

Further, an independent institutional review board, or IRB, covering each medical center proposing to conduct clinical trials must review and approve the plan for any clinical trial before it commences at that center and it must monitor the study until completed. The FDA, the IRB or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects or patients are being exposed to an unacceptable health risk. Clinical testing also must satisfy extensive Good Clinical Practice, or GCP, regulations, which include requirements that all research subjects provide informed consent and that all clinical studies be conducted under the supervision of one or more qualified investigators.

Clinical trials (under an IND) involve administration of the investigational drug to human subjects under the supervision of qualified investigators. Clinical trials are conducted under protocols detailing the objectives of the study, the parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. Each protocol must be provided to the FDA as part of a separate submission to the IND. Further, an Institutional Review Board, or IRB, for each medical center proposing to conduct the clinical trial must review and approve the study protocol and informed consent information for study subjects for any clinical trial before it commences at that center, and the IRB must monitor the study until it is completed. There are also requirements governing reporting of ongoing clinical trials and clinical trial results to public registries. Study subjects must sign an informed consent form before participating in a clinical trial.

Progress reports detailing the results of the clinical studies must be submitted at least annually to the FDA and safety reports must be submitted to the FDA and the investigators for serious and unexpected adverse reactions in case of an open IND. For purposes of an NDA or BLA submission and approval, human clinical trials are typically conducted in the following sequential phases, which may overlap:

● Phase I: Trials are initially conducted in a limited population of healthy human subjects or patients to test the drug candidate for safety and dose tolerance (in oncology Phase I trials are often conducted in patients). These studies are designed to test the safety, dosage tolerance, absorption, metabolism and distribution of the investigational product in humans, the side effects associated with increasing doses and, if possible, to gain early evidence on effectiveness.

● Phase II: The investigational product is administered to a limited patient population with a specified disease or condition to evaluate the preliminary efficacy, optimal dosages and dosing schedule and to identify possible adverse side effects and safety risks. Multiple Phase II clinical trials may be conducted to obtain information prior to beginning larger and more expensive Phase III clinical trials.

● Phase III: The investigational product is administered to an expanded patient population in adequate and well-controlled studies to further evaluate dosage, to provide statistically significant evidence of clinical efficacy and to further test for safety, generally at multiple geographically dispersed clinical trial sites. These clinical trials are intended to establish the overall risk/benefit relationship of the investigational product and to provide an adequate basis for product approval.

● Phase IV: In some cases, the FDA may condition approval of an NDA or BLA on the sponsor's agreement to conduct additional clinical trials to further assess the drug candidate's safety, purity and potency after NDA or BLA approval. Such post-approval trials are typically referred to as Phase IV clinical trials.

Concurrent with clinical studies, sponsors usually complete additional animal studies and must also develop additional information about the product and finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the drug candidate and, among other things, the manufacturer must develop and validate methods for testing the identity, strength, quality and purity of the final product. Moreover, appropriate packaging must be selected and tested and stability studies must be conducted to assure product integrity and demonstrate that the drug candidate does not undergo unacceptable deterioration over its shelf life.

The results of product development, preclinical studies and clinical trials, along with the aforementioned manufacturing information, are submitted to the FDA as part of a BLA/NDA. Under the Prescription Drug User Fee Act, or PDUFA, the FDA agrees to specific goals for NDA/BLA review time. The testing and approval process requires substantial time, effort and financial resources. The FDA will review the BLA/NDA and may deem it to be inadequate to support approval, and we cannot be sure that any approval will be granted on a timely basis, if at all. The FDA may also refer the application to the appropriate advisory committee, typically a panel of clinicians, for review, evaluation and a recommendation as to whether the application should be approved. The FDA is not bound by the recommendations of the advisory committee, but it typically follows such recommendations.

The FDA may deny approval of a BLA/NDA if the applicable regulatory criteria are not satisfied, or it may require additional clinical data or additional pivotal Phase III clinical trials. Even if such data are submitted, the FDA may ultimately decide that the NDA/BLA does not satisfy the criteria for approval. Data from clinical trials are not always conclusive and the FDA may interpret data differently than the sponsor does. Once issued, product approval may be withdrawn by the FDA if ongoing regulatory requirements are not met or if safety problems occur after the product reaches the market. In addition, the FDA may require testing, including Phase IV clinical trials, and surveillance programs to monitor the effect of approved products that have been commercialized, and the FDA has the power to prevent or limit further marketing of a product based on the results of these post-marketing programs which may include pediatric assessment, and potentially studies required for an application for a new indication, new dosage form, a new dosing regimen, a new route of administration or a new active ingredient. Products may be marketed only for the approved indications and in accordance with the provisions of the approved label. Further, if there are any modifications to the drug, including changes in indications, labeling or manufacturing processes or facilities, approval of a new or supplemental BLA may be required, which may involve conducting additional preclinical studies and clinical trials.

*Expedited Review and Approval*

The FDA has various programs, including fast track designation, priority review, accelerated approval, and breakthrough therapy designation, which are intended to expedite or simplify the process for reviewing drugs and/or provide for approval on the basis of surrogate endpoints. Even if a drug qualifies for one or more of these programs, the FDA may later decide that the drug no longer meets the conditions for qualification or that the time period for FDA review or approval will not be shortened. In particular, if accelerated approval is granted for any particular drug candidate, the FDA can subsequently revoke the marketing authorization for such product if post-market clinical trial results are unsuccessful. Generally, drugs that may be eligible for these programs are those for serious or life-threatening diseases or conditions, those with the potential to address unmet medical needs, and those that offer meaningful benefits over existing treatments.

*Other U.S. Regulatory Requirements*

After approval, products are subject to extensive continuing regulation by the FDA, which include company obligations to manufacture products in accordance with GMP, maintain and provide to the FDA updated safety and efficacy information, report adverse experiences with the product, keep certain records and submit periodic reports, obtain FDA approval of certain manufacturing or labelling changes and comply with FDA promotion and advertising requirements and restrictions. Failure to meet these obligations can result in various adverse consequences, both voluntary and FDA-imposed, including product recalls, withdrawal of approval, restrictions on marketing, and the imposition of civil fines and criminal penalties against the BLA holder — all of which may become public. In addition, later discovery of previously unknown safety or efficacy issues may result in restrictions on the product, manufacturer or application holder.

We, and any manufacturers of our drug candidates, are required to comply with applicable FDA manufacturing requirements contained in the FDA's GMP regulations. GMP regulations require, among other things, quality control and quality assurance as well as the corresponding maintenance of records and documentation. The manufacturing facilities for our drug candidates must meet GMP requirements. We, and any third-party manufacturers, are also subject to periodic inspections of facilities by the FDA and other authorities, including procedures and operations used in the testing and manufacture of our drug candidates to assess our compliance with applicable regulations.

With respect to post-market product advertising and promotion, the FDA imposes a number of complex regulations on entities that advertise and promote pharmaceuticals, which include, among others, standards for direct-to-consumer advertising, promoting products for uses or in patient populations that are not described in the product's approved labelling (known as "off-label use"), industry-sponsored scientific and educational activities, and promotional activities involving the Internet. Failure to comply with FDA requirements can have negative consequences, including adverse publicity, enforcement letters from the FDA, mandated corrective advertising or communications with doctors and civil or criminal penalties. Although physicians may prescribe legally available drugs for off-label uses, manufacturers may not market or promote such off-label uses.

Changes to some of the conditions established in an approved application, including changes in indications, labelling, or manufacturing processes or facilities, require submission and FDA approval of a new BLA or BLA supplement before the change can be implemented. A BLA supplement for a new indication typically requires clinical data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing BLA supplements as it does in reviewing BLAs.

Adverse event reporting and submission of periodic reports is required following FDA approval of a BLA. The FDA also may require post-marketing testing, known as Phase IV testing, risk mitigation strategies, and surveillance to monitor the effects of an approved product or place conditions on an approval that could restrict the distribution or use of the product.

**Foreign Regulation**

In addition to regulations in the United States, we are subject to a variety of foreign regulations governing clinical trials and commercial sales and distribution of our drug candidates. Whether or not we obtain FDA approval for a product, we must obtain approval of a product by the comparable regulatory authorities of foreign countries before we can commence clinical trials or marketing of the product in those countries. The approval process varies from country to country and the time may be longer or shorter than that required for FDA approval. The requirements governing the conduct of clinical trials vary greatly from country to country.

***European Union and United Kingdom***

In the European Economic Area, or EEA, which is comprised of the Member States of the European Union plus Norway, Iceland and Liechtenstein, medicinal products can only be commercialized after obtaining a Marketing Authorization, or MA by the EMA. Under European Union regulatory systems, we must submit and obtain authorization for a clinical trial application in each member state in which we intend to conduct a clinical trial. When conducting clinical trials in the European Union, we must adhere to the provisions of the European Union Clinical Trials Directive (Directive 2001/20/EC) and the laws and regulations of the EU Member States implementing them. These provisions require, among other things, that the prior authorization of an Ethics Committee and the competent Member State authority is obtained before commencing the clinical trial. In April 2014, the European Union passed the Clinical Trials Regulation (Regulation 536/2014), which will replace the current Clinical Trials Directive. To ensure that the rules for clinical trials are identical throughout the European Union, the EU Clinical Trials Regulation was passed as a regulation that is directly applicable in all EU member states. All clinical trials performed in the European Union are required to be conducted in accordance with the Clinical Trials Directive until the Clinical Trials Regulation becomes applicable. According to the current plans of the EMA, the Clinical Trials Regulation is expected to become applicable.

After we have completed our clinical trials, we must obtain marketing authorization before we can market our product. We may submit applications for marketing authorizations under a centralized procedure. The centralized procedure provides for the grant of a single marketing authorization that is valid for all European Union member states.

The European Medicines Agency, or EMA, is a body of the European Union located in Amsterdam. The EMA is responsible for the scientific evaluation of medicines developed by pharmaceutical companies for use in the European Union. The EMA is involved in the scientific evaluation of medicines that fall within the scope of the centralized procedure. Like the FDA there is a harmonization between regulators and the EMA may inspect and audit the development facilities, planned production facilities, clinical trial sites and laboratory facilities. Additionally, after the product is approved and marketed, the EMA uses different mechanisms for assuring that firms adhere to the terms and conditions of approval described in the application and that the product is manufactured in a consistent and controlled manner. This is done by periodic unannounced inspections of production and quality control facilities.

If any of our drug candidates receive marketing approval in the EEA, we expect they will benefit from 8 years of data protection and 10 years of market protection. The periods run in parallel so effectively 8 years of data protection plus 2 years of market protection is granted. This means that a biosimilar application referencing our safety and efficacy data held on file at the EMA cannot be filed until the end of the data protection period of 8 years, and the biosimilar cannot be placed on the market until after a further 2 years have elapsed (8 + 2). Furthermore, an additional 1 year of market protection is available (8 + 2 + 1) where we obtain approval of a second indication having a significant clinical benefit in the initial 8-year period.

Similarly, since the Biologics Price Competition and Innovation Act (BPCIA) came into force in 2010, the United States provides 4 years of data exclusivity and 12 years of marketing exclusivity for a new biologic. The periods of exclusivity run in parallel, meaning that the FDA will not accept a biosimilar filing for 4 years and will not approve the biosimilar for a further 8 years (4 + 8).

*Regulation and Procedures Governing Approval of Medicinal Products in the European Union*

In order to market any product outside of the United States, a company must also comply with numerous and varying regulatory requirements of other countries and jurisdictions regarding quality, safety and efficacy and governing, among other things, clinical trials, marketing authorization, commercial sales and distribution of products. Whether or not it obtains FDA approval for a product, an applicant will need to obtain the necessary approvals by the comparable foreign regulatory authorities before it can initiate clinical trials or marketing of the product in those countries or jurisdictions. Specifically, the process governing approval of medicinal products in the European Union generally follows the same lines as in the United States, although the approval of a medicinal product in the United States is no guarantee of approval of the same product in the European Union, either at all or within the same timescale as approval may be granted in the United States. It entails satisfactory completion of pharmaceutical development, non-clinical studies and adequate and well-controlled clinical trials to establish the safety and efficacy of the medicinal product for each proposed indication. It also requires the submission to relevant competent authorities for clinical trials authorization for a marketing authorization application, or MAA, and granting of a marketing authorization by these authorities before the product can be marketed and sold in the European Union or its member states (as well as Iceland, Norway and Liechtenstein). If we fail to comply with applicable requirements, we may be subject to, among other things, fines, suspension of clinical trials, suspension or withdrawal of regulatory approvals, product recalls, seizure of products, operating restrictions and criminal prosecution.

*Clinical Trial Approval*

Pursuant to the currently applicable Clinical Trials Directive 2001/20/EC and the Directive 2005/28/EC on GCP, a system for the approval of clinical trials in the European Union has been implemented through national legislation of the member states. Under this system, an applicant must obtain approval from the national competent authority, or NCA, of a European Union member state in which the clinical trial is to be conducted or in multiple member states if the clinical trial is to be conducted in a number of member states. Furthermore, the applicant may only start a clinical trial at a specific study site after the independent ethics committee, or EC, has issued a favorable opinion in relation to the clinical trial. The clinical trial application must be accompanied by an investigational medicinal product dossier with supporting information prescribed by Directive 2001/20/EC and Directive 2005/28/EC and corresponding national laws of the member states and further detailed in applicable guidance documents. Under the current regime all suspected unexpected serious adverse reactions to the investigated drug that occur during the clinical trial have to be reported to the NCA and ECs of the member state where they occurred.

In April 2014, the European Union adopted a new Clinical Trials Regulation (EU) No 536/2014, which is set to replace the current Clinical Trials Directive 2001/20/EC. It will overhaul the current system of approvals for clinical trials in the European Union. Specifically, the new legislation, which will be directly applicable in all EU member states (meaning that no national implementing legislation in each European Union member state is required), aims at simplifying and streamlining the approval of clinical trials in the European Union. For instance, the new Clinical Trials Regulation provides for a streamlined application procedure via a single-entry point and strictly defined deadlines for the assessment of clinical trial applications. The new Clinical Trials Regulation became effective on January 31, 2022*.*

*Marketing Authorization*

To obtain a marketing authorization for a product in the European Economic Area (comprised of the EU member states plus Norway, Iceland and Liechtenstein), or EEA, an applicant must submit a MAA, either under a centralized procedure administered by the EMA or one of the procedures administered by competent authorities in the EEA member states (decentralized procedure, national procedure, or mutual recognition procedure). A marketing authorization may be granted only to an applicant established in the EEA.

The centralized procedure provides for the grant of a single marketing authorization by the European Commission that is valid throughout the EEA. For those products for which the use of the centralized procedure is not mandatory, applicants may elect to use the centralized procedure where either the product contains a new active substance indicated for the treatment of diseases other than those on the mandatory list, or where the applicant can show that the product constitutes a significant therapeutic, scientific or technical innovation, or for which a centralized process is in the interest of public health.

Under the centralized procedure, the Committee for Medicinal Products for Human use, or the CHMP, which is the EMA's committee that is responsible for human medicines, established at the EMA is responsible for conducting the assessment of whether a medicine meets the required quality, safety and efficacy requirements, and whether it has a positive risk/benefit/risk profile. Under the centralized procedure, the maximum timeframe for the evaluation of a MAA is 210 days from the receipt of a valid MAA, excluding clock stops when additional information or written or oral explanation is to be provided by the applicant in response to questions of the CHMP. Clock stops may extend the timeframe of evaluation of a MAA considerably beyond 210 days. Where the CHMP gives a positive opinion, it provides the opinion together with supporting documentation to the European Commission, who make the final decision to grant a marketing authorization. Accelerated evaluation may be granted by the CHMP in exceptional cases, when a medicinal product is of major interest from the point of view of public health and, in particular, from the viewpoint of therapeutic innovation. If the CHMP accepts such a request, the timeframe of 210 days for assessment will be reduced to 150 days (excluding clock stops), but it is possible that the CHMP may revert to the standard time limit for the centralized procedure if it determines that the application is no longer appropriate to conduct an accelerated assessment.

*PRIME Scheme*

EMA now offers a scheme that is intended to reinforce early dialogue with, and regulatory support from, EMA in order to stimulate innovation, optimize development and enable accelerated assessment of PRIority MEdicines, or PRIME. It is intended to build upon the scientific advice scheme and accelerated assessment procedure offered by EMA. The scheme is voluntary and eligibility criteria must be met for a medicine to qualify for PRIME.

The PRIME scheme is open to medicines under development and for which the applicant intends to apply for an initial marketing authorization application through the centralized procedure. Eligible products must target conditions for which where is an unmet medical need (there is no satisfactory method of diagnosis, prevention or treatment in the European Union or, if there is, the new medicine will bring a major therapeutic advantage) and they must demonstrate the potential to address the unmet medical need by introducing new methods or therapy or improving existing ones. Applicants will typically be at the exploratory clinical trial phase of development and will have preliminary clinical evidence in patients to demonstrate the promising activity of the medicine and its potential to address to a significant extent an unmet medical need. In exceptional cases, applicants from the academic sector or SMEs (small and medium sized enterprises) may submit an eligibility request at an earlier stage of development if compelling non-clinical data in a relevant model provide early evidence of promising activity, and first in man studies indicate adequate exposure for the desired pharmacotherapeutic effects and tolerability.

If a medicine is selected for the PRIME scheme, EMA:

● appoints a rapporteur from the CHMP or from the Committee for Advanced Therapies (CAT) to provide continuous support and to build up knowledge of the medicine in advance of the filing of a marketing authorization application;

● issues guidance on the applicant's overall development plan and regulatory strategy;

● organizes a kick-off meeting with the rapporteur and experts from relevant EMA committees and working groups;

● provides a dedicated EMA contact person; and

● provides scientific advice at key development milestones, involving additional stakeholders, such as health technology assessment bodies and patients, as needed.

Medicines that are selected for the PRIME scheme are also expected to benefit from EMA's accelerated assessment procedure at the time of application for marketing authorization. Where, during the course of development, a medicine no longer meets the eligibility criteria, support under the PRIME scheme may be withdrawn.

*Pediatric Development*

In the EEA, companies developing a new medicinal product must agree upon a Pediatric Investigation Plan, or PIP, with the EMA's Pediatric Committee, or PDCO, and must conduct pediatric clinical trials in accordance with that PIP, unless a waiver applies, (e.g., because the relevant disease or condition occurs only in adults). The PIP sets out the timing and measures proposed to generate data to support a pediatric indication of the drug for which marketing authorization is being sought. The marketing authorization application for the product must include the results of pediatric clinical trials conducted in accordance with the PIP, unless a waiver applies, or a deferral has been granted by the PDCO of the obligation to implement some or all of the measures of the PIP until there are sufficient data to demonstrate the efficacy and safety of the product in adults, in which case the pediatric clinical trials must be completed at a later date. Products that are granted a marketing authorization with the results of the pediatric clinical trials conducted in accordance with the PIP are eligible for a six-month extension of the protection under a supplementary protection certificate (if any is in effect at the time of approval) even where the trial results are negative. In the case of orphan medicinal products, a two-year extension of the orphan market exclusivity may be available. This pediatric reward is subject to specific conditions and is not automatically available when data in compliance with the PIP are developed and submitted.

*Regulatory Data Protection in the European Union*

<br> In the EEA, innovative medicinal products approved on the basis of a complete independent data package qualify for eight years of data exclusivity upon grant of a marketing authorization and an additional two years of market exclusivity pursuant to Regulation (EC) No. 726/2004, as amended, and Directive 2001/83/EC, as amended. Data exclusivity prevents generic and biosimilar applicants from referencing the innovator's preclinical and clinical trial data contained in the dossier of the reference product when applying for a marketing authorization for a period of eight years from the date on which the reference product was first authorized in the EEA. During the additional two-year period of market exclusivity, a generic or biosimilar marketing authorization application can be submitted, and the innovator's data may be referenced, but no generic or biosimilar medicinal product can be marketed until the expiration of the market exclusivity period. The overall 10-year period will be extended to a maximum of 11 years if, during the first eight years of those 10 years, the marketing authorization holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to authorization, is held to bring a significant clinical benefit in comparison with existing therapies. Even if a compound is considered to be an innovative medicinal product so that the innovator gains the prescribed period of data exclusivity, another company may market another version of the product if such company obtained marketing authorization based on a MAA with a completely independent data package of pharmaceutical tests, preclinical tests and clinical trials.

*Periods of Authorization and Renewals*

A marketing authorization is valid for five years, in principle, and it may be renewed after five years on the basis of a re-evaluation of the risk benefit balance by the EMA or by the competent authority of the authorizing member state. To that end, the marketing authorization holder must provide the EMA or the competent authority with a consolidated version of the file in respect of quality, safety and efficacy, including all variations introduced since the marketing authorization was granted, at least nine months before the marketing authorization ceases to be valid. Once renewed, the marketing authorization is valid for an unlimited period, unless the European Commission or the competent authority decides, on justified grounds relating to pharmacovigilance, to proceed with one additional five-year renewal period. Any authorization that is not followed by the placement of the product on the EEA market (in the case of the centralized procedure) or on the market of the authorizing member state within three years after authorization ceases to be valid.

*Regulatory Requirements After Marketing Authorization*

Following approval, the holder of the marketing authorization is required to comply with a range of requirements applicable to the manufacturing, marketing, promotion and sale of the medicinal product.

These include compliance with the European Union's stringent pharmacovigilance or safety reporting rules, pursuant to which post-authorization studies and additional monitoring obligations can be imposed. The holder of a marketing authorization must establish and maintain a pharmacovigilance system and appoint an individual qualified person for pharmacovigilance, who is responsible for oversight of that system. Key obligations include expedited reporting of suspected serious adverse reactions and submission of periodic safety update reports, or PSURs.

In addition, all new MAAs must include a risk management plan, or RMP, describing the risk management system that the company will put in place and documenting measures to prevent or minimize the risks associated with the product. The regulatory authorities may also impose specific obligations as a condition of the marketing authorization. Such risk-minimization measures or post-authorization obligations may include additional safety monitoring, more frequent submission of PSURs, or the conduct of additional clinical trials or post-authorization safety studies. RMPs and PSURs are routinely available to third parties requesting access, subject to limited redactions.

Furthermore, the manufacturing of authorized products, for which a separate manufacturer's license is mandatory, must also be conducted in strict compliance with the EMA's cGMP requirements and comparable requirements of other regulatory bodies in the European Union, which mandate the methods, facilities and controls used in manufacturing, processing and packing of products to assure their safety and identity.

Finally, the marketing and promotion of authorized products, including industry-sponsored continuing medical education and advertising directed toward the prescribers of products, are strictly regulated in the European Union under Directive 2001/83/EC, as amended. The advertising of prescription-only medicines to the general public is not permitted in the European Union, or in the UK under the Human Medicines Regulations 2021. Although general requirements for advertising and promotion of medicinal products are established under EU Directive 2001/83/EC as amended, the details are governed by regulations in each European Union member state (as well as Iceland, Norway and Liechtenstein) and can differ from one country to another.

***United Kingdom***

The United Kingdom (UK) left the European Union in 2021 and will declare its independent processes to approve clinical research and marketing authorizations. Since the regulatory framework in the UK covering quality, safety and efficacy of pharmaceutical products, clinical trials, marketing authorization, commercial sales and distribution of pharmaceutical products is derived from EU Directives and Regulations, Brexit could materially impact the future regulatory regime which applies to products and the approval of drug candidates in the UK, as UK legislation now has the potential to diverge from EU legislation. It remains to be seen how Brexit will impact regulatory requirements for drug candidates and products in the UK in the long-term. The MHRA has published detailed guidance for industry and organizations to follow from January 1, 2021, which will be updated as the UK's regulatory position on medicinal products evolves over time. How precisely clinical research within the UK will be performed and how approval for drugs will be organized is subject to ongoing discussions

The UK will no longer be covered by centralized marketing authorizations (under the Northern Irish Protocol, centralized marketing authorizations will continue to be recognized in Northern Ireland). All medicinal products with a current centralized marketing authorization were automatically converted to Great Britain marketing authorizations on January 1, 2021. For a period of two years from January 1, 2021, the MHRA may rely on a decision taken by the European Commission on the approval of a new marketing authorization in the centralized procedure, in order to more quickly grant a new Great Britain marketing authorization. A separate application will, however, still be required.

***Australia***

In Australia, the relevant regulatory body responsible for the pharmaceutical industry is the Therapeutics Goods Administration, or TGA. As with the EMA and FDA there is a harmonization and collaboration between regulatory authorities. The TGA requires notification of all clinical trials via an electronic submission of a Clinical Trial Notification (CTN) prior to commencing the clinical trial.

***Third-Party Payer Coverage and Reimbursement***

Although our drug candidates have not been commercialized for any indication, if they are approved for marketing, commercial success of our drug candidates will depend, in part, upon the availability of coverage and reimbursement from third party payers at the federal, state and private levels.

In the United States and internationally, sales of any product that we market in the future, and our ability to generate revenues on such sales, are dependent, in significant part, on the availability of adequate coverage and reimbursement from third party payors, such as state and federal governments, managed care providers and private insurance plans.

Private insurers, such as health maintenance organizations and managed care providers, have implemented cost-cutting and reimbursement initiatives and likely will continue to do so in the future. These include establishing formularies that govern the drugs and biologics that will be offered and the out-of-pocket obligations of member patients for such products. We may need to conduct pharmacoeconomic studies to demonstrate the cost-effectiveness of our drug candidates for formulary coverage and reimbursement. Even with such studies, our drug candidates may be considered less safe, less effective or less cost-effective than existing products, and third-party payors may not provide coverage and reimbursement for our drug candidates, in whole or in part. In addition, particularly in the United States and increasingly in other countries, we are required to provide discounts and pay rebates to state and federal governments and agencies in connection with purchases of our drug candidates that are reimbursed by such entities. It is possible that future legislation in the United States and other jurisdictions could be enacted to potentially impact reimbursement rates for the drug candidates we are developing and may develop in the future and could further impact the levels of discounts and rebates paid to federal and state government entities. Any legislation that impacts these areas could impact, in a significant way, our ability to generate revenues from sales of drug candidates that, if successfully developed, we bring to market. Political, economic and regulatory influences are subjecting the healthcare industry in the United States to fundamental changes. There have been, and we expect there will continue to be, legislative and regulatory proposals to change the healthcare system in ways that could significantly affect our future business.

Similar political, economic and regulatory developments are occurring in the European Union and may affect the ability of pharmaceutical companies to profitably commercialize their products. In addition to continuing pressure on prices and cost containment measures, legislative developments at the European Union or member state level may result in significant additional requirements or obstacles. The delivery of healthcare in the European Union, including the establishment and operation of health services and the pricing and reimbursement of medicines, is almost exclusively a matter for national, rather than European Union, law and policy. National governments and health service providers have different priorities and approaches to the delivery of health care and the pricing and reimbursement of products in that context. In general, however, the healthcare budgetary constraints in most EU member states have resulted in restrictions on the pricing and reimbursement of medicines by relevant health service providers. Coupled with ever-increasing EU and national regulatory burdens on those wishing to develop and market products, this could restrict or regulate post-approval activities and affect the ability of pharmaceutical companies to commercialize their products. In international markets, reimbursement and healthcare payment systems vary significantly by country, and many countries have instituted price ceilings on specific products and therapies. In the future, there may continue to be additional proposals relating to the reform of the healthcare system in the United States and international healthcare systems. Future legislation, or regulatory actions implementing recent or future legislation may have a significant effect on our business. Our ability to successfully commercialize products depends in part on the extent to which reimbursement for the costs of our drug candidates and related treatments will be available in the United States and worldwide from government health administration authorities, private health insurers and other organizations. The adoption of certain proposals could limit the prices we are able to charge for our drug candidates, the amounts of reimbursement available for our drug candidates, and limit the acceptance and availability of our drug candidates. Therefore, substantial uncertainty exists as to the reimbursement status of newly approved health care products by third party payors.

**Inflation and Seasonality** 

Management believes inflation has not had a material impact on our operations or financial condition. Management further believes that our operations are not currently subject to seasonal influences due to our current lack of marketed products. Moreover, the targets of our drug candidates, are not seasonal diseases. Accordingly, once we have marketed products, management does not expect that our business will be subject to seasonal influences.

**Manufacturing and Raw Materials** 

We do not require sourcing any raw materials, as we have no manufacturing capabilities. However, as a result, we are dependent on third parties for cost effective manufacture and manufacturing process development of our drug candidates. Problems with third party manufacturers or the manufacturing process as such may delay or jeopardize clinical trials and commercialization of our drug candidates.

C. Organizational Structure

Below is a list of our significant subsidiaries, including our ownership percentage, its date of formation and its jurisdiction. These subsidiaries were established to allow us to conduct commercial and clinical operations in Europe and the United States and expand our operations in Australia.

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| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Ownership** | **Date of <br> Formation/Acquisition** | **Jurisdiction** |
| Radiopharm Theranostics (USA) Inc. | 100% | 2021 | Nevada |
| Radiopharm Ventures, LLC | 51% | 2022 | Delaware |

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D. Property, Plants and Equipment

We own computer equipment, office furniture and laboratory equipment, which is primarily placed at our own offices and laboratories.

---

| | |
|:---|:---|
| **Office Location** | **Lease expiry<br> date** |
| Level 3, 62 Lygon Street, Carlton, Victoria 3053 |  |

---

 **Item 4a. Unresolved Staff Comments**

None.

 **Item 5. Operating and Financial Review and Prospects**

**Overview** 

Radiopharm Theranostics Limited was incorporated under the laws of Australia in February 2021. We are a clinical-stage radiotherapeutics company that focuses on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical need.

We have incurred net losses since inception and expect to incur substantial and increasing losses for the next several years as we expand our research and development activities and move our drug candidate into later stages of development. The process of carrying out the development of our drug candidates to later stages of development may require significant additional research and development expenditures, including pre-clinical testing and clinical trials, as well as for obtaining regulatory approval. To date, we have funded our operations primarily through the sale of equity securities, proceeds from the exercise of options and interest income.

A. Operating Results

**Results of Operations**

***Comparison of fiscal year ended June 30, 2022 to June 30, 2021***

 ****

The following tables set forth our results of operations in Australian dollars for the fiscal years ended June 30, 2022 and June 30, 2021.

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| | | |
|:---|:---|:---|
|  | **Fiscal year ended June 30,** | **Fiscal year ended June 30,** |
|  | **2022** | **2021** |
|  | **A$** | **A$** |
| Other income | 8831 |  |
| Other losses | (1, 109520) | (437) |
| General and administrative expenses | (7637884) | (125266) |
| Research and development | (7486616) |  |
| Share-based payments | (4800683) | (359487) |
| Finance expenses | (9349739) |  |
| Income tax expense | (44397) |  |
| Exchange differences on translation of foreign operations | (19043) | - |
| Total comprehensive loss | (30439051) | (485190) |

---

*Other income*

 

Other income increased from none in fiscal 2021 to A$8,831 in fiscal 2022, due to interest income.

*Other losses*

 

Other losses increased from A$437 in fiscal 2021 to A$1,109,520 in fiscal 2022, due to an increase in net foreign exchange losses for a full fiscal year. Foreign exchange loss arose principally from cash deposits denominated in U.S. dollars at the fiscal year end and being converted into our functional currency, the Australian dollar.

*General and administrative expenses*

 

General and administrative expenses increased from A$125,266 in fiscal 2021 to A$7,637,884 in fiscal 2022, reflecting expenses for a full 12 months for fiscal 2022 compared to five months in fiscal 2021. The primary expense in fiscal 2022 was employee benefits, which were $4,441,848 (or 58% of total general and administrative expenses). The increased expenditure is caused by the increased number of employees in fiscal 2022. For further detail, see note 2(b) to our financial statement for fiscal 2022.

*Research and development expenses*

 

Research and development expenses increased from none in fiscal 2021 to A$7,486,616 in fiscal 2022, reflecting the commencement of R&D activities in fiscal 2022. Amortization of intangible assets (licenses) was A$2,980,313 (or 40% of total R&D expenses) in fiscal 2022 while R&D expenses related to NanoMab were A$1,971,037 (26%) and AVb6 Integrin were A$1,920,558 (26%).

*Share based payments*

 

Share-based payments expense increased from A$359,487 in fiscal 2021 to A$4,800,683 in fiscal 2022, due to the issuance of many more options under our Omnibus Incentive Plan to directors, officers and employees in fiscal 2022 compared to fiscal 2021. For further detail, see note 14(a) to our financial statements for fiscal 2022.

*Finance expenses*

 

Finance expenses increased from none in fiscal 2021 to A$9,349,739 in fiscal 2022, due to the conversion of convertible notes attracting finance charges.

*Exchange differences on translation of foreign operations*

 

Exchange differences on translation of foreign operations increased from nil in fiscal 2021 to A$19,043 in fiscal 2022 due to differences in exchange rates between currencies used in the group. Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Australian dollar, which is Radiopharm's functional and presentation currency.

*Total comprehensive loss*

 

Total comprehensive loss increased from A$485,190 in fiscal 2021 to A$30,439,051 in fiscal 2022 due to an increase in other losses, research and development expenses, share-based payments, finance expenses and general and administrative expenses.

***Off-Balance Sheet Arrangements***

During fiscal years 2022 and 2021, we did not have any unconsolidated entities such as structured finance or special purpose entities that can be used to facilitate off-balance sheet arrangements.

***Tabular Disclosure of Contractual Obligations***

As of June 30, 2022, our contractual obligations were as set forth below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period A$** | **Payments Due by Period A$** | **Payments Due by Period A$** | **Payments Due by Period A$** | **Payments Due by Period A$** |
|  | **Total** | **Less than <br> 1 year** | **1 – 3 <br> years** | **3 – 5 <br> years** | **More than <br> 5 years** |
| Lease obligations |  |  |  |  |  |
| Other contractual obligations |  |  |  |  |  |

---

*Contingent liabilities*

 

We had contingent liabilities of A$17,976,118 outstanding as of June 30, 2022, that related to the potential milestone payments under several licenses agreements.

*Capital commitments*

 

We did not have any material capital expenditure commitments as of June 30, 2022.

**B. Liquidity and Capital Resources**

Since our inception, our operations have mainly been financed through the issuance of equity securities. Additional funding has come through interest earned from cash on term deposit.

*Capital Requirements*

 

As of June 30, 2022, we had cash and cash equivalents of A$27.0 million. We anticipate that our current cash will be sufficient to fund our operations until end of 2023. However, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially.

We anticipate that we will require substantial additional funds in order to achieve our long-term goals and complete the research and development of our current drug candidates. We do not expect to generate significant revenue until we obtain regulatory approval to market and sell our drug candidate and sales of our drug candidate have commenced. We therefore expect to continue to incur substantial losses in the near future.

We could incur liabilities that are contingent upon future events as set forth in various license agreements under which we have licensed technology. Such contingent liabilities include development milestone payments and royalties on net sales. It is uncertain whether milestones will be met due to factors beyond our control and we will not owe any royalties until earn income from the relevant licensed technology. For further information on such contingent liabilities, please see Note 12 to our fiscal 2022 audited financial statements in this Registration Statement.

Our future capital requirements are difficult to forecast and will depend on many factors, including:

● the scope, results and timing of preclinical studies and clinical trials;

● the amount and timing of milestone payments under license agreements;

● the costs and timing of regulatory approvals; and

● the costs of establishing sales, marketing and distribution capabilities.

**Cash Flows**

***Comparison of cash flows for the fiscal year ended June 30, 2022, with June 30, 2021***

 ****

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** |
|  | **2022** | **2021** |
|  | **A$** | **A$** |
| Net cash used in operating activities | (9, 906823) | (32909) |
| Net cash used in investing activities | (28, 378650) |  |
| Net cash provided by financing activities | 65110114 | 60000 |

---

*Operating Activities*

 

Net cash used in operating activities increased from A$32,909 in fiscal 2021 to A$9,906,823 in fiscal 2022, due to an increase in payments to employees and suppliers in fiscal 2022.

*Investing Activities*

 

Net cash used in investing activities increased from none in fiscal 2021 to A$28,369,819 in fiscal 2022, mostly due to A$28,378,650 in payments for intellectual property.

*Financing Activities*

 

Net cash provided by financing activities increased from A$60,000 in fiscal 2021 to A$65,110,114 in fiscal 2022, mainly due to net proceeds of A$65,169,114 from the issuance of ordinary shares in our Australian initial public offering with listing on the ASX during fiscal 2022.

C. Research and Development, Patents and Licenses

For a description of our research and development programs and activities, see "Item 4. Information on the Company—B—. Business Overview—Background".

For a description of the amount spent during each of the last two fiscal years on company-sponsored research and development activities, as well as the components of our research and development expenses, see note 1(b) to our financial statements for fiscal 2022.

D. Trend Information

One of our primary expenditures involves research and development costs. Increases or decreases in research and development expenditure are attributable to the level of clinical trial activity and the amount of expenditure on those trials.

E. Critical Accounting Estimates

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed here below.

The accounting areas involving significant estimates or judgments are:

● estimate of the useful life of intangible assets (see note 4(a) to our financial statements for fiscal 2022);

● estimate of contingent consideration under licenses (see note 3(d)(i) to our financial statements for fiscal 2022);

● impairment of patents and licenses (see note 4(a)(vi) to our financial statements for fiscal 2022);

● estimate of employee benefit obligations (see note 4(b)(i) to our financial statements for fiscal 2022);

● estimate of share-based payments (see note 14(a) to our financial statements for fiscal 2022); and

● estimate of employee forfeiture payments (see note 18(n)(iv) to our financial statements for fiscal 2022).

 **Item 6. Directors, Senior Management and Employees**

A. Directors and Senior Management

The following table sets forth our directors and senior management. There are no family relationships among any of the members of our board of directors and our senior management.

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| | |
|:---|:---|
| **Name** | **Position** |
| Riccardo Canevari | Chief Executive Officer and Managing Director |
| Paul Hopper | Executive Chairman |
| David Mozley | Chief Medical Officer |
| Thom Tulip | Chief Technology Officer |
| Vittorio Puppo | Chief Operating Officer |
| Hester Larkin | Non-Executive Director |
| Dr. Leila Alland | Non-Executive Director |
| Dr. Michael Baker | Non-Executive Director |
| Ian Turner | Non-Executive Director |
| Phillip Hains | Chief Financial Officer and Company Secretary |

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**Riccardo Canevari.** Riccardo Canevari has been our Chief Executive Officer and Managing Director since September 2021. Mr. Canevari was previously Chief Commercial Officer of Novartis company, Advanced Accelerator Applications, from April 2020 to September 2021, one of the leading radiopharmaceutical and nuclear medicine companies globally. He was responsible for commercial strategy and country organizations in approximately 20 countries across North America, Europe and Asia. Prior to that, he was Senior Vice President and Global Head of the Breast Cancer Franchise for Novartis Oncology from 2017, where he oversaw the launch of major breast cancer products. Mr. Canevari has also held various management roles with Novartis Pharma and Ethicon/Johnson & Johnson.

**Paul Hopper.** Paul Hopper is founder and Executive Chairman since February 2021. Mr. Hopper is also currently Executive Chairman at Imugene Limited (ASX: IMU), which he founded in October 2012 and Chimeric Therapeutics Limited (ASX:CHM), which he founded in 2019. Mr. Hopper was also previously Chairman at Viralytics Limited (ASX: VLA) until it was acquired by Merck in 2018. He was previously Executive Chairman of Arovella Therapeutics (ASX:PTX) between May 2019 and June 2022, as well as a director of Prescient Therapeutics Limited (ASX: PTX) from May 2014 to January 2020. Mr. Hopper brings 20 years' experience in the management and funding of biotechnology and healthcare companies in Australia and the United States..

**David Mozley.** David Mozley has been our Chief Medical Officer since February 2021. Prior to joining us, Professor Mozley was the Chief of Nuclear Medicine and the single-site principal investigator for first-in-human pharmaceutical industry contracts from three different companies at Cornell University from 2012 to 2015 and from 2017 to 2021. In addition, Mr. Mozely was Vice President of Imaging at Endocyte from 2015 to 2017, coordinating efforts to take imaging based theranostics to market. Professor Mozley was also a senior director at Merck & Co from 2005 to 2012, Chair of the Pharma Imaging Group from 2007 to January 2011 and Medical Advisor at Eli Lilly from 2001 to 2005. Prior to such roles, while at the University of Pennsylvania, Professor Mozley was awarded more than US$8 million in RO1 grants from the National Institutes of Health related to radiopharmaceutical development. He participated in more than 60 clinical trials at Eli Lily and over 100 trials at Merck in novel radiopharmaceutical development. Professor Mozley has co-authored more than 100 peer-review publications, mostly focused on radiopharmaceutical development.

**Thom Tulip.** Thom Tulip has been our Chief Technology Officer since February 2021. He is also currently a senior advisor to Cerveau Technologies since 2017. He has served in senior leadership roles most recently in Navidea BioPharmaceuticals Inc from 2011 to 2015 and prior to this, Alseres Pharmaceuticals, Lantheus Medical Imaging, Bristol Myers Squibb and DuPont. He was a board member of the Academy of Molecular Imaging and Chair of its Institute for Molecular Technologies from 2009 to 2010. Since 2011 has has been a boardmember of the Medical Imaging Technology Association and was previously Chair of the Society of Nuclear Medicine Corporate Advisory Board and served as a director of the Council of Radionuclides and Radiopharmaceuticals.

**Vittorio Puppo.** Vittorio Puppo became our Chief Operating Officer in June 2022. Prior to joining us, Vittorio was the Chief Marketing Officer at Italian-based company Bracco Imaging, a world leader in diagnostic imaging, from early 2021 to May 2022. At Bracco, he was President and CEO of the North America Operations from 2013 to 2022 leading the business to strong growth and launching innovative products. Prior to Bracco, Mr. Puppo was at Accuray from 2010 to 2011 where he managed the business in Europe and Asia. Before that he was responsible for the EMEA business for six years at Covidien/Mallinckrodt for diagnostic imaging and surgical devices. He spent 12 years at Amersham in a variety of roles from finance to marketing and business management. Mr. Puppo also served as a board member of Lice Sciences Capital, a venture capital fund that was a lead investor in Advanced Accelerator Applications, right through to its successful IPO in November 2015.

**Hester Larkin.** Hester Larkin has been a Director of Radiopharm since February 2022. Ms. Larkin is currently the Managing Director of Hester Larkin Associates Consulting. Since 2008 in this role, she has been providing consulting services to diagnostic imaging, pharmaceutical and biotech companies in projects ranging from pre-clinical, clinical, submission to the European Medicines Agency, EU medical advisory boards, EU manufacturing and commercial partnerships. Ms. Larkin has also held several board director and trustee positions in the United Kingdom and Belgium and currently sits on the board of directors of three charities. Prior to this, Ms. Larkin was the EMA General Manager BMS Medical Imaging at Bristol-Myers Squibb from 2002 to 2008 and held various roles in European marketing, European business development and general management at DuPont Pharmaceuticals from 1983 to 2008. Ms. Larkin holds a Bachelor of Laws from Holborn Law School London & University of Wolverhampton and a Bachelor of Psychology from Queens University in Belfast.

**Dr. Leila Alland.** Dr. Leila Alland has been a Director of Radiopharm since June 2022. Dr. Alland is currently the Chief Medical Officer of PMV Pharmaceuticals (NASDAQ: PMVP), a clinical stage precision oncology company, where she has been since December 2019. Dr. Alland also serves on the board of directors of several biopharmaceutical companies, including Abeona Therapeutics (NASDAQ: ABEO), where she has served since April 2021, and is a member of the Scientific Advisory Council of Columbia University's Center for Radiological Research. Previously, Dr. Alland served as Chief Medical Officer of Affimed (NASDAQ: AFMD), a clinical stage immune-oncology company, from March 2018 to November 2019. Dr. Alland holds a Bachelor of Arts from the University of Pennsylvania and a Medical Degree from New York University School of Medicine.

**Dr. Michael Baker.** Dr. Michael Baker has been a Director of Radiopharm since February 2021. Dr. Baker is currently the Chief Executive Officer and Managing Director of Arovella Therapeutics (ASX:ALA), where he has served since January 2020. Prior to that, Dr. Baker was an Investment Manager with the Australian life science fund, BioScience Managers Pty Ltd. From November 2017 to December 2019 and a Project Manager at Hexima Limited (ASX: HXL) from 2014 to 2017. Dr. Baker has a PhD in Biochemistry and an MBA.

**Ian Turner.** Ian Turner has been a Director of Radiopharm since February 2021. Since August 2022, he is also non-executive director at AtomVie Global Radiopharma Inc, a global contract development and manufacturing organisation, launched by the Centre for Probe Development and Commercialisation (CPDC). Mr. Turner was a director of Coqui Pharmaceuticals from Nov 2014 to Mar 2019. Mr. Turner was Chief Executive Officer at Siemens Radiopharmaceuticals, which operated a large PET radio-pharmacy network, from 2010 to 2012. Prior to that, he was General Manager of ANSTO Radiopharmaceuticals, which was Australia's leading manufacturer of radioisotopes for the nuclear medicine sector. Since 2013, Mr Turner is the CEO of the Turner Group LLC, a boutique management consulting firm that advises institutional investors on acquisition targets in the field of nuclear medicine, radiochemicals and radiopharmaceuticals.

**Phillip Hains.** Phillip Hains has been our Chief Financial Officer and Joint Company Secretary since February 2021. Mr. Hains is a Chartered Accountant with over 30 years of extensive experience in roles with a portfolio of ASX and NASDAQ listed companies and provides CFO services through his firm The CFO Solution. Prior to this point the Company had a similar arrangement with The CFO Solution, where it would engage and provide services of overall CFO, accounting and other finance related activities. He holds a Master of Business Administration from RMIT University and a Public Practice Certificate from the Chartered Accountants Australia and New Zealand.

***Scientific Advisory Board***

We have a scientific advisory board that we consult periodically on the development of our product candidates and clinical trials.

Our scientific advisory board is comprised of industry and academic experts familiar with our business and radiopharmaceuticals specifically, and some are the technology founders of the underlying assets in the company's portfolio. The current members of our advisory board are:

● Professor David Mozley (Chief Medical Officer and Scientific Advisory Board Chair);

● Professor Eric Aboagye (Professor of Cancer Pharmacology at Imperial College London and an inventor of Pivalate);

● Dr. Hong Hoi Ting (doctorate from the University of Oxford and expert in radiopharmaceutical and nuclear medicine and an inventor of the NanoMab technology);

● Dr. Johannes Notni (formerly Professor at the Technical University of Munich where his research interests included radiometal complexes for nuclear imaging and therapy and an inventor of the AVb6 Integrin technology);

● Dr. David Ulmert (Senior Research Scientist in the Medical Pharmacology Program and Technical Director for the Ludwig Center for Cancer Immunotherapy and an inventor of PSA-mAb);

● Dr. Sara Hurvitz (Professor of Medicine at UCLA and co-director of the Santa Monica-UCLA Outpatient Oncology Practice and Medical Director of the Clinical Research Unit of the Jonsson Comprehensive Cancer Center at UCLA); and

● Dr. Susann Brady-Kalnay (Professor and researcher in the department of Molecular Biology & Microbiology, Neurosciences and Pathology at Case Western Reserve University and inventor of the PTPu technology.

B. Compensation

***Remuneration Principles***

Remuneration of all executive and non-executive directors and officers is determined by a committee of non-executive directors. The committee reviews and determines our remuneration policy and structure annually to ensure it remains aligned to business needs and meets our remuneration principles. In particular, the Board aims to ensure that remuneration practices are competitive and reasonable, enabling Radiopharm to attract and retain key talent.

Key management personnel may receive their fixed remuneration as cash, or cash with non-monetary benefits such as health insurance and car allowances. Fixed annual renumeration is reviewed annually, or on promotion. It is benchmarked against market data for comparable roles in companies in a similar industry and with similar market capitalization. The committee aims to position executives at or near the median, with flexibility to take into account capability, experience, value to the organization and performance of the individual.

All executives are entitled to participate in a short-term incentive plan that provides for executive employees to receive a combination of short-term incentive as part of their total remuneration if they achieve certain performance indicators as set by the Board. The short-term incentive can be paid either by cash, or a combination of cash and the issue of equity in the Company, at the determination of the remuneration and nomination committee and Board.

Our Chief Executive Officer and Chief Medical Officer are entitled to short-term incentives in the form of cash bonus up to 50%, and 45% of their base salary, respectively, against agreed KPIs. On an annual basis, KPIs are reviewed and agreed in advance of each financial year and include financial (for CEO) and non-financial (for CEO and CMO) and individual performance goals. Additional shares or options can be granted at the discretion of the board based on performance.

Executives may also be provided with longer-term incentives through our Omnibus Incentive Plan that was approved by shareholders at the annual general meeting in October 2021. The aim of the OIP is to allow executives to participate in, and benefit from, the growth of the Company as a result of their efforts and to assist in motivating and retaining those key employees over the long-term. Continued service is the condition attached to the vesting of the options. The Board, as recommended by the Remuneration and Nomination Committee, determines the total number of options granted to each executive.

We aim to align our executive remuneration to our strategic and business objectives and the creation of shareholder wealth. However, these are not necessarily consistent with the measures used in determining the variable amounts of remuneration to be awarded to key management personnel. As a consequence, there may not always be a direct correlation between the statutory key performance measures and the variable remuneration awarded.

***Director Compensation***

 ****

Each non-executive Director receives a fee of A$50,000 per annum. A non-executive Director who is chair of a committee receives an additional $10,000 per annum and a non-executive Director who is a member of a committee an extra $5,000 per annum. They do not receive performance-based pay or retirement allowances. Fees are reviewed annually by the board taking into account comparable roles and market data provided by the board's independent remuneration adviser.

The maximum annual aggregate non-executive directors' fee pool limit is A$500,000 and was approved by shareholders in October 2021.

***Executive Compensation***

 ****

The following table sets forth all of the compensation awarded to, earned by or paid to each individual who served as directors and executive officers in fiscal 2022.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Post-<br> employment benefits** | **Long-term benefits** | **Share-based payments** | **Share-based payments** | |
|  | **Cash salary<br> and fees** | **Cash bonus** | **Benefits** | **Annual leave** | **Other**<br> **(2)** | **401k** | **Forfeiture Payments** | **Options** | **Forfeiture shares** |<br>**Total** |
|  | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** |
| **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** |
| Riccardo Canevari | 602377 | 238144 | 102975 | 51528 | 406811 | 57809 | 301702 | 1168092 | 303128 | 3232566 |
| Paul Hopper | 229167 | 61875 |  |  |  |  |  |  |  | 291042 |
| Ian Turner | 54583 |  |  |  | 112118 |  |  | 271314 |  | 438015 |
| Michael Baker | 54583 |  |  |  |  |  |  | 269422 |  | 324055 |
| Hester Larkin | 31667 |  |  |  |  |  |  | 108339 |  | 140006 |
| Leila Alland | 3598 |  |  |  |  |  |  | 19872 |  | 23470 |
| **Other Key Management** |  |  |  |  |  |  |  |  |  |  |
| Phillip Hains(1) |  |  |  |  |  |  |  | 88386 |  | 88386 |
| Thom Tulip | 358097 | 113322 |  |  | 20747 |  |  | 526069 |  | 1018235 |
| Vittorio Puppo | 54334 |  | 5280 | 4271 |  |  | 6291 | 33521 | 6412 | 110109 |
| David Mozley | 554716 | 173808 | 56139 | 37137 | 20822 | 18148 | - | 527116 | - | 1387886 |
| **Total Compensation** | 1943122 | 587149 | 164394 | 92936 | 560498 | 75957 | 307993 | 3012131 | 309540 | 6943661 |

---

(1) Mr. Hains resigned as director on September 13, 2021 but
remains as Chief Financial Officer and Company Secretary. Phillip Hains is paid by The CFO Solution, which has a services contract with
Radiopharm. Radiopharm paid A$410,977 to The CFO Solution for their services in fiscal 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other remuneration relates to the following: - Riccardo Canevari received his sign on bonus of A$406,811 in two installments
in October and December 2021. - Ian Turner received A$112,118 for additional services on normal commercial
terms. - Prof David Mozley and Thom Tulip received A$20,822 and A$20,747 respectively
for work completed prior to employment commencing.

***Agreement with Kilinwata***

In February 2021, Radiopharm entered into an agreement with Kilinwata Investments Pty Ltd ("Kilinwata"), an entity controlled by Paul Hopper, as trustee for the Life Science Portfolio Managers Trust. Under the agreement, Kilinwata agreed to ensure that Paul Hopper provides services as Executive Chairman of the Company. The Company has agreed to pay Kilinwata a fee of A$20,833 per month which is reviewed annually, plus a 33% bonus according to agreed performance targets. The Company has the right to terminate Mr. Hopper's appointment by providing a 12-month notice to Kilinwata. Mr. Hopper is also entitled to options with details to be agreed and subject to shareholder approval.

***Agreement with CFO Solution HQ Pty Ltd***

In February 2021, we entered into an engagement letter with CFO Solution HQ Pty Ltd ("CFO Solution"). Under the terms of the agreement, CFO Solution agreed to provide company secretarial services, ASX and ASIC correspondence and lodgments services, internal audit and ASX compliance services, and legal compliance services. We agreed to pay A$10,000 per month (plus GST) for such services and we agreed to pay fees on a time-spent basis for other services that CFO Solution is asked to provide. The agreement may be terminated by either party for cause, and at will by providing to the other party a 3-month written notice.

Other key personnel have individual service agreements as follows:

---

| | |
|:---|:---|
| Riccardo Canevari | **Chief Executive Officer and Managing Director** |
| Agreement commenced: | September 13, 2021 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 12-months written notice. However, if the termination is for cause, no notice is required. |
| Base salary | US$550,000 per year. |
| Bonus | 50% of base salary. |
| Forfeiture Payments | The company has agreed to pay Mr Riccardo Canevari a total of €399,999 in cash and €399,999 in shares for forfeiture of long-term incentives with his former employment. The expense ins cumulative and vests over the service period on three separate vesting dates, and specifically September 13, 2022, 2023 and 2024. |
| David Mozley | **Chief Medical Officer** |
| Agreement commenced: | July 1, 2021 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 6-weeks written notice. However, if the termination is for cause, no notice is required. |
| Base salary | US$400,000 per year. |
| Bonus | 40% of base salary. |
| Thom Tulip | **Chief Technology Officer** |
| Agreement commenced: | August 1, 2021 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 30-days written notice. |
| Base salary | US$240,000 per year. |
| Bonus | 40% of base salary. |
| Vittorio Puppo | **Chief Operating Officer** |
| Agreement commenced: | June 1, 2022 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 6-months written notice during the first anniversary of commencement and thereafter two-months written notice. However, if the termination is for cause, no notice is required. |
| Base salary | US$460,000 per year. |
| Bonus | 40% of base salary. |
| Forfeiture Payments | The company has agreed to pay Mr. Vittorio Puppo a total of US$87,500 in cash and US$87,500 in shares for forfeiture of long-term incentives with his former employment. The expense ins cumulative and vests over the service period on three separate vesting dates, and specifically June 1, 2023, 2024 and 2025. |

---

***Omnibus Incentive Plan***

 ****

The Company has a long-term incentive plan known as Omnibus Incentive Plan. Certain eligible participants under the Omnibus Incentive Plan may receive ordinary shares, options or rights.

The vesting of shares, options or rights may be subject to the satisfaction of service-based conditions and performance hurdles which, when satisfied, will allow eligible participants to receive shares or vested options or rights which are exercisable over shares. Awards of fully paid ordinary shares, options, performance rights and share appreciation rights can be made under the Omnibus Incentive Plan.

Shares can be granted to eligible participants (which include directors employees, contractors and consultants) under a free grant (receiving an allocation of shares, options or rights for no consideration) or salary contribution agreement. An option confers a right to acquire a share during the exercise period, subject to the satisfaction of any vesting conditions, the payment of the exercise price for the option (including through a cashless exercise facility) set out in the offer, and otherwise in the manner required by the Board and specified by the offer. A performance right confers an entitlement to be issued, transferred or allocated one share after the vesting date, subject to any disposal restrictions, the satisfaction of the vesting conditions, and any other requirements contained in the offer. A share appreciation right confers an entitlement to be issued, transferred or allocated the number of shares calculated under the terms of the Omnibus Incentive Plan after the vesting date, subject to any disposal restrictions, the satisfaction of the vesting conditions and any other requirement contained in the offer. The Board may decide, in its absolute discretion to substitute the issue, transfer of allocation of these securities for the payment of a cash amount.

The Board may amend the Omnibus Incentive Plan in any manner it decides subject to Rule 17.2 of the Omnibus Incentive Plan, which prohibits the Board from making any amendment to the Omnibus Incentive Plan that would have the effect of materially adversely affecting or prejudicing the rights of any participant holding awards. The Omnibus Incentive Plan may be terminated or suspended at any time by the Board and that termination or suspension will not have any effect on or prejudice the rights of any participant holding awards at that time. The Board must not grant shares, options, performance rights and share appreciation rights under the Omnibus Incentive Plan if the number of shares that could be exercised in aggregate would exceed 5% of the total number of the Company's ordinary shares on issue at the date of the grant.

***Ordinary Share holdings***

As at June 30, 2022, the number of ordinary shares held by our directors and officers were as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022** | **Balance at <br> start of <br> the year** | **Granted as<br> remuneration** | **Received on<br> exercise of<br> options** | **Other <br> changes <br> \*** | **Balance at <br> the end of <br> the year** |
| **Ordinary shares** |  |  |  |  |  |
| Riccardo Canevari |  |  |  | 4350000 | 4350000 |
| Paul Hopper | 960 |  |  | 90649000 | 90649960 |
| Ian Turner |  |  |  | 513864 | 513864 |
| Michael Baker |  |  |  | 39723 | 39723 |
| Hester Larkin |  |  |  | 66114 | 66114 |
| Leila Alland |  |  |  |  |  |
| Phillip Hains |  |  |  |  |  |
| Thom Tulip |  |  |  | 1000000 | 1000000 |
| Vittorio Puppo |  |  |  |  |  |
| David Mozley | - |  |  | 1240000 | 1240000 |
| **Total ordinary shares** | 960 |  |  | 97858701 | 97859661 |

---

\* The column "Other changes" incorporates changes resulting from the acquisition and disposal of shares.

***Options holdings***

 ****

As at June 30, 2022, the numbers of options held by our directors and officers were as follows. Each option grants the right to receive one fully paid ordinary share in Radiopharm.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022** | **Balance at <br> start of the <br> year** | **Exercise price A$** | **Expiration date** | **Other changes\*** | **Balance at <br> end of the <br> year** |
| **Options** |  |  |  |  |  |
| Riccardo Canevari |  | 0.60 | 11-25-2026 | 8666678 | 8666678 |
| Paul Hopper |  |  |  |  |  |
| Ian Turner | 1900002 | 0.60 | 11-25-2025 |  | 1900002 |
| Michael Baker | 1900002 | 0.60 | 11-25-2025 |  | 1900002 |
| Hester Larkin |  | 0.60 | 11-16-2026 | 1900002 | 1900002 |
| Leila Alland |  | 0.60 | 11-16-2026 | 1900002 | 1900002 |
| Phillip Hains | 1900002 | 0.60 | 11-25-2025 |  | 1900002 |
| David Mozley | 2533336 | 0.60 | 11-25-2026 | - | 2533336 |
| **Total options** | 8233342 |  |  | 12466682 | 20700024 |

---

\* The column "Other changes" includes option holdings granted as remuneration during the fiscal 2022.

C. Board Practices

Our Board of Directors is elected by and accountable to our shareholders. It currently consists of six directors, including five non-executive directors, of which one is the non-executive Chairman of our Board of Directors. The Chairman of our Board of Directors is responsible for the management of the Board of Directors and its functions.

***Election of Directors***

 ****

Directors are elected at our annual general meeting of shareholders. Under our Constitution, a director, other than the Managing Director, must not hold office for more than three years or beyond the third annual general meeting following his appointment (whichever is the longer period) without submitting himself for re-election. Our Board of Directors has the power to appoint any person to be a director, either to fill a vacancy or as an additional director (provided that the total number of directors does not exceed the maximum allowed by law), and any director so appointed may hold office only until the next annual general meeting ("AGM") when he or she shall be eligible for election.

The appointment and expiration dates of each director in office on June 30, 2022, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Year first appointed** | **Current term expires** |
| Riccardo Canevari | Managing Director and CEO | 2021—<sup>(1)</sup> |  |
| Paul Hopper | Executive Chairman | 20212025 <sup>(2)(3)</sup> |  |
| Michael Baker | Non-Executive Director | 20212024 <sup>(2)</sup> |  |
| Ian Turner | Non-Executive Director | 20212024 <sup>(2)</sup> |  |
| Hester Larkin | Non-Executive Director | 20222025 <sup>(2)</sup> |  |
| Leila Alland | Non-Executive Director | 20222025 <sup>(2)</sup> |  |

---

(1) In accordance with our Constitution and Australian market
practice, the Managing Director's appointment is not subject to expiration.

(2) Term expires on the date of the AGM for that year. Our constitution
provides that at least one director has to be reappointed after two years instead of three years from their appointment

***Corporate Governance***

 ****

*ASX Corporate Governance Principles*

 

In Australia, there are no defined corporate governance structures and practices that must be observed by a company listed on the ASX, except that entities of a certain size are required to have audit and remuneration committees and, in some instances, trading policies for key management personnel. Instead, the ASX Corporate Governance Council has published the Corporate Governance Principles and Recommendations, which contains what are called the Recommendations which articulate eight core principles which are intended to provide a reference point for companies about their corporate governance structures and practices. Under ASX Listing Rule 4.10.3, companies are required to attach a copy of the Company's corporate governance statement (which has been approved by the Board) and provide a statement in their annual report to shareholders disclosing the extent to which they have followed the Recommendations in the reporting period and where they have not followed all the Recommendations, identify the Recommendations that have not been followed, and the reasons for not following them and what (if any) alternative governance practices it adopted in lieu of the recommendations during that period. It is not mandatory to follow the Recommendations. We believe we are in material compliance with the Recommendations except where otherwise stated in our periodic disclosures on ASX.

*Non-Executive and Independent Directors*

 

Australian law does not require a company to appoint a certain number of independent directors to its board of directors or audit committee. However, under the Corporate Governance Principles and Recommendations, the ASX recommends, but does not require, that an ASX-listed company have a majority of independent directors on its board of directors. Our Board of Directors has determined that each of Ian Turner, Michael Baker, Hester Larkin and Leila Alland qualifies as an independent director under the requirements of the ASX.

Our Board of Directors does not have regularly scheduled meetings at which only independent directors are present. The Board of Directors meets regularly and independent directors are expected to attend all such meetings.

*Audit Committee.*

 

Our Audit Committee assists our Board of Directors in overseeing the accounting and financial reporting processes of our company and audits of our financial statements, including the integrity of our financial statements, compliance with legal and regulatory requirements, our independent public accountants' qualifications and independence, and independent public accountants, and such other duties as may be directed by our Board of Directors. The Audit Committee is also required to assess risk management.

Our Audit Committee consists of three board members: Michael Baker, Hester Larkin and Leila Alland. Michael Baker is the Chairman of the Audit Committee. The audit committee meets at least two times per year.

Nasdaq Marketplace Rules require us to establish an audit committee comprised of at least three members, each of whom is financially literate and satisfies the respective "independence" requirements of the SEC and Nasdaq and one of whom has accounting or related financial management expertise at senior levels within a company.

Each of member of our Audit Committee satisfies the "independence" requirements of the U.S. Securities and Exchange Commission and Nasdaq Marketplace Rules and Dr. Baker is a "financial expert" for purposes of these rules.

*Renumeration and Nomination Committee*

 

Our Remuneration and Nomination Committee is comprised of non-executive directors and currently consists of the following: Michael Baker, Hester Larkin and Leila Alland.

The committee reviews and determines our remuneration policy and structure annually to ensure it remains aligned to business needs and meets our remuneration principles. In particular, the board aims to ensure that remuneration practices are:

● competitive and reasonable, enabling Radiopharm to attract and retain key talent;

● aligned to the group's strategic and business objectives and the creation of shareholder value;

● transparent and easily understood; and

● acceptable to shareholders.

***Corporate Governance Requirements under Nasdaq listing rules.***

 ****

As Radiopharm is incorporated in Australia, we are allowed to follow Australian "home country" corporate governance practices in lieu of the otherwise applicable Nasdaq corporate governance standards, as long as we disclose each requirement of Rule 5600 that we do not follow and describe the home country practice we follow in lieu of the relevant Nasdaq corporate governance standards. We intend to take all actions necessary to maintain compliance with applicable corporate governance requirements under the rules adopted by the SEC and listing standards of Nasdaq. We follow Australian corporate governance practices in lieu of the corporate governance requirements of the Nasdaq Marketplace Rules in respect of:

● Nasdaq requirement under Rule 5605(d) that a compensation committee be constituted — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a compensation committee. While we have a nominations (compensation) committee, given differences between ASX and Nasdaq rules, we expect to rely on an exemption from the requirement to constitute a compensation committee under the Nasdaq listing rules and we seek to claim such exemption.

● Nasdaq requirement under Rule 5605(e) that a nominations committee be constituted — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a nominations committee. While we have a compensation committee, given differences between ASX and Nasdaq rules, we expect to rely on an exemption from the requirement to constitute a nominations committee under the Nasdaq listing rules and we seek to claim such exemption.

● Nasdaq requirement under Rule 5620(c) that a quorum consist of holders of 33 1/3% of the outstanding ordinary shares — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a quorum of any particular number of the outstanding ordinary shares, but instead allow a listed issuer to establish its own quorum requirements. Our quorum is currently two or more persons who are entitled to vote. We believe this quorum requirement is consistent with the requirements of the ASX and is appropriate and typical of generally accepted business practices in Australia. According to our Constitution, a resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is demanded under which every ordinary shareholder present in person or by proxy has one vote for every ordinary share held. Under our Constitution, a poll may be demanded by the chairman, at least five members entitled to vote on the resolution; or by members with at least 5% of the votes that may be cast on the resolution on a poll.

● Nasdaq requirements under Rules 5605(b)(1) and (2) relating to director independence, including the requirements that a majority of the board of directors must be comprised of independent directors and that independent directors must have regularly scheduled meetings at which only independent directors are present — The Nasdaq and ASX definitions of what constitute an independent director are not identical and the requirements relating to the roles and obligations of independent directors are not identical. The ASX, unlike Nasdaq, permits an issuer to establish its own materiality threshold for determining whether a transaction between a director and an issuer affects the director's status as independent and it does not require that a majority of the issuer's board of directors be independent, as long as the issuer publicly discloses this fact. In addition, the ASX does not require that the independent directors have regularly scheduled meeting at which only independent directors are present. We believe that our Board composition is consistent with the requirements of the ASX and that it is appropriate and typical of generally accepted business practices in Australia.

● The requirement that our independent directors meet regularly in executive sessions under Nasdaq Listing Rules. The ASX Listing Rules and the Corporations Act do not require the independent directors of an Australian company to have such executive sessions.

● The Nasdaq requirements under Rules 5605(d) that compensation of an issuer's officers must be determined, or recommended to the Board for determination, either by a majority of the independent directors, or a compensation committee comprised solely of independent directors, and that director nominees must either be selected, or recommended for the Board's selection, either by a majority of the independent directors, or a nominations committee comprised solely of independent directors. The Nasdaq compensation committee requirements are not identical to the ASX remuneration and nomination committee requirements. Issuers listed on the ASX are recommended under applicable listing standards to establish a remuneration committee consisting of a majority of independent directors and an independent chairperson, or publicly disclose that it has not done so. We have a Remuneration and Nomination Committee, which is operated according to the listing rules and regulations of the ASX, and we will comply with such rules.

● The requirement prescribed by Nasdaq Listing Rules that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain share option, purchase or other compensation plans. Applicable Australian law and the ASX Listing Rules differ from Nasdaq requirements, with the ASX Listing Rules providing generally for prior shareholder approval in numerous circumstances, including (i) issuance of equity securities exceeding 15% (or 25% under certain circumstances) of our issued share capital in any 12-month period (but, in determining the 15% limit, securities issued under an exception to the rule or with shareholder approval are not counted), (ii) issuance of equity securities to related parties (as defined in the ASX Listing Rules) and (iii) issuances of securities to directors or their associates under an employee incentive plan.

***Indemnification of Directors and Officers***

 ****

Our Constitution provides that, we must indemnify a person who is, or has been, a director or an officer of our company or a subsidiary, to the full extent permissible by law, out of our property against any liability incurred by such person as a director or an officer in defending proceedings, whether civil or criminal, and whatever their outcome.

In addition, our Constitution provides that to the extent permitted by law, we may pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a director or an officer of our company or one of our subsidiaries against any liability:

● incurred by the person in his or her capacity as a director or an officer of our company or a subsidiary of our company, and

● for costs and expenses incurred by that person in defending proceedings relating to that person acting as a director or an officer of our company or a subsidiary of our company, whether civil or criminal, and whatever their outcome.

We maintain a directors' and officers' liability insurance policy. We have established a policy for the indemnification of our directors and officers against certain liabilities incurred as a director or officer, including costs and expenses associated in successfully defending legal proceedings

Consistent with the Corporations Act, we have entered into standard deeds of indemnity agreements with each of our directors pursuant to which we indemnify each director against certain liabilities incurred as a director or officer, including costs and expenses associated in successfully defending legal proceedings and maintain directors' and officers' insurance cover in favor of the respective directors for seven years after they cease to be directors.

D. Employees

As of June 30, 2022, we had 12 employees. Of these employees, 9 were employed in research and development and 3 in general management and administration. As of June 30, 2022, 3 employees were employed in Australia and 9 employees were employed in the United States. As at the end of fiscal 2021, we had 6 employees.

Each of our full-time employees has entered into an agreement with an unlimited term. We may only terminate the employment of any of our employees in accordance with the relevant employee's contract of employment.

Our standard contract of employment for full time provides that we can terminate the employment of an employee without notice for serious misconduct or with between one to six months' notice without cause (as set out in the relevant employee's contract of employment).

E. Share Ownership

For a description of arrangements involving the employees in the capital of the Company, including any arrangement that involves the issue or grant of options or shares or securities of the Company, see "Item 6. Directors, Senior Management and Employees—B. Compensation—"Employee Share Option Plan" and "Performance Rights Plan."

***Ownership of Senior Management and Directors***

The following table sets forth certain information as of November 30, 2022, regarding the ownership of our ordinary shares by each of our directors and senior management and by all of our directors and senior management as a group. The percentages shown are based on 328,534,705 ordinary shares issued and outstanding as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of Ordinary Shares <br> Owned** | **Percentage of<br> Ownership** |
| Riccardo Canevari | 6724769 | 2.05% |
| Paul Hopper<sup>(1)</sup> | 94221428 | 28.68% |
| Michael Baker<sup>(2)</sup> | 45983 | \*% |
| Ian Turner | 700020 | \*% |
| Hester Larkin | 66114 | \*% |
| Leila Alland |  |  |
| Phillip Hains |  |  |
| Thom Tulip | 1000000 | \*% |
| Vittorio Puppo |  |  |
| David Mozley | 1240000 | \*% |
| All directors and executive officers as a group (10 persons) – | 103998314 | 31.66% |

---

\* Less than 1% ownership.

(1) Paul Hopper holds (i) 400,000 ordinary shares in Radiopharm directly,
and (ii) 93,571,428 ordinary shares in Radiopharm through Kilinwata Investments Pty Ltd ("Kilinwata"), a controlled entity
of which Paul Hopper is a director. Additionally, the total number of ordinary shares includes beneficial ownership of 250,000 ordinary
shares owned directly by his wife Deborah Coleman.

(2) Michael Baker holds beneficial ownership of 45,983 ordinary shares
in Radiopharm as director of DMMY Holdings Pty Ltd, the record owner.

**Code of Conduct**

We have adopted a Code of Conduct applicable to our directors, officers and employees. Our Code of Conduct is available on our website at www.radiopharmtheranostics.com. We post on our website all disclosures that are required by law or the listing standards of Nasdaq concerning any amendments to, or waivers from, any provision of the Code of Conduct. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be a part of, this Registration Statement.

 **Item 7. Major Shareholders and Related Party Transactions**

A. Major Shareholders

The following table presents the beneficial ownership of our ordinary shares based on 328,534,705 ordinary shares outstanding at November 30, 2022, by each person known by us to be the beneficial owner of more than 5% of our ordinary shares.

We have determined beneficial ownership in accordance with the rules and regulations of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the footnotes below, we believe, based on information furnished to us, that the persons and entities named in the table below have sole voting and sole investment power with respect to all shares that they beneficially own.

In computing the number of shares beneficially owned by a person or entity and the percentage ownership of such person or entity, we deemed to be outstanding all shares subject to options and warrants held by the person or entity that are currently exercisable, or exercisable within 60 days of November 30, 2022. However, we did not deem such shares outstanding for the purpose of computing the percentage ownership of any other person or entity.

---

| | | |
|:---|:---|:---|
| | **Ordinary Shares** <br>**Beneficially Owned**  | **Ordinary Shares** <br>**Beneficially Owned**  |
| <br>**Shareholder** | **Number** | **Percentage** |
| Paul Hopper <sup>(1)</sup> | 97792856 | 29.77% |
| NanoMab Technologies Limited | 28295131 | 8.61% |

---

(1) Paul Hopper holds (i) 400,000 ordinary shares in Radiopharm
directly, (ii) 93,571,428 ordinary shares in Radiopharm through Kilinwata, and (iii) 3,571,428 ordinary shares underlying options held
through Kilinwata. Additionally, his wife Deborah Coleman holds 250,000 ordinary shares in Radiopharm.

As of November 30, 2022, there were 2,113 holders of record of our ordinary shares, of which 6 had registered addresses in the United States. These numbers are not representative of the number of beneficial holders of our shares nor are they representative of where such beneficial holders reside, as many of these ordinary shares were held of record by brokers or other nominees.

In April 2022, Paul Hopper increased his ownership from 90,400,000 ordinary shares to 90,650,000 ordinary shares. In December 2021, Paul Hopper increased his ownership from 90,200,000 ordinary shares to 90,400,000 ordinary shares. In November 2021, Paul Hopper increased his ownership from 90,000,000 ordinary shares to 90,200,000 ordinary shares.

In March 2022, NanoMab increased its ownership from 26,999,909 ordinary shares to 28,295,131 ordinary shares. In February 2022, NanoMab increased its ownership from 21,111,111 ordinary shares to 26,999,909 ordinary shares.

To our knowledge, we are not directly or indirectly controlled by another corporation, by any foreign government or by any other natural or legal person severally or jointly. There are no agreements known to us, the operation of which may at a subsequent date result in a change in control of Radiopharm. All shareholders have the same voting rights.

B. Related Party Transactions

The following is a description of our related party transactions since the incorporation of Radiopharm in February 2021, and we note that they were negotiated at arm's length.

In fiscal 2021, Paul Hopper (our Chairman) loaned A$69,000 to Radiopharm to fund working capital in the Company at the time of inception. In fiscal 2022, the Company repaid the entire loan.

C. Interests of Experts and Counsel

Not applicable.

 **Item 8. Financial Information**

A. Consolidated Statements and Other Financial Information

Our audited consolidated financial statements for the fiscal years ending June 30, 2022 and 2021 are included in Item 18 of this Registration Statement on Form 20-F, which is found immediately following the text of this Registration Statement on Form 20-F. The audit report of Grant Thornton Audit Pty Ltd as of June 30, 2022 and 2021, is included therein immediately preceding the financial statements.

*Legal Proceedings* 

We are not involved in any legal or arbitration proceedings that could have a material adverse impact on our financial position or profitability. We are not currently involved in any governmental proceedings and, to our knowledge, known are contemplated.

*Dividend Distribution Policy* 

We have never paid cash dividends to our shareholders. We intend to retain future earnings for use in our business and do not anticipate paying cash dividends on our ordinary shares in the foreseeable future. Any future dividend policy will be determined by the Board of Directors and will be based upon various factors, including our results of operations, financial condition, current and anticipated cash needs, future prospects, contractual restrictions and other factors as the Board of Directors may deem relevant. There is no assurance that dividends will ever be paid. See "Special Note Regarding Forward Looking Statements".

B. Significant Changes

No significant changes occurred since the date of the annual financial statements.

 **Item 9. The Offer and Listing**

A. Offer and Listing Details

We expect our ADSs to trade on the Nasdaq Capital Market under the symbol "RADX".

For a description of the rights of our ADSs, see "Item 12. Description of Securities Other Than Equity Securities—D. American Depositary Shares."

B. Plan of Distribution

Not applicable.

C. Markets

Our ordinary shares are listed and traded on the ASX, under the symbol "RAD".

We are filing this registration statement on Form 20-F in anticipation of the listing of the ADSs, each representing 100 of our ordinary shares, on the Nasdaq Capital Market under the symbol "RADX". Deutsche Bank Trust Company Americas, acting as depositary, will register and deliver the ADSs.

D. Selling Shareholders

Not applicable.

E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

 **Item 10. Additional Information**

A. Share Capital

As of June 30, 2022, we had (i) 255,433,248 fully paid ordinary shares outstanding, and (ii) 41,553,370 options outstanding at a weighted average exercise price of A$0.70.

Since the incorporation of Radiopharm in February 2021, the following changes have been made to our ordinary share capital:

● we granted options to purchase an aggregate of 19,640,018 ordinary shares with a weighted-average exercise price of A$0.60 per share to employees, directors, officers and consultants. No options to purchase ordinary shares have been exercised during fiscal 2022;

● in November 2021, we issued 83,333,333 ordinary shares at a price of A$0.60 per share in our initial public offer in Australia with a concurrent private placement to institutional and professional investors in certain other countries, raising gross proceeds of approximately A$50 million.

● in October 2022, we issued 63,247,711 ordinary shares to institutional investors at a price of A$0.14 per share, and one free attaching option per ordinary shares issued at an exercise price of A$0.20 per option, under Regulation S and Section 4(a)(2) of the Securities Act.

● in November 2022, we issued 8,705,317 ordinary shares to retail shareholders in Australia and New Zealand, at a price of A$0.14 per share, and one free-attaching option per ordinary share issued at an exercise price of A$0.20 per option, under Regulation S of the Securities Act.

● In November 2022, we issued 23,367,918 ordinary shares, and one free-attaching option per ordinary share issued at an exercise price of A$0.20 per option, to an institutional investor in Australia, under Regulation S of the Securities Act.

B. Memorandum and Articles of Association

***General***

Our constituent document is a Constitution. The Constitution is subject to the terms of the Listing Rules of ASX Limited and the Corporations Act 2001. The Constitution may be amended or repealed and replaced by special resolution of shareholders, which is a resolution of which notice has been given and that has been passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution.

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***Purposes and Objects***

As a public company we have all the rights, powers and privileges of a natural person. Our Constitution does not provide for or prescribe any specific objects or purposes.

***The Powers of the Directors***

Under the provision of our Constitution our directors may exercise all the powers of our company except any powers that the Corporations Act or the constitution attributes to the Company.

 

*Interested Directors*

According to our constitution, if a Director discloses his or her interests in a matter that is being considered by the Board, in accordance with the Corporations Act, the director may (i) contract or make an arrangement with the Company, or a related body corporate of the Company or a body corporate in which the Company is interested, in any matter in any capacity, (ii) be counted in a quorum for a meeting of Directors considering the contract or arrangement provided that such Director is entitled to vote on at least one of the resolutions proposed at the same meeting, (iii) vote on whether the Company enters into the contract or arrangement, and on any matter that relates to the contract or arrangement, (iv) or witness the affixing of the common seal of the Company to, any document in respect of the contract or arrangement, (v) retain the benefits under the contract or arrangement. A director who has a material personal interest in a matter that is being considered by the directors must not be present at a meeting while the matter is being considered nor vote on the matter, except where permitted by the Corporations Act.

Unless a relevant exception applies, the Corporations Act requires our directors to provide disclosure of certain interests or conflicts of interests and prohibits directors from voting on matters in which they have a material personal interest and from being present at the meeting while the matter is being considered. In addition, the Corporations Act and the ASX Listing Rules require shareholder approval of any provision of related party benefits to our directors.

*Directors' compensation*

Our directors are paid remuneration for their services as directors. The total amount of remuneration given to all directors for their services as directors must not exceed in aggregate in any financial year the amount fixed by the company in general meeting. The aggregate, fixed sum for directors' remuneration is to be divided among the directors in such proportion as the directors themselves agree and in accordance with our Constitution.

Remuneration payable to the director may be given in the manner as the directors decide, including by way of non cash benefit, such as a contribution to a superannuation fund. Remuneration paid to our executive directors must also not include a commission or percentage of operating revenue.

Pursuant to our Constitution, any director who devotes special attention to the business of the company, or who performs services that in the opinion of our board of directors, are outside the scope of the ordinary duties of a director, or who at the request of the directors engages in any journey on the business of the company, may be paid extra remuneration, which is determined by our board of directors.

In addition to other remuneration provided in our Constitution, all of our directors are entitled to be paid by us all travelling and other expenses incurred by the directors in attending to the company's affairs, including attending and returning from general meetings of the company, meetings of the directors or committee meetings of the directors.

In addition, in accordance with our Constitution, a director may be paid a retirement benefit as determined by our board of directors subject to the limits set out in the Corporations Act and the ASX Listing Rules which broadly restrict our ability to pay our officers a termination benefit in the event of a change of control of the Company or our subsidiaries as well as impose requirements for shareholder approval to be obtained to pay certain retirement benefits to our officers.

*Borrowing powers exercisable by Directors*

Pursuant to our Constitution, the management and control of our business affairs are vested in our board of directors. Thus, our board of directors has the power to raise or borrow money, and charge any of our property or business or any uncalled capital, and may issue debentures or give any other security for any of our debts, liabilities or obligations or of any other person, in each case, in the manner and on terms it deems fit.

 

*Retirement of Directors*

Pursuant to our Constitution and the ASX Listing Rules, each director, other than the managing director, must not hold office for more than three years or beyond the third annual general meeting following his or her appointment (whichever is longer). Further, at least one director is required to retire by rotation at each annual general meeting (such director being the director who has been longest in office since their last election). Directors who retire by rotation are eligible for a re-election to the board of directors unless disqualified from acting as a director under the Corporations Act or our Constitution.

***Rights Attached to Our Ordinary Shares***

The concept of authorized share capital no longer exists in Australia and as a result, our authorized share capital is unlimited. All our outstanding ordinary shares are validly issued, fully paid and non-assessable. The rights attached to our ordinary shares are as follows:

 

*Dividend Rights.*

The directors may declare that a dividend be paid to the members according to the shareholders' pro rata shareholdings and the directors may fix the amount, the time for payment and the method of payment. No dividend is payable except in accordance with the Corporations Act as amended from time to time and no dividend carries interest as against the Company.

 

*Voting Rights.*

Subject to the Constitution, at a general meeting, each shareholder has one vote on a show of hands and in the circumstance where the voting is carried out on a poll, each shareholder present has one vote for each fully paid ordinary share and a fraction of a vote equivalent to the proportion which the amount is paid up for any shares that is not fully paid Such voting rights may be affected by the grant of any special voting rights to the holders of a class of shares with preferential rights that may be authorized in the future.

The quorum required for a general meeting of shareholders consists of at least any two shareholders present in person and entitled to vote on a resolution at the meeting. According to our Constitution, a resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is demanded under which every ordinary shareholder present in person or by proxy has one vote for every ordinary share held. Under our Constitution, a poll may be demanded by the chairman, at least five members entitled to vote on the resolution; or by members with at least 5% of the votes that may be cast on the resolution on a poll.

A meeting adjourned for lack of a quorum generally is adjourned to the same day in the following week at the same time and place unless otherwise decided by the directors present at the meeting. At the reconvened meeting, the required quorum consists of any two members present in person. The meeting is dissolved if a quorum is not present within 30 minutes from the time appointed for the meeting.

An ordinary resolution of shareholders requires approval by a majority of votes cast by shareholders present at the meeting in person, by proxy, attorney or representative. Under our Constitution, the Corporations Act and the ASX Listing Rules, certain matters must be passed by way of a special resolution. A special resolution must be passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution and present at the meeting in person, by proxy, attorney or representative. Matters which are not required to be passed by special resolution are required to be passed by ordinary resolution.

*Rights in Our Profits.*

Subject to the share classes and the rights attached to each class of shares, our shareholders have the right to share in our profits distributed as a dividend and any other permitted distribution.

*Rights in the Event of Liquidation.*

Subject to the Constitution and the terms of issue of any shares or classes of shares, in the event the company is wound up, after satisfaction of debts and liabilities to creditors and any costs, charges or expenses incurred for the winding up, our assets will be divided and distributed among the shareholders to the number of shares held by them, irrespective of the amounts paid or credited as paid on the shares. The distribution to any shareholder of any partly paid share must be reduced by the unpaid amount as at the date of distribution. This right may be affected by the grant of preferential dividend or distribution rights to the shareholders of preference shares, such as the right in winding up to payment in cash of the amount then paid up on the share, and any arrears of dividend in respect of that share, in priority to any other class of shares.

 

*Directors may make calls*

Our Constitution provides that subject to the terms on which the shares have been issued directors may make calls on a shareholder for amounts unpaid on shares held by that shareholder, other than monies payable at fixed times under the conditions of allotment, require a call to be paid by instalments and revoke or postpone a call. The company must give notice of a call at least 30 business days (or any longer period required by the Listing Rules) before the amount called is due, specifying the time and place of payment.

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***Changing Rights Attached to Shares***

According to our Constitution, the rights attached to any class of shares, unless otherwise provided by the terms of the class, may be varied with either the written consent of the holders of not less than 75% of the issued shares of that class or the sanction of a special resolution passed at a separate general meeting of the shares of that class.

***Annual and Extraordinary Meetings***

Our directors must convene an annual meeting of shareholders at least once every calendar year. Notice of at least 28 days prior to the date of the meeting is required. A general meeting may be convened by a directors' resolution or as otherwise provided in the Corporations Act.

***Limitations on the Rights to Own Securities in Our Company***

Subject to certain limitations on the percentage of shares a person may hold in our company, neither our Constitution nor the laws of the Commonwealth of Australia restrict in any way the ownership or voting of shares in our company.

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***Changes in Our Capital***

Pursuant to the Listing Rules, our directors may in their discretion issue securities to persons who are not related parties of our company, without the approval of shareholders, if such issue, when aggregated with securities issued by our company during the previous 12-month period would be an amount that would not exceed 15% of our issued capital at the commencement of the 12-month period. Other allotments of securities require approval by an ordinary resolution of shareholders.

**C. Material Contracts**

**License Agreement with NanoMab**

In July 2021, Radiopharm entered into a license agreement with NanoMab Technology Limited ("NanoMab"). Under the terms of the agreement, NanoMab granted Radiopharm the exclusive worldwide, sub-licensable right to patents regarding Anti-HER2 Nanobody, anti-TROP2 Nanobody and anti-PTK-7 Nanobody and a non-exclusive license to certain related know-how connected to the patents licensed.

Subject to the filing of the Anti-TROP-2 patent, Radiopharm paid an upfront payment of US$12.5 million partly in cash and shares to NanoMab for the license of the Anti-HER-2, Anti-TROP-2 and Anti-PTK7 antibodies, an upfront payment up to US$12.5 million. Additionally, Radiopharm is required to pay NanoMab up to US$11.5 million upon the achievement of the several therapeutic milestones and single-digit royalty rates of Radiopharm's net sales of each patented licensed product subject to a valid claim.

The agreement is effective, on a country-by-country and product-by-product developed under the agreement basis, until the later of the fifth anniversary of the expiration of the last licensed patents or 5 years after expiring of any exclusivity, or price, reimbursement protection. The expected expiry date of the last-to-expire patent is 2041In addition, the agreement may be terminated by either party for cause or by Radiopharm at will by giving 90 days' written notice.

**Amended License Agreement with NanoMab**

In August 2021, Radiopharm entered into an amendment to the License Agreement with NanoMab for the additional licensing to Radiopharm of the anti-PDL-1 patent relating to nanobodies and coding sequences.

In addition to the amounts payable under the first agreement, Radiopharm must pay NanoMab an upfront payment up to US$2.0 million. Additionally, Radiopharm is required to pay NanoMab up to US$6.5 million upon the achievement of the several development milestones in connection with the PDL-1 therapeutic product.

**IP Assignment Agreement with NanoMab and NanoMab UK**

In January 2022, Radiopharm entered into an assignment agreement with NanoMab and NanoMab (UK) Limited ("NanoMab UK") pursuant to which NanoMab and NanoMab UK assigned their entire worldwide legal and beneficial rights in the Anti-HER2 Nanobody, anti-TROP2 Nanobody and anti-PTK-7 Nanobody patents and know-how (which includes pre-plinical and proof-of-concept data) to Radiopharm.

As consideration for the assignment, Radiopharm shall pay to NanoMab ordinary shares equivalent to US$0.5 million based of ordinary shares.

**License Agreement with TRIMT**

In July 2021, Radiopharm entered into an exclusive license agreement with TRIMT GmbH ("TRIMT") for the <sup>68</sup>Ga-Trivehexin technology. Under the terms of the agreement, TRIMT granted to Radiopharm the exclusive royalty-bearing and sublicensable right and license to the patent rights regarding Cyclic peptides and their conjugates for addressing alpha-v-beta-6-integrin in vivo and any other associated patent rights for all diagnostic and radiotherapeutic applications in the United States, Japan, Hong Kong, China and Australia. Radiopharm was also granted a non-exclusive, cost-free right and license for non-commercial research purposes to specific radionuclides for all diagnostic and radiotherapeutic applications. TRIMT retained rights with respect to the patents subject of the agreement with respect to countries other than those for which the patents were licensed to develop, use, offer for sale, sell, and otherwise commercialize in any manner whatsoever clinical products.

Radiopharm paid US$10 million as an upfront fee, partly in cash and in shares. Radiopharm shall pay TRIMT up to US$90 million upon achievement of the several development milestones and single-digit royalty rates on net sales of products covered by the licensed patents.

The agreement will expire, on a country-by-country and product-by-product developed under the agreement basis, at the later of (i) the fifth year after the last to expire patent right; or (ii) five years after expiring of any exclusivity (e.g. data/market exclusivity) , or price, or reimbursement protection (e.g. orphan drug exclusivity in the United States); or (iii) ten years after the first commercial sale of a licensed product in the respective country. The expected expiry date of the last-to-expire patent is 2041.The agreement may also be terminated if the head license between TRIMT and Bayerische Patentallianz GmbH is terminated, and by either party for cause. In addition, Radiopharm may terminate the agreement at will upon delivering written notice.

**License Agreement with Diaprost and Fredax**

In September 2021, Radiopharm entered into a license agreement with Diaprost AB ("Diaprost") and Fredax AB ("Fredax"), a company related to Diaprost, for the development of antibodies used in diagnostics, prognostics and therapeutics for prostate cancer. Under this agreement, Fredax granted Radiopharm an exclusive, worldwide, sublicensable license of patent rights regarding antibody polypeptides and their uses. Diaprost granted Radiopharm an exclusive worldwide sublicensable sublicense of patent rights regarding antibody polypeptides and their uses.

Radiopharm has paid US$7 million in upfront fees. In addition, under the agreement, Radiopharm will pay Diaprost an aggregate amount equal to US$122 million upon achievement of several therapeutic clinical development and regulatory approval milestones as well as royalties upon entering into any sub-licensing agreement that are based upon industry standard royalty rates. For further details, please see Note 12(b) to our fiscal 2022 audited financial statements in this Registration Statement.

The agreement will be effective until the later of five years following the date of the last-to-expire patent right; and the achievement of all milestone and completion of payments due. The agreement will be terminated if the license agreement between Diaprost and Memorial Sloan Kettering Cancer Center is terminated. Diaprost retained the right to terminate the sublicense if Radiopharm does not achieve certain milestones within the time specified in the agreement. The parties retain the right to terminate the agreement for cause, and Radiopharm retains the right to terminate the agreement at will upon delivery of prior written 90-day notice.

**License Agreement with Cancer Research Technology**

In October 2021, Radiopharm entered into a license agreement with Cancer Research Technology Limited ("CRT") for the <sup>18</sup>F-FPIA Imaging Agent. Under the terms of the agreement, Radiopharm was granted the exclusive, sublicensable, world-wide and royalty-bearing right to develop and commercialize <sup>18</sup>F-FPIA Imaging Agent in the field of diagnosis, imaging, prevention and treatment of disease relating and know-how that related to the licensed patents.

Radiopharm shall pay CRT up to £35.8 million upon achievement of the certain development milestones and single-digit royalty rates on net sales of products covered by the licensed rights. Radiopharm paid £180,000 as upfront fees

The agreement will expire on a country-by-country and licensed product-by-licensed product basis on the latter of (i) the date on which all valid claims covering the licensed products are expired, finally revoked, withdrawn, abandoned or finally disallowed, in each case, without the possibility of appeal or refiling of the claim, and expiry of the fifth year after the last to expire patents or five years after expiring of any exclusivity, or price, reimbursement protection; or (ii) ten years after the first commercial sale of a licensed product. The expected expiry date of the last-to-expire patent is 2035.The agreement may be terminated by either party for cause. Radiopharm has the right to terminate the agreement at will upon providing a 90-day notice.

**Sublicense Agreement with NeoIndicate**

In June 2022, Radiopharm entered into a sublicense agreement with NeoIndicate LLC ("NeoIndicate") pursuant to which NeoIndicate granted an exclusive, worldwide sublicensable sublicense to Radiopharm for certain parent rights concerning imaging and theranostics uses of molecular agents targeting cell surface receptor PTPmu developed by Case Western Reserve University ("CWRU"). Radiopharm has paid US$70,000 in upfront fees. In addition, under the terms of the agreement, Radiopharm will pay NeoIndicate up to US$278.3 million upon achievement of the certain development milestones and single-digit royalty rates on net annual sales of licensed products in the relevant fiscal year. For further details, please see Note 12(e) to our fiscal 2022 audited financial statements in this Registration Statement.

The term of the agreement shall conclude on the later of the end of 20 years from the effective date of the license agreement between CWRU and NeoIndicate, or on the expiration date of the last-to-expire patent covered by the agreement, or on the expiration date of the last-to-expire market exclusivity period. The expected expiry date of the last-to-expire patent 2037. Radiopharm may terminate the agreement by giving 60 days written notice to NeoIndicate. NeoIndicate retained the right to terminate the agreement if certain milestone developments are not achieved within the deadlines specified in the agreement.

**Exclusive License Agreement with The Regents of the University of California**

In March 2022, Radiopharm entered into a license agreement with The Regents of the University of California ("The Regents") pursuant to which The Regents granted Radiopharm an exclusive license to develop and commercialize clinical products under the patents licensed that concern immunotheranostic agent targeting mesenchymal stem cell-derived cancer cells and mesenchymal stem cell associated disease. The Regents retained the right to license the patents subject of the agreement to other companies exclusively in the imaging research field. In addition, The Regents also granted Radiopharm the right to sublicense the patents subject of the agreement.

Under the terms of the agreement, The Regents retained the right (i) for itself and other nonprofit and academic research institutions to use licensed patents and associated technology for educational and research purposes (including clinical research and research sponsored by commercial entities) and to publish their respective results, and (ii) for the University of California ("UC") to offer and perform clinical diagnostic and prognostic services for patients in the UC healthcare system.

Under the terms of the agreement, Radiopharm has agreed to pay a license issue fee of US$100,000 and, from the second anniversary of the effective date of the contract, a license maintenance fee of US$5,000 on each anniversary of the effective date for the contract until sales of clinical products developed using the licensed patents commences and royalties are paid. In addition, Radiopharm also agreed to pay US$12.4 million in total upon achievement of certain development and sales milestones as well as single-digit royalty rates. For further details, please see Note 12(f) to our fiscal 2022 audited financial statements in this Registration Statement.

The agreement will remain effective until the expiration or abandonment of the last of the parents licensed under the agreement. Regents may terminate the agreement for material breach if Radiopharm fails to remedy a notice of default. Regents may also terminate the agreement if Radiopharm fails to achieve, for clinical products both in the imaging field and in the therapeutics field to be developed using the patents licensed under the agreement, certain development milestones within the time determined in the agreement. Radiopharm retains the right to terminate the agreement at any time by providing a 60-day written notice.

D. Exchange Controls

Australia has largely abolished exchange controls on investment transactions. The Australian dollar is freely convertible into U.S. dollars. In addition, there are currently no specific rules or limitations regarding the export from Australia of profits, dividends, capital or similar funds belonging to foreign investors, except that certain payments to non-residents must be reported to the Australian Cash Transaction Reports Agency, which monitors such transaction, and amounts on account of potential Australian tax liabilities may be required to be withheld unless a relevant taxation treaty can be shown to apply.

**The Foreign Acquisitions and Takeovers Act 1975**

Under Australian law, in certain circumstances foreign persons are prohibited from acquiring more than a limited percentage of the shares in an Australian company without approval from the Australian Treasurer. These limitations are set forth in the Australian *Foreign Acquisitions and Takeovers Act 1975* (Cth) ("FATA"), associated legislation and regulations. These limitations are in addition to the more general overarching Takeovers Prohibition of an acquisition of more than a 20% interest in a public company (in the absence of an applicable exception) under the takeover provisions of Australia's Corporations Act by any person whether foreign or otherwise.

If an investment is subject to foreign investment approval, it may have compulsory prior notification requirements, being a "notifiable action" or "notifiable national security action" or voluntary prior notification requirements being a "significant action" or "reviewable national security action". If an investment falls in this voluntary application category, the seeking of approval will extinguish certain future rights the Australian Treasurer has to review and approve the investment. Not applying for approval where the voluntary notification provisions apply will not be a breach of the FATA.

The Australian foreign investment regime applies differently to 'foreign government investors' and private foreign persons. Broadly, entities are considered as foreign persons if (i) a foreign holder (together with its associates) holds a direct or indirect interest of 20% or more in the entity or (ii) multiple foreign holders hold an aggregate interest (direct or indirect) of at least 40%. An entity will be a 'foreign government investor' if (i) a foreign government or foreign government owned entity, or a number of foreign government owned entities from the same country own a direct or indirect interest of 20% or (ii) or multiple foreign governments or foreign government owned entities from any country own a direct or indirect interest of 40%.

Under the FATA, foreign persons are required to notify and obtain prior approval from the Foreign Investment Review Board for a range of acquisitions of an interest in an Australian entity on a mandatory basis, including:

● acquisitions of a direct interest (generally 10% or more) by a foreign government investor in an Australian entity, irrespective of value;

● acquisitions by any foreign person of:

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| a 'substantial interest' (generally 20% or more) in an Australian entity valued above the relevant monetary threshold. This is generally A$289 million (indexed annually) or A$1,250 million in case of U.S. investors where the investment is being made directly by a U.S investor, in each case calculated by the higher of the total asset value and the total value of the issued securities of the Australian entity; or |
| a direct interest in a 'national security business' or entity that carries on a national security business, or holds 'national security land', irrespective of value; and |

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● acquisitions of interests in Australian entities operating in sensitive industries (such as media, telecommunications, and encryption and security technologies), land-rich Australian entities or agribusiness Australian entities.

Each foreign person seeking to acquire holdings in excess of the above caps (including their associates) would need to complete an application form setting out the proposal and relevant particulars of the acquisition/shareholding and pay the relevant application fees. The Australian Treasurer then has 30 days to consider the application and make a decision and a further 10 days to notify the applicant. However, the Australian Treasurer has broad powers to extend this time period, including extending the period by up to a further 90 days by publishing an interim order. Most commonly, the Australian Treasurer will request an applicant agree to an extension to avoid needing to publish the interim order, such agreement is usually in the best interest of the applicant as interim orders are made public and by agreeing to an extension the application process is kept confidential. Otherwise applications are strictly confidential and not released to the public.

The Australian Foreign Investment Review Board, an Australian advisory board to the Australian Treasurer has provided a guideline titled *Australia's Foreign Investment Policy,* which provides an outline of the policy. As for the risk associated with seeking approval, the policy provides, among other things, that the Treasurer will reject an application if it is contrary to the national interest.

If an application is made to the Australian Treasurer (whether voluntary or compulsory), the Australian Treasurer may either issue a non-objection notice, a non-objection notice with conditions or a rejection notice.

If the necessary approvals are not obtained, the Treasurer has a range of enforcement powers, including the power to make an order requiring the acquirer to dispose of the shares it has acquired within a specified period of time. Once a foreign person (together with any associate) holds a direct interest or a substantial interest in an entity, any further acquisition of interests, including in the course of trading in the secondary market, would require a new FIRB approval unless an exemption applies.

Once granted, a FIRB approval is valid for a 12 month period, meaning the proposed acquisition which was the subject of an application can occur any time during that 12 month period.

E. Taxation

The following is a discussion of Australian and United States tax consequences material to our shareholders. To the extent that the discussion is based on tax legislation which has not been subject to judicial or administrative interpretation, the views expressed in the discussion might not be accepted by the tax authorities in question or by court. The discussion is not intended, and should not be construed, as legal or professional tax advice and does not exhaust all possible tax considerations.

**Holders of our ADSs should consult their own tax advisors as to the United States, Australian or other tax consequences of the purchase, ownership and disposition of ADSs, including, in particular, the effect of any foreign, state or local taxes.** 

**U.S. Taxation**

The following is a summary of material U.S. federal income tax consequences that generally apply to U.S. Holders (as defined below) who hold ADSs as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"). This summary is based on the Code, its legislative history, final, temporary and proposed United States Treasury regulations promulgated thereunder, published rulings and court decisions, and the bilateral income tax convention between Australia and the United States (the "Treaty"), all as in effect on the date hereof and all of which are subject to change, or changes in interpretation, either prospectively or retroactively. This discussion does not address all of the tax consequences relating to the purchase, ownership, and disposition of ADSs and does not take into account U.S. Holders who may be subject to special rules, including: financial institutions, insurance companies, , tax-exempt organizations, real estate investment trusts, regulated investment companies, grantor trusts, non-resident aliens of the United States or taxpayers whose functional currency is not the U.S. dollar, persons who hold the ADSs through partnerships or other pass-through entities, persons who acquired their ADSs through the exercise or cancellation of any employee share options or otherwise as compensation for their services, investors that actually or constructively own 10% or more of our shares, dealers or traders in securities or currencies, certain former citizens or long-term residents of the United States, dual resident corporations, persons that generally mark their securities to market for United States federal income tax purposes, persons who are residents of Australia for Australian income tax purposes, and investors holding ADSs as part of a straddle or appreciated financial position or as part of a hedging or conversion transaction. This summary does not address the Medicare tax imposed on certain investment income, any state, local and foreign tax considerations or any U.S. federal estate, gift or alternative minimum tax considerations relevant to the purchase, ownership and disposition of our ADSs. In addition, this discussion is based in part upon representations of the depositary and the assumption that each obligation in the deposit agreement and any related agreements will be performed according to its terms.

If a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes owns ADSs, the U.S. federal income tax treatment of its partners will generally depend upon the status of the partner and the activities of the partnership. A partnership should consult its tax advisors regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition of ADSs.

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of ADSs that is for U.S. federal income tax purposes: an individual who is a citizen or resident of the United States; a corporation that is created or organized in or under the laws of the United States or any political subdivision thereof; an estate whose income is subject to U.S. federal income tax regardless of its source; or a trust if (a) a court within the United States is able to exercise primary supervision over administration of the trust, and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

**Distributions**

For U.S. federal income tax purposes, a U.S. Holder of ADSs will be treated as owning the ordinary shares underlying the ADSs. Subject to the passive foreign investment company rules discussed below, the gross amount of any distribution received by a U.S. Holder with respect to our ordinary shares or ADSs, including the amount of any Australian taxes withheld therefrom, will be included in gross income as a dividend to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of a U.S. Holder's tax basis in the ADSs and thereafter will be treated as gain from the sale or exchange of the ADSs. We have not maintained and do not plan to maintain calculations of earnings and profits for U.S. federal income tax purposes. As a result, a U.S. Holder may need to include the entire amount of any such distribution in income as a dividend. Dividends will not, however, be eligible for the "dividends received deduction" generally allowed to corporate shareholders with respect to dividends received from U.S. corporations.

The U.S. dollar value of any distribution on the ADSs made in Australian dollars generally should be calculated by reference to the spot exchange rate between the U.S. dollar and the Australian dollar in effect on the date the distribution is actually or constructively received by the U.S. Holder regardless of whether the Australian dollars so received are in fact converted into U.S. dollars. A U.S. Holder who receives payment in Australian dollars and converts those Australian dollars into U.S. dollars at an exchange rate other than the rate in effect on such day may have a foreign currency exchange gain or loss, which would generally be treated as ordinary income or loss from sources within the United States for U.S. foreign tax credit purposes.

Subject to complex limitations and certain holding period requirements, a U.S. Holder may elect to claim a credit for Australian tax withheld from distributions against its U.S. federal income tax liability. The limitations set out in the Code include computational rules under which foreign tax credits allowable with respect to specific classes of income cannot exceed the U.S. federal income taxes otherwise payable with respect to each such class of income. Dividends generally will be treated as foreign-source passive category income for U.S. foreign tax credit purposes or in the case of certain U.S. Holders as foreign source "general category" income. A U.S. Holder that does not elect to claim a U.S. foreign tax credit may instead claim a deduction for Australian tax withheld.

Subject to certain limitations, dividends received by a non-corporate U.S. Holder are subject to tax at a reduced maximum tax rate of 20 percent if the dividends are "qualified dividends". Dividends are qualified dividends if: (a)(i) the issuer is entitled to benefits under the Treaty or (ii) the shares are readily tradable on an established securities market in the United States and (b) certain other requirements are met. We believe that we are entitled to benefits under the Treaty and that the ADSs currently are readily tradable on an established securities market in the United States. However, no assurance can be given that the ADSs will remain readily tradable. Further, the reduced rate does not apply to dividends if we are a PFIC in the year prior to or the year in which the dividend is paid.

The U.S. Treasury has expressed concerns that intermediaries in the chain of ownership between the holder of an ADS and the issuer of the security underlying the ADS may be taking actions that are inconsistent with the claiming of foreign tax credits for U.S. Holders of ADSs. Such actions would also be inconsistent with the claiming of the reduced rate of tax, described above, applicable to dividends received by certain non-corporate holders. Accordingly, the analysis of the creditability of Australian taxes and the availability of the reduced tax rate for dividends received by certain non-corporate holders, each described above, could be affected by actions taken by intermediaries in the chain of ownership between the holder of an ADS and our Company.

**Disposition of ADSs**

If you sell or otherwise dispose of ADSs, you will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the U.S. dollar value of the amount realized on the sale or other disposition and your adjusted tax basis in the ADSs. Subject to the passive foreign investment company rules discussed below, such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if you have held the ADSs for more than one year at the time of the sale or other disposition. In general, any gain that you recognize on the sale or other disposition of ADSs will be gain from U.S. sources for purposes of the foreign tax credit limitation; losses will generally be allocated against U.S. source income. The deduction of capital losses is subject to certain limitations under the Code.

In the case of a cash-basis U.S. Holder who receives Australian dollars in connection with the sale or other disposition of ADSs, the amount realized will be calculated based on the U.S. dollar value of the Australian dollars received as determined by reference to the spot rate in effect on the settlement date of such exchange. A U.S. Holder who receives payment in Australian dollars and converts Australian dollars into U.S. dollars at a conversion rate other than the rate in effect on the settlement date may have foreign currency exchange gain or loss that would be treated as ordinary income or loss from sources within the United States for U.S. foreign tax credit purposes.

An accrual-basis U.S. Holder may elect the same treatment required of cash-basis taxpayers with respect to a sale or disposition of ADSs, provided that the election is applied consistently from year to year. Such election may not be changed without the consent of the Internal Revenue Service ("IRS"). In the event that an accrual-basis U.S. Holder does not elect to be treated as a cash-basis taxpayer (pursuant to the Treasury regulations applicable to foreign currency transactions), such U.S. Holder may have foreign currency gain or loss for U.S. federal income tax purposes because of differences between the U.S. dollar value of the currency received prevailing on the trade date and the settlement date. Any such currency gain or loss would be treated as ordinary income or loss from sources within the United States for U.S. foreign tax credit purposes. However, if foreign currency is converted into U.S. dollars on the date received by the U.S. Holder, a cash-basis or electing accrual-basis U.S. Holder should not recognize any gain or loss on such conversion.

**Passive Foreign Investment Company rules**

There is a risk that we may be a passive foreign investment company("PFIC"), for U.S. federal income tax purposes. Our treatment as a PFIC could result in a reduction in the after-tax return to the U.S. Holders of our ADSs and may cause a reduction in the value of such securities.

For U.S. federal income tax purposes, we will be classified as a PFIC for any taxable year in which (i) 75% or more of our gross income is passive income, or (ii) at least 50% of the average value of all of our assets for the taxable year produce or are held for the production of passive income. For this purpose, cash is considered to be an asset which produces passive income. Passive income for these purposes generally includes dividends, interest, royalties, rents, annuities and the excess of gains over losses from the disposition of assets which produce passive income. In making a PFIC determination, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the share capital. Based on the composition of our assets and income, we believe that we could be treated as a PFIC for U.S. federal income tax purposes with respect to fiscal 2022. However, the determination of PFIC status is a factual determination that must be made annually at the close of each taxable year and, therefore, there can be no certainty as to our status in this regard until the close of the current or any future taxable year. Changes in the nature of our income or assets or a decrease in the trading price of our ADSs may cause us to be considered a PFIC in the current or any subsequent year. If we were a PFIC in any year during a U.S. Holder's holding period for our ADSs, we would ordinarily continue to be treated as a PFIC for each subsequent year during which the U.S. Holder owned the ADSs.

Under the default PFIC "excess distribution" regime, if we are a PFIC in any taxable year during which a U.S. Holder owns ADSs, such U.S. Holder could be liable for additional taxes and interest charges upon (i) certain distributions by us (generally any distribution paid during a taxable year that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for the ADSs), and (ii) any gain realized on a sale, exchange or other disposition, including a pledge, of the ADSs, whether or not we continue to be a PFIC for the year of the disposition. In these circumstances, the tax will generally be determined by allocating such distributions or gain ratably over the U.S. Holder's holding period for the ADSs. The amount allocated to the current taxable year and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income (rather than capital gain) earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest applicable marginal rates for the year and an interest charge at the rate applicable to underpayments of tax will also be imposed on the amount of taxes allocated to such other taxable years.

An indirect shareholder may be taxed on a distribution paid to the direct owner of a PFIC and on a disposition of the share indirectly owned. Indirect shareholders are strongly urged to consult their tax advisors regarding the application of these rules.

If we are a PFIC and subsequently cease to be a PFIC in a future year, a U.S. Holder may avoid the continued application of the tax treatment described above by electing to be treated as if it sold its ADSs on the last day of the last taxable year in which we were a PFIC. Any gain would generally be recognized and subject to tax under the excess distribution regime described above. Loss would not be recognized. A U.S. Holder's basis in its ADSs would be increased by the amount of gain, if any, recognized on the deemed sale. A U.S. Holder would be required to treat its holding period for its ADSs as beginning on the day following the last day of the last taxable year in which we were a PFIC.

If the ADSs are considered "marketable stock" and if a U.S. Holder properly elects to "mark-to-market" its ADSs in a timely fashion, the U.S. Holder would not be subject to tax under the excess distribution regime described above. Instead, the U.S. Holder would generally include in income any excess of the fair market value of the ADSs at the close of each tax year over the adjusted tax basis of the ADSs. If the fair market value of the ADSs had depreciated below the adjusted basis at the close of the tax year, the U.S. Holder would be entitled to deduct the excess of the adjusted basis of the ADSs over their fair market value at that time. However, such deductions generally would be limited to the net mark-to-market gains, if any, the U.S. Holder included in income with respect to such ADSs in prior years. Income recognized and deductions allowed under the mark-to-market provisions, as well as any gain or loss on the disposition of ADSs with respect to which the mark-to-market election is made, is treated as ordinary income or loss (except that loss is treated as capital loss to the extent the loss exceeds the net mark-to-market gains, if any, that a U.S. Holder included in income with respect to such ordinary shares in prior years). However, gain or loss from the disposition of ADSs (as to which a "mark-to-market" election was properly made) in a year in which we are no longer a PFIC, will be capital gain or loss. Our ordinary shares or ADSs will be "marketable" stock as long as they remain regularly traded on a national securities exchange, such as the Nasdaq, or a foreign securities exchange regulated by a governmental authority of the country in which the market is located and which meets certain requirements, including that the rules of the exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be "regularly traded" for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter, but no assurances can be given in this regard. Our ordinary shares are traded on the ASX, which may qualify as an eligible foreign securities exchange for this purpose. Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes, including shares in any of our subsidiaries that are treated as PFICs.

A U.S. Holder of ADSs should not be able to avoid the tax consequences described above by electing to treat us as a qualified electing fund. In general, a qualified electing fund is, with respect to a U.S. person, a PFIC if the U.S. person has elected to include its proportionate share of a company's ordinary earnings and net capital gains in U.S. income on an annual basis. A qualified electing fund election can only be made with respect to us if we provide U.S. Holders with certain information on an annual basis and we do not intend to prepare the information that U.S. Holders would need to make the qualified electing fund election.

**Backup withholding and information reporting**

Payments in respect of ADSs may be subject to information reporting to the IRS and to U.S. backup withholding tax (at a rate of 24% under current law). Backup withholding will not apply, however, if a U.S. Holder (i) is a corporation, (ii) satisfies an applicable exemption, or (iii) furnishes correct taxpayer identification.

Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules may be credited against a U.S. Holder's U.S. tax liability, and a U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS.

**Australian Taxation** 

In this section we discuss the material Australian tax considerations that apply to non-Australian tax residents with respect to the acquisition, ownership and disposal of the absolute beneficial ownership of ADSs, which are evidenced by ADSs. This discussion is based upon existing Australian tax law as of the date of this Registration Statement, which is subject to change, possibly retrospectively. This discussion does not address all aspects of Australian income tax law which may be important to particular investors in light of their individual investment circumstances, such as ADSs or shares held by investors subject to special tax rules (for example, financial institutions, insurance companies or tax exempt organizations). In addition, this summary does not discuss any foreign or state tax considerations, other than stamp duty. Prospective investors are urged to consult their tax advisors regarding the Australian and foreign income and other tax considerations of the purchase, ownership and disposition of the ADSs or shares.

**Nature of ADSs for Australian taxation purposes**

Holders of our ADSs should be treated as the owners of the underlying ordinary shares for Australian income tax and capital gains tax purposes. Therefore, dividends paid on the underlying ordinary shares will be treated for Australian tax purposes as if they were paid directly to the owners of ADSs, and the disposal of ADSs will be treated for Australian tax purposes as the disposal of the underlying ordinary shares. In the following analysis we discuss the application of the Australian income tax and capital gains tax rules to holders of ADSs which are not residents of Australia for tax purpose.

**Taxation of dividends**

Australia operates a dividend imputation system under which dividends may be declared to be "franked" to the extent they are paid out of company profits that have been subject to income tax. Fully franked dividends are not subject to dividend withholding tax when paid to non-Australian resident shareholders. Dividends that are not franked or are partly franked and are paid to non-Australian resident shareholders are subject to dividend withholding tax, but only to the extent the dividends are not franked.

Unfranked (or partially franked) dividends paid to a non-resident shareholder are subject to withholding tax at a 30% rate, unless the shareholder is a resident of a country with which Australia has a double taxation agreement.

In accordance with the provisions of the Double Taxation Convention between Australia and the United States, the maximum rate of Australian tax on any unfranked portion of a dividend to which a resident of the United States is beneficially entitled is reduced to 15%, where the U.S. resident holds less than 10% of the voting rights in our company, or 5% where the U.S. resident holds 10% or more of the voting rights in our company. Special rules apply to Regulated Investment Companies and Real Estate Investment Trusts that hold shares and receive dividends. The Double Taxation Convention between Australia and the United States does not apply to limit the tax rate on dividends where the ADSs are effectively connected to a permanent establishment or a fixed base carried on by the owner of the ADSs in Australia through which the shareholder carries on business or provides independent personal services, respectively.

**Tax on sales or other dispositions of shares — capital gains tax**

Australian capital gains derived by non-Australian residents in respect of the disposal of capital assets that are not taxable Australian property will be disregarded. Non-Australian resident shareholders will not be subject to Australian capital gains tax on the capital gain made on a disposal of our shares, unless they, together with associates, hold 10% or more of our issued capital, tested either at the time of disposal or over any continuous 12- month period in the 24 months prior to disposal, and the value of our shares at the time of disposal is principally attributable to Australian real property assets.

Australian capital gains tax applies to net capital gains at a taxpayer's marginal tax rate but for certain shareholders a discount capital gain may apply if the shares have been held for 12 months or more and the shareholder was a resident of Australia for some or all of the ownership period. For individuals, this discount is 50%. Net capital gains are calculated after reduction for capital losses (including certain prior year capital losses), which may only be offset against capital gains.

 

*Tax on Sales or other Dispositions of Shares — Shareholders Holding Shares on Revenue Account*

Some non-Australian resident shareholders may hold shares on revenue rather than on capital account, for example, share traders. These shareholders may have the gains made on the sale or other disposal of the shares included in their assessable income under the ordinary income provisions of the income tax law, if the gains are sourced in Australia.

Non-Australian resident shareholders assessable under these provisions in respect of gains made on shares held on revenue account would be assessed for such gains at the Australian tax rates for non-Australian residents, which start at a marginal rate of 32.5% for non-Australian resident individuals. Some relief from the Australian income tax may be available to such non-Australian resident shareholders under the Double Taxation Convention between the United States and Australia, for example, because the shareholder does not have a permanent establishment in Australia.

To the extent an amount would be included in a non-Australian resident shareholder's assessable income under both the capital gains tax provisions and the ordinary income provisions, the capital gain amount would generally be reduced, so that the shareholder would not be subject to double tax on any part of the income gain or capital gain.

**Dual residency**

If a shareholder were a resident of both Australia and the United States under those countries' domestic taxation laws, that shareholder may be subject to tax as an Australian resident. If, however, the shareholder is determined to be a U.S. resident for the purposes of the Double Taxation Convention between the United States and Australia, the Australian tax applicable would be limited by the Double Taxation Convention. Shareholders should obtain specialist taxation advice in these circumstances.

**No stamp duty**

A transfer of shares of an Australian company, such as Radiopharm, that is listed on the Australian Securities Exchange is generally not subject to Australian stamp duty.

**No Australian death duty / estate tax**

Australia does not have any estate tax or death duties. No capital gains tax liability is realized upon the inheritance of a deceased person's shares.

**Goods and Services Tax**

The issue or transfer of shares will not incur Australian goods and services tax.

F. Dividends and Paying Agents

Not applicable.

G. Statement by Experts

Not applicable.

H. Documents on Display

We are subject to the reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, as applicable to "foreign private issuers" as defined in Rule 3b-4 under the Exchange Act. As a foreign private issuer, we are exempt from certain provisions of the Exchange Act. Accordingly, our proxy solicitations are not subject to the disclosure and procedural requirements of regulation 14A under the Exchange Act, transactions in our equity securities by our officers and directors are exempt from reporting and the "short-swing" profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we file with the U.S. Securities and Exchange Commission an annual report on Form 20-F containing financial statements that have been examined and reported on, with and opinion expressed by an independent registered public accounting firm, and we submit reports to the U.S. Securities and Exchange Commission on Form 6-K containing (among other things) press releases and unaudited financial information for the first six months of each fiscal year. We post our annual and half-year reports on our website promptly following their filing with the U.S. Securities and Exchange Commission. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this Registration Statement on Form 20-F, and the reference to our website in this Registration Statement on Form 20-F is an inactive textual reference only.

This document and the exhibits thereto and any other document we file pursuant to the Exchange Act may be inspected without charge and copied at prescribed rates at the U.S. Securities and Exchange Commission public reference room at 100 F Street, N.E., Room 1580, Washington D.C. 20549. You may obtain information on the operation of the Securities and Exchange Commission's public reference room in Washington, D.C. by calling the U.S. Securities and Exchange Commission at 1-800-SEC-0330.

The U.S. Securities and Exchange Commission maintains a website at <u>www.sec.gov</u> that contains reports, proxy and information statements and other information regarding registrants that make electronic filings with the U.S. Securities and Exchange Commission using its EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system.

The documents concerning our company which are referred to in this document may also be inspected at our office located at Level 3, 62 Lygon Street, Carlton, VIC 3053, Australia.

I. Subsidiary Information

We have one significant subsidiary: Radiopharm Theranostics (USA) Inc., a Nevada corporation ("Radiopharm USA"). This subsidiary facilitates recruitment and employment of U.S.-based executives.

**Item 11. Quantitative and Qualitative Disclosures about Market Risk**

Our cash consist entirely of cash held in interest-bearing accounts with banks in Australia and overseas. Thus, our primary exposure to market risk are foreign exchange rate fluctuations and interest income sensitivity, which is affected by changes in the general level of interest rates. However, a sudden change in market interest rates would not be expected to have a material impact on our financial condition or results of operation. In addition, we are exposed to credit risk due to increased cash and cash equivalents. See note 9 in the notes to our financial statements for more information.

**Item 12. Description of Securities Other Than Equity Securities**

A. Debt Securities

Not applicable.

B. Warrants and Rights

Not applicable.

C. Other Securities

Not applicable.

D. American Depositary Shares

**American Depositary Shares** 

Deutsche Bank Trust Company Americas, as depositary, will register and deliver the ADSs. Each ADS will represent ownership of 100 ordinary shares, deposited with National Nominees Limited, as custodian for the depositary. Each ADS will also represent ownership of any other securities, cash or other property which may be held by the depositary. The depositary's corporate trust office at which the ADSs will be administered is located at 60 Wall Street, New York, NY 10005, USA. The principal executive office of the depositary is located at 60 Wall Street, New York, NY 10005, USA.

The Direct Registration System, or DRS, is a system administered by The Depository Trust Company, or DTC, pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements issued by the depositary to the ADS holders entitled thereto.

We will not treat ADS holders as our shareholders and accordingly, you, as an ADS holder, will not have shareholder rights. Australian law governs shareholder rights. The depositary will be the holder of the ordinary shares underlying your ADSs. As a holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary and you, as an ADS holder, and the beneficial owners of ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. The laws of the State of New York govern the deposit agreement and the ADSs. See "— Jurisdiction and Arbitration."

The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of American Depositary Receipt. For directions on how to obtain copies of those documents, see "Where You Can Find Additional Information."

**Holding the ADSs**

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***How will you hold your ADSs?***

You may hold ADSs either (i) directly (a) by having an American Depositary Receipt, or ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (b) by holding ADSs in DRS, or (ii) indirectly through your broker or other financial institution. If you hold ADSs directly, you are an ADS holder. This description assumes you hold your ADSs directly. ADSs will be issued through DRS, unless you specifically request certificated ADRs. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

**Dividends and Other Distributions**

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***How will you receive dividends and other distributions on the shares?***

The depositary has agreed to pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities, after deducting its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent as of the record date (which will be as close as practicable to the record date for our ordinary shares) set by the depositary with respect to the ADSs.

●  ***Cash*** . The depositary will convert or cause to be converted any cash dividend or other cash distribution we pay on the ordinary shares or any net proceeds from the sale of any ordinary shares, rights, securities or other entitlements under the terms of the deposit agreement into U.S. dollars if it can do so on a practicable basis and can transfer the U.S. dollars to the United States and will distribute promptly the amount thus received. If the depositary shall determine in its judgment that such conversions or transfers are not practical or lawful or if any government approval or license is needed and cannot be obtained at a reasonable cost within a reasonable period or otherwise sought, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold or cause the custodian to hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid and such funds will be held for the respective accounts of the ADS holders. It will not invest the foreign currency and it will not be liable for any interest for the respective accounts of the ADS holders. Before making a distribution, any taxes or other governmental charges, together with fees and expenses of the depositary, that must be paid, will be deducted. See "Taxation." It will distribute only whole U.S. dollars and cents and will round down fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of the distribution.

●  ***Shares*** . For any ordinary shares we distribute as a dividend or free distribution, either (1) the depositary will distribute additional ADSs representing such ordinary shares or (2) existing ADSs as of the applicable record date will represent rights and interests in the additional ordinary shares distributed, to the extent reasonably practicable and permissible under law, in either case, net of applicable fees, charges and expenses incurred by the depositary and taxes and/or other governmental charges. The depositary will only distribute whole ADSs. It will try to sell ordinary shares which would require it to deliver a fractional ADS and distribute the net proceeds in the same way as it does with cash. The depositary may sell a portion of the distributed ordinary shares sufficient to pay its fees and expenses, and any taxes and governmental charges, in connection with that distribution.

●  ***Elective Distributions in Cash or Shares*** . If we offer holders of our ordinary shares the option to receive dividends in either cash or shares, the depositary, after consultation with us and having received timely notice as described in the deposit agreement of such elective distribution by us, has discretion to determine to what extent such elective distribution will be made available to you as a holder of the ADSs. We must timely first instruct the depositary to make such elective distribution available to you and furnish it with satisfactory evidence that it is legal to do so. The depositary could decide it is not legal or reasonably practicable to make such elective distribution available to you. In such case, the depositary shall, on the basis of the same determination as is made in respect of the ordinary shares for which no election is made, distribute either cash in the same way as it does in a cash distribution, or additional ADSs representing ordinary shares in the same way as it does in a share distribution. The depositary is not obligated to make available to you a method to receive the elective dividend in shares rather than in ADSs. There can be no assurance that you will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of ordinary shares.

●  ***Rights to Purchase Additional Shares*** . If we offer holders of our ordinary shares any rights to subscribe for additional shares, the depositary shall having received timely notice as described in the deposit agreement of such distribution by us, consult with us, and we must determine whether it is lawful and reasonably practicable to make these rights available to you. We must first instruct the depositary to make such rights available to you and furnish the depositary with satisfactory evidence that it is legal to do so. If the depositary decides it is not legal or reasonably practicable to make the rights available but that it is lawful and reasonably practicable to sell the rights, the depositary will endeavor to sell the rights and in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper distribute the net proceeds in the same way as it does with cash.

The depositary will allow rights that are not distributed or sold to lapse. In that case, you will receive no value for them.

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If the depositary makes rights available to you, it will establish procedures to distribute such rights and enable you to exercise the rights upon your payment of applicable fees, charges and expenses incurred by the depositary and taxes and/or other governmental charges. The Depositary shall not be obliged to make available to you a method to exercise such rights to subscribe for ordinary shares (rather than ADSs).

U.S. securities laws may restrict transfers and cancellation of the ADSs represented by shares purchased upon exercise of rights. For example, you may not be able to trade these ADSs freely in the United States. In this case, the depositary may deliver restricted depositary shares that have the same terms as the ADSs described in this section except for changes needed to put the necessary restrictions in place.

There can be no assurance that you will be given the opportunity to exercise rights on the same terms and conditions as the holders of ordinary shares or be able to exercise such rights.

●  ***Other Distributions*** . Subject to receipt of timely notice, as described in the deposit agreement, from us with the request to make any such distribution available to you, and provided the depositary has determined such distribution is lawful and reasonably practicable and feasible and in accordance with the terms of the deposit agreement, the depositary will distribute to you anything else we distribute on deposited securities by any means it may deem practicable, upon your payment of applicable fees, charges and expenses incurred by the depositary and taxes and/or other governmental charges. If any of the conditions above are not met, the depositary will endeavor to sell, or cause to be sold, what we distributed and distribute the net proceeds in the same way as it does with cash; or, if it is unable to sell such property, the depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration, such that you may have no rights to or arising from such property.

 ****

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our shares or any value for them if we and/or the depositary determines that it is illegal or not practicable for us or the depositary to make them available to you.

**Deposit, Withdrawal and Cancellation**

 ****

***How are ADSs issued?***

The depositary will deliver ADSs if you or your broker deposit ordinary shares or evidence of rights to receive ordinary shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons entitled thereto.

No shares will be accepted for deposit prior to the date of effectiveness of this Registration Statement.

 ****

***How do ADS holders cancel an American Depositary Share?***

You may turn in your ADSs at the depositary's corporate trust office or by providing appropriate instructions to your broker. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the ordinary shares and any other deposited securities underlying the ADSs to you or a person you designate at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its corporate trust office, to the extent permitted by law.

 ****

***How do ADS holders interchange between Certificated ADSs and Uncertificated ADSs?***

You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send you a statement confirming that you are the owner of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction from a holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to you an ADR evidencing those ADSs.

**Voting Rights**

 ****

***How do you vote?***

You may instruct the depositary to vote the ordinary shares or other deposited securities underlying your ADSs at any meeting at which you are entitled to vote pursuant to any applicable law, the provisions of our constitution, and the provisions of or governing the deposited securities. Otherwise, you could exercise your right to vote directly if you withdraw the ordinary shares. However, you may not know about the meeting sufficiently enough in advance to withdraw the ordinary shares.

If we ask for your instructions and upon timely notice from us by regular, ordinary mail delivery, or by electronic transmission, as described in the deposit agreement, the depositary will notify you of the upcoming meeting at which you are entitled to vote pursuant to any applicable law, the provisions of our constitution, and the provisions of or governing the deposited securities, and arrange to deliver our voting materials to you. The materials will include or reproduce (a) such notice of meeting or solicitation of consents or proxies; (b) a statement that the ADS holders at the close of business on the ADS record date will be entitled, subject to any applicable law, the provisions of our constitution, and the provisions of or governing the deposited securities, to instruct the depositary as to the exercise of the voting rights, if any, pertaining to the ordinary shares or other deposited securities represented by such holder's ADSs; and (c) a brief statement as to the manner in which such instructions may be given to the depositary. Voting instructions may be given only in respect of a number of ADSs representing an integral number of ordinary shares or other deposited securities. For instructions to be valid, the depositary must receive them in writing on or before the date specified. The depositary will try, as far as practical, subject to applicable law and the provisions of our constitution, to vote or to have its agents vote the ordinary shares or other deposited securities (in person or by proxy) as you instruct.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the ordinary shares underlying your ADSs. In addition, there can be no assurance that ADS holders and beneficial owners generally, or any holder or beneficial owner in particular, will be given the opportunity to vote or cause the custodian to vote on the same terms and conditions as the holders of our ordinary shares.

The depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise your right to vote and you may have no recourse if the ordinary shares underlying your ADSs are not voted as you requested.

In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the depositary to act, we will give the depositary notice of any such meeting and details concerning the matters to be voted at least 28 Business Days in advance of the meeting date.

**Compliance with Regulations**

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***Information Requests***

Each ADS holder and beneficial owner shall (a) provide such information as we or the depositary may request pursuant to law, including, without limitation, relevant Australian law, any applicable law of the United States of America, our constitution, any resolutions of our Board of Directors adopted pursuant to such constitution, the requirements of any markets or exchanges upon which the ordinary shares, ADSs or ADRs are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or ADRs may be transferred, regarding the capacity in which they own or owned ADRs, the identity of any other persons then or previously interested in such ADRs and the nature of such interest, and any other applicable matters, and (b) be bound by and subject to applicable provisions of the laws of the Australia, our constitution, and the requirements of any markets or exchanges upon which the ADSs, ADRs or ordinary shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, ADRs or ordinary shares may be transferred, to the same extent as if such ADS holder or beneficial owner held ordinary shares directly, in each case irrespective of whether or not they are ADS holders or beneficial owners at the time such request is made.

 ****

***Disclosure of Interests***

Each ADS holder and beneficial owner shall comply with our requests pursuant to Australian law, the rules and requirements of the Nasdaq and any other stock exchange on which the ordinary shares are, or will be, registered, traded or listed or our constitution, which requests are made to provide information, inter alia, as to the capacity in which such ADS holder or beneficial owner owns ADS and regarding the identity of any other person interested in such ADS and the nature of such interest and various other matters, whether or not they are ADS holders or beneficial owners at the time of such requests.

**Fees and Expenses**

As an ADS holder, you will be required to pay the following service fees to the depositary bank and certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your ADSs):

---

| | |
|:---|:---|
| **Service** | **Fees** |
| To any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash) | Up to US$0.05 per ADS issued |
| Cancellation of ADSs, including the case of termination of the deposit agreement | Up to US$0.05 per ADS cancelled |
| Distribution of cash dividends | Up to US$0.05 per ADS held |
| Distribution of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements | Up to US$0.05 per ADS held |
| Distribution of ADSs pursuant to exercise of rights. | Up to US$0.05 per ADS held |
| Depositary services | Up to US$0.04 per ADS held on the applicable record date(s) established by the depositary bank |

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As an ADS holder, you will also be responsible for paying certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your ADSs) such as:

● Taxes (including applicable interest and penalties) and other governmental charges;

● Fees for the transfer and registration of ordinary shares charged by the registrar and transfer agent for the ordinary shares in the Australian (i.e., upon deposit and withdrawal of ordinary shares).

● Expenses incurred for converting foreign currency into U.S. dollars.

● Expenses for cable, telex and fax transmissions and for delivery of securities.

● Taxes and duties upon the transfer of securities, including any applicable stamp duties, any stock transfer charges or withholding taxes (i.e., when ordinary shares are deposited or withdrawn from deposit).

● Fees and expenses incurred in connection with the delivery or servicing of ordinary shares on deposit.

● Fees and expenses incurred in connection with complying with exchange control regulations and other regulatory requirements applicable to ordinary shares, deposited securities, ADSs and ADRs.

● Any applicable fees and penalties thereon.

The depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank to the holders of record of ADSs as of the applicable ADS record date.

The depositary fees payable for cash distributions are generally deducted from the cash being distributed or by selling a portion of distributable property to pay the fees. In the case of distributions other than cash (i.e., share dividends, rights), the depositary bank charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated or uncertificated in direct registration), the depositary bank sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts (via DTC), the depositary bank generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients' ADSs in DTC accounts in turn charge their clients' accounts the amount of the fees paid to the depositary banks.

In the event of refusal to pay the depositary fees, the depositary bank may, under the terms of the deposit agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.

The depositary may make payments to us or reimburse us for certain costs and expenses, by making available a portion of the ADS fees collected in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary bank agree from time to time.

**Payment of Taxes**

You will be responsible for any taxes or other governmental charges payable, or which become payable, on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register or transfer your ADSs or allow you to withdraw the deposited securities represented by your ADSs until such taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to you any net proceeds, or send to you any property, remaining after it has paid the taxes. You agree to indemnify us, the depositary, the custodian and each of our and their respective agents, directors, employees and affiliates for, and hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for you. Your obligations under this paragraph shall survive any transfer of ADRs, any surrender of ADRs and withdrawal of deposited securities or the termination of the deposit agreement.

**Reclassifications, Recapitalizations and Mergers**

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| | |
|:---|:---|
| **If we:** | **Then:** |
| Change the nominal or par value of our ordinary shares | The shares or other securities received by the depositary will become deposited securities. |
| Reclassify, split up or consolidate any of the deposited securities | Each ADS will automatically represent its equal share of the new deposited securities. |
| Distribute securities on the ordinary shares that are not distributed to you, or recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action | The depositary may distribute some or all of the cash, shares or other securities it received. It may also deliver new ADSs or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities. |

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**Amendment and Termination**

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***How may the deposit agreement be amended?***

We may agree with the depositary to amend the deposit agreement and the form of ADR without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, including expenses incurred in connection with foreign exchange control regulations and other charges specifically payable by ADS holders under the deposit agreement, or materially prejudices a substantial existing right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended. If any new laws are adopted which would require the deposit agreement to be amended in order to comply therewith, we and the depositary may amend the deposit agreement in accordance with such laws and such amendment may become effective before notice thereof is given to ADS holders.

 ****

***How may the deposit agreement be terminated?***

The depositary will terminate the deposit agreement if we ask it to do so, in which case the depositary will give notice to you at least 90 days prior to termination. The depositary may also terminate the deposit agreement if the depositary has told us that it would like to resign, or if we have removed the depositary, and in either case we have not appointed a new depositary within 90 days. In either such case, the depositary must notify you at least 30 days before termination.

After termination, the depositary and its agents will do the following under the deposit agreement but nothing else: collect distributions on the deposited securities, sell rights and other property and deliver ordinary shares and other deposited securities upon cancellation of ADSs after payment of any fees, charges, taxes or other governmental charges. Six months or more after the date of termination, the depositary may sell any remaining deposited securities by public or private sale. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. It will not invest the money and has no liability for interest. After such sale, the depositary's only obligations will be to account for the money and other cash. After termination, we shall be discharged from all obligations under the deposit agreement except for our obligations to the depositary thereunder.

**Books of Depositary**

The depositary will maintain ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but solely for the purpose of communicating with other holders in the interest of business matters relating to the Company, the ADRs and the deposit agreement.

The depositary will maintain facilities in the Borough of Manhattan, The City of New York to record and process the issuance, cancellation, combination, split-up and transfer of ADRs.

These facilities may be closed at any time or from time to time when such action is deemed necessary or advisable by the depositary in connection with the performance of its duties under the deposit agreement or at our reasonable written request.

**Limitations on Obligations and Liability**

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***Limits on our Obligations and the Obligations of the Depositary and the Custodian; Limits on Liability to Holders of ADSs***

The deposit agreement expressly limits our obligations and the obligations of the depositary and the custodian. It also limits our liability and the liability of the depositary. The depositary and the custodian:

● are only obligated to take the actions specifically set forth in the deposit agreement without gross negligence or willful misconduct;

● are not liable if any of us or our respective controlling persons or agents are prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement and any ADR, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Commonwealth of Australia or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of our memorandum and articles of association or any provision of or governing any deposited securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure);

● are not liable by reason of any exercise of, or failure to exercise, any discretion provided for in the deposit agreement or in our memorandum and articles of association or provisions of or governing deposited securities;

● are not liable for any action or inaction of the depositary, the custodian or us or their or our respective controlling persons or agents in reliance upon the advice of or information from legal counsel, any person presenting ordinary shares for deposit or any other person believed by it in good faith to be competent to give such advice or information;

● are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement;

● are not liable for any special, consequential, indirect or punitive damages for any breach of the terms of the deposit agreement, or otherwise;

● may rely upon any documents we believe in good faith to be genuine and to have been signed or presented by the proper party;

● disclaim any liability for any action or inaction or inaction of any of us or our respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting ordinary shares for deposit, holders and beneficial owners (or authorized representatives) of ADSs, or any person believed in good faith to be competent to give such advice or information; and

● disclaim any liability for inability of any holder to benefit from any distribution, offering, right or other benefit made available to holders of deposited securities but not made available to holders of ADS.

The depositary and any of its agents also disclaim any liability (i) for any failure to carry out any instructions to vote, the manner in which any vote is cast or the effect of any vote or failure to determine that any distribution or action may be lawful or reasonably practicable or for allowing any rights to lapse in accordance with the provisions of the deposit agreement, (ii) the failure or timeliness of any notice from us, the content of any information submitted to it by us for distribution to you or for any inaccuracy of any translation thereof, (iii) any investment risk associated with the acquisition of an interest in the deposited securities, the validity or worth of the deposited securities, the credit-worthiness of any third party, (iv) for any tax consequences that may result from ownership of ADSs, ordinary shares or deposited securities, or (v) for any acts or omissions made by a successor depositary, provided that in connection with the issue out of which such potential liability arises the depositary performed its obligations without gross negligence or willful misconduct while it acted as depositary.

In the deposit agreement, we agree to indemnify the depositary under certain circumstances.

**Jurisdiction and Arbitration**

Any legal suit, action or proceeding, including any claim under the Securities Act or the Exchange Act, against Radiopharm or the Depositary that arise out of or are based upon the Deposit Agreement, ownership of the ADSs or the transactions contemplated by the deposit agreement may only be instituted by holders of ADSs (including purchasers of ADSs in secondary transactions) in a state or federal court in the City of New York. Holders of ADSs irrevocably waive any objection which they may have to the laying of venue of any such proceeding, and submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

**Jury Trial Waiver**

The deposit agreement provides that each party to the deposit agreement (including each holder, beneficial owner and holder of interests in the ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any lawsuit or proceeding against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable law. By agreeing to such provision, investors in the ADRs will not be deemed to have waived Radiopharm's compliance with the U.S. federal securities laws and the rules and regulations thereunder. However, the jury trial waiver provision may limit access to information and lead to other imbalances of resources between Radiopharm and shareholders, and such provision may limit shareholders' ability to bring a claim in a judicial forum that they find favorable.

**Requirements for Depositary Actions**

Before the depositary will issue, deliver or register a transfer of an ADS, split-up, subdivide or combine ADSs, make a distribution on an ADS, or permit withdrawal of ordinary shares, the depositary may require:

● payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any ordinary shares or other deposited securities and payment of the applicable fees, expenses and charges of the depositary;

● satisfactory proof of the identity and genuineness of any signature or any other matters contemplated in the deposit agreement; and

● compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal or delivery of deposited securities and (B) such reasonable regulations and procedures as the depositary may establish, from time to time, consistent with the deposit agreement and applicable laws, including presentation of transfer documents.

The depositary may refuse to issue and deliver ADSs or register transfers of ADSs generally when the register of the depositary or our transfer books are closed or at any time if the depositary or we determine that it is necessary or advisable to do so.

**Your Right to Receive the Shares Underlying Your ADSs**

You have the right to cancel your ADSs and withdraw the underlying ordinary shares at any time except:

● when temporary delays arise because: (1) the depositary has closed its transfer books or we have closed our transfer books; (2) the transfer of ordinary shares is blocked to permit voting at a shareholders' meeting; or (3) we are paying a dividend on our ordinary shares;

● when you owe money to pay fees, taxes and similar charges;

● when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of ordinary shares or other deposited securities, or other circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time); or

● for any other reason if the depositary or we determine, in good faith, that it is necessary or advisable to prohibit withdrawals.

The depositary shall not knowingly accept for deposit under the deposit agreement any ordinary shares or other deposited securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such ordinary shares.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

**Direct Registration System**

In the deposit agreement, all parties to the deposit agreement acknowledge that the DRS and Profile Modification System, or Profile, will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements issued by the depositary to the ADS holders entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an ADS holder, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register such transfer..

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies**

Not applicable.

**Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds**

Not applicable.

**Item 15. Controls and Procedures**

Not applicable.

**Item 16. Reserved**

Not applicable.

**Item 16a. Audit Committee Financial Expert**

Not applicable.

**Item 16b. Code of Ethics**

Not applicable.

**Item 16c. Principal Accountant Fees and Services**

Not applicable.

**Item 16d. Exemptions from the Listing Standards for Audit Committees**

Not applicable.

**Item 16e. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

Not applicable.

**Item 16f. Change in Registrant's Certifying Accountant**

Not applicable.

**Item 16g. Corporate Governance**

Not applicable.

**Item 16h. Mine Safety Disclosure**

Not applicable.

**PART III**

**Item 17. Financial Statements**

We have elected to furnish financial statements and related information specified in Item 18.

**Item 18. Financial Statements**

The following financial statements are filed as part of this Registration Statement on Form 20-F. The financial statements are presented in Australian dollar, which is our functional and presentation currency.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
|  | **Page** |
| Consolidated Financial Statements for the years ended June 30, 2022 and 2021 |  |
| [Report of Independent Registered Public Accounting Firm](#fin_001) | F-2 |
| [Consolidated Statements of Comprehensive Income/(Loss)](#fin_002) | F-3 |
| [Consolidated Statements of Financial Position](#fin_003) | F-4 |
| [Consolidated Statements of Changes in Equity](#fin_004) | F-5 |
| [Consolidated Statements of Cash Flows](#fin_005) | F-6 |
| [Notes to the Consolidated Financial Statements](#fin_006) | F-7 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Board of Directors and Shareholders

Radiopharm Theranostics Limited

**Opinion on the financial statements** 

We have audited the accompanying consolidated statements of financial position of Radiopharm Theranostics Limited (the "Company") and subsidiary (collectively, the "Group") as of June 30, 2022 and 2021, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the year ended June 30, 2022 and for the period from February 11to June 30, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as of June 30, 2022 and 2021, and the results of its operations and its cash flows for the year ended June 30, 2022 and for the period from February 11 to June 30, 2021, in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

**Basis for opinion**

These financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Material uncertainty related to going concern**

The accompanying financial statements have been prepared assuming that the Group will continue as a going concern. As discussed in Note 20(a)(v) to the financial statements, the Group incurred a net loss of $30,420,008 and had net assets of $62,692,719 during the year ended June 30, 2022. These conditions, along with other matters as set forth in Note 20(a)(v), raise substantial doubt about the Group's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 20(a)(v). The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ GRANT THORNTON AUDIT PTY LTD

We have served as the Company's auditor since 2021.

Melbourne, Australia

December 16, 2022

**Radiopharm Theranostics Limited**

**Consolidated statement of profit or loss and other comprehensive income**

**For the year ended 30 June 2022**

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| | | | |
|:---|:---|:---|:---|
|  | <br>Notes |<br>**30 June**<br> **2022**<br> **$** | From 11<br> February to<br>30 June <br> 2021 <br>$ |
| Other income |  | **8831** |  |
| Other losses | 2(a) | **(1109520)** | (437) |
| General and administrative expenses | 2(b) | **(7637884)** | (125266) |
| Research and development | 2(b) | **(7486616)** |  |
| Share-based payments |  | **(4800683)** | (359487) |
| **Operating loss** |  | **(21025872)** | (485190) |
| Finance expenses |  | **(9349739)** | - |
| **Loss before income tax** |  | **(30375611)** | (485190) |
| Income tax expense | 3 | **(44397)** | - |
| **Loss for the year/period** |  | **(30420008)** | (485190) |
| ***Other comprehensive loss**<br>*  |  |  |  |
| *Items that may be reclassified to profit or loss:* |  |  |  |
| Exchange differences on translation of foreign operations |  | (19043) | - |
| **Total comprehensive loss for the year/period** |  | **(30439051)** | (485190) |
|  |  | <br>**Cents** | <br>Cents |
| **Loss per share for loss attributable to the ordinary equity holders of the group:** |  |  |  |
| <br>Basic and diluted loss per share | 18 | **(17)** | (48519) |

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*The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.*

 

**Radiopharm Theranostics Limited**

**Consolidated statement of financial position**

**As at 30 June 2022**

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| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | **30 June<br> 2022<br> $** | 30 June <br>2021 <br>$ |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| <br>Cash and cash equivalents | 4(a) | **26979105** | 27091 |
| Trade and other receivables |  | **56482** | 6347 |
| Other current assets |  | **228818** | - |
| **Total current assets** |  | **27264405** | 33438 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment |  | **1578** |  |
| Intangible assets | 5(a) | **56075308** |  |
| Other financial assets |  | **40000** | - |
| **Total non-current assets** |  | **56116886** | - |
| **Total assets** |  | **83381291** | 33438 |
| **Current liabilities** |  |  |  |
| **Trade and other payables** | 4(b) | **2153318** | 98376 |
| Borrowings |  | **-** | 59000 |
| Other financial liabilities | 4(c) | **5632168** |  |
| Employee benefit obligations | 5(b) | **93141** | 765 |
| **Total current liabilities** |  | **7878627** | 158141 |
| **Non-current liabilities** |  |  |  |
| Trade and other payables | 4(b) | **152447** |  |
| Other financial liabilities | 4(c) | **12387498** | - |
| **Total non-current liabilities** |  | **12539945** | - |
| **Total liabilities** |  | **20418572** | 158141 |
| **Net assets** |  | **62962719** | (124703) |
| **EQUITY** |  |  |  |
| Share capital | 6(a) | **86758783** | 1000 |
| Other reserves | 6(b) | **7109134** | 359487 |
| Accumulated losses |  | **(30905198)** | (485190) |
| **Total equity** |  | **62962719** | (124703) |

---

*The above consolidated statement of financial position should be read in conjunction with the accompanying*

 

**Radiopharm Theranostics Limited**

**Consolidated statement of changes in equity**

**For the year ended 30 June 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Attributable to owners of<br> Radiopharm Theranostics Limited** | **Attributable to owners of<br> Radiopharm Theranostics Limited** | **Attributable to owners of<br> Radiopharm Theranostics Limited** | |
|  | <br>Notes | **Share capital<br> $** | **Other reserves<br> $** | **Accumulated<br> losses<br> $** |<br>**Total<br> equity<br> $** |
| **Balance at 11 February 2021** |  | - | - | - | - |
| Loss for the period |  | - | - | (485190) | (485190) |
| **Total comprehensive loss for the period** |  | **-** | **-** | **(485190)** | **(485190)** |
| **Transactions with owners in their capacity as owners:** |  |  |  |  |  |
| Contributions of equity net of transaction costs | 6(a) | 1000 |  |  | 1000 |
| Issue of options | 6(b) | - | 359487 | - | 359487 |
|  |  | 1000 | 359487 | - | 360487 |
| **Balance at 30 June 2021** |  | **1000** | **359487** | **(485190)** | **(124703)** |
| **Balance at 1 July 2021** |  | 1000 | 359487 | (485190) | (124703) |
| Loss for the year |  |  |  | (30420008) | (30420008) |
| Other comprehensive loss |  | - | (19043) | - | (19043) |
| **Total comprehensive loss for the year** |  | **-** | **(19043)** | **(30420008)** | **(30439051)** |
| **Transactions with owners in their capacity as owners:** |  |  |  |  |  |
| Contributions of equity, net of transaction costs and tax | 6(a) | 43958325 |  |  | 43958325 |
| Issue of options | 6(b) |  | 6194825 |  | 6194825 |
| Equity-settled payments | 6(b) |  | 573865 |  | 573865 |
| Conversion of convertible notes | 6(a) | 26666667 |  |  | 26666667 |
| Issue of shares as part of license acquisitions | 6(a) | 16028683 |  |  | 16028683 |
| Issue of shares under the employee incentive <br>scheme | 6(a) | 104108 | - | - | 104108 |
|  |  | 86757783 | 6768690 | - | 93526473 |
| **Balance at 30 June 2022** |  | **86758783** | **7109134** | **(30905198)** | **62962719** |

---

*The above consolidated statement of changes in equity should be read in conjunction with the accompanying*

 

 

**Radiopharm Theranostics Limited**

**Consolidated statement of cash flows**

**For the year ended 30 June 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | | | From 11<br> February to |
|  | <br>Notes | **30 June**<br> **2022**<br> **$** | 30 June<br> 2021 <br>$ |
| **Cash flows from operating activities** |  |  |  |
| Payments to suppliers and employees (inclusive of GST) |  | **(9915654)** | (32909) |
| Interest received |  | **8831** | - |
| **Net cash (outflow) from operating activities** | 7(a) | **(9906823)** | (32909) |
| **Cash flows from investing activities** |  |  |  |
| Payments for property, plant and equipment |  | **(2749)** |  |
| Payments for intellectual property |  | **(28335901)** |  |
| Payments for financial assets at amortised cost |  | **(40000)** | - |
| **Net cash (outflow) from investing activities** |  | **(28378650)** | - |
| **Cash flows from financing activities** |  |  |  |
| Proceeds from issues of shares |  | **50000000** | 1000 |
| Proceeds from issue of convertible notes |  | **20000000** |  |
| Share issue transaction costs |  | **(4830886)** |  |
| Proceeds from borrowings |  | **10000** | 59000 |
| Repayment of borrowings |  | **(69000)** | - |
| **Net cash inflow from financing activities** |  | **65110114** | 60000 |
| **Net increase in cash and cash equivalents**  |  | **26824641** | 27091 |
| Cash and cash equivalents at the beginning of the year/period |  | **27091** |  |
| Effects of exchange rate changes on cash and cash equivalents |  | **127373** | - |
| **Cash and cash equivalents at end of the year/period** | 4(a) | **26979105** | 27091 |

---

 

*The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.*

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **1 Segment infotion**

Management has determined, based on the reports reviewed by the chief operating decision maker that are used to make strategic decisions, that the group has one reportable segment being the research, development and commercialisation of health technologies. The segment details are therefore fully reflected in the body of the financial report.

 **2 Other income and expense items**

(a) Other losses

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Notes |<br>**30 June<br> 2022<br> $** | From 11<br> February to <br>30 June <br> 2021 <br> $ |
| Net foreign exchange losses |  | **(1109520)** | (437) |
|  |  | **(1109520)** | (437) |

---

(b) Breakdown of expenses by nature

---

| | | |
|:---|:---|:---|
|  | **30 June <br> 2022<br> $** | From 11<br> February to <br> 30 June <br> 2021<br> $ |
| **General and administrative expenses** |  |  |
| <br> Accounting and audit | **534165** | 70000 |
| Consulting | **691083** | 3999 |
| Depreciation | **1171** |  |
| Employee benefits | **4441848** | 13299 |
| Insurance | **253687** |  |
| Investor relations | **262642** | 919 |
| Legal | **364232** | 18364 |
| Listing and share registry | **208083** |  |
| Patent costs | **182318** | 14000 |
| Travel and entertainment | **379005** | 2585 |
| Other | **319650** | 2100 |
|  | **7637884** | 125266 |
| **Research and development** |  |  |
| Amortisation | **2980313** |  |
| AVb6 Integrin (TRIMT) | **1920558** |  |
| Consulting Fees (R&D) | **381551** |  |
| hu PSA Anti-body (Diaprost) | **82533** |  |
| NanoMab | **1971037** |  |
| Pharma15 | **90906** |  |
| UCLA | **59718** | - |
|  | **7486616** | - |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **3 Income tax expense**

(a) Australian tax expense

 *(i) Numerical reconciliation of income tax expense to prima facie tax payable*

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022**<br> **$** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Loss from continuing operations before income tax expense | **(28406113)** | (485190) |
| Tax at the Australian tax rate of 25% (2021: 26%) | **(7101528)** | (126149) |
| Tax effect of amounts which are not deductible (taxable) in calculating taxable income: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | **166382** | 8840 |
| &nbsp;&nbsp;&nbsp;Employee leave obligations | **(191)** | 199 |
| &nbsp;&nbsp;&nbsp;Patent costs | **45580** | 3640 |
| &nbsp;&nbsp;&nbsp;Share-based payments | **1200171** | 93467 |
| &nbsp;&nbsp;&nbsp;Unrealised currency (gains)/losss | **(31843)** | - |
| &nbsp;&nbsp;&nbsp;Subtotal | **1380099** | 106146 |
| Tax losses and other timing differences for which no deferred tax asset is recognised | **5721429** | 20003 |
| Income tax expense | **7101528** | 126149 |

---

*(ii) Tax losses*

---

| | | |
|:---|:---|:---|
|  | <br>**30 June**<br>**2022<br> $** | From 11<br>February to<br>30 June<br>2021<br> $|
| Unused tax losses for which no deferred tax asset has been recognised | **22962651** | 76935 |
| Potential tax benefit at 25% (2021: 26%) | **5740663** | 20003 |

---

 

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 

 **3 Income tax expense (continued)**

(b) US tax expense

 *(i) Income tax expense*

 

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022<br> $** | From 11<br>February to<br>30 June<br>2021<br> $ |
| *Current tax* |  |  |
| Current tax on profits for the year | **44397** |  |
| **Total current tax expense** | **44397** |  |
| **Income tax expense**  | **44397** |  |

---

*(ii) Numerical reconciliation of income tax expense to prima facie tax payable*

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022<br> $** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Loss from continuing operations before income tax expense | **(1969498)** |  |
| Tax at the US tax rate of 27.5% (2021: 27.5%) | **(541612)** |  |
| Tax effect of amounts which are not deductible (taxable) in calculating taxable income: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | **12854** |  |
| &nbsp;&nbsp;&nbsp;Employee leave obligations | **24330** |  |
| &nbsp;&nbsp;&nbsp;Subtotal | **37184** |  |
| Tax losses and other timing differences for which no deferred tax asset is recognised | **548825** |  |
| Income tax expense | **44397** |  |

---

*(iii) Tax losses*

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022**<br> **$** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Unused tax losses for which no deferred tax asset has been recognised | **1995727** |  |
| Potential tax benefit @ 27.5% (2021: 27.5%) | **548825** |  |

---

 

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 

**4 Financial assets and financial liabilities**

**(a) Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2022<br> $** | 30 June<br>2021<br> $ |
| **Current assets**<br>| **26979105** | 27091 |
| Cash at bank and in hand | **26979105** | 27091 |

---

 

 *(i) Reconciliation to cash flow statement*

The above figures reconcile to the amount of cash shown in the consolidated statement of cash flows at the end of the financial year and period, respectively, as follows:

---

| | | |
|:---|:---|:---|
|  | **30 June<br> 2022 <br> $** | 30 June<br> 2021<br> $ |
| Balances as above | **26979105** | 27091 |
| Balances per statement of cash flows | **26979105** | 27091 |

---

 *(ii) Classification as cash equivalents*

 

Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest. See note 20(g) for the group's other accounting policies on cash and cash equivalents.

 *(iii) Risk exposure*

 

The group's exposure to interest rate risk is discussed in note 9. The maximum exposure to credit risk at the end of the reporting year is the carrying amount of each class of cash and cash equivalents mentioned above.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **4 Financial assets and financial liabilities (continued)**

(b) Trade and other payables

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **30 June 2022** | **30 June 2022** | **30 June 2022** | 30 June 2021 | 30 June 2021 | 30 June 2021 |
|  |<br>Notes | **Current**<br>**$** | **Non-current**<br>**$** | **Total**<br>**$** | Current<br>$ | Non-current<br>$ | Total<br>$ |
| Trade payables |  | **1189640** | **-** | **1189640** | 64376 |  | 64376 |
| Amounts due to employees | 15(b) | **185244** | **152447** | **337691** |  |  |  |
| Accrued expenses |  | **746269** | **-** | **746269** | 34000 |  | 34000 |
| Other payables |  | **32165** | **-** | **32165** | - |  | - |
|  |  | **2153318** | **152447** | **2305765** | 98376 |  | 98376 |

---

**(c) Other financial liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **30 June 2022** | **30 June 2022** | **30 June 2022** | 30 June 2021 | 30 June 2021 | 30 June 2021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Current**<br>**$** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Non-current**<br>**$** | <br>**Total**<br>**$** | <br>Current<br>$ | Non-current<br>$ | <br>Total<br>$ |
| Diaprost contingent consideration | **-** | **7592929** | **7592929** |  |  |  |
| NanoMab contingent consideration\* | **5588620** | **-** | **5588620** |  |  |  |
| NeoIndicate contingent consideration | **-** | **144207** | **144207** |  |  |  |
| NeoIndicate deferred consideration | **43548** | **-** | **43548** |  |  |  |
| TRIMT contingent consideration | **-** | **4650362** | **4650362** |  |  |  |
|  | **5632168** | **12387498** | **18019666** |  |  |  |

---

\* Payment to be made in the form of ordinary shares in the company, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX. The contingent consideration meets the definition of a liability as there is a variable number of shares to be issued at a fixed value.

Deferred consideration includes amounts related to the provision of upfront license fees to NeoIndicate and contingent consideration includes amounts related to the provision of milestone payments. For more information, please refer to note 12.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **4 Financial assets and financial liabilities (continued)**

(d) Recognised fair value measurements

 *(i) Fair value hierarchy*

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Recurring fair value measurements*** | | | | |
| **At 30 June 2022** | **Level 1**<br>**$** | **Level 2**<br>**$** | **Level 3**<br>**$** | **Total**<br>**$** |
| **Financial Liabilities** |  |  |  |  |
| <br> NanoMab contingent consideration |  |  | **5588620** | **5588620** |
| Diaprost contingent consideration |  |  | **7592929** | **7592929** |
| TRIMT contingent consideration |  |  | **4650362** | **4650362** |
| NeoIndicate contingent consideration |  |  | **144207** | **144207** |
| **Total financial liabilities** |  |  | **17976118** | **17976118** |

---

The group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting year.

**Level 1:** The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting year. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

**Level 2:** The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

**Level 3:** If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

*Contingent consideration*

 

The fair value of contingent consideration relating to the acquisition of licences is estimated using a present value technique which discounts the management's estimate of the probability that the milestone will be achieved. For more information refer to note 12.

The discount rate used at 30 June 2022 was 4.52%. The discount rate is based on benchmark interest rates provided by the Australian Taxation Office for the income year that agreements are entered into. A discount rate is not applied to consideration that is expected to be paid within the next twelve months.

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair value at** | **Fair value at** | | **Range of inputs** | **Range of inputs** | |
| <br>**Description** | **30 June<br> 2022<br> $** | **30 June<br> 2021<br> $** | <br>**Unobservable inputs** | **2022** | **2021** | <br>**Relationship of unobservable inputs** |
| Contingent consideration | $17976118 | $0 | Risk-adjusted discount rate | 4.52% | n/a | A change in the discount rate by 100 bps would increase/decrease the FV by $200,178 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities**

(a) Intangible assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVb6<br> Integrin** <br> **$**  | **hu PSA<br> Anti-body<br> $** | **NanoMab<br> $** | **Pivalate<br> $** | **Other<br> Intellectual<br> Property<br> $** | **Total<br> $** |
| **At 30 June 2021** | | | | | | |
| Cost |  |  |  |  |  |  |
| Accumulated amortisation and impairment | - | - | - | - | - | - |
| Net book amount | - | - | - | - | - | - |
| **Year ended 30 June 2022** |  |  |  |  |  |  |
| Additions | 17691796 | 16212081 | 24354566 | 336055 | 461123 | 59055621 |
| Amortisation charge | (854020) | (892683) | (1188353) | (42210) | (3047) | (2980313) |
| Closing net book amount | 16837776 | 15319398 | 23166213 | 293845 | 458076 | 56075308 |
| **At 30 June 2022** |  |  |  |  |  |  |
| Cost | 17691796 | 16212081 | 24354566 | 336055 | 461123 | 59055621 |
| Accumulated amortisation and impairment | (854020) | (892683) | (1188353) | (42210) | (3047) | (2980313) |
| Net book amount | 16837776 | 15319398 | 23166213 | 293845 | 458076 | 56075308 |

---

The group's intellectual property is measured at initial cost, less any accumulated amortisation and impairment losses.

*(i) AVb6 Integrin*

The group has recognised the Intellectual Property "AVb6 Integrin" through the acquisition of a license developed at TRIMT GmbH (TRIMT), a world-renowned independent research and treatment centre specialising in cancer, based in Radeberg, Germany.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement, value of equity issued to the licensor and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing the first therapeutic milestone (milestone 3). Other milestones were deemed uncertain as per managements assessment.

AVb6 Integrin is amortised over a period of 20 years, being management's assessed useful life of the intangible asset.

*(ii) hu PSA Anti-body*

The group has recognised the Intellectual Property "hu PSA Anti-body" through the acquisition exclusive license developed at Diaprost AB (Diaprost), a world-renowned independent research and treatment centre specialising in prostate cancer, based in Lund, Sweden.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities (continued)**

**(a) Intangible assets (continued)**

*(ii) hu PSA Anti-body (continued)*

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing milestones 1 and 2.

hu PSA Anti-body is amortised over a period of 15 years, being management's assessed useful life of the intangible asset.

*(iii) NanoMab*

The board has recognised the Intellectual Property "NanoMab" through the acquisition of a license developed at NanoMab Technology Limited, a world-renowned independent biopharmaceutical company focusing on cancer precision therapies through radiopharmaceuticals, based in Hong Kong.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement, value of equity issued to the licensor and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing milestone 1 and also 70% probability of completing milestone 1 in the amended agreement.

NanoMab is amortised over a period of 20 years, being management's assessed useful life of the intangible asset.

*(iv) Pivalate*

The group has recognised the Intellectual Property "Pivalate" through the acquisition of a license developed at Cancer Research Technologies Limited (CRT), a world-renowned independent research and treatment centre for cancer, based in London, United Kingdom.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The group has reassessed the contingent consideration for Pivalate at 30 June 2022 deemed it not appropriate to include as the milestone targets were either concluded or ongoing, thus not payable by the group.

Pivalate is amortised over a period of 15 years, being management's assessed useful life of the intangible asset.

*(v) Other intellectual property*

Other intellectual property includes the following IP acquired by the group.

*<u>NeoIndicate</u>*

The group has recognised the Intellectual Property "NeoIndicate" through the acquisition of a sublicense developed at NeoIndicate LLC, a private research university based in Ohio.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements.

NeoIndicate is amortised over a period of 16 years, being management's assessed useful life of the intangible asset.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities (continued)**

**(a) Intangible assets (continued)**

*(v) Other intellectual property (continued)*

 

*<u>Pharma 15</u>*

The group has recognised the Intellectual Property "Pharma 15" through an agreement with Pharma 15 Corporation for the exclusive rights to purchase the Pharma 15 license from the corporation. It is the board's expectation that once the license is acquired, it will generate future economic benefits for the group. The amounts currently recognised are the upfront costs of signing the option agreement. The requirements of the agreement have been met and the negotiations are taking place at 30 June 2022. At the end of the reporting year management deemed the asset is not ready for use, thus no amortisation has been deducted from it.

*<u>UCLA</u>*

The group has recognised the Intellectual Property "UCLA" through the acquisition of a license developed at The Regents of the University of California, a university based in California.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration.

UCLA is amortised over a period of 19 years, being management's assessed useful life of the intangible asset.

*(vi) Impairment test for intellectual property*

Intellectual property held by the group is assessed for indicators of impairment annually. If an impairment indicator exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions.

The group identified impairment indicators at 30 June 2022 and completed a valuation of the AVb6 Integrin, huPSA Antobody, NanoMab, Pivalate, and Pharma 15 licenses as of that date utilising the fair value less costs of disposal method. The assessment considered the status of advancement of R&D projects related to each of these licenses and identified that the fair value exceeded the carried amounts and are recoverable either through further development and commercial exploitation by the group or by out-licensing. The rest of the intangible assets have not been assessed for impairment due to the proximity of the acquisition dates to the reporting date, which led us to believe that the carrying amount approximates their fair value.

In addition, there have been no significant changes that have taken place during the year that have adversely affected the radiopharmaceutical sector or scientific results and progress of trials.

Based on this, we determined there was no impairment of intellectual property held by the group.

See note 20(k) for the other accounting policies relevant to intangible assets, and note 20(f) for the group's policy regarding impairments.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities (continued)**

**(b) Employee benefit obligations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Current<br> $** | **30 June<br> 2022<br> Non- current<br> $** | **Total<br> $** | Current<br> $ | 30 June<br> 2021<br> Non- current<br> $ | Total<br> $ |
| Leave obligations (i) | **93141** | – | 93141 | 765 | – | 765 |

---

*(i) Leave obligations*

The leave obligations cover the group's liabilities for long service leave and annual leave which are classified as either other long-term benefits or short-term benefits, as explained in note 20(n).

The current portion of this liability includes all of the accrued annual leave and pro-rata payments employees are entitled to in certain circumstances. The entire amount of the provision of $93,141 (2021: $765) is presented as current, since the group does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the group does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**6 Equity**

**(a) Share capital**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Notes | **30 June<br> 2022<br> Shares** | 30 June<br> 2021<br> Shares | **30 June<br> 2022<br> $** | 30 June<br> 2021<br> $|
| Ordinary shares Fully paid |  | **255433248** | 1000 | **86758783** | 1000 |
|  | 6(a)(i) | **255433248** | 1000 | **86758783** | 1000 |

---

*(i) Movements in ordinary shares:*

---

| | | | |
|:---|:---|:---|:---|
| **Details** | **Notes** | **Number of<br> shares** | **Total<br> $** |
| **Balance at 11 February 2021** |  | **-** | **-** |
| Issue at $1.00 pursuant to private placement (2021-02-11) |  | 1000 | 1000 |
| **Balance at 30 June 2021** |  | **1000** | **1000** |
| Share split (2021-08-10) |  | 99999000 |  |
| Shares issued at $0.60 for licence acquisitions (2021-11-18) | 6(a)(ii) | 25555555 | 15333333 |
| Issue at $0.45 on conversion of convertible notes (2021-11-16) | 6(a)(iii) | 44444669 | 26666667 |
| Issue at $0.60 at initial public offering (2021-11-25) |  | 83333333 | 50000000 |
| Shares issued at $0.361 licence acquisitions (2022-01-27) | 6(a)(ii) | 1926177 | 695350 |
| Shares issued at $0.60 employee incentive scheme (2022-05-27) |  | 173514 | 104108 |
| Less: Transaction costs arising on share issues |  | - | (6041675) |
| **Balance 30 June 2022** |  | **255433248** | **86758783** |

---

*(ii) Shares issued on acquisition of licence*

The share price for shares issued for the acquisition of the licence were calculated by referencing to the IPO price and adjusted for uncertainty at the time of license acquisition date.

*(iii) Convertible notes*

In September 2021, the company issued 20,000,000 zero-coupon convertible notes at $1 per note ($20,000,000) to various convertible note holders. Prior to the completion of the IPO, the notes were converted to fully paid ordinary shares in the company. The notes converted at $0.45 per share into 44,444,669 shares and the value of the equity issued was determined to be $26,666,667.

The initial fair value and subsequent measurement of the convertible notes and embedded derivative was as disclosed on note 20(p).

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**6 Equity (continued)**

(b) Other reserves

The following table shows a breakdown of the balance sheet line item 'other reserves' and the movements in these reserves during the year and period, respectively. A description of the nature and purpose of each reserve is provided below the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Notes | **Share- based <br> payments<br> $** | **Equity settled <br> payments<br> $** | **Foreign<br> currency <br> translation<br> $** | **Total other <br> reserves <br> $** |
| **At 11 February 2021** |  | **—** | **—** | **—** | **—** |
| Transactions with owners in their capacity as owners |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issue of shares as part of forfeiture payments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issue of options | 6(b)(ii) | 359487 |  |  | 359487 |
| **At 30 June 2021** |  | **359487** | **—** | **—** | **359487** |
| Currency translation differences |  |  |  | (19043) | (19043) |
| **Other comprehensive loss** |  |  |  | (19043) | (19043) |
| **Transactions with owners in their capacity as owners** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issue of shares as part of forfeiture payments |  |  | 573865 |  | 573865 |
| &nbsp;&nbsp;&nbsp;Issue of options | 6(b)(ii) | 6194825 |  |  | 6194825 |
| **At 30 June 2022** |  | **6554312** | **573865** | **(19043)** | **7109134** |

---

*(i) Nature and purpose of other reserves Share-based payments*

The share-based payment reserve records items recognised as expenses on valuation of share options issued to key management personnel, other employees and eligible contractors.

*Foreign currency translations*

Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income as described in note 20(d) and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

*Equity settled payments*

Equity settled payments reserve records items recognised as expenses on valuation of shares to be issued to key management personnel and other employees for forfeiture of long term incentives at previous employers.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**6 Equity (continued)**

**(b) Other reserves (continued)**

*(ii) Movements in options:*

---

| | | |
|:---|:---|:---|
| **Details** | **Number of<br> options** | **Total <br> $** |
| **Balance at 11 February 2021** | **-** | **-** |
| Issue of ESOP unlisted options\* | 8233342 | 359487 |
| **Balance at 30 June 2021** | **8233342** | **359487** |
| Issue of ESOP unlisted options\* | 19640018 | 2067788 |
| Issue of unlisted options | 13680012 | 2767466 |
| Expense for share-based payments for options previously issued | - | 1359571 |
| **Balance at 30 June 2022** | **41553372** | **6554312** |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**7 Cash flow information**

**(a) Reconciliation of profit after income tax to net cash inflow from operating activities**

---

| | | |
|:---|:---|:---|
|  | **30 June <br> 2022<br> $** | 30 June<br> 2021 <br> $ |
| **Loss for the year** |  |  |
| **Adjustments for** | **(30420008)** | (485190) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation | **2981484** |  |
| &nbsp;&nbsp;&nbsp;Finance costs | **9349746** |  |
| &nbsp;&nbsp;&nbsp;Leave provision | **-** | 765 |
| &nbsp;&nbsp;&nbsp;Share-based payments | **4800683** | 359487 |
| &nbsp;&nbsp;&nbsp;Net foreign currency (gains)/losses<br>| **1128563** |  |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Movement in trade receivables | **(50135)** | (6347) |
| &nbsp;&nbsp;&nbsp;Movement in other current assets | **(228818)** |  |
| &nbsp;&nbsp;&nbsp;Movement in trade payables | **2531662** | 98376 |
| Net cash outflow from operating activities | **(9906823)** | (32909) |

---

**8 Critical estimates, judgements and errors**

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group's accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgements is included in other notes together with information about the basis of calculation for each affected line item in the financial statements.

(a) Significant estimates and judgements

The areas involving significant estimates or judgements are:

● Estimation of contingent consideration - note 4(d)(i)

● Impairment of patents, licences and other rights - note 5(a)(vi)

● Estimation of employee benefit obligations - note 5(b)(i)

● Estimation of share-based payments - note 16(a)

● Estimation of employee forfeiture payments - note 20(n)(iv)

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**9 Financial risk management**

This note explains the group's exposure to financial risks and how these risks could affect the group's future financial performance.

The group's risk management is predominantly controlled by the board. The board monitors the group's financial risk management policies and exposures and approves substantial financial transactions. It also reviews the effectiveness of internal controls relating to market risk, credit risk and liquidity risk.

(a) Market risk

*(i) Foreign exchange risk*

The group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations.

Foreign exchange rate risk arises from financial assets and financial liabilities denominated in a currency that is not the group's functional currency. Exposure to foreign currency risk may result in the fair value of future cash flows of a financial instrument fluctuating due to the movement in foreign exchange rates of currencies in which the group holds financial instruments which are other than the Australian dollar (AUD) functional currency of the group. This risk is measured using sensitivity analysis and cash flow forecasting. The cost of hedging at this time outweighs any benefits that may be obtained.

*Exposure*

The group's exposure to foreign currency risk at the end of the reporting year and period, respectively, expressed in Australian dollar, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **30 June 2022** | **30 June 2022** | 30 June 2021 | 30 June 2021 |
|  | **USD**<br>**$** | **EUR**<br>**$** | USD<br>$ | EUR<br>$ |
| Cash and cash equivalents | **2871338** | **-** |  |  |
| Trade payables | **438584** | **570688** | 2585 |  |
| **Total exposure** | **3309922** | **570688** | **2585** |  |

---

*Sensitivity*

As shown in the table above, the group is primarily exposed to changes in USD/AUD exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from USD denominated financial instruments.

The group has conducted a sensitivity analysis of its exposure to foreign currency risk. The group is currently materially exposed to the United States dollar (USD). The sensitivity analysis is conducted on a

currency-by-currency basis using the sensitivity analysis variable, which is based on the average annual movement in exchange rates over the past five years at year-end spot rates. The variable for each currency the group is materially exposed to is listed below:

● USD: 5.8% (2021: 4.9%)

● EUR: 3.4% (2021: 2.7%)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact on post-tax profit** | **Impact on post-tax profit** | **Impact on other components of equity** | **Impact on other components of equity** |
|  | **2022<br> $** | 2021 <br> $ | **2022<br> $** | 2021<br> $ |
| USD/AUD exchange rate - change by 5.8% (2021: 4.9%)\* | **191975** | 127 |  |  |
| EUR/AUD exchange rate - change by 3.4% (2021: 2.7%)\* | **19403** |  |  |  |
| \* Holding all other variables constant |  |  |  |  |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**9 Financial risk management (continued)**

**(a) Market risk (continued)**

*(i) Foreign exchange risk (continued)*

 

*Sensitivity (continued)*

Profit is more sensitive to movements in the AUD/USD exchange rates in 2022 than 2021 because of the increased amount of USD denominated cash and cash equivalents. The group's exposure to other foreign exchange movements is not material.

*(ii) Cash flow and fair value interest rate risk*

The group's main interest rate risk arises from cash and cash equivalents held, which expose the group to cash flow interest rate risk. During 2022 and 2021, the group's cash and cash equivalents at variable rates were denominated in Australian dollars.

The group's exposure to interest rate risk at the end of the reporting year and period, respectively, expressed in Australian dollars, was as follows:

---

| | | |
|:---|:---|:---|
|  | **30 June<br> 2022<br> $** | 30 June<br> 2021<br> $ |
| **Financial instruments with cash flow risk** |  |  |
| Cash and cash equivalents | **26979105** | 27091 |
| Other financial assets | **40000** | - |
|  | **27019105** | 27091 |

---

*Sensitivity*

The group's exposure to interest rate risk at the end of the reporting year and period, respectively, expressed in Australian dollars, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact on post-tax <br> profit** | **Impact on post-tax <br> profit** | **Impact on other <br> components of equity** | **Impact on other <br> components of equity** |
|  | **2022 <br> $** | 2021 <br> $ | **2022 <br> $** | 2021<br> $ |
| Interest rates - change by 121 basis points (2021: 31 basis points)\* | **326931** | 84 |  |  |
| \* Holding all other variables constant |  |  |  |  |

---

The use of 1.21 percent (2021: 0.31 percent) was determined based on analysis of the Reserve Bank of Australia cash rate change, on an absolute value basis, at 30 June 2022 and the previous four balance dates. The average cash rate at these balance dates was 0.77 percent (2021: 0.93 percent). The average change to the cash rate between balance dates was 157.03 percent (2021: 33.88 percent). By multiplying these two values, the interest rate risk was derived.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**9 Financial risk management (continued)**

(b) Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the group.

There has been an increase in the group's exposure to credit risk in 2022 due to increased cash and cash equivalents. The group's exposure to other classes of financial assets with credit risk is not material.

*(i) Risk management*

Risk is minimised through investing surplus funds in financial institutions that maintain a high credit rating.

*(ii) Impairment of financial assets*

While cash and cash equivalents are also subject to the impairment requirements of AASB 9, the identified impairment loss was immaterial.

(c) Liquidity risk

Liquidity risk arises from the possibility that the group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The group manages this risk through the following mechanisms:

● preparing forward looking cash flow analyses in relation to its operating, investing and financing activities;

● obtaining funding from a variety of sources;

● maintaining a reputable credit profile;

● managing credit risk related to financial assets;

● investing cash and cash equivalents and deposits at call with major financial institutions; and

● comparing the maturity profile of financial liabilities with the realisation profile of financial assets.

*(i) Maturities of financial liabilities*

The tables below analyse the group's financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual maturities of financial liabilities**<br>**At 30 June 2022** | **Less<br> than 6<br> months**<br>**$** | **6 - 12<br> months**<br>**$** | **Between 1<br> and 2 years**<br>**$** | **Between<br> 2 and 5<br> years**<br>**$** | **Over 5<br> years**<br>**$** | **Total<br> contractual<br> cash flows**<br>**$** | **Carrying<br> amount<br> liabilities**<br>**$** |
| Trade payables | **2153318** | **-** | **-** | **-** | **-** | **2153318** | **2153318** |
| Other financial liabilities | **5630420** | **-** | **13361881** | **-** | **-** | **18992301** | **18992301** |
| **Total non-derivatives** | **7783738** | **-** | **13361881** | **-** | **-** | **21145619** | **21145619** |

---

There is a portion of other financial liabilities that is payable in the next six months that is payable in shares. Refer to note 4(c) for further information.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**10 Capital management**

(a) Risk management

The group's objectives when managing capital are to

● safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and

● maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the group may issue new shares or reduce its capital, subject to the provisions of the group's constitution. The capital structure of the group consists of equity attributed to equity holders of the group, comprising contributed equity, reserves and accumulated losses. By monitoring undiscounted cash flow forecasts and actual cash flows provided to the board by the group's management, the board monitors the need to raise additional equity from the equity markets.

(b) Dividends

No dividends were declared or paid to members for the year ended 30 June 2022. The group's franking account balance was nil at 30 June 2022.

**11 Interests in other entities**

(a) Material subsidiaries

The group's principal subsidiaries at 30 June 2022 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.

---

| | | | |
|:---|:---|:---|:---|
| **Name of entity** | **Place of business/<br> country of<br> incorporation** | **Ownership interest held<br> by the group** | **Ownership interest held<br> by the group** |
|  |  | **2022** | 2021 |
|  |  | **%** | % |
| Radiopharm Theranostics (USA) Inc | United States | **100** | 100 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities**

(a) AVb6 Integrin intellectual property

The group has the licence agreement with TRIMT GmbH (TRIMT). The key financial terms of the license agreement includes payments of cash and shares in the group worth US$10 million. TRIMT received 4,444,444 ordinary shares as part of the transaction.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay TRIMT the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to TRIMT** |
| 1. | Commencement of Phase 3 diagnostic clinical trial for (68Ga-TRIVEHEXIN) (Diagnostic) | US$2m |
| 2. | Any Marketing Approval in Japan, China, Hong Kong or the United States of (68Ga-TRIVEHEXIN) for diagnostic application (Diagnostic) | US$3m |
| 3. | Last patient Phase 1 (Therapeutic) | US$5m |
| 4. | First patient Phase 2 (Therapeutic) | US$10m |
| 5. | Last patient Phase 2 (Therapeutic) | US$10m |
| 6. | First patient Phase 3 (Therapeutic) | US$15m |
| 7. | Last patient Phase 3 (Therapeutic) | US$15m |
| 8. | Any Marketing Approval in the Territory other than in Australia (Therapeutic) | US$30m |

---

Management expects milestone 3 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to milestone 3 for this current reporting year.

 

*(ii) Royalties on net sales*

The group is obliged to pay TRIMT royalties on net sales based on industry standard single digit royalty rates and also on sublicence revenues.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(b) hu PSA Anti-body intellectual property

The group has the licence agreement with Diaprost AB. The key financial terms of the licence agreement include upfront cash payments of US$7 million.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Diaprost the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Diaprost** |
| 1. | IND allowance | US$3m |
| 2. | Last patient Phase 1 | US$5m |
| 3. | First patient Phase 2 | US$11m |
| 4. | Last patient Phase 2B | US$11m |
| 5. | First patient Pivotal Study | US$15m |
| 6. | Upon the dosing of the final patient in a Pivotal Study | US$15m |
| 7. | FDA submission | US$7m |
| 8. | FDA approval | US$25m |
| 9. | EMA approval | US$10m |
| 10. | PMDA approval | US$5m |
| 11. | Second indication, approval at first of FDA, EMA, PMDA | US$10m |
| 12. | Approval at first of FDA, EMA, PMDA for Diagnostic trials. | US$5m |

---

Management expects milestones 1 and 2 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestones 1 and 2 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay Diaprost AB royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(c) NanoMab intellectual property

The group has the licence agreement with the NanoMab Technology Limited. The key financial terms of the license agreement includes payments of cash and shares in the group worth US$12.5 million. NanoMab received 21,111,111 ordinary shares as part of the transaction.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Nanomab the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Nanomab** |
| 1. | IND allowance by the U.S. FDA or the EMA or the NMPA (for either the HER-2 or the TROP-2 Therapeutic) | US$5m\* |
| 2. | IND allowance by the U.S. FDA or the EMA or the NMPA (for the PKT-7 Therapeutic) | US$0.5m\* |
| 3. | First patient dosed in the first Phase 1 therapeutic clinical trial | US$1m\* |
| 4. | First patient dosed in the first Phase 2 therapeutic clinical trial | US$2m\* |
| 5. | First patient dosed in the first Phase 3 therapeutic clinical<br> trial, or approval of a Licensed Product | US$3m\* |

---

\* Payment to be made in the form of ordinary shares in the company, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX.

Management expects milestone 1 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestone 1 for this current reporting year.

Additionally, the group signed an amendment with NanoMab Technology Limited that included the additional milestones. Within 30 days after occurrence of each milestone below, the group is required to pay NanoMab the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Nanomab** |
| 1. | IND submission to the U.S. FDA or the EMA or the NMPA for PDL-1 Therapeutic) | US$0.5m\* |
| 2. | First patient dosed in the first Phase 1 therapeutic clinical trial | US$1m\* |
| 3. | First patient dosed in the first Phase 2 therapeutic clinical trial | US$2m\* |
| 4. | First patient dosed in the first Phase 3 therapeutic clinical trial | US$3m\* |

---

\* Payment to be made in the form of ordinary shares in the company, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX.

Management expects milestone 1 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestone 1 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay Nanomab royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(d) Pivalate intellectual property

The group has the licence agreement with Cancer Research Technologies Limited (CRT). The key financial terms of the license agreement include an upfront cash payment of £180,000.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Imperial the amount indicated below:

Diagnostic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Imperial** |
| 1. | Phase 1 clinical trial commencement limited to each of the 1st<br> indication | £45k |
| 2. | Phase 2 clinical trial commencement limited to each of the 1st<br> 3 indications | £225k |
| 3. | Phase 3 clinical trial commencement limited to each of the 1st<br> 3 indications | £630k |
| 4. | Grant of US Regulatory Approval | £900k |
| 5. | Grant of EU (or UK) Regulatory Approval | £450k |
| 6. | First commercial sale | £900k |
| 7. | Aggregate Net Sales worldwide exceeding £10m | £630k |
| 8. | Aggregate Net Sales worldwide exceeding £50m | £3.15m |

---

Therapeutic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Imperial** |
| 1. | Clearing of IND in the US or any country in Territory | £90k |
| 2. | Phase 1 clinical trial/pivotal study commencement, limited to each of the 1st indication | £225k |
| 3. | Phase 2 clinical trial/pivotal study commencement, limited to each of the 1st 3 indications | £630k |
| 4. | Phase 3 clinical trial/pivotal study commencement, limited to each of the 1st 3 indications | £1.8m |
| 5. | Grant of US Regulatory Approval | £3.6m |
| 6. | Grant of MA in the EU (or UK) | £1.8m |
| 7. | First commercial sale | £4.5m |
| 8. | Aggregate Net Sales worldwide exceeding £100m | £2.7m |
| 9. | Aggregate Net Sales worldwide exceeding £500m | £13.5m |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(d) Pivalate intellectual property (continued)

*(i) Development milestone payments (continued)*

Management is uncertain whether milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has not accounted for any milestones for this current reporting year.

*(ii) Royalties*

The group is obliged to pay CRT royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

(e) NeoIndicate intellectual property

The group has the sublicence agreement with NeoIndicate LLC (NeoIndicate). The key financial terms of the licence agreement include an upfront cash payment of US$100,000.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay NeoIndicate the amount indicated below:

Diagnostic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to NeoIndicate** |
| 1. | eIND or IND Diagnostic approval | US$75k |
| 2. | First dose of Diagnostic in Phase I anywhere in world | US$75k |
| 3. | First dose of Diagnostic in Phase II anywhere in world | US$150k |
| 4. | First dose of Diagnostic in Phase III anywhere in world | US$300k |
| 5. | US FDA Regulatory Approval Diagnostic | US$1m |
| 6. | Outside of US Regulatory Approval Diagnostic | US$0.5m |
| 7. | Upon first reaching cumulative aggregate gross sales of $25M Diagnostic | US$0.75m |
| 8. | Upon first reaching cumulative aggregate gross sales of $100M Diagnostic | US$3m |
| 9. | Upon first reaching cumulative aggregate gross sales of US$250M Diagnostic | US$7.5m |
| 10. | Upon first reaching cumulative aggregate gross sales of US$500M Diagnostic | US$15m |
| 11. | Upon first reaching cumulative aggregate gross sales of US$1 Billion Diagnostic | US$30m |
| 12. | Upon first reaching cumulative aggregate gross sales of US$2 Billion Diagnostic | US$60m |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(e) NeoIndicate intellectual property (continued)

*(i) Development milestone payments (continued)*

Therapeutic Licensed Product Milestone Payments:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to NeoIndicate** |
| 1. | eIND or IND approval of therapeutic | US$100k |
| 2. | First dosing Therapeutic of patients in Phase I anywhere in world | US$100k |
| 3. | First dosing Therapeutic of patients in Phase II anywhere in world | US$200k |
| 4. | First dosing Therapeutic of patients in Phase III anywhere in world | US$0.5m |
| 5. | US FDA Approval Therapeutic | US$2m |
| 6. | Outside of US Regulatory Approval Therapeutic | US$1m |
| 7. | Upon first reaching cumulative aggregate gross sales of $25M Therapeutic | US$1m |
| 8. | Upon first reaching cumulative aggregate gross sales of $100M Therapeutic | US$5m |
| 9. | Upon first reaching cumulative aggregate gross sales of $250M Therapeutic | US$10m |
| 10. | Upon first reaching cumulative aggregate gross sales of US$500M Therapeutic | US$20m |
| 11. | Upon first reaching cumulative aggregate gross sales of US$1 Billion Therapeutic | US$40m |
| 12. | Upon first reaching cumulative aggregate gross sales of US$2 Billion Therapeutic | US$80m |

---

Management expects Diagnostic milestones 1 and 2 to be met with 70%, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the Diagnostic milestones 1 and 2 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay NeoIndicate royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(f) UCLA intellectual property

The group has the licence agreement with The Regents of the University of California (UCLA). The key financial terms of the license agreement include an upfront cash payment of US$100,000

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Imperial the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to UCLA** |
| 1. | Upon enrolling the first patient in a phase II clinical trial of a Licensed Product being developed in the Therapeutics Field | US$100k |
| 2. | Upon enrolling the first patient in a phase III clinical trial of a Licensed Product being developed in the Therapeutics Field | US$250k |
| 3. | Upon receiving FDA approval for a Licensed Product being developed in the Therapeutics Field | US$2.5m |
| 4. | Upon receiving EMA approval for a Licensed Product being developed in the Therapeutics Field | US$2m |
| 5. | Upon achieving a First Commercial Sale of a Licensed Product in the Therapeutics Field | US$1m |
| 6. | When cumulative Net Sales of all Licensed Products reaches fifty million dollars ($50000000) | US$1.5m |
| 7. | Cumulative Net Sales of all Licensed Products reaches two<br> hundred and fifty million dollars ($250000000) | US$5m |

---

Management is uncertain whether milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has not accounted for any milestones for this current reporting year.

 

*(ii) Royalties*

The group is obliged to pay UCLA royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**13 Commitments**

(a) Research and development commitments

*(i) Pivalate intellectual property*

Under the License Agreement, a non-refundable annual license fee is payable to CRT of £9,000. This is payable within 30 days of the first, second, third and forth anniversaries of the effective date. Within 30 days of the fifth and each subsequent anniversary of the effective date and until the calendar year in which the first commercial sale of a licensed product occurs, Radiopharm shall pay to the CRT £18,000.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **14 Events occurring after the reporting year**

On 14 September 2022, Radiopharm Theranostics Limited and The University of Texas MD Anderson Cancer Center announced the launch of Radiopharm Ventures, LLC, a joint venture to develop novel radiopharmaceutical therapeutic products for cancer. The joint venture will focus initially on developing products based on MD Anderson intellectual property.

Radiopharm Ventures, LLC is a limited liability company jointly owned by Radiopharm Theranostics (USA) Inc. (a wholly owned subsidiary of Radiopharm) (51%) and MD Anderson (49%). The University of Texas MD Anderson Cancer Center has granted a license to Radiopharm Ventures for certain patent and technology rights for development and commercialization effective from 11 September 2022. The license may continue until the later of twenty years from the effective fate or the end of the life of the licensed patents. The license may be terminated at any time by mutual written agreement. The agreement between Radiopharm Ventures and MD Anderson includes royalty and milestone payment obligations that arise from the development and/or commercialization of licensed products. The costs will be shared by Radiopharm Theranostics (USA) Inc and MD Anderson and both parties will share ownership of the resultant intellectual property.

On 16 November 2022, shareholders approved the issue of 3,800,004 options exercisable at $0.60 and 18,366,927 options exercisable at $0.17 to directors.

No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial years.

**15 Related party transactions**

**(a) Key management personnel compensation**

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022**<br> **$** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Short-term employee benefits | **2820952** |  |
| Post-employment benefits | **47053** |  |
| Long-term benefits | **301702** |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | **2667283** | 359486 |
|  | **5836990** | 359486 |

---

Detailed remuneration disclosures are provided in the remuneration report on pages 52 to 65.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**15 Related party transactions (continued)**

(b) Transactions with key management personal

The following transactions occurred with key management personnel:

---

| | | |
|:---|:---|:---|
|  | **30 June**<br> **2022**<br> **$** | From 11 <br>February to <br>30 June <br> 2021 <br>$ |
| *Other transactions* |  |  |
| &nbsp;&nbsp;&nbsp;Forfeiture payments expense to key management personnel | **337691** |  |

---

*(i) Forfeiture payments expense to key management personal*

The group has entered agreements to pay employees for forfeiture of long-term incentives with their former employment. At 30 June 2022 the group has recognised $185,244 as payable for the current year in cash. The expense is cumulative and vests dependent to the employees agreements with Radiopharm.

**(c) Loans to/from related parties**

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2022**<br> **$** | 30 June<br>2021<br> $ |
| *Loans from key management personnel* |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of the year/period | **59000** |  |
| &nbsp;&nbsp;&nbsp;Loans advanced | **10000** | 59000 |
| &nbsp;&nbsp;&nbsp;Loans repayments made | **(69000)** | - |
| &nbsp;&nbsp;&nbsp;End of year/period | - | 59000 |

---

(d) Terms and conditions

At 30 June 2022 the group repaid the full amount owed to Paul Hopper amounting $69,000. These funds were originally received to fund working capital in the group at the time of inception.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**16 Share-based payments**

(a) Employee Option Plan

The establishment of the 'Omnibus Incentive Plan' (OIP) was approved by shareholders at the annual general meeting held on 22 November 2021, and will be subject to shareholder approval at the 2022 annual general meeting. The plan is designed to provide long-term incentives for employees (including directors) to deliver long-term shareholder returns. Participation in the plan is at the board's discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits.

Set out below are summaries of all listed and unlisted options

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | 2021 | 2021 |
|  | **Average exercise price per share option** | **Number of <br> options** | Average exercise price <br>per share <br>option | Number of <br>options |
| As at 1 July 2021 and 11 February 2021 respectively | $**0.60** | **8233342** |  |  |
| Granted during the year/period | $**0.60** | **19640018** | $0.60 | 8233342 |
| As at 30 June | $**0.60** | **27873360** | $0.60 | 8233342 |
| Vested and exercisable at 30 June | $**0.60** | **4050535** |  |  |

---

Share options outstanding at the end of the year and period, respectively, have the following expiry date and exercise prices:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise price** | **Share options <br> 30 June <br> 2022** | Share options <br> 30 June <br> 2021 |
| 2021-03-29 | 2025-11-25 | 0.60 | 1900002 | 1900002 |
| 2021-04-05 | 2025-11-25 | 0.60 | 1900002 | 1900002 |
| 2021-04-26 | 2025-11-25 | 0.60 | 1900002 | 1900002 |
| 2021-06-27 | 2026-11-25 | 0.60 | 2533336 | 2533336 |
| 2021-07-28 | 2026-11-25 | 0.60 | 2533336 |  |
| 2021-08-02 | 2026-11-25 | 0.60 | 8666678 |  |
| 2021-12-21 | 2025-12-21 | 0.60 | 1400000 |  |
| 2022-02-07 | 2026-11-16 | 0.60 | 1900002 |  |
| 2022-03-02 | 2027-05-27 | 0.60 | 740000 |  |
| 2022-04-22 | 2027-06-01 | 0.60 | 2500000 |  |
| 2022-05-26 | 2026-11-16 | 0.60 | 1900002 | - |
| Total |  |  | 27873360 | 8233342 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**16 Share-based payments (continued)**

(a) Employee Option Plan (continued)

The following options were granted outside of the OSIP plan, vesting immediately upon issue. The outstanding balance at the end of the year is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise price** | **Share options<br> 30 June <br> 2022** | Share options<br> 30 June <br> 2021 |
| 2021-09-13 | 2024-11-25 | 0.90 | 13680012 | - |
| Total |  |  | 13680012 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Weighted average remaining contractual life of options outstanding at end of year/period |  |  | 3.62 | 4.72 |

---

*(i) Fair value of options granted*

 

The assessed fair value of options at grant date was determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the option, security price at grant date and expected price volatility of the underlying security, the expected dividend yield, the risk-free interest rate for the term of the security and certain probability assumptions.

The model inputs for options granted during the year ended 30 June 2022 included:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise**<br> **price ($)** | **No. of**<br> **options** | **Share**<br> **price at**<br> **grant**<br> **date ($)** | **Expected**<br> **volatility** | **Dividend**<br> **yield** | **Riskfree**<br> **interest**<br> **rate** | **Fair value**<br> **at grant**<br> **date per**<br> **option ($)** |
| 2021-07-28 | 2026-11-25 | 0.60 | 2533336 | 0.420 | 100% | 0.00% | 0.55% | 0.2979 |
| 2021-08-02 | 2026-11-25 | 0.60 | 8666678 | 0.420 | 100% | 0.00% | 0.56% | 0.2976 |
| 2021-09-13 | 2024-11-25 | 0.60 | 13680012 | 0.420 | 100% | 0.00% | 0.18% | 0.2023 |
| 2021-12-21 | 2025-12-21 | 0.60 | 1400000 | 0.370 | 100% | 0.00% | 0.96% | 0.2253 |
| 2022-02-07 | 2026-11-16 | 0.60 | 1900002 | 0.305 | 100% | 0.00% | 1.39% | 0.1978 |
| 2022-03-02 | 2027-05-27 | 0.60 | 740000 | 0.310 | 100% | 0.00% | 1.75% | 0.2078 |
| 2022-04-22 | 2027-06-01 | 0.60 | 2500000 | 0.255 | 100% | 0.00% | 2.92% | 0.1678 |
| 2022-05-26 | 2026-11-16 | 0.60 | 1900002 | 0.190 | 100% | 0.00% | 2.74% | 0.1036 |

---

(b) Expenses arising from share-based payment transactions

---

| | | |
|:---|:---|:---|
|  | **30 June**<br> **2022**<br> **$** | 30 June <br>2021 <br>$ |
| Options issued | **6194825** | 359487 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**17 Remuneration of auditors**

During the year and period, respectively, the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms:

(a) Grant Thornton Australia

 *(i) Audit and other assurance services*

---

| | | |
|:---|:---|:---|
|  | **30 June <br> 2022 <br> $** | From 11 <br> February to <br> 30 June <br> 2021 <br> $ |
| Audit and review of financial statements | **111038** | 20000 |
| Total remuneration for audit and other assurance services | **111038** | 20000 |
| *(ii) Taxation services* |  |  |
| Tax compliance services | **16715** | - |
| Total remuneration for taxation services | **16715** | - |
| *(iii) Other services* |  |  |
| Investigating accountant's report | **42685** | - |
| Total remuneration for other services | **42685** | - |
| **Total auditors' remuneration** | **170438** | 20000 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**18 Loss per share**

(a) Reconciliations of loss used in calculating loss per share

---

| | | |
|:---|:---|:---|
|  | **30 June <br>2022 <br>$** | From 11 <br>February to <br>30 June <br>2021 <br>$ |
| *Basic and diluted loss per share* |  |  |
| Loss attributable to the ordinary equity holders of the group used in calculating loss per share: |  |  |
| &nbsp;&nbsp;&nbsp;From continuing operations | 30420008 | 485190 |

---

 **(b) Weighted average number of shares used as the denominator**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022 <br>Number** | **2022 <br>Number** | 2021 <br>Number | 2021 <br>Number |
| Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | | 181,246,144 | | 1,000 |

---

On the basis of the group's losses, the outstanding options as at 30 June 2022 are considered to be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**19 Parent entity financial information**

(a) Summary financial information

The individual financial statements for the parent entity shows the following aggregate amounts:

---

| | | |
|:---|:---|:---|
|  | **30 June**<br> **2022**<br> **$** | 30 June <br>2021 <br>$ |
| Balance sheet |  |  |
| Current assets | **27264405** | 33438 |
| Non-current assets | **56116886** |  |
| Total assets | **83381291** | 33438 |
| Current liabilities | **7738746** | 158141 |
| Non-current liabilities | **12539945** |  |
| Total liabilities | **20278691** | 158141 |
| *Shareholders' equity* |  |  |
| Issued capital |  |  |
| &nbsp;&nbsp;&nbsp;Reserves | **86758783** | 1000 |
| &nbsp;&nbsp;&nbsp;Share-based payments | **6554312** | 359487 |
| &nbsp;&nbsp;&nbsp;Equity Settled Payments | **573865** |  |
| Retained earnings | **(28805674)** | (485190) |
|  | **65081286** | (124703) |
| **Loss for the year/period** | **28320485** | 485190 |
| **Total comprehensive loss** | **28320485** | 485190 |

---

(b) Guarantees entered into by the parent entity

The parent entity has not entered into any guarantees in relation to debts of its subsidiaries in the year ended 30 June 2022.

(c) Contingent liabilities of the parent entity

The parent entity had contingent liabilities at 30 June 2022 identical to those of the group, as outlined in note 12.

(d) Contractual commitments for the acquisition of property, plant or equipment

The parent entity has not entered into any contractual commitments for the acquisition of property, plant or equipment in the year ended 30 June 2022.

(e) Determining the parent entity financial information

The financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, except as set out below.

 *(i) Investments in subsidiaries, associates and joint venture entities*

Investments in subsidiaries are accounted for at cost in the financial statements of Radiopharm Theranostics Limited.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies**

(a) Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the *Corporations Act 2001*. Radiopharm Theranostics Limited is a for-profit entity for the purpose of preparing the financial statements.

 *(i) Nature of business*

Radiopharm Theranostics Limited ("Radiopharm") is an Australian research and development group. The aim of the group is focused on the development of radiopharmaceutical products for diagnostic an therapeutic uses in areas of high unmet medical need. Lead products under development by the group are Nano-mAbs and AVB6 Integrin.

 *(ii) General information*

These financial statements are consolidated financial statements for the group consisting of Radiopharm Theranostics Limited and its subsidiaries. A list of major subsidiaries is included in note 11.

The financial statements are presented in the Australian currency.

Radiopharm Theranostics Limited is a group limited by shares, incorporated and domiciled in Australia.

The principal place of business and registered office is:

Level 3, 62 Lygon Street

Carlton VIC 3053

The financial statements were authorized for issue by the directors on 30 September 2022. The directors have the power to amend and reissue the financial statements.

 *(iii) Compliance with IFRS*

The financial statements of the Radiopharm Theranostics Limited group also complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

 *(iv) Historical cost convention*

The financial statements has been prepared on a historical cost basis.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(a) Basis of preparation (continued)

 *(v) Going concern*

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business.

For the period ended 30 June 2022, the group incurred a net loss of $30,420,008 and had net assets of $62,962,719 as at 30 June 2022.

The ability of the group to continue as a going concern is principally dependent upon the ability of the group to raise sufficient capital.

The need to raise additional capital gives rise to a material uncertainty, which may cast significant doubt over the group's ability to continue as a going concern.

The directors believe that the group has the ability to raise capital as required based on the success of previous capital raises and the development progression of the group's research projects.

Based on the above, the directors are satisfied that the group has access to sufficient sources of funding to meet its commitments over the next 12 months, and for that reason the financial statements have been prepared on the basis that the group is a going concern.

Should the group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or to the amounts and classification of liabilities that might be necessarily incurred should the group not continue as a going concern.

 *(vi) New standards and interpretations not yet adopted*

There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting years and on foreseeable future transactions.

(b) Principles of consolidation

 *(i) Subsidiaries*

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the group.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(b) Principles of consolidation (continued)

*(i) Subsidiaries (continued)*

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

(c) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

(d) Foreign currency translation

*(i) Functional and presentation currency*

Items included in the financial statements of the group are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements is presented in the Australian dollar ($), which is Radiopharm Theranostics Limited's functional and presentation currency.

*(ii) Transactions and balances*

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of profit or loss and other comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of profit or loss and other comprehensive income on a net basis within finance income.

(e) Income tax

The income tax expense or credit for the year is the tax payable on the current year's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting year in the countries where the group and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting year and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(f) Impairment of assets

Intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting year.

(g) Cash and cash equivalents

For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position.

(h) Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance.

Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance account (provision for impairment of trade receivables) is used when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial.

The amount of the impairment loss is recognised in profit or loss within other expenses. When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent year, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

(i) Investments and other financial assets

*(i) Classification*

The group classifies its financial assets in the following categories:

● those to be measured subsequently at fair value (either through OCI or through profit or loss), and

● those to be measured at amortised cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(i) Investments and other financial assets (continued)

*(ii) Recognition and derecognition*

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.

*(iii) Measurement*

At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

*(iv) Financial instruments*

Subsequent measurement of financial instruments depends on the group's business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the group classifies its financial instruments:

● Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated statement of profit or loss.

● FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the consolidated statement of profit or loss.

● FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the year in which it arises.

*(v) Impairment*

The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

(j) Classification and measurement of financial liabilities

Financial liabilities are initially measured at fair value, and where applicable adjusted for transaction costs unless the group designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss.

All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within finance costs or finance income.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(k) Intangible assets

Intangible assets are initially measured at cost. Following initial recognition, intangible assets are carried at historical cost, less any accumulated amortisation and impairment losses. The useful lives of intangible assets that are available for use are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication of impairment. Amortisation methods and periods for an intangible asset with a finite useful life is reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation method and/or period, as appropriate, which is a change in accounting estimate and applied prospectively. The amortisation expense on intangible assets with finite lives is recognised in the consolidated statement of profit or loss and other comprehensive income.

*(i) Acquisition of intangible assets*

The group has applied judgement in determining the accounting treatment for the acquisition of license agreements. License agreements have been determined to be stand alone transactions, independent from any other agreement entered between the group and the licensor. Management has also made the decision to account for the cost of the asset conferred by the license agreement based on the milestones that are probable of being payable, that is, those for which there is judged to be a probability of greater than 50% that the milestone will be triggered and expected to be triggered within 24 months.

Future changes to probability of milestones becoming payable in subsequent periods will be captured in the consolidated statement of profit or loss and other comprehensive income.

*(ii) Research and development*

Expenditure on research activities, undertaken with the prospect of obtaining new scientific or technical knowledge and understanding, is recognised in the consolidated statement of profit or loss and other comprehensive income as an expense when it is incurred.

Expenditure on development activities, being the application of research findings or other knowledge to a plan or design for the production of new or substantially improved products or services before the start of commercial production or use, is capitalised if it is probable that the product or service is technically and commercially feasible, will generate probable economic benefits, adequate resources are available to complete development and cost can be measured reliably. Other development expenditure is recognised in the consolidated statement of profit or loss and other comprehensive income as an expense as incurred.

*(iii) Amortisation methods and useful lives*

Management has assessed capitalised patents, licences and other rights as available for their intended use. These assets are amortised on a straight-line basis over the period of their expected benefit.

(l) Trade and other payables

These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting year. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(m) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

(n) Employee benefits

*(i) Short-term obligations*

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of the reporting year and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

*(ii) Other long-term employee benefit obligations*

The group also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting year using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and years of service. Expected future payments are discounted using market yields at the end of the reporting year of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting year, regardless of when the actual settlement is expected to occur.

 *(iii) Share-based payments*

Share-based compensation benefits are provided to employees via the 'Omnibus Incentive Plan' (OIP). Information relating to these schemes is set out in note 16.

*Employee options*

The fair value of options granted under the OIP is recognised as a share-based payment expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

- including any market performance conditions (e.g. the company's share price)

- excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and

- including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holdings shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each year, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(n) Employee benefits (continued)

*(iv) Forfeiture payments*

The group has incurred liabilities for forfeiture payments relating to the forfeiture of long-term incentive with their former employment. Costs are discounted using RBA risk-free rates based on the years until payment from the employees commencement date. The total expense is recognised over the vesting period, which is the period between the commencement of the employee and the date the payment is due.

(o) Contributed equity

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(p) Convertible notes

Convertible notes are assessed for embedded derivatives at issue. The embedded derivatives are separated from the notes and accounted for at the fair value through profit or loss. The residual vale of the note is accounted for at amortised cost using the effective interest method. Transaction costs of issues are allocated proportionately to the two components. Costs allocated to the note liability reduced the initial carrying value, while costs allocated to the embedded derivative were recognised in the profit or loss immediately. The fair value change for the derivative and effective interest for the note is accounted for until conversion where the note is converted to ordinary shares. The carrying values of both the note liability and derivative liability were transferred to share capital at conversion date.

(q) Loss per share

*(i) Basic loss per share*

Basic earnings per share is calculated by dividing:

● the profit attributable to owners of the group, excluding any costs of servicing equity other than ordinary shares

● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

 ****

*(ii) Diluted loss per share*

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

● the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

(r) Rounding of amounts

The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the 'rounding off' of amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest dollar.

(s) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the consolidated statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

**Item 19. Exhibits**

The following exhibits are filed as part of this Registration Statement on Form 20-F:

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 1.1 | [Constitution of Radiopharm Theranostics Limited](ea172480ex1-1_radiopharm.htm) |
| 2.1 | [Form of Deposit Agreement between Radiopharm Theranostics Limited and Deutsche Bank Trust Company Americas as Depositary](ea172480ex2-1_radiopharm.htm) |
| 2.2 | [Form of American Depositary Receipt (included in Exhibit 2.1)](ea172480ex2-1_radiopharm.htm) |
| 4.1 | [Omnibus Incentive Plan](ea172480ex4-1_radiopharm.htm) |
| 4.2 | [Service Agreement, dated August 1, 2021, between Radiopharm Theranostics (USA) Inc and Riccardo Canevari](ea172480ex4-2_radiopharm.htm) |
| 4.3 | [Service Agreement, dated June 25, 2021, between Radiopharm Theranostics (USA) Inc and David Mozley](ea172480ex4-3_radiopharm.htm) |
| 4.4 | [Service Agreement, dated July 28, 2021, between Radiopharm Theranostics (USA) Inc and Thom Tulip](ea172480ex4-4_radiopharm.htm) |
| 4.5 | [Service Agreement, dated April 22, 2022, between Radiopharm Theranostics (USA) Inc and Vittorio Puppo](ea172480ex4-5_radiopharm.htm) |
| 4.6 | [Form of Deed of Indemnity with Directors](ea172480ex4-6_radiopharm.htm) |
| 4.7# | [Exclusive License Agreement, dated July 9, 2021, between Radiopharm Theranostics Limited and NanoMab Technology Limited](ea172480ex4-7_radiopharm.htm) |
| 4.8 | [License Amendment, dated August 1, 2021, Agreement between NanoMab Technology Limited and Radiopharm Theranostics Limited](ea172480ex4-8_radiopharm.htm) |
| 4.9 | [Agreement for the Assignment of Intellectual Property, dated January 20, 2022, between NanoMab Technology Limited, NanoMab (UK) Limited and Radiopharm Theranostics Limited](ea172480ex4-9_radiopharm.htm) |
| 4.10# | [Exclusive License Agreement, dated July 13, 2021, between TRIMT GmbH and Radiopharm Theranostics Limited](ea172480ex4-10_radiopharm.htm) |
| 4.11# | [License Agreement, dated September 5, 2021, between Diaprost AB, Fredax AB and Radiopharm Theranostics Limited](ea172480ex4-11_radiopharm.htm) |
| 4.12# | [Exclusive License Agreement, dated October 1, 2021, between Cancer Research Technology Limited and Radiopharm Theranostics Limited](ea172480ex4-12_radiopharm.htm) |
| 4.13# | [Sublicence Agreement, dated June 7, 2022, between NeoIndicate LLC and Radiopharm Theranostics Limited](ea172480ex4-13_radiopharm.htm) |
| 4.14# | [Exclusive License Agreement, dated March 22, 2022, between The Regents of the University of California and Radiopharm Theranostics Limited](ea172480ex4-14_radiopharm.htm) |
| 4.15# | [Agreement between Radiopharm Theranostics Limited and Kilinwata Investments Pty Ltd, dated February 11, 2021](ea172480ex4-15_radiopharm.htm) |
| 4.16 | [Agreement between Radiopharm Theranostics Limited and CFO Solution HQ Pty Ltd, dated February 11, 2021](ea172480ex4-16_radiopharm.htm) |
| 8.1 | [List of subsidiaries](ea172480ex8-1_radiopharm.htm) |
| 15.1 | [Consent of Grant Thornton](ea172480ex15-1_radiopharm.htm) |

---

# Certain confidential information in this exhibit was omitted by means of marking such information with brackets ("[\*\*\*]") because the identified confidential information is not material and is the type that the registrant treats as private or confidential.

**SIGNATURES** 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on its behalf.

---

| | | |
|:---|:---|:---|
|  | **Radiopharm Theranostics Limited** | **Radiopharm Theranostics Limited** |
|  | By: | /s/ Riccardo Canevari |
|  | Name: | Riccardo Canevari |
|  | Title: | Chief Executive Officer and Managing Director |
| Date: February 13, 2023 |  |  |

---

## Exhibit 1.1

**Exhibit 1.1**

Constitution of Radiopharm Theranostics Limited

![](ex1-1_001.jpg)

Table of contents

---

| | | | |
|:---|:---|:---|:---|
| **1** | **Preliminary** | **Preliminary** | **1** |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 2 |
|  | 1.3 | Application of the Relevant Law | 3 |
|  | 1.4 | Exercising powers | 3 |
| **2** | **Capital** | **Capital** | **4** |
|  | 2.1 | Shares | 4 |
|  | 2.2 | Preference share rights | 4 |
|  | 2.3 | Alteration of share capital | 5 |
|  | 2.4 | Variation of class rights | 5 |
|  | 2.5 | Restricted securities | 6 |
| **3** | **Certificates** | **Certificates** | **6** |
|  | 3.1 | Issue of certificates | 6 |
|  | 3.2 | Cancellation of certificates | 6 |
| **4** | **Register** | **Register** | **7** |
|  | 4.1 | Joint holders | 7 |
|  | 4.2 | Equitable and other claims | 7 |
| **5** | **Calls on shares** | **Calls on shares** | **7** |
|  | 5.1 | Power to make calls | 7 |
|  | 5.2 | Time of calls | 7 |
|  | 5.3 | Notice of calls | 8 |
|  | 5.4 | Payment of calls | 8 |
|  | 5.5 | Fixed instalments | 8 |
|  | 5.6 | Failure to pay | 8 |
|  | 5.7 | Proof of call | 8 |
|  | 5.8 | Payments in advance of calls | 8 |
|  | 5.9 | Waiver | 9 |
| **6** | **Forfeiture of shares** | **Forfeiture of shares** | **9** |
|  | 6.1 | Forfeiture procedure | 9 |
|  | 6.2 | Notice of forfeiture | 9 |
|  | 6.3 | Effect of forfeiture | 9 |

---

\| Constitution of Radiopharm Theranostics Limited i

![](ex1-1_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **7** | **Lien on shares** | **Lien on shares** | **10** |
|  | 7.1 | Existence of lien | 10 |
|  | 7.2 | Lien on distributions | 10 |
|  | 7.3 | Sale under lien | 10 |
|  | 7.4 | Extinguishment of lien | 11 |
|  | 7.5 | Company's right to recover payments | 11 |
|  | 7.6 | Exemption from lien | 11 |
| **8** | **Surrender of shares** | **Surrender of shares** | **11** |
| **9** | **Sale, reissue or other disposal of shares by the company** | **Sale, reissue or other disposal of shares by the company** | **11** |
| **10** | **Interest and costs payable** | **Interest and costs payable** | **12** |
| **11** | **Share plans** | **Share plans** | **13** |
|  | 11.1 | Implementing share plans | 13 |
|  | 11.2 | Directors' powers and varying, suspending or terminating share plans | 13 |
| **12** | **Transfer of shares** | **Transfer of shares** | **14** |
|  | 12.1 | Computerised trading | 14 |
|  | 12.2 | Transferring shares | 14 |
|  | 12.3 | Power to decline to register transfers | 15 |
|  | 12.4 | Power to suspend registration of transfers | 15 |
| **13** | **Unmarketable parcels** | **Unmarketable parcels** | **15** |
|  | 13.1 | Power of sale | 15 |
|  | 13.2 | Notice of proposed sale | 16 |
|  | 13.3 | No sale where member gives notice | 16 |
|  | 13.4 | Terms of sale | 16 |
|  | 13.5 | Share transfers | 16 |
|  | 13.6 | Application of proceeds | 16 |
|  | 13.7 | Protections for transferee | 16 |
| **14** | **Transmission of shares** | **Transmission of shares** | **17** |
|  | 14.1 | Death of joint holder | 17 |
|  | 14.2 | Death of sole holder | 17 |
|  | 14.3 | Other transmission events | 17 |
|  | 14.4 | Other rules | 18 |
| **15** | **Proportional takeover bids** | **Proportional takeover bids** | **18** |
|  | 15.1 | Definitions | 18 |
|  | 15.2 | Transfers not to be registered | 18 |
|  | 15.3 | Approving Resolution | 18 |
|  | 15.4 | Sunset | 19 |

---

\| Constitution of Radiopharm Theranostics Limited ii

![](ex1-1_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **16** | **General meetings** | **General meetings** | **19** |
|  | 16.1 | Calling general meetings | 19 |
|  | 16.2 | Postponing or cancelling a meeting | 19 |
|  | 16.3 | Notice of general meetings | 20 |
|  | 16.4 | Non-receipt of notice | 20 |
|  | 16.5 | Admission to general meetings | 21 |
|  | 16.6 | Multiple venues | 21 |
|  | 16.7 | Quorum at general meetings | 22 |
|  | 16.8 | Chairman of general meetings | 22 |
|  | 16.9 | Acting chairman | 23 |
|  | 16.10 | Conduct at general meetings | 23 |
|  | 16.11 | Adjournment and postponement by the chairman | 23 |
|  | 16.12 | Decisions at general meetings | 24 |
|  | 16.13 | When poll may be demanded | 24 |
|  | 16.14 | Voting rights | 25 |
|  | 16.15 | Representation at general meetings | 26 |
|  | 16.16 | Class meetings | 27 |
| **17** | **Proxies, attorneys and representatives** | **Proxies, attorneys and representatives** | **27** |
|  | 17.1 | Appointment instruments | 27 |
|  | 17.2 | More than two current proxies | 29 |
|  | 17.3 | Revocation and postponement of the appointment | 29 |
|  | 17.4 | Chairman may make a determination | 29 |
| **18** | **Direct voting** | **Direct voting** | **30** |
|  | 18.1 | Directors may decide direct voting to apply | 30 |
|  | 18.2 | Direct votes only counted on a poll | 30 |
|  | 18.3 | Withdrawal of direct vote | 30 |
|  | 18.4 | Vote not affected by death, etc. of a member | 31 |
| **19** | **Directors** | **Directors** | **31** |
|  | 19.1 | Number of directors | 31 |
|  | 19.2 | Power to appoint directors | 31 |
|  | 19.3 | Retirement of directors | 31 |
|  | 19.4 | Vacating office | 32 |
|  | 19.5 | Remuneration | 33 |
|  | 19.6 | Director need not be a member | 34 |
|  | 19.7 | Directors interests | 34 |

---

\| Constitution of Radiopharm Theranostics Limited iii

![](ex1-1_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **20** | **Powers and duties of directors** | **Powers and duties of directors** | **35** |
|  | 20.1 | General powers | 35 |
|  | 20.2 | Power to borrow and give security | 35 |
|  | 20.3 | Powers of appointment | 36 |
| **21** | **Proceedings of directors meetings** | **Proceedings of directors meetings** | **36** |
|  | 21.1 | Meetings of directors | 36 |
|  | 21.2 | Calling meetings of directors | 36 |
|  | 21.3 | Notice of meetings of directors | 37 |
|  | 21.4 | Quorum at meetings of directors | 37 |
|  | 21.5 | Chairman and deputy chairman of directors | 37 |
|  | 21.6 | Decisions of directors | 38 |
|  | 21.7 | Written resolutions | 38 |
| **22** | **Alternate directors** | **Alternate directors** | **39** |
|  | 22.1 | Director may appoint alternate director | 39 |
|  | 22.2 | Conditions of office of alternate director | 39 |
|  | 22.3 | Committees of directors | 40 |
|  | 22.4 | Delegation to a director | 40 |
|  | 22.5 | Validity of acts | 40 |
| **23** | **Executive officers** | **Executive officers** | **41** |
|  | 23.1 | Managing directors and executive directors | 41 |
|  | 23.2 | Secretary | 41 |
|  | 23.3 | Provisions applicable to all executive officers | 41 |
| **24** | **Indemnity and insurance** | **Indemnity and insurance** | **42** |
|  | 24.1 | Officer's right of indemnity | 42 |
|  | 24.2 | Indemnity | 42 |
|  | 24.3 | Scope of indemnity | 42 |
|  | 24.4 | Insurance | 42 |
|  | 24.5 | Savings | 43 |
|  | 24.6 | Contract | 43 |
| **25** | **Dividends** | **Dividends** | **43** |
|  | 25.1 | Payment of dividends | 43 |
|  | 25.2 | Reserves and profits carried forward | 43 |
|  | 25.3 | Apportionment of dividends | 43 |
|  | 25.4 | Record date | 44 |
|  | 25.5 | No interest | 44 |
|  | 25.6 | Retention of dividends | 44 |
|  | 25.7 | Distribution of specific assets | 44 |
|  | 25.8 | Source of dividends | 45 |
|  | 25.9 | Reinvestment of dividends | 45 |
|  | 25.10 | Unclaimed dividends | 45 |

---

\| Constitution of Radiopharm Theranostics Limited iv

![](ex1-1_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **26** | **Method of payments** | **Method of payments** | **45** |
|  | 26.1 | Payment by cheque, electronic or other means | 45 |
|  | 26.2 | Unclaimed payment | 46 |
| **27** | **Capitalising profits** | **Capitalising profits** | **47** |
|  | 27.1 | Capitalisation of reserves and profits | 47 |
|  | 27.2 | Applying a sum for the benefit of members | 47 |
|  | 27.3 | Implementing the resolution | 47 |
| **28** | **Winding up** | **Winding up** | **47** |
|  | 28.1 | Distributing surplus | 47 |
|  | 28.2 | Dividing property | 48 |
| **29** | **Inspection of records** | **Inspection of records** | **48** |
|  | 29.1 | Inspection by member | 48 |
|  | 29.2 | Access by director | 48 |
| **30** | **Seals** | **Seals** | **49** |
|  | 30.1 | Safe custody of seal | 49 |
|  | 30.2 | Use of seal | 49 |
| **31** | **Notices** | **Notices** | **49** |
|  | 31.1 | Method of service | 49 |
|  | 31.2 | Time of service | 50 |
|  | 31.3 | Evidence of service | 50 |
|  | 31.4 | Joint holders | 50 |
|  | 31.5 | Other communications and documents | 50 |
| **32** | **General** | **General** | **50** |
|  | 32.1 | Submission to jurisdiction | 50 |
|  | 32.2 | Prohibition and enforceability | 50 |

---

\| Constitution of Radiopharm Theranostics Limited v

![](ex1-1_001.jpg)

Constitution

Radiopharm Theranostics Limited ACN 647 877 889

1 Preliminary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions

In this constitution:

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **AGM** | means an annual general meeting of the company that the Corporations Act requires to be held. |
| **Business Day** | has the meaning given to that term in the Listing Rules. |
| **Corporations Act** | means *Corporations Act 2001* (Cth). |
| **Exchange** | means ASX Limited ACN 008 624 691 or another body corporate declared by the directors to be the company's primary stock exchange for the purposes of this definition. |
| **Listing Rules** | means the listing rules of the Exchange. |
| **Proper ASTC Transfer** | has the meaning given to that term in the *Corporations Regulations 2001* (Cth). |
| **Record Time** | means:<br>(a) in the case of a meeting for which the caller of the meeting has decided, under the Corporations Act, that shares are to be taken to be held by the persons who held them at a specified time before the meeting, that time; and<br>(b) in any other case, the time of the relevant meeting.<br>|
| **Relevant Law** | means the Corporations Act, the Listing Rules and the Settlement Operating Rules. |
| **Representative** | means, for a member which is a body corporate and for a meeting, a person authorised under the Corporations Act (or a corresponding previous law) by the body corporate to act as its representative at the meeting. |
| **Settlement Operating Rules** | means the operating rules of ASX Settlement Pty Limited ACN 008 504 532 or the equivalent operating rules of the relevant Exchange. |

---

\| Constitution of Radiopharm Theranostics Limited 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Interpretation

In this constitution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reference
 to a partly paid share is a reference to a share on which there is an amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference
 to an amount unpaid on a share includes a reference to any amount of the issue price which
 is unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reference
 to a call or an amount called on a share includes a reference to a sum that, by the terms
 of issue of a share, becomes payable at one or more fixed times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference
 to a member for the purposes of a meeting of members for which the caller of the meeting
 has determined a Record Time is a reference to a registered holder of shares at the relevant
 Record Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reference
 to a member present at a general meeting is a reference to a member present in person or
 by proxy, attorney or Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference
 to a person holding or occupying a particular office or position is a reference to any person
 who occupies or performs the duties of that office or position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless
 the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reference
 to a person includes a corporation, trust, partnership, unincorporated body, government and
 local authority or agency, or other entity whether or not it comprises a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a reference
 to a person includes that person's successors, legal personal representatives, permitted
 substitutes and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reference
 to legislation or to a provision of legislation (including subordinate legislation) is to
 that legislation as amended, re-enacted or replaced, and includes any subordinate legislation
 issued under it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a reference
 to the Listing Rules or the Settlement Operating Rules includes any variation, consolidation
 or replacement of those rules and is to be taken to be subject to any applicable waiver or
 exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a
 word or phrase is defined, its other grammatical forms have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a reference
 to a rule is a reference to a rule of this constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a reference
 to a document or agreement (including a reference to this document) is to that document or
 agreement as amended, supplemented, varied or replaced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if
 any day on or by which a person must do something under this document is not a Business Day,
 then the person must do it on or by the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) headings
 are for convenience only and do not affect interpretation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Application
 of the Relevant Law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The replaceable
 rules in the Corporations Act do not apply to the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A reference
 to the Exchange, the Listing Rules or the Settlement Operating Rules only applies while the
 company is included in the official list of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 an expression is used in a manner consistent with a provision of the Relevant Law, the expression
 has the same meaning as in that provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) While
 the company is included in the official list of the Exchange, the following rules apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) despite
 anything contained in these rules, if the Listing Rules prohibit an act being done, the act
 must not be done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing
 contained in these rules prevents an act being done that the Listing Rules require to be
 done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Listing Rules require an act to be done or not to be done, authority is given for that
 act to be done or not to be done (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the
 Listing Rules require these rules to contain a provision and they do not contain that provision,
 these rules are taken to contain that provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the
 Listing Rules require these rules not to contain a provision and they contain that provision,
 these rules are taken not to contain that provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if any
 provision of these rules is or becomes inconsistent with the Listing Rules, these rules are
 taken not to contain that provision to the extent of the inconsistency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Exercising
 powers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The company
 may exercise any power, take any action or engage in any conduct which the Corporations Act
 permits a company limited by shares to exercise, take or engage in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A power
 conferred on a person to do a particular act or thing under this constitution includes, unless
 the contrary intention appears, a power (exercisable in the same way and subject to the same
 conditions) to repeal, rescind, revoke, amend or vary that act or thing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A power
 conferred under this constitution to do a particular act or thing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may be
 exercised from time to time and subject to conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may,
 where the power concerns particular matters, be exercised for only some of those matters
 or as to a particular class of those matters, and to make different provision concerning
 different matters or different classes of matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 a power to appoint a person to an office or position is conferred under this constitution
 (except the power to appoint a director under rule 19.2(a)) the power includes, unless
 the contrary intention appears, a power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appoint
 a person to act in the office or position until a person is appointed to the office or position;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remove
 or suspend any person appointed (without prejudice to any rights or obligations under any
 contract between the person and the company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appoint
 another person temporarily in the place of any person removed or suspended or in the place
 of any sick or absent holder of the office or position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where
 this constitution gives power to a person to delegate a function or power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the delegation
 may be concurrent with, or (except in the case of a delegation by the directors) to the exclusion
 of, the performance or exercise of that function or power by the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 delegation may be either general or limited in any way provided in the terms of delegation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 delegation need not be to a specified person but may be to any person holding, occupying
 or performing the duties of a specified office or position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 delegation may include the power to delegate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where
 performing or exercising that function or power depends on that person's opinion, belief
 or state of mind about a matter, that function or power may be performed or exercised by
 the delegate on the delegate's opinion, belief or state of mind about that matter.

---

| | |
|:---|:---|
| 2 | Capital |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Shares

Subject to this constitution and the Relevant Law, the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 and cancel shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant
 options over unissued shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) settle
 the manner in which fractions of a share are to be dealt with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) decide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the persons
 to whom shares are issued or options are granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 terms on which shares are issued or options are granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 rights and restrictions attached to those shares or options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Preference
 share rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The company
 may issue preference shares including preference shares which are, at the option of the company
 or holder, liable to be redeemed or converted to ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each preference
 share confers on the holder the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receive
 a preferential dividend, in priority to the payment of any dividend on the ordinary shares,
 at a rate (which may be fixed or variable) and on the basis (including whether cumulative
 or not) decided by the directors at the time of issue;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) participate
 with the ordinary shares in profits and assets of the company, including on a winding up,
 if and to the extent the directors decide at the time of issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 a winding up and on redemption, payment in priority to the ordinary shares of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount
 of any dividend accrued but unpaid on the share at the date of winding up or the date of
 redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any additional
 amount specified in the terms of issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (to
 the extent directors may decide at the time of issue), a bonus issue or capitalisation of
 profits in favour of holders of those shares only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) vote
 at any general meeting of the company, but only in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on a
 proposal to reduce the share capital of the company, affect the rights attached to the share,
 to wind up the company or for the disposal of the whole of the property, business and undertaking
 of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on a
 resolution to approve the terms of a buy-back agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) during
 a period in which a dividend or part of a dividend on the share is in arrears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) during
 the winding up of the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) in any
 other circumstances in which the Listing Rules require holders of preference shares to be
 entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On a poll
 on a matter listed in rule 2.2(b)(v), the holder of a preference share is entitled to
 one vote per share or the number of votes specified in, or determined under, the terms of
 issue for the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the
 preference share is redeemable, the company must redeem the share and pay to, or to a person
 directed by the holder, the amount payable on redemption of the share, as and when required
 by the terms of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Alteration
 of share capital

Subject to the Corporations Act, the company may resolve to convert or reclassify shares from one class to another and the directors may do anything required to give effect to that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Variation of
 class rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights
 attached to any class of shares may, unless their terms of issue state otherwise, be varied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 the written consent of the holders of 75% of the shares of the class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a
 special resolution passed at a separate meeting of the holders of shares of the class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights
 conferred on the holders of any class of shares are to be taken as not having been varied
 by the creation or issue of further shares ranking equally with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Restricted
 securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so
 long as there are any restricted securities on issue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a holder
 of restricted securities must not dispose of, or agree or offer to dispose of, the securities
 during the escrow period applicable to those securities except as permitted by the Listing
 Rules or the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the
 restricted securities are in the same class as quoted securities, the holder will be taken
 to have agreed in writing that the restricted securities are to be kept on the company's
 issuer sponsored subregister and are to have a holding lock applied for the duration of the
 escrow period applicable to those securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 company will refuse to acknowledge any disposal (including, without limitation, to register
 any transfer) of restricted securities during the escrow period applicable to those securities
 except as permitted by the Listing Rules or the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a holder
 of restricted securities will not be entitled to participate in any return of capital on
 those securities during the escrow period applicable to those securities except as permitted
 by the Listing Rules or the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a
 holder of restricted securities breaches a restriction deed or a provision of this constitution
 restricting a disposal of those securities, the holder will not be entitled to any dividend
 or distribution, or to exercise any voting rights, in respect of those securities for so
 long as the breach continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the
 purposes of rule 2.5, the terms 'dispose' and 'restricted securities'
 have the meaning set out in the Listing Rules.

3 Certificates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Issue of certificates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Relevant Law, the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) need
 not issue certificates for shares if the directors decide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 issue certificates for shares, cancel any certificates for shares, and replace lost or destroyed
 or defaced certificates for shares, on the basis and in the form which the directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 company must issue to a shareholder any statements of the holding of shares registered in
 the shareholder's name as required by the Relevant Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Cancellation
 of certificates

Where the directors have, under rule 3.1(a), decided not to issue certificates for securities or to cancel existing certificates, a shareholder has the right to receive statements of the holdings of the shareholder as are required to be distributed to a shareholder under the Relevant Law.

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---

| | |
|:---|:---|
| 4 | Register |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Joint holders

Where two or more persons are registered as the holders of a share, they are taken to hold the shares as joint tenants with benefits of survivorship subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the company
 is not bound to register more than three persons as the holders of the shares (except
 in the case of trustees, executors or administrators of a deceased shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the joint
 holders are jointly and severally liable for all payments which ought to be made in respect
 of the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) only the
 person whose name appears first in the register as one of the joint holders of the shares
 is entitled, if the company is required by the Relevant Law or this constitution to issue
 certificates for shares, to delivery of a certificate for the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one
 of the joint holders may vote at any meeting of the company either personally or by duly
 authorised representative, proxy or attorney, in respect of the shares as if that joint holder
 was solely entitled to the shares, and if more than one of the joint holders are present
 at any meeting personally or by duly authorised representative, proxy or attorney, the joint
 holder who is present whose name appears first in the register for the shares is entitled
 alone to vote in respect of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Equitable and
 other claims

The registered holder of a share may be treated as the absolute owner of that share by the company. The company is under no obligation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recognise
 a person as holding a share on trust, even if the company has notice of a trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recognise,
 or be bound by, any equitable, contingent, future or partial claim to or interest in a share
 by any other person, except an absolute right of ownership in the registered holder, even
 if the company has notice of that claim or interest.

5 Calls on shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Power to make
 calls

The directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make a
 call on a member for any money unpaid on the shares of that member which is not, by the terms
 of issue of those shares, made payable at fixed times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require
 a call to be paid by instalments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke
 or postpone a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Time of calls

A call is taken to have been made when the directors' resolution authorising the call is passed or on a later date fixed by the directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Notice of calls

The company must give notice of a call at least 30 Business Days (or any longer period required by the Listing Rules) before the amount called is due, specifying the time and place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Payment of
 calls

Each member must pay to the company, by the time and at the place specified, the amount called on the member's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Fixed instalments

Subject to the notice requirements under the Listing Rules, any amount unpaid on a share that, by the terms of issue of the share, becomes payable on issue or at a fixed date is taken to be subject to a call duly made and is payable under the terms of issue of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Failure to
 pay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a member
 does not pay the amount due under a call in rule 5, by the time specified, the member
 must pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interest
 on the unpaid amount from the date payment is due to the date payment is made, at a rate
 calculated under rule 10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 costs, expenses or damages the company incurs due to the failure to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors
 may waive payment under this rule wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Proof of call

In a proceeding to recover a call, or an amount payable due to the failure to pay or late payment of a call, proof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name
 of the defendant is entered in the register of members as the holder or one of the holders
 of the share on which the call is claimed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the resolution
 making the call is recorded in the minute book; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notice
 of the call was given to the defendant complying with this constitution,

is conclusive evidence of the debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Payments in
 advance of calls

The directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 from a member the whole or a part of the amount unpaid on a share even though no part of
 that amount has been called;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 payment by the company of interest on that amount, until the amount becomes payable, at a
 rate fixed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) repay
 to a member any amount accepted under rule 5.8.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 Waiver

The directors may, to the extent the law permits, waive or compromise all or part of any payment due to the company under the terms of issue of a share or under rule 5.

6 Forfeiture of shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Forfeiture
 procedure

Subject to the Relevant Law, the company may by directors' resolution forfeit a member's share if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that member
 does not pay a call or other amount payable for that share on or before the date for its
 payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the company
 gives the member written notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) requiring
 the shareholder to pay that call or other amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) stating
 that the share is liable to be forfeited if the member does not pay to the company, at the
 place specified in the notice, the amount specified in the notice, within 14 days (or
 any longer period specified) after the date of the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that shareholder
 does not pay that amount under that notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Notice of forfeiture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The company
 must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify
 a person who held the forfeited share immediately before the forfeiture, of a resolution
 under rule 6.1 relating to the forfeited share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter
 the forfeiture and its date in the register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any failure
 to do so does not invalidate the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Effect of forfeiture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A forfeiture
 under rule 6.1 includes all dividends, interest and other amounts payable by the company
 on the forfeited share and not actually paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A forfeited
 share becomes the property of the company and the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell,
 reissue or otherwise dispose of the share as they think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the
 case of reissue, or other disposal, with or without crediting as paid up any amount paid
 on the share by any former holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person
 whose shares have been forfeited ceases to be a member as to the forfeited shares, but must,
 if the directors decide, pay to the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all calls
 and other amounts owing on the shares at the time of the forfeiture; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) interest
 on the unpaid part of the amount payable under rule 6.3(c)(i), from the date of the
 forfeiture to the date of payment, at a rate calculated under rule 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A forfeiture
 under rule 6.1 extinguishes all interest in, and all claims against the company relating
 to, the forfeited share and, subject to rule 9(j), all other rights attached to the
 share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exempt
 a share from all or part of this rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) waive
 or compromise all or part of any payment due to the company under this rule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) before
 a forfeited share has been sold, reissued or otherwise disposed of, cancel the forfeiture
 on the conditions they decide.

7 Lien on shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Existence of
 lien

Subject to the Relevant Law, the company has a first and paramount lien on each share for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all due
 and unpaid calls and instalments for that share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all money
 payable to the company by the member under an employee incentive scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all money
 which the company is required by law to pay, and has paid, for that share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reasonable
 interest on the amount due from the date it becomes due until payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reasonable
 expenses of the company relating to the default on payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Lien on distributions

A lien under rule 7.1 extends to all distributions for that share, including dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Sale under
 lien

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may sell a share on which the company has a lien as they think fit where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount
 for which a lien exists under this rule is presently payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 company has given the registered holder a written notice, at least 14 days before the
 date of the sale, stating and demanding payment of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors
 may do anything necessary or desirable under the Settlement Operating Rules to protect any
 lien, charge or other right to which the company is entitled under this constitution or a
 law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Extinguishment
 of lien

The company's lien over a member's shares is released (so far as it relates to amounts owing by the transferor or any predecessor in title) when the company registers a transfer of the shares without giving the transferee notice of its claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Company's
 right to recover payments

If any law of any place imposes on the company the liability to make a payment for a member or a share held by that member, the member or, if the member is dead, the member's legal personal representative must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify
 the company against that liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on demand
 reimburse the company for any payment made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pay interest
 on the unpaid part of the amount payable to the company under rule 7.5(b), from the
 date of demand until the date the company is reimbursed in full for that payment, at a rate
 calculated under rule 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Exemption from
 lien

The directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exempt
 a share from all or part of this rule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive
 or compromise all or part of any payment due to the company under this rule.

8 Surrender of shares

The directors may accept a surrender of shares by way of compromise of a claim. Any shares surrendered may be sold or re-issued in the same manner as a forfeited share.

9 Sale, reissue or other disposal of shares by the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference
 in this rule to a sale of a share by the company is a reference to any sale, reissue or other
 disposal of a share under rule 6.3(b), rule 7.3 or rule 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When the
 company sells a share, the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receive
 the purchase money or consideration given for the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effect
 a transfer of the share or sign or appoint a person to sign, on behalf of the former holder,
 a transfer of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) register
 as the holder of the share the person to whom the share is sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person
 who the company sells shares to under this rule takes their title to the shares unaffected
 by any irregularity or invalidity about the sale. There is no need for the buyer to take
 any steps to investigate the regularity or validity of the sale, or to see how the purchase
 money or consideration on the sale is applied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A sale
 of the share by the company is valid even if an event described in rule 14 occurs to
 the member before the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The only
 remedy of a person who suffers a loss because of a sale of a share by the company is a claim
 for damages against the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The proceeds
 received on the sale of a share by the company are applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first,
 to the expenses of the sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly,
 to all amounts payable (whether presently or not) by the former holder to the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) finally,
 the balance is paid to the former holder on the former holder delivering to the company proof
 of title to the shares acceptable to the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Rule 9(f)(i)
 does not apply to the proceeds of sale arising from a notice under rule 13 (the sale
 of an unmarketable parcel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any proceeds
 of a sale of a share by the company which have not been claimed or otherwise disposed of
 according to law may be invested by the directors or otherwise applied to the benefit of
 the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The company
 is not required to pay interest on money payable to a former holder under this rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On completion
 of a sale, reissue or other disposal of a share under rule 6.3(b), the rights which
 attach to the share which were extinguished under rule 6.3(d) revive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A written
 statement by a director or secretary of the company that a share in the company has been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) duly
 forfeited under rule 6.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) duly
 sold, reissued or otherwise disposed of under rule 6.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) duly
 sold under rule 7.3 or rule 13,

on a date stated in the statement is conclusive evidence of the facts stated as against all persons claiming to be entitled to the share, and of the right of the company to forfeit, sell, reissue or otherwise dispose of the share.

10 Interest and costs payable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an
 amount called or otherwise payable to the company for a share is not paid on or before the
 time for payment, the person who owes that money must pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interest
 on the unpaid amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) at a
 rate fixed by the directors; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if no
 rate is fixed, at a rate per annum 2% higher than the rate prescribed for unpaid judgments
 in the Supreme Court of the state or territory in which the company is registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 costs the company incurs due to the failure to pay or the late payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest
 accrues daily and interest and costs may be capitalised monthly or at any other intervals
 the directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The directors
 may waive payment of interest or costs wholly or in part.

11 Share plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Implementing
 share plans

The directors may adopt and implement one or more of the following plans on the terms they think appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a re-investment
 plan under which any dividend or other cash payment for a share or convertible security may,
 at the election of the person entitled to it, be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) retained
 by the company and applied in payment for fully paid shares issued under the plan: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) treated
 as having been paid to the person entitled and simultaneously repaid by that person to the
 company to be held by it and applied under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other
 plan under which members or security holders may elect that dividends or other cash payments
 for shares or other securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be satisfied
 by the issue of shares or other securities of the company or a related body corporate, or
 that issues of shares or other securities of the company or a related body corporate be made
 in place of dividends or other cash payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be paid
 out of a particular reserve or out of profits derived from a particular source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be
 forgone in consideration of another form of distribution from the company, another body corporate
 or a trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a plan
 under which shares or other securities of the company or related body corporate may be issued
 or otherwise given for the benefit of employees or directors of the company or any of its
 related bodies corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Directors'
 powers and varying, suspending or terminating share plans

The directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have all
 powers necessary or desirable to implement and carry out a plan referred to in rule 11.1
 (including a plan approved by members); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) vary
 the rules governing; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) suspend
 or terminate the operation of;

a plan referred to in rule 11.1 (including a plan approved by members) as they think appropriate.

12 Transfer of shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Computerised
 trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may do anything they consider necessary or desirable and which is permitted under the Relevant
 Law to facilitate the involvement by the company in any computerised or electronic system
 established or recognised by the Relevant Law for the purposes of facilitating dealings in
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The company
 must comply with and give effect to the Listing Rules and the Settlement Operating Rules
 applying to a transfer of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Transferring
 shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to this constitution and to any restrictions attached to a member's shares, a member
 may transfer any of the member's shares by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Proper
 ASTC Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written
 transfer in any usual form or in any other form approved by the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 other method permitted by the Relevant Law and approved by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A transfer
 referred to in rule 12.2(a)(ii) must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) signed
 by or on behalf of both the transferor and the transferee unless the transfer relates only
 to fully paid shares and the directors have dispensed with a signature by the transferee
 or the transfer of the shares is effected by a document which is, or documents which together
 are, a sufficient transfer of those shares under the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) duly
 stamped, if required by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) left
 for registration at the company's registered office, or at any other place the directors
 decide, with any evidence the directors require to prove the transferor's title or
 right to the shares and the transferee's right to be registered as the owner of the
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to the powers vested in the directors under rules 12.3(a) and 12.4, where the company
 receives a transfer complying with rule 12.2, the company must register the transferee
 named in the transfer as the holder of the shares to which it relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A transferor
 of shares remains the holder of the shares until a Proper ASTC Transfer has been effected
 or the transferee's name is entered in the register of members as the holder of the
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 to the Listing Rules, the company may charge a fee for registering a transfer of shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The company
 may retain a registered transfer for any period the directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The directors
 may, to the extent the law permits, waive any of the requirements of rule 12.1 and prescribe
 alternative requirements instead, to give effect to rule 12.1(a) or for another purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Power to decline
 to register transfers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may decline to register, or prevent registration of, a transfer of shares or apply a holding
 lock to prevent a transfer under the Corporations Act or the Listing Rules where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transfer
 is not in registrable form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 company has a lien on any of the shares transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) registration
 of the transfer may breach a law of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 transfer is paper-based and registration of the transfer creates a new holding which, at
 the time the transfer is lodged, is less than a marketable parcel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the transfer
 is not permitted under the terms of an employee share plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 company is otherwise permitted or required to do so under the Listing Rules or, except for
 a Proper ASTC Transfer, under the terms of issue of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the
 directors decline to register a transfer, the company must give notice of the refusal as
 required by the Corporations Act and the Listing Rules. Failure to give that notice does
 not invalidate the decision of the directors to decline to register the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The directors
 may delegate their authority under rule 12.3 to any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Power to suspend
 registration of transfers

The directors may suspend the registration of transfers at any time, and for any period, permitted by the Settlement Operating Rules that they decide.

13 Unmarketable parcels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Power of sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The company
 may sell a share that is part of an unmarketable parcel if it does so under this rule. The
 company's power to sell lapses if a takeover (as defined in the Listing Rules) is announced
 after the directors give notice under rule 13.2 and before the directors enter into
 an agreement to sell the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors
 may, before a sale is effected under this rule, revoke a notice given or suspend or terminate
 the operation of this rule either generally or in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a member
 is registered for more than one parcel of shares, the directors may treat the member as a
 separate member for each of those parcels so that this rule operates as if each parcel is
 held by different persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Notice of
 proposed sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Once in
 any 12 month period, the directors may decide to give written notice to a member who
 holds an unmarketable parcel. If they do so, the notice must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) state
 that the company intends to sell the unmarketable parcel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) specify
 a date at least six weeks (or any lesser period permitted under the Corporations Act or the
 Listing Rules) after the notice is given by which the member may give the company written
 notice that the member wishes to retain the holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the
 directors' power to sell lapses under rule 13.1(a), any notice given by the directors
 under this rule is taken never to have been given and the directors may give a new notice
 after the close of the offers made under the takeover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 No sale where
 member gives notice

The company must not sell an unmarketable parcel if, in response to a notice given by the company under this rule, the company receives written notice that the member wants to keep the unmarketable parcel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Terms of sale

A sale of shares under this rule includes all dividends payable on and other rights attaching to them. The company must pay the costs of the sale. Otherwise, the directors may decide the manner, time and terms of sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Share transfers

For the purpose of giving effect to this rule, each director and each secretary has the power to initiate, sign or otherwise effect a transfer of a share as agent for a member who holds an unmarketable parcel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Application
 of proceeds

The company must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deduct
 any called amount for the shares sold under this rule from the proceeds of sale and pay the
 balance to the previous member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the
 shares sold were certificated, not pay the proceeds of sale out of the trust account until
 it has received the certificate for them or evidence of its loss or destruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to rule 13.6(b), deal with the amount in the account as the previous holder of the shares
 instructs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Protections
 for transferee

The title of the new member of a share sold under this rule is not affected by any irregularity in the sale. The sole remedy of any person previously interested in the share is damages which may be recovered only from the company.

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14 Transmission of shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Death of joint
 holder

If a member who owns shares jointly dies, the company recognises only the surviving joint holders as being entitled to the deceased member's interest in the shares. The estate of the deceased member is not released from any liability for the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Death of sole
 holder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a member
 who does not own shares jointly dies, the company recognises only the personal representative
 of a deceased member as being entitled to the deceased member's interest in the shares.
 If the personal representative gives the directors the information they reasonably require
 to establish the representative's entitlement to be registered as holder of the shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the personal
 representative may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by giving
 a written and signed notice to the company, elect to be registered as the holder of the shares;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by giving
 a completed transfer form to the company, transfer the shares to another person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 personal representative is entitled, whether or not registered as the holder of shares, to
 the same rights as the deceased member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receiving
 an election under rule 14.2(a)(i)(A), the company must register the personal representative
 as the holder of the shares. A transfer under rule 14.2(a)(i)(B) is subject to the rules
 that apply to transfers generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Other transmission
 events

If a person entitled to shares because of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the bankruptcy
 of a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the mental
 incapacity of a member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the insolvency
 of a member,

gives the directors the information they reasonably require to establish the person's entitlement to be registered as holder of the shares, the person may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by giving
 a written and signed notice to the company, elect to be registered as the holder of the shares;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by giving
 a completed transfer form to the company, transfer the shares to another person,

subject to any law which regulates the relevant event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Other rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may register a transfer of shares signed by a member before an event set out in this rule
 occurs even though the company has notice of the relevant event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions
 of this constitution about the right to transfer shares and the registration of share transfers
 apply, so far as they can and with any necessary changes, to a notice or transfer under this
 rule as if the relevant event had not occurred and the notice or transfer were signed or
 effected by the registered holder of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 two or more persons are jointly entitled to a share because of an event described in this
 rule they are, on being registered as the holders of the share, taken to hold the share as
 joint tenants and rule 4.1 applies to them.

15 Proportional takeover bids

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Definitions

In this rule:

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Approving Resolution** | means a resolution to approve the Proportional Takeover Bid passed in accordance with rule 15.3. |
| **Approving Resolution Deadline** | means the day that is 14 days before the last day of the bid period, during which the offers under the Proportional Takeover Bid remain open or a later day allowed by the Australian Securities and Investments Commission. |
| **Proportional Takeover Bid** | means a takeover bid that is made or purports to be made under section 618(1)(b) Corporations Act for securities included in a class of securities in the company. |
| **Relevant Class** | means the class of securities in the company in respect of which offers are made under the Proportional Takeover Bid. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Transfers
 not to be registered

Despite rules 12.2(c) and 12.3, a transfer giving effect to a contract resulting from the acceptance of an offer made under a Proportional Takeover Bid must not be registered unless an Approving Resolution has been passed or is taken to have been passed under rule 15.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Approving
 Resolution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 offers have been made under a Proportional Takeover Bid, the directors must, before the Approving
 Resolution Deadline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) convene
 a meeting of the persons entitled to vote on the Approving Resolution for the purpose of
 approving the Proportional Takeover Bid; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensure
 that the resolution is voted on under rule 15.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions
 of this constitution about general meetings apply, modified as the circumstances require,
 to a meeting that is convened under rule 15.3(a), as if that meeting were a general
 meeting of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The bidder
 under a Proportional Takeover Bid and any associates of the bidder are not entitled to vote
 on the Approving Resolution and if they do vote, their votes must not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject
 to rule 15.3(c), a person who, as at the end of the day on which the first offer under
 the Proportional Takeover Bid was made, held securities of the Relevant Class, is entitled
 to vote on the Approving Resolution for the Proportional Takeover Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Approving
 Resolution that has been voted on is taken to have been passed if the proportion that the
 number of votes in favour of the resolution bears to the total number of votes on the resolution
 is greater than 50%, and otherwise is taken to have been rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an
 Approving Resolution has not been voted on under rule 15.3 as at the end of the day
 before the Approving Resolution Deadline, an Approving Resolution is taken to have been passed
 under rule 15.3 on the Approving Resolution Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Sunset

Rules 15.1, 15.2 and 15.3 cease to have effect on the third anniversary of the later of the date of adoption or last renewal of rule 15 under the Corporations Act.

16 General meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Calling general
 meetings

A general meeting may only be called:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a directors'
 resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise
 provided in the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Postponing
 or cancelling a meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may, by notice to the Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) postpone
 a meeting of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cancel
 a meeting of members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change
 the place for a general meeting,

if they consider that the meeting has become unnecessary, or the venue would be unreasonable or impractical or a change is necessary in the interests of conducting the meeting efficiently.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A meeting
 which is not called by a directors' resolution and is called under a members'
 requisition under the Corporations Act may not be postponed or cancelled without the prior
 written consent of the persons who called or requisitioned the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Notice of
 general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notice
 of a general meeting must be given to each person who at the time of giving the notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a
 member, director or auditor of the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is entitled
 to a share because of an event described in rule 14 and has satisfied the directors
 of his or her right to be registered as the holder of, or to transfer, the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors
 may decide the content of a notice of a general meeting, but they must state the general
 nature of the business to be transacted at the meeting and any other matters required by
 the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 the Corporations Act provides otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no business
 may be transacted at a general meeting unless the general nature of the business is stated
 in the notice calling the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except
 with the approval of the directors or the chairman, no person may move any amendment to a
 proposed resolution the terms of which are set out in the notice calling the meeting or to
 a document which relates to that resolution and a copy of which has been made available to
 members to inspect or obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A person
 may waive notice of any general meeting by written notice to the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Non-receipt
 of notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Corporations Act, the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-receipt
 of a notice of any general meeting by; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accidental
 omission to give notice to,

any person entitled to notice does not invalidate anything done (including the passing of a resolution) at that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A person's
 attendance at a general meeting waives any objection that person may have to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a failure
 to give notice, or the giving of a defective notice, of the meeting unless the person at
 the beginning of the meeting objects to the holding of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 consideration of a particular matter at the meeting which is not within the business referred
 to in the notice of the meeting, unless the person objects to considering the matter when
 it is presented.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Admission
 to general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman
 of a general meeting may refuse admission to, or require to leave and remain out of, the
 meeting any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in possession
 of a pictorial-recording or sound-recording device;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in possession
 of a placard or banner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 possession of an article considered by the chairman to be dangerous, offensive or liable
 to cause disruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who
 refuses to produce or permit examination of any article, or the contents of any article,
 in the person's possession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) who behaves
 or threatens to behave in a dangerous, offensive or disruptive way; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) who
 is not entitled to receive notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The chairman
 may delegate the powers conferred by this rule to any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person,
 whether a member or not, requested by the directors or the chairman to attend a general meeting
 is entitled to be present and, at the request of the chairman, to speak at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Multiple venues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the
 chairman of a general meeting considers that there is not enough room for the members who
 wish to attend the meeting, they may arrange for any person whom they consider cannot be
 seated in the main meeting room to observe or attend the general meeting in a separate room.
 Even if the members present in the separate room are not able to participate in the conduct
 of the meeting, the meeting is nevertheless treated as validly held in the main room.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a separate
 meeting place is linked to the main place of a general meeting by an instantaneous audio-visual
 communication device which, by itself or in conjunction with other arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) gives
 the general body of members in the separate meeting place a reasonable opportunity to participate
 in proceedings in the main place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enables
 the chairman to be aware of proceedings in the other place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enables
 the members in the separate meeting place to vote on a show of hands or on a poll,

a member present at the separate meeting place is taken to be present at the general meeting and entitled to exercise all rights as if he or she was present at the main place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, before
 or during the meeting, any technical difficulty occurs where one or more of the matters set
 out in rule 16.6(b) is not satisfied, the chairman may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adjourn
 the meeting until the difficulty is remedied; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue
 to hold the meeting in the main place (and any other place which is linked under rule 16.6(b))
 and transact business, and no member may object to the meeting being held or continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in rule 16.6 or rule 16.10 is to be taken to limit the powers conferred on the
 chairman by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Quorum at
 general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No business
 may be transacted at a general meeting, except the election of a chairman and the adjournment
 of the meeting, unless a quorum of members is present when the meeting proceeds to business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A quorum
 is two or more members present at the meeting and entitled to vote on a resolution at the
 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a quorum
 is not present within 30 minutes after the time appointed for the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where
 the meeting was called at the request of members, the meeting must be dissolved; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any
 other case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the meeting
 stands adjourned to the day, and at the time and place, the directors present decide; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if they
 do not make a decision, to the same day in the next week at the same time and place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At an
 adjourned meeting, if a quorum is not present within 30 minutes after the time appointed
 for the meeting, the meeting must be dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 Chairman of
 general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman
 of the board is entitled to take the chair at every general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at
 any general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the chairman
 of the board is not present at the specified time for holding the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 chairman of the board is present but is unwilling to act as chairman of the meeting,

the deputy chairman of the board is entitled to take the chair at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at
 any general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 is no chairman of the board or deputy chairman of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 chairman of the board and deputy chairman of the board are not present at the specified time
 for holding the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 chairman of the board and the deputy chairman of the board are present but each is unwilling
 to act as chairman of the meeting,

the directors present may choose another director as chairman of the meeting and if no director is present or if each of the directors present are unwilling to act as chairman of the meeting, a member chosen by the members present is entitled to take the chair at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 Acting chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A chairman
 of a general meeting may, for any item of business or discrete part of the meeting, vacate
 the chair in favour of another person nominated by him or her (**Acting Chairman**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 an instrument of proxy appoints the chairman as proxy for part of the proceedings for which
 an Acting Chairman has been nominated, the instrument of proxy is taken to be in favour of
 the Acting Chairman for the relevant part of the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10 Conduct at
 general meetings

The chairman of a general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has charge
 of the general conduct of the meeting and the procedures to be adopted at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may require
 the adoption of any procedure which is in the chairman's opinion necessary or desirable
 for proper and orderly debate or discussion and the proper and orderly casting or recording
 of votes at the general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may, having
 regard where necessary to the Corporations Act, terminate discussion or debate on any matter
 whenever the chairman considers it necessary or desirable for the proper conduct of the meeting,

and a decision by the chairman under this rule is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11 Adjournment
 and postponement by the chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Despite
 rules 16.2(a) and 16.2(b), where the chairman considers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 is not enough room for the number of members who wish to attend the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a postponement
 is necessary in light of the behaviour of persons present or for any other reason so that
 the business of the meeting can be properly carried out,

the chairman may postpone the meeting before it has started, whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A postponement
 under rule 16.11(a) is to another time, which may be on the same day as the meeting,
 and may be to another place (and the new time and place is taken to be the time and place
 for the meeting as if specified in the notice which called the meeting originally).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The chairman
 may at any time during the course of the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adjourn
 the meeting or any business, motion, question or resolution being considered or remaining
 to be considered by the meeting either to a later time at the same meeting or to an adjourned
 meeting; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the purpose of allowing any poll to be taken or determined, suspend the proceedings of the
 meeting for any period or periods he or she decides without effecting an adjournment. No
 business may be transacted and no discussion may take place during any suspension of proceedings
 unless the chairman otherwise allows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The chairman's
 rights under rules 16.11(a) and 16.11(c) are exclusive and, unless the chairman requires
 otherwise, no vote may be taken or demanded by the members present about any postponement,
 adjournment or suspension of proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Only unfinished
 business may be transacted at a meeting resumed after an adjournment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where
 a meeting is postponed or adjourned under rule 16.11, notice of the postponed or adjourned
 meeting must be given to the Exchange, but, except as provided by rule 16.11(h), need
 not be given to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Where
 a meeting is postponed or adjourned, the directors may, by notice to the Exchange, postpone,
 cancel or change the place of the postponed or adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Where
 a meeting is postponed or adjourned for 30 days or more, notice of the postponed or
 adjourned meeting must be given as in the case of the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12 Decisions
 at general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 where a resolution requires a special majority, questions arising at a general meeting must
 be decided by a majority of votes cast by the members present at the meeting. A decision
 made in this way is for all purposes, a decision of the members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the
 votes are equal on a proposed resolution, the chairman of the meeting does not have a casting
 vote, in addition to any deliberative vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A resolution
 put to the vote of a general meeting must be decided on a show of hands unless a poll is
 demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) before
 the show of hands is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) before
 the result of the show of hands is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) immediately
 after the result of the show of hands is declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13 When poll
 may be demanded

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No poll
 may be demanded on the election of a chairman of a meeting. Otherwise, a poll may be demanded
 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at least
 five members entitled to vote on the resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 members with at least 5% of the votes that may be cast on the resolution on a poll.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A demand
 for a poll does not prevent a general meeting continuing to transact any business except
 the question on which the poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 a poll is duly demanded, a declaration by the chairman of a general meeting that a resolution
 has on a show of hands been carried or carried unanimously, or carried by a particular majority,
 or lost, and an entry to that effect in the company's minute book is conclusive evidence
 of the fact without proof of the number or proportion of the votes recorded for or against
 the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a poll
 is duly demanded at a general meeting, it must be taken in the way and either at once or
 after an interval or adjournment as the chairman of the meeting directs. The result of the
 poll as declared by the chairman is the resolution of the meeting at which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The demand
 for a poll may be withdrawn with the chairman's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Despite
 anything to the contrary in this constitution, the directors may decide that, at any general
 meeting or class meeting, a member who is entitled to attend and vote on a resolution at
 that meeting is entitled to a direct vote for that resolution. A 'direct vote'
 includes a vote delivered to the company by post, fax or other electronic means approved
 by the directors. The directors may prescribe regulations, rules and procedures for direct
 voting, including specifying the form, method and timing of giving a direct vote at a meeting
 for the vote to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.14 Voting rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to this constitution and to any rights or restrictions attached to any shares or class of
 shares, at a general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a
 show of hands, each member present has one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 a member has appointed two persons as proxies for that member, neither proxy may vote
 on a show of hands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where
 a person is entitled to vote by virtue of rule 17.1 in more than one capacity, that
 person is entitled only to one vote on a show of hands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the
 person appointed as proxy has two or more appointments that specify different ways to vote
 on a resolution, the proxy must not vote on a show of hands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on a
 poll, each member present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) has one
 vote for each fully paid share held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) has for
 each share which is not fully paid a fraction of a vote equivalent to the proportion which
 the amount paid up, but not credited as paid up, on that share bears to the total of the
 amounts paid and payable (excluding amounts credited) on that share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parent
 or guardian of an infant member may vote at any general meeting upon providing any evidence
 of the relationship or of the appointment of the guardian as the directors may require and
 any vote so tendered by a parent or guardian of an infant member must be accepted to the
 exclusion of the vote of the infant member.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person
 entitled to a share because of an event described in rule 14 may vote at a general meeting
 for that share in the same way as if that person were the registered holder of the share
 if, at least 48 hours before the meeting (or any shorter time as the directors determine),
 the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) admitted
 that person's right to vote at that meeting for the share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) were
 satisfied of that person's right to be registered as the holder of, or to transfer,
 the share.

Any vote duly tendered by that person must be accepted and the vote of the registered holder of those shares must not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 a member holds a share on which a call or other amount payable to the company has not been
 duly paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 member is only entitled to be present at a general meeting and vote if that member holds,
 as at the Record Time, other shares on which no money is then due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a
 poll, that member is not entitled to vote for that share but may vote for any shares that
 member holds, as at the Record Time, on which no money is then due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A member
 is not entitled to vote on a resolution if, under the Corporations Act or the Listing Rules,
 the notice which called the meeting specified that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the member
 must not vote or must abstain from voting on the resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a vote
 on the resolution by the member must be disregarded for any purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the
 member referred to in rule 16.14(e) or a person acting as proxy, attorney or Representative
 of that member does tender a vote on that resolution, their vote must not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An objection
 to the validity of a vote tendered at a general meeting must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) raised
 before or immediately after the result of the vote is declared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) referred
 to the chairman of the meeting, whose decision is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A vote
 tendered, but not disallowed by the chairman of a meeting under rule 16.14(g), is valid
 for all purposes, even if it would not otherwise have been valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The chairman
 may decide any difficulty or dispute which arises as to the number of votes which may be
 cast by or on behalf of any member and the decision of the chairman is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.15 Representation
 at general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to this constitution, each member entitled to vote at a general meeting may vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in person
 or, where a member is a body corporate, by its Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by not
 more than two proxies; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 not more than two attorneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A proxy,
 attorney or Representative may, but need not, be a member of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 Class meetings

The provisions of this constitution about general meetings apply, with necessary changes, to separate class meetings as if they were general meetings.

17 Proxies, attorneys and representatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Appointment
 instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An instrument
 appointing a proxy is valid if it is under the Corporations Act or in any form approved by
 the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the
 purposes of rule 17.1, a proxy appointment received at an electronic address specified
 in the notice of general meeting for the receipt of proxy appointment or otherwise received
 by the company under the Corporations Act is taken to have been signed if the appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) includes
 or is accompanied by a personal identification code allocated by the company to the member
 making the appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has
 been authorised by the member in another manner approved by the directors and specified in
 or with the notice of meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 otherwise authenticated under the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A vote
 given under an instrument appointing a proxy or attorney is valid despite the transfer of
 the share for which the instrument was given if the transfer is not registered by the time
 at which the instrument appointing the proxy or attorney is required to be received under
 rule 17.1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless
 the instrument or resolution appointing a proxy, attorney or Representative provides otherwise,
 the proxy, attorney or Representative has the same rights to speak, demand a poll, join in
 demanding a poll or act generally at the meeting as the member would have had if the member
 was present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless
 otherwise provided in the appointment of a proxy, attorney or Representative, an appointment
 is taken to confer authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) even
 though the instrument may refer to specific resolutions and may direct the proxy, attorney
 or Representative how to vote on those resolutions, to do any of the acts specified in rule 17.1(f);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) even
 though the instrument may refer to a specific meeting to be held at a specified time or venue,
 where the meeting is rescheduled or adjourned to another time or changed to another venue,
 to attend and vote at the rescheduled or adjourned meeting or at the new venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The acts
 referred to in rule 17.1(e)(i) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to vote
 on any amendment moved to the proposed resolutions and on any motion that the proposed resolutions
 not be put or any similar motion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 vote on any procedural motion, including any motion to elect the chairman, to vacate the
 chair or to adjourn the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 act generally at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A proxy
 form issued by the company must allow for the insertion of the name of the person to be primarily
 appointed as proxy and may provide that, in circumstances and on conditions specified in
 the form that are not inconsistent with this constitution, the chairman of the relevant meeting
 (or another person specified in the form) is appointed as proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A proxy
 or attorney may not vote at a general meeting or adjourned or postponed meeting or on a poll
 unless the instrument appointing the proxy or attorney, and the authority under which the
 instrument is signed or a certified copy of the authority, are received by the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at least
 48 hours (or, in the case of an adjournment or postponement of a meeting, including
 an adjourned meeting, any lesser time that the directors or the chairman of the meeting decides)
 before the time for holding the meeting or adjourned or postponed meeting or taking the poll,
 as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 rule 17.1(j) applies, any shorter period before the time for holding the meeting or
 adjourned or postponed meeting or taking the poll, as applicable, as the company determines
 in its discretion.

A document is received by the company under rule 17.1(h) when it is received under the Corporations Act, and to the extent permitted by the Corporations Act, if the document is produced or the transmission of the document is otherwise verified to the company in the way specified in the notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The company
 is entitled to clarify with a member any instruction on an appointment of proxy or attorney
 which is received by the company within a period referred to in rule 17.1(h)(i) or 17.1(h)(ii)
 as applicable by written or verbal communication. The company, at its discretion, is entitled
 to amend the contents of any appointment of proxy or attorney to reflect any clarification
 in instruction and the member at that time is taken to have appointed the company as its
 attorney for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Where
 an instrument appointing a proxy or attorney has been received by the company within the
 period specified in rule 17.1(h)(i) and the company considers that the instrument has
 not been duly signed, the company, in its discretion, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) return
 the instrument appointing the proxy or attorney to the appointing member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) request
 that the member duly sign the appointment and return it to the company within the period
 determined by the company under rule 17.1(h)(ii) and notified to the member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) An instrument
 appointing a proxy or attorney which is received by the company under rule 17.1(j) is
 taken to have been validly received by the company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The appointment
 of a proxy or attorney is not revoked by the appointer attending and taking part in the general
 meeting, but if the appointer votes on a resolution, the proxy or attorney is not entitled
 to vote, and must not vote, as the appointer's proxy or attorney on the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 More than
 two current proxies

Where a member appoints two proxies or attorneys to vote at the same general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the
 appointment does not specify the proportion or number of the member's votes each proxy
 or attorney may exercise, each proxy or attorney may exercise half the member's votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a show
 of hands, neither proxy or attorney may vote if more than one proxy or attorney attends;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on a poll,
 each proxy or attorney may only exercise votes for those shares or voting rights the proxy
 or attorney represents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Revocation
 and postponement of the appointment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 written notice of the matter has been received at the company's registered office (or
 at another place specified for lodging an appointment of a proxy or attorney for the meeting)
 at least 48 hours (or, in the case of an adjournment or postponement of a meeting, any
 lesser time that the directors or the chairman of the meeting decide) before the time for
 holding a meeting, adjourned meeting or poll, a vote cast by a proxy or attorney is valid
 even if, before the vote is cast:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an event
 described in rule 14 occurs to the member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 member revokes the appointment of the proxy or attorney or revokes the authority under which
 a third party appointed the proxy or attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 member has issued a clarifying instruction under rule 17.1(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 authority is given to a proxy, attorney or Representative for a meeting to be held on or
 before a specified date or at a specified place and that meeting is postponed to a later
 date or the meeting place is changed, the authority is taken to include authority to act
 at the rescheduled meeting unless the member granting the authority gives the company notice
 to the contrary under rule 17.1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Chairman may
 make a determination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman
 of a meeting may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit
 a person claiming to be a Representative to exercise the powers of a Representative, even
 if the person is unable to establish to the chairman's satisfaction that he or she
 has been validly appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) permit
 the person to exercise those powers on the condition that, if required by the company, he
 or she produce evidence of the appointment within the time set by the chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The chairman
 of a meeting may require a person acting as a proxy, attorney or Representative to establish
 to the chairman's satisfaction that the person is the person duly appointed to act.
 If the person fails to satisfy the requirement, the chairman may exclude the person from
 attending or voting at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The chairman
 may delegate his or her powers under rule 17.4 to any person.

18 Direct voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Directors
 may decide direct voting to apply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may determine that members may cast votes to which they are entitled on any or all of the
 resolutions (including special resolutions) proposed to be considered at, and specified in
 the notice convening, a meeting of members, by direct vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the
 directors decide that votes may be cast by direct vote, the directors may make the regulations
 they consider appropriate for the casting of direct votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Direct votes
 only counted on a poll

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct
 votes are not counted if a resolution is decided on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to rules 18.3 and 18.4, if a poll is held on a resolution, votes cast by direct vote
 by a member entitled to vote on the resolution are taken to have been cast on the poll as
 if the member had cast the votes on the poll at the meeting, and the votes of the member
 are to be counted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A direct
 vote received by the company on a resolution is taken to be a direct vote on that resolution
 as amended, if the chairman of the meeting decides this is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Receipt
 of a direct vote from a member has the effect of revoking (or, in the case of a standing
 appointment, suspending) the appointment of a proxy, attorney or representative made by the
 member under an instrument received by the company before the direct vote was received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Withdrawal
 of direct vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A direct
 vote received by the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may be
 withdrawn by the member by written notice received by the company before the time appointed
 for the commencement of the meeting (or in the case of any adjournment, the resumption of
 the meeting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is automatically
 withdrawn if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the member
 attends the meeting in person (including, in the case of a body corporate, by representative);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the company
 receives from the member a further direct vote or direct votes (in which case the most recent
 direct vote is, subject to this rule, counted in lieu of the prior direct vote); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the company
 receives, after the member's direct vote is received, an instrument under which a proxy,
 attorney or representative is appointed to act for the member at the meeting under rule 17.1(h).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A direct
 vote withdrawn under this rule is not counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 Vote not affected
 by death, etc. of a member

A direct vote received by the company is valid even if, before the meeting, the member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dies or
 becomes mentally incapacitated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) become
 bankrupt or an insolvent under administration or is wound up; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the direct vote is cast on behalf of the member by an attorney, revokes the appointment of
 the attorney or the authority under which the appointment was made by a third party,

unless the company has received written notice of the matter before the start or resumption of the meeting at which the vote is cast.

19 Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Number of
 directors

The minimum number of directors is three. The maximum number of directors is 12 unless the company in general meeting resolves otherwise. The directors may set a maximum number of directors less than current maximum in accordance with the Relevant Law. The directors must not determine a maximum which is less than the number of directors in office at the time the determination takes effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Power to appoint
 directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may appoint any individual to be a director, either as an addition to the existing directors
 or to fill a casual vacancy, but so that the total number of directors does not exceed the
 maximum number fixed under this constitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A director
 appointed under rule 19.2, who is not a managing director, holds office until the conclusion
 of the next AGM following his or her appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Retirement
 of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 required by the Corporations Act or Listing Rules to do so, the company must hold an election
 of directors each year. If there would otherwise not be a vacancy on the board, and no director
 is required to retire under rules 19.2(b) or 19.3(b), then the director who has been
 longest in office since last being elected must retire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No director
 who is not a managing director may hold office without re-election beyond the third AGM following
 the meeting at which the director was last elected or re-elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there
 is more than one managing director, only one of them, nominated by the directors, is entitled
 not to be subject to vacation of office under rule 19.2(b) or retirement under rule 19.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The directors
 to retire under rule 19.3 are those directors or director longest in office since last
 being elected. As between directors who were elected on the same day the directors to retire
 are (in default of agreement between them) determined by ballot. The length of time a director
 has been in office is calculated from the director's last election or appointment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The directors
 to retire under rule 19.3 (both as to number and identity) is decided having regard
 to the composition of the board of directors at the date of the notice calling the AGM. A
 director is not required to retire and is not relieved from retiring because of a change
 in the number or identity of the directors after the date of the notice but before the meeting
 closes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The company
 may by resolution at an AGM fill an office vacated by a director under rules 19.2(b)
 or 19.3 by electing or re-electing an eligible person to that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The retirement
 of a director from office under this constitution and the re-election of a director or the
 election of another person to that office (as the case may be) takes effect at the conclusion
 of the meeting at which the retirement and re-election or election occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A person
 is eligible for election to the office of a director at a general meeting only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the person
 is in office as a director immediately before that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 person has been nominated by the directors for election at that meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where
 a person, or some member intending to nominate the person, has given written notice signed
 by the nominee giving consent to the nomination and signifying either candidature for the
 office or the intention of the member to nominate the nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To be
 a valid notice under rule 19.3(h)(iii), the notice is required to be left at the company's
 registered office not less than the period permitted by the Relevant Law, before the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A partner,
 employer or employee of an auditor of the company may not be appointed or elected as a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 Vacating office

In addition to the circumstances prescribed by the Corporations Act and this constitution, the office of a director becomes vacant if the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes
 an insolvent under administration, suspends payment generally to creditors or compounds with
 or assigns the director's estate for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes
 a person of unsound mind or a person who is a patient under laws relating to mental health
 or whose estate is administered under laws about mental health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is absent
 from meetings of the directors during a period of three consecutive calendar months
 without leave of absence from the directors where the directors have not, within 14 days
 of having been served by the secretary with a notice giving particulars of the absence, resolved
 that leave of absence be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resigns
 office by written notice to the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is removed
 from office under the Corporations Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is prohibited
 from being a director by reason of the operation of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) is convicted
 on indictment of an offence and the directors do not within one month after that conviction
 resolve to confirm the director's appointment or election (as the case may be) to the
 office of director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 Remuneration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each director
 is entitled to remuneration from the company for his or her services as a director as the
 directors decide but the total amount given to all directors for their services as directors
 must not exceed in aggregate in any financial year the amount fixed by the company in general
 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When calculating
 a director's remuneration for the purposes of rule 19.5(a), any amount paid by
 the company or related body corporate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to a
 superannuation, retirement or pension fund for a director so that the company is not liable
 to pay the superannuation guarantee charge or similar statutory charge is to be included;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 any insurance premium paid or agreed to be paid for a director under rule 24.4 is to
 be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Remuneration
 under rule 19.5(a) may be given in the manner that the directors decide, including by
 way of non cash benefit, such as a contribution to a superannuation fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The remuneration
 under rule 19.5(a) is taken to accrue from day to day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The remuneration
 payable by the company to an executive director must not include a commission on, or a percentage
 of, profits or operating revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The directors
 are entitled to be paid all travelling and other expenses they incur in attending to the
 company's affairs, including attending and returning from general meetings of the company
 or meetings of the directors or of committees of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any director
 who devotes special attention to the business of the company, or who otherwise performs services
 which in the opinion of the directors are outside the scope of the ordinary duties of a director,
 or who at the request of the directors engages in any journey on the business of the company,
 may be paid extra remuneration as determined by the directors. Any amount paid does not form
 part of the aggregate remuneration permitted under rule 19.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If a director
 is also an officer of the company or of a related body corporate in a capacity other than
 director, any remuneration that director may receive for acting as that officer may be either
 in addition to or instead of that director's remuneration under rule 19.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The company
 may, subject to the Relevant Law, pay, provide or make any payment or other benefit to a
 director, a director of a related body corporate of the company or any other person in connection
 with that person's or someone else's retirement, resignation from or loss of
 office, or death while in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The directors
 may establish or support, or assist in the establishment or support, of funds and trusts
 to provide pension, retirement, superannuation or similar payments or benefits to or for
 the directors or former directors and grant pensions and allowances to those persons or their
 dependants either by periodic payment or a lump sum.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 Director need
 not be a member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A director
 is not required to hold any shares in the company to qualify for appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A director
 is entitled to attend and speak at general meetings and at meetings of the holders of a class
 of shares, even if he or she is not a member or a holder of shares in the relevant class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 Directors
 interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A director
 is not disqualified by reason only of being a director (or the fiduciary obligations arising
 from that office) from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) holding
 an office (except auditor) or place of profit or employment in the company or a related body
 corporate of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) holding
 an office or place of profit or employment in any other company, body corporate, trust or
 entity promoted by the company or in which it has interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) being
 a member, creditor or otherwise being interested in any body corporate (including the company),
 partnership or entity, except as auditor of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) entering
 into any agreement or arrangement with the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) acting
 in a professional capacity (or being a member of a firm which acts in a professional capacity)
 for the company, except as auditor of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each director
 must comply with the Relevant Law on the disclosure of the director's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The directors
 may make regulations requiring the disclosure of interests that a director, and any person
 taken by the directors to be related to or associated with the director, may have in any
 matter concerning the company or a related body corporate. Any regulations made under this
 constitution bind all directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No act,
 transaction, agreement, instrument, resolution or other thing is invalid or voidable only
 because a person fails to comply with any regulation made under rule 19.7(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A director
 who has a material personal interest in a matter that is being considered by the directors
 must not be present at a meeting while the matter is being considered nor vote on the matter,
 except where permitted by the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a director
 has an interest in a matter, then subject to rules 19.7(c), 19.7(g) and the constitution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 director may be counted in a quorum at the board meeting that considers the matter that relates
 to the interest provided that director is entitled to vote on at least one of the resolutions
 to be proposed at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 director may participate in and vote on matters that relate to the interest;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 company can proceed with any transaction that relates to the interest and the director may
 participate in the execution of any relevant document by or on behalf of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 director may retain the benefits under the transaction that relates to the interest even
 though the director has the interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the company
 cannot avoid any transaction that relates to the interest merely because of the existence
 of the interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If an
 interest of a director is required to be disclosed under rule 19.7(b), rule 19.7(f)(iv)
 applies only if the interest is disclosed before the transaction is entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A contract
 or arrangement entered into by or on behalf of the company in which a director is in any
 way interested is not invalid or voidable merely because the director holds office as a director
 or because of the fiduciary obligations arising from that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A director
 who is interested in any arrangement involving the company is not liable to account to the
 company for any profit realised under the arrangement merely because the director holds office
 as a director or because of the fiduciary obligations arising from that office, if the director
 complies with the disclosure requirements applicable to the director under rule 19.7(a)
 and under the Corporations Act about that interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A director
 who is interested in any contract or arrangement may, despite that interest, witness the
 fixing of the company seal to any document evidencing or otherwise connected with that contract
 or arrangement.

20 Powers and duties of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 General powers

The directors are responsible for managing the business of the company and may exercise all powers and do all things that are within the company's power and are not expressly required by the Corporations Act or this constitution to be exercised by the company in a general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 Power to borrow
 and give security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may exercise all the powers of the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to borrow
 or raise money in any other way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to charge
 any of the company's property or business or any of its uncalled capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 issue debentures or give any security for a debt, liability or obligation of the company
 or of any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debentures
 or other securities may be issued on the terms and at prices decided by the directors, including
 bearing interest or not, with rights to subscribe for, or exchange into, shares or other
 securities in the company or a related body corporate or with special privileges as to redemption,
 participating in share issues, attending and voting at general meetings and appointing directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The directors
 may decide how cheques, promissory notes, banker's drafts, bills of exchange or other
 negotiable instruments must be signed, drawn, accepted, endorsed or otherwise executed, as
 applicable, by or on behalf of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 Powers of
 appointment

The directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint
 or employ any person as an officer, agent or attorney of the company for the purposes, with
 the powers, discretions and duties (including powers, discretions and duties vested in or
 exercisable by the directors), for any period and on any other conditions they decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 an officer, agent or attorney to delegate any of the powers, discretions and duties vested
 in the officer, agent or attorney; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) remove
 or dismiss any officer, agent or attorney of the company at any time, with or without cause.

21 Proceedings of directors meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Meetings of
 directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may meet together to attend to business and adjourn and otherwise regulate their meetings
 as they decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The contemporaneous
 linking together by telephone or other electronic means of a sufficient number of directors
 to constitute a quorum, constitutes a meeting of the directors. All the provisions in this
 constitution relating to meetings of the directors apply, as far as they can and with any
 necessary changes, to meetings of the directors by telephone or other electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A meeting
 by telephone or other electronic means is to be taken to be held at the place where the chairman
 of the meeting is or at any other place the chairman of the meeting decides on, if at least
 one of the directors involved was at that place for the duration of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A director
 taking part in a meeting by telephone or other electronic means is to be taken to be present
 in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, before
 or during the meeting, any technical difficulty occurs where one or more directors cease
 to participate, the chairman may adjourn the meeting until the difficulty is remedied or
 may, where a quorum of directors remains present, continue with the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Calling meetings
 of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A director
 may, whenever the director thinks fit, call a meeting of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A secretary
 must, if requested by a director, call a meeting of the directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Notice of
 meetings of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notice
 of a meeting of directors must be given to each person who is, at the time the notice is
 given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a director,
 except a director on leave of absence approved by the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an alternate
 director appointed under rule 22 by a director on leave of absence approved by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A notice
 of a meeting of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) must
 specify the time and place of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) need
 not state the nature of the business to be transacted at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) may,
 if necessary, be given immediately before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) may
 be given in person or by post or by telephone, fax or other electronic means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is taken
 to have been given to an alternate director if it is given to the director who appointed
 that alternate director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A director
 or alternate director may waive notice of a meeting of directors by giving notice to that
 effect in person or by post or by telephone, fax or other electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure
 to give a director or alternate director notice of a meeting of directors does not invalidate
 anything done or any resolution passed at the meeting if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure
 occurred by accident or inadvertent error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 director or alternate director attended the meeting or waived notice of the meeting (whether
 before or after the meeting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A person
 who attends a meeting of directors waives any objection that person may have to a failure
 to give notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 Quorum at
 meetings of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No business
 may be transacted at a meeting of directors unless a quorum of directors is present at the
 time the business is dealt with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 the directors decide otherwise, two directors constitute a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there
 is a vacancy in the office of a director, the remaining directors may act. But, if their
 number is not sufficient to constitute a quorum, they may act only in an emergency or to
 increase the number of directors to a number sufficient to constitute a quorum or to call
 a general meeting of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 Chairman and
 deputy chairman of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may elect, for any period they decide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a director
 to the office of chairman of directors; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 elect one or more directors to the office of deputy chairman of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The office
 of chairman of directors or deputy chairman of directors may, if the directors so resolve,
 be treated as an extra service or special exertion performed by the director holding that
 office for the purposes of rule 19.5(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The chairman
 of directors is entitled (if present within ten minutes after the time appointed for
 the meeting and willing to act) to preside as chairman at a meeting of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at
 a meeting of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 is no chairman of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 chairman of directors is not present within ten minutes after the time appointed for
 the holding of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 chairman of directors is present within that time but is not willing or declines to act as
 chairman of the meeting,

the deputy chairman if any, if then present and willing to act, is entitled to be chairman of the meeting or if the deputy chairman is not present or is unwilling or declines to act as chairman of the meeting, the directors present must elect one of themselves to chair the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 Decisions
 of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors,
 at a meeting at which a quorum is present, may exercise any authorities, powers and discretions
 vested in or exercisable by the directors under this constitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Questions
 arising at a meeting of directors must be decided by a majority of votes cast by the directors
 present and entitled to vote on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to rule 21.6(d), if the votes are equal on a proposed resolution, the chairman of the
 meeting does not have a casting vote, in addition to his or her deliberative vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 only two directors are present or entitled to vote at a meeting of directors and the
 votes are equal on a proposed resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the chairman
 of the meeting does not have a second or casting vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 proposed resolution is taken as lost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 Written resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A resolution
 in writing of which notice has been given to all directors and which is signed or consented
 to by all of the directors entitled to vote on the resolution is as valid and effectual as
 if it had been passed at a meeting of the directors duly called and constituted and may consist
 of several documents in the same form, each signed or consented to be one or more of the
 directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A director
 may consent to a resolution by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) signing
 the document containing the resolution (or a copy of that document);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) giving
 to the company a written notice (including by fax or other electronic means) addressed to
 the secretary or to the chairman of directors signifying assent to the resolution and either
 setting out its terms or otherwise clearly identifying them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) telephoning
 the secretary or the chairman of directors and signifying assent to the resolution and clearly
 identifying its terms.

22 Alternate directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 Director may
 appoint alternate director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A director
 may, with the approval of a majority of the other directors, appoint a person to be the director's
 alternate director for any period the director decides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The appointment
 must be in writing and signed, and takes effect immediately upon the company receiving written
 notice of the appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An alternate
 director may, but need not, be a member or a director of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) One person
 may act as alternate director to more than one director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 Conditions
 of office of alternate director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the
 absence of the appointer, an alternate director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may exercise
 any powers (except the power to appoint an alternate director) that the appointer may exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the
 appointer does not attend a meeting of directors, attend and vote in place of and on behalf
 of the appointer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 entitled to a separate vote for each director the alternate director represents in addition
 to any vote the alternate director may have as a director in his or her own right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) when
 acting as a director, is responsible to the company for his or her own acts and defaults
 and is not to be taken to be the agent of the director by whom he or she was appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The office
 of an alternate director is vacated if and when the appointer vacates office as a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment
 of an alternate director may be terminated or suspended at any time by the appointer or by
 a majority of the other directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The termination
 or suspension of an appointment of an alternate director, must be in writing and signed and
 takes effect only when the company has received written notice of the termination or suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An alternate
 director is not to be taken into account in determining the minimum or maximum number of
 directors allowed or the rotation of directors under this constitution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In determining
 whether a quorum is present at a meeting of directors, an alternate director who attends
 the meeting is to be counted as a director for each director on whose behalf the alternate
 director is attending the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An alternate
 director is not entitled to receive any remuneration as a director from the company except
 from out of the remuneration of the director appointing the alternate director but is entitled
 to travelling, hotel and other expenses reasonably incurred for the purpose of attending
 any meeting of directors at which the appointer is not present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 Committees
 of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may delegate their powers to a committee of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The committee
 must exercise the powers delegated in accordance with any directions of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions
 of this constitution applying to meetings and resolutions of directors apply, so far as they
 can and with any necessary changes, to meetings and resolutions of a committee of directors,
 except to the extent they are contrary to any direction given under rule 22.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Membership
 of a committee of directors may, if the directors so resolve, be treated as an extra service
 or special exertion performed by the directors for the purposes of rule 19.5(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 Delegation
 to a director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may delegate any of their powers to one director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A director
 to whom any powers have been so delegated must exercise the powers delegated in accordance
 with any directions of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The acceptance
 of a delegation of powers by a director may, if the directors so resolve, be treated as an
 extra service or special exertion performed by the delegate for the purposes of rule 19.5(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 Validity of
 acts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All acts
 done at any meeting of the directors or by a committee or by any person acting as a director
 are, notwithstanding that it is afterwards discovered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 there was some defect in the appointment of any of the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 committee or the person acting as a director or that any of them were disqualified,

valid as if every person had been duly appointed and was qualified and continued to be a director or a member of the committee (as the case may be).

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23 Executive officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Managing directors
 and executive directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may appoint an employee to the office of managing director or executive director, to hold
 office as director for the period determined at the time of the appointment but not to exceed
 the term of employment of the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors
 may, subject to the terms of any employment contract between the relevant director and the
 company or a subsidiary, at any time remove or dismiss the managing director or an executive
 director from employment with the company, in which case the appointment of that person as
 a director automatically ceases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The company
 must have at least one secretary appointed by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors
 may suspend or remove a secretary from that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Provisions
 applicable to all executive officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference
 in rule 23.3 to an executive officer is a reference to a managing director, deputy managing
 director, executive director, associate director, secretary or assistant secretary appointed
 under this rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The appointment
 of an executive officer may be for a period, at the remuneration and on the conditions the
 directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delegate
 to an executive officer any powers, discretions and duties they decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) withdraw,
 suspend or vary any of the powers, discretions and duties given to an executive officer;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorise
 the executive officer to delegate any of the powers, discretions and duties given to the
 executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An act
 done by a person acting as an executive officer is not invalidated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a defect
 in the person's appointment as an executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 person being disqualified to be an executive officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 person having vacated office,

if the person did not know that circumstance when the act was done.

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24 Indemnity and insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 Officer's
 right of indemnity

Rules 24.2 and 24.4 apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to each
 person who is or has been a director, alternate director or executive officer (within the
 meaning of rule 23.3(a)) of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any
 other officers or former officers of the company or of its related bodies corporate as the
 directors in each case determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the
 directors so determine, to any auditor or former auditor of the company or of its related
 bodies corporate,

(each an **Officer** for the purposes of this rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 Indemnity

The company must indemnify each Officer on a full indemnity basis and to the full extent permitted by law against all losses, liabilities, costs, charges and expenses (**Liabilities**) incurred by the Officer as an officer of the company or of a related body corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 Scope of indemnity

The indemnity in rule 24.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) does not
 operate in respect of any Liability of the Officer to the extent that Liability is covered
 by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is enforceable
 without the Officer having to first incur any expense or make any payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is a continuing
 obligation and is enforceable by the Officer even though the Officer may have ceased to be
 an officer or auditor of the company or its related bodies corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 Insurance

The company may, to the extent the law permits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase
 and maintain insurance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay or
 agree to pay a premium for insurance,

for each Officer against any Liability incurred by the Officer as an officer or auditor of the company or of a related body corporate including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) costs
 and expenses in defending any proceedings, whether civil or criminal, whatever their outcome;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Liability
 arising from negligence or other conduct.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 Savings

Nothing in rule 24.2 or 24.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) affects
 any other right or remedy that a person to whom those rules apply may have in respect of
 any Liability referred to in those rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limits
 the capacity of the company to indemnify or provide or pay for insurance for any person to
 whom those rules do not apply; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) limits
 or diminishes the terms of any indemnity conferred or agreement to indemnify entered into
 before the adoption of this constitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.6 Contract

The company may enter into an agreement with any Officer to give effect to the rights conferred by this rule or the exercise of a discretion under this rule on any terms as the directors think fit which are not inconsistent with this rule.

25 Dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 Payment of
 dividends

The directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay any
 interim and final dividends that, in their judgment, the financial position of the company
 justifies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rescind
 a decision to pay a dividend if they decide, before the payment date, that the company's
 financial position no longer justifies the payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pay any
 dividend required to be paid under the terms of issue of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 Reserves and
 profits carried forward

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set aside
 out of the company's profits any reserves or provisions they decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appropriate
 to the company's profits any amount previously set aside as a reserve or provision;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) carry
 forward any profits remaining that they consider should not be distributed as dividends or
 capitalised, without transferring those profits to a reserve or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Setting
 aside an amount as a reserve or provision does not require the directors to keep the amount
 separate from the company's other assets or prevent the amount being used in the company's
 business or being invested as the directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 Apportionment
 of dividends

Subject to the terms of issue of any shares or class of shares, dividends must be paid equally on all shares, except partly paid shares, which have an entitlement only to that part of the dividend which is in proportion to the amount paid (not credited) on the share to the total amounts paid and payable (excluding amounts credited). An amount paid in advance of a call under rule 5.8 is taken as not having been paid until it becomes payable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 Record date

Subject to the Settlement Operating Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors
 may fix a record date for a dividend, with or without suspending the registration of transfers
 from that date under rule 12.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a dividend
 must be paid to the person who is registered, or entitled under rule 12.2(c) to be registered,
 as the holder of the share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where
 the directors have fixed a record date for the dividend, on that date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 the directors have not fixed a record date for that dividend, on the date fixed for payment
 of the dividend,

and a transfer of a share that is not registered, or left with the company for registration under rule 12.2(b), on or before that date is not effective, as against the company, to pass any right to the dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.5 No interest

Interest is not payable by the company on any dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6 Retention
 of dividends

The directors may retain the dividend payable on a share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 a person is entitled to a share because of an event under rule 14, until that person
 becomes registered as the holder of that share or transfers it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) apply
 it to any amount presently payable by the holder of that share to the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7 Distribution
 of specific assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may distribute specific assets, including paid-up shares or other securities of the company
 or of another body corporate, either generally or specifically to members as direct payment
 of the dividend in whole or in part and, if they do so they may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fix the
 value of any asset distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make
 cash payments to members on the basis of the value fixed or for any other reason so as to
 adjust the rights of members between themselves; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) vest
 an asset in trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the company satisfies a dividend by way of distribution of securities of another body corporate,
 each member is taken to have agreed to become a member of that corporation and to have agreed
 to be bound by the constitution of that corporation. Each member also appoints each director
 their agent and attorney to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) agree
 to the member becoming a member of that corporation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agree
 to the member being bound by the constitution of that corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sign
 any transfer of shares or securities, or other document required to give effect to the distribution
 of shares or other securities to that member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.8 Source of
 dividends

Subject to the Listing Rules, the directors may pay a dividend to particular members wholly or partly out of any particular fund or reserve or out of profits derived from any particular source, and to the other members wholly or partly out of any other particular fund or reserve or out of profits derived from any other particular source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.9 Reinvestment
 of dividends

Subject to the Listing Rules, the directors may permit the members or any class of members to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reinvest
 cash dividends by subscribing for shares or other securities in the company or a related
 body corporate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) forgo
 the right to receive cash dividends and receive instead some other form of distribution of
 entitlement (including securities),

on any terms the directors think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 Unclaimed
 dividends

Unclaimed dividends may be invested by the directors as they think fit for the benefit of the company until claimed or until required to be dealt with under the law.

26 Method of payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 Payment by
 cheque, electronic or other means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The directors
 may pay dividends, interest, consideration for a buy-back, proceeds from a sale of shares
 (including under rule 13) or other money relating to shares by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cheque
 sent to the address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) of the
 member shown in the register of members, or for joint holders, the first listed name and
 address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) directed
 in writing by the member or joint holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by any
 electronic or other means approved by the directors directly to an account (of a type approved
 by the directors) nominated in writing by the member or the joint holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 other method the directors may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Different
 methods of payment may apply to different members or groups of members (such as overseas
 members).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A cheque
 sent under rule 26.1(a)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may be
 made payable to bearer or to the order of the member to whom it is sent or any other person
 the member directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is sent
 at the member's risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the
 directors decide to make a payment by electronic means under rule 26.1(a)(ii), but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no account
 is nominated by the member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an electronic
 transfer into a nominated account is rejected or refunded,

the company may credit the amount payable to an account of the company to be held until the member nominates a valid account and the company may use the amount for its own purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a member
 does not have a registered address or the company believes that a member is not known at
 the member's registered address, the company may credit an amount payable to the member
 to an account of the company to be held until the member claims the amount or nominates an
 account into which payment may be made and the company may use the amount for its own purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An amount
 credited to an account under rules 26.1(d) or 26.1(e) is to be treated as having been
 paid to the member at the time it is credited to that account. The company is not a trustee
 of the money and no interest accrues on the money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 Unclaimed
 payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a cheque
 for an amount payable under rule 26.1 is not presented for payment within 11 months from
 issue, or an amount is held in an account of the company under rules 26.1(d) or 26.1(e) for
 11 months, the company may use the amount for its own purposes and may stop payment on the
 cheque.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The company's
 liability to pay the amount referred to in rule 26.2(a) is discharged by the application
 of the amount under rule 26.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The directors
 may do anything necessary or desirable (including signing any document) for the member or
 joint members to give effect to rule 26.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The directors
 may determine further rules to regulate the operation of rule 26.2 and may delegate their
 powers under rule 26.2 to any person.

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27 Capitalising profits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 Capitalisation
 of reserves and profits

The directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may resolve
 to capitalise any sum, being the whole or a part of the amount for the time being standing
 to the credit of any reserve account or the profit and loss account or otherwise available
 for distribution to the members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may, but
 need not, resolve to apply the sum in any of the ways mentioned in rule 27.2, for the
 benefit of members in the proportions to which those members would have been entitled in
 a distribution of that sum by way of dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 Applying a
 sum for the benefit of members

The ways in which a sum may be applied for the benefit of members under rule 27.1 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) paying
 up in full, at an issue price decided by the resolution, any unissued shares in or other
 securities of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) paying
 up any amounts unpaid on shares or other securities held by the members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) paying
 up partly as specified in rule 27.2(a) and partly as specified in rule 27.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 Implementing
 the resolution

The directors may do all things necessary to give effect to a resolution under rule 27.1, including to enter into an agreement on behalf of any member.

28 Winding up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 Distributing
 surplus

Subject to this constitution and the terms of issue of any shares or class of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the
 company is wound up and the property of the company available for distribution among the
 members is more than sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all the
 debts and liabilities of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 costs, charges and expenses of the winding up,

the excess must be divided among the members in proportion to the number of shares held by them, irrespective of the amounts paid or credited as paid on the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the
 purpose of calculating the excess referred to in rule 28.1(a), any amount unpaid on
 a share is to be treated as property of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount
 of the excess that would otherwise be distributed to the holder of a partly paid share under
 rule 28.1(a) must be reduced by the amount unpaid on that share at the date of the distribution;
 and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the
 effect of the reduction under rule 28.1(c) would be to reduce the distribution to the
 holder of a partly paid share to a negative amount, the holder must contribute that amount
 to the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 Dividing property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the
 company is wound up, the liquidator may, with the sanction of a special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) divide
 among the members the whole or any part of the company's property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) decide
 how the division is to be carried out as between the members or different classes of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A division
 under rule 28.2(a) need not accord with the legal rights of the members and, in particular,
 any class may be given preferential or special rights or may be excluded altogether or in
 part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a division under rule 28.2(a) does not accord with the legal rights of the members,
 a member is entitled to dissent and to exercise the same rights as if the special resolution
 sanctioning that division were a special resolution passed under section 507 Corporations
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any
 of the property to be divided under rule 28.2(a) includes shares with a liability to
 calls, any person entitled under the division to any of the shares may, within ten days
 after the passing of the special resolution referred to in rule 28.2(a), by written
 notice direct the liquidator to sell the person's proportion of the securities and
 account for the net proceeds. The liquidator must, if practicable, act accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing
 in rule 28.2 takes away from or affects any right to exercise any statutory or other
 power which would have existed if this rule were omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Rule 27
 applies, so far as it can and with any necessary changes, to a division by a liquidator under
 rule 28.2(a) as if references in rule 27 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the directors
 were references to the liquidator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a distribution
 or capitalisation were references to the division under rule 28.2(a).

29 Inspection of records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 Inspection
 by member

Except as provided by law, this constitution or as authorised by a directors' resolution, a person who is not a director does not have the right to inspect any of the board papers, books, records or documents of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 Access by
 director

The company may enter into contracts, and procure that its subsidiaries enter into contracts, on any terms the directors think fit, to grant a director or former director continuing access for a specified period after the director ceases to be a director to board papers, books, records and documents of the company which relate to the period during which the director or former director was a director of the company.

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---

| | |
|:---|:---|
| 30 | Seals |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 Safe custody
 of seal

The company may have a common seal, in which case the directors must provide for the safe custody of the seal and any duplicate common seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 Use of seal

If the company has a common seal or duplicate common seal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it may
 only be used with the authority of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 document to which it is affixed must be signed by a director and countersigned by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a second
 director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 a person appointed by the directors for the purpose.

---

| | |
|:---|:---|
| 31 | Notices |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 Method of
 service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The company
 may give a notice to a member by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivering
 it personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sending
 it by prepaid post to the member's address in the register of members or any other
 address the member gives the company for notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sending
 it by fax or other electronic means to the fax number or electronic address the member gives
 the company for notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notifying
 the member by electronic means to the electronic address the member gives the company for
 notices that a document is available and how the member may access the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A person
 who becomes entitled to a share registered in the name of a member, is taken to have received
 every notice which, before that person's name and address is entered in the register
 of members for those shares, is given to the member under rule 31.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a member does not have a registered address or where the company believes that member is
 not known at the member's registered address, all notices are taken to be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given
 to the member if the notice is exhibited in the company's registered office for a period
 of 48 hours; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) served
 at the commencement of that period,

unless and until the member informs the company of the member's address.

\| Constitution of Radiopharm Theranostics Limited 49

![](ex1-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the
 company elects to give notice to a member by electronic means under rule 31.1(a)(iii) and
 the member has not given the company an electronic address for notices, all notices are taken
 to be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given
 to the member if the notice is exhibited on the company's website for a period of 48
 hours; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) served
 at the commencement of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 Time of service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A notice
 from the company properly addressed and posted is taken to be given and received on the day
 after the day of its posting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A notice
 sent or given by fax or other electronic transmission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is taken
 to be effected by properly addressing and transmitting the fax or other electronic transmission;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is taken
 to have been given and received on the day of its transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a given number of days' notice or notice extending over any other period must be given,
 the day of service is not to be counted in the number of days or other period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3 Evidence of
 service

A certificate signed by a director or secretary stating that a notice has been given under this constitution is conclusive evidence of that fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.4 Joint holders

A notice may be given by the company to the joint holders of a share by giving it to the joint holder first named in the register of members for the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.5 Other communications
 and documents

Rules 31.1 to 31.4 (inclusive) apply, so far as they can and with any necessary changes, to serving any communication or document.

---

| | |
|:---|:---|
| 32 | General |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 Submission
 to jurisdiction

Each member submits to the non-exclusive jurisdiction of the Supreme Court of the state or territory in which the company is taken to be registered for the purposes of the Corporations Act, the Federal Court of Australia and the courts which may hear appeals from those courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 Prohibition
 and enforceability

Any part of this constitution which is prohibited or unenforceable in any place is, in that place, ineffective only to the extent of that prohibition or unenforceability.

\| Constitution of Radiopharm Theranostics Limited 50

## Exhibit 2.1

**Exhibit 2.1**

**DEPOSIT AGREEMENT**

by and among

**Radiopharm Theranostics Limited**

as Issuer,

**DEUTSCHE BANK TRUST COMPANY AMERICAS**

as Depositary,

AND

**THE HOLDERS AND BENEFICIAL OWNERS**

**OF AMERICAN DEPOSITARY SHARES EVIDENCED BY**

**AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER**

**Dated as of , 2023**

------

Confidential

**DEPOSIT AGREEMENT**

**DEPOSIT AGREEMENT**, dated as of , 2023, by and among (i) Radiopharm Theranostics Limited, a company incorporated in the Commonwealth of Australia, with its principal executive office at 62 Lygon Street, Level 3, Carlton, Victoria, 3053, Australia (together with its successors, the "**Company**"), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with its principal office at 1 Columbus Circle, New York, NY 10019, United States of America (the "**Depositary**", which term shall include any successor depositary hereunder) and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).

**W I T N E S S E T H T H A T:**

**WHEREAS**, the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American Depositary Shares representing the Shares so deposited;

**WHEREAS**, the Depositary is willing to act as the depositary for such ADR facility upon the terms set forth in this Deposit Agreement;

**WHEREAS**, the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the form of <u>Exhibit A</u> and <u>Exhibit B</u> annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement;

**WHEREAS**, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the NASDAQ; and

**WHEREAS**, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein.

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I.**

**DEFINITIONS**

All capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:

SECTION 1.1 "<u>Affiliate</u>" shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.

SECTION 1.2 "<u>Agent</u>" shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any successor or addition thereto.

SECTION 1.3 "<u>American Depositary Share(s)" and "ADS(s)</u>" shall mean the securities represented by the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder. Each American Depositary Share shall represent the right to receive 100 Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities referred to in Section 4.9 hereof with respect to which additional American Depositary Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections.

SECTION 1.4 "<u>Article</u>" shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B annexed hereto.

SECTION 1.5 "<u>ADS Record Date</u>" shall have the meaning given to such term in Section 4.7 hereof.

SECTION 1.6 "<u>Beneficial Owner</u>" shall mean as to any ADS, any person or entity having a beneficial interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.

SECTION 1.7 "<u>Business Day</u>" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which ADSs are traded are closed.

SECTION 1.8 "<u>Commission</u>" shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

SECTION 1.9 "<u>Company</u>" shall mean Radiopharm Theranostics Limited, a company incorporated and existing under the laws of the Commonwealth of Australia, and its successors.

SECTION 1.10 "<u>Constitution</u>" shall mean the constituent document of Radiopharm Theranostics Limited.

SECTION 1.11 "<u>Corporate Trust Office</u>" when used with respect to the Depositary, shall mean the corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 1 Columbus Circle, New York, New York 10019, U.S.A.

SECTION 1.12 "<u>Custodian</u>" shall mean, as of the date hereof, National Nominees Limited, having its principal office at Level 12, 500 Bourke Street, Melbourne, Victoria, 3000, Australia, as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the context shall require. The term "Custodian" shall mean all custodians, collectively.

SECTION 1.13 "<u>Deliver</u>", "<u>Deliverable</u>" and "<u>Delivery</u>" shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms "<u>execute</u>", "<u>issue</u>", "<u>register</u>", "<u>surrender</u>", "<u>transfer</u>" or "<u>cancel</u>" refer to applicable entries or movements to or within DRS/Profile.

SECTION 1.14 "<u>Deposit Agreement</u>" shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof.

SECTION 1.15 "<u>Depositary</u>" shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.

SECTION 1.16 "<u>Deposited Securities</u>" as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6.

SECTION 1.17 "<u>Dollars</u>" and "<u>$</u>" shall mean the lawful currency of the United States.

SECTION 1.18 "<u>DRS/Profile</u>" shall mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile is evidenced by periodic statements issued by the Depositary to the Holders entitled thereto.

SECTION 1.19 "<u>DTC</u>" shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the United States, and any successor thereto.

SECTION 1.20 "<u>DTC Participants</u>" shall mean participants within DTC.

SECTION 1.21 "<u>Exchange Act</u>" shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended.

SECTION 1.22 "<u>Foreign Currency</u>" shall mean any currency other than Dollars.

SECTION 1.23 "<u>Foreign Registrar</u>" shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company.

SECTION 1.24 "<u>Holder</u>" shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder's name.

SECTION 1.25 "<u>Indemnified Person" and "Indemnifying Person"</u> shall have the respective meanings set forth in Section 5.8 hereof.

SECTION 1.26 "<u>Losses</u>" shall have the meaning set forth in Section 5.8 hereof.

SECTION 1.27 "<u>Opinion of Counsel</u>" shall mean a written opinion from legal counsel to the Company who is acceptable to the Depositary.

SECTION 1.28 "<u>Receipt(s); "American Depositary Receipt(s)"; and "ADR(s)</u>" shall mean the certificate(s) or statement(s) (including DRS/Profile statements) issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation, DRS/Profile, unless the context otherwise requires.

SECTION 1.29 "<u>Registrar</u>" shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary.

SECTION 1.30 "<u>Restricted Securities</u>" shall mean Shares which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions on sale or deposit under the laws of the United States or the Commonwealth of Australia, under a shareholders' agreement, shareholders' lock-up agreement or the Constitution or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the Shares are not, when held by such person, Restricted Securities.

SECTION 1.31 "<u>Securities Act</u>" shall mean the United States Securities Act of 1933, as from time to time amended.

SECTION 1.32 "<u>Shares</u>" shall mean ordinary shares in registered form of the Company, no par value, heretofore or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, exchange, conversion or any other event described in Section 4.9 hereof in respect of the Shares, the term "Shares" shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, reclassification, exchange, conversion or event.

SECTION 1.33 "<u>United States"</u> or <u>"U.S.</u>" shall mean the United States of America.

**ARTICLE II.<br>APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; <br> EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS**

SECTION 2.1 <u>Appointment of Depositary</u>. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and the applicable ADR(s) and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof).

SECTION 2.2 <u>Form and Transferability of Receipts</u>.

(a) <u>Form</u>. Receipts in certificated form shall be substantially in the form set forth in <u>Exhibit A</u> and <u>Exhibit B</u> annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been dated and signed by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including, without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding the fact that such signatory has ceased to hold such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

Notwithstanding anything in this Deposit Agreement or in the form of Receipt to the contrary, to the extent available by the Depositary, ADSs shall be evidenced by Receipts issued through any book-entry system, including, without limitation, DRS/Profile, unless certificated Receipts are specifically requested by the Holder. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile.

(b) <u>Legends</u>. In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated in the text thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners.

(c) <u>Title</u>. Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof.

SECTION 2.3 <u>Deposits</u>.

(a) Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)(i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares or the certificates representing such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary's fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement or as may be deemed by them to be appropriate in the circumstances, (C) if the Depositary so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the Commonwealth of Australia and any necessary approval has been granted by any governmental body in the Commonwealth of Australia, if any, which is then performing the function of the regulator of currency exchange. The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Constitution. The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws in the United States and other applicable jurisdictions, provided that the Company shall indemnify the Depositary and the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company's instructions.

(b) As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.

(c) In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the Custodian.

SECTION 2.4 <u>Execution and Delivery of Receipts</u>. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled.

SECTION 2.5 <u>Transfer of Receipts; Combination and Split-up of Receipts</u>.

(a) <u>Transfer</u>. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States , of the Commonwealth of Australia and of any other applicable jurisdiction. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of the Receipt, the Depositary shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered.

(b) <u>Combination and Split Up</u>. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in Section 5.9 hereof and Article (9) of the Receipt, execute and Deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

(c) <u>Co-Transfer Agents</u>. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

(d) <u>Substitution of Receipts</u>. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement (including but not limited to a DRS/Profile statement), as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the relevant Receipt substituted.

SECTION 2.6 <u>Surrender of Receipts and Withdrawal of Deposited Securities</u>. Upon surrender, at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 hereof and Article (9) of the Receipt) and (ii) all fees, applicable taxes and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Constitution, Section 7.11 hereof and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.

A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms and conditions of this Deposit Agreement, to the Constitution, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such person.

The Depositary may refuse to accept for surrender American Depositary Shares only in the circumstances described in Article (4) of the Receipt. Subject thereto, in the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt.

At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary of such direction, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

SECTION 2.7 <u>Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.</u>

(a) <u>Additional Requirements</u>. As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination or surrender of any Receipt, the Delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 hereof and Article (9) of the Receipt hereto, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law.

(b) <u>Additional Limitations</u>. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.11 hereof.

(c) The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

SECTION 2.8 <u>Lost Receipts, etc.</u> To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry system, including, without limitation, DRS/Profile, unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and Deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and Delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.

SECTION 2.9 <u>Cancellation and Destruction of Surrendered Receipts</u> . All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose.

SECTION 2.10 <u>Maintenance of Records</u>. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States.

**ARTICLE III.**<br>**CERTAIN OBLIGATIONS OF HOLDERS<br> AND BENEFICIAL OWNERS OF RECEIPTS**

SECTION 3.1 <u>Proofs, Certificates and Other Information</u>. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information, to execute such certifications and to make such representations and warranties and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.11 hereof, the Delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary's and the Company's satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company's sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide, any information requested by the Company or the Depositary pursuant to this Section 3.1 . Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

The obligations of Holders and Beneficial Owners under Section 3.1 shall survive any transfer of Receipts, any surrender of Receipts or withdrawal of Deposited Securities or the termination of the Deposit Agreement.

SECTION 3.2 <u>Liability for Taxes and Other Charges</u>. If any present or future tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver ADRs, to register the transfer, split-up or combination of ADRs and (subject to Section 7.11 hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to, and shall, indemnify the Depositary, the Company, the Custodian and each and every of their respective officers, directors, employees, agents (including, without limitation, Agents, in the case of the Depositary) and Affiliates against, and hold each of them harmless from, any claims with respect to taxes, additions to tax (including applicable interest and penalties thereon) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Holder and/or Beneficial Owner. The liability of Holders and Beneficial Owners under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

SECTION 3.3 <u>Representations and Warranties on Deposit of Shares</u>. Each person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all pre-emptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities, (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock- up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares**.** If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

SECTION 3.4 <u>Compliance with Information Requests</u>. Notwithstanding any other provision of the Deposit Agreement, the Constitution and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to law (including, without limitation, relevant Australian law, any applicable law of the United States, the Constitution, any resolutions of the Company's Board of Directors adopted pursuant to the Constitution, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred), (b) be bound by and subject to applicable provisions of the laws of the Commonwealth of Australia, the Constitution and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners at the time such request is made and, without limiting the generality of the foregoing, (c) comply with all applicable provisions of Australian law, the rules and requirements of any stock exchange on which the Shares are, or will be registered, traded or listed and the Constitution regarding any such Holder or Beneficial Owner's interest in Shares (including the aggregate of ADSs and Shares held by each such Holder or Beneficial Owner) and/or the disclosure of interests therein, whether or not the same may be enforceable against such Holder or Beneficial Owner. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company's expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

**ARTICLE IV.<br>THE DEPOSITED SECURITIES**

SECTION 4.1 <u>Cash Distributions</u>. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders of the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

SECTION 4.2 <u>Distribution in Shares</u>. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of Receipts if it has not received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 hereof.

SECTION 4.3 <u>Elective Distributions in Cash or Shares</u>. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof (including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company) and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (a) cash upon the terms described in Section 4.1 hereof or (b) additional ADSs representing such additional Shares upon the terms described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash, the dividend shall be distributed upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

SECTION 4.4 <u>Distribution of Rights to Purchase Shares</u>.

(a) <u>Distribution to ADS Holders</u>. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable the Holders to exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).

(b) <u>Sale of Rights</u>. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 hereof or determines it is not lawful or reasonably practicable to make the rights available to Holders or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1 hereof.

(c) <u>Lapse of Rights</u>. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) hereof or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse.

The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

SECTION 4.5 <u>Distributions Other Than Cash, Shares or Rights to Purchase Shares</u>.

(a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.

(b) Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary and (ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges applicable to the distribution.

(c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom.

SECTION 4.6 <u>Conversion of Foreign Currency</u>. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.

In converting Foreign Currency, amounts received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license.

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and without liability for interest thereon for the respective accounts of the Holders entitled to receive the same.

Holders and Beneficial Owners are directed to refer to Section 7.9 hereof for certain disclosure related to conversion of Foreign Currency.

SECTION 4.7 <u>Fixing of Record Date</u>. Whenever necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the "ADS Record Date"), as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action or to exercise the rights of Holders with respect to such changed number of Shares represented by each American Depositary Share or for any other reason. Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

SECTION 4.8 <u>Voting of Deposited Securities</u>. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 28 Business Days prior to the date of such vote or meeting) and at the Company's expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, shall not be voted.

There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

Notwithstanding the above, save for applicable provisions of the law of the Commonwealth of Australia, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote.

SECTION 4.9 <u>Changes Affecting Deposited Securities</u>. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company's approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company's expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations), execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications to the form of Receipt contained in <u>Exhibit A</u> and <u>Exhibit B</u> hereto, specifically describing such new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company's expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities.

SECTION 4.10 <u>Available Information</u>. The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the Commission's website at www.sec.gov or at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.

SECTION 4.11 <u>Reports</u>. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company's expense, all such documents that it provides to the Custodian. Unless otherwise agreed in writing by the Company and the Depositary, the Depositary shall, at the expense of the Company and in accordance with Section 5.6 hereof, also mail to Holders by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the Depositary) copies of notices and reports when furnished by the Company pursuant to Section 5.6 hereof.

SECTION 4.12 <u>List of Holders</u>. Promptly upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary.

SECTION 4.13 <u>Taxation; Withholding</u>. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner to provide and/or file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary's or the Custodian's obligations under applicable law. In the event that any Holder or Beneficial Owner of American Depositary Shares is not legally permitted to fulfill its obligations under the preceding sentence, such Holder or Beneficial Owner shall promptly surrender its American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby in accordance with Section 2.6 hereof. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian, the Agents and their respective directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by the Beneficial Owner or Holder or out of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder or Beneficial Owner. The obligations of Holders and Beneficial Owners under this Section 4.13 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability.

In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a "Passive Foreign Investment Company" (as defined in the U.S. Internal Revenue Code of 1986, as amended and the regulations issued thereunder) or otherwise.

**ARTICLE V.**<br>**THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY**

SECTION 5.1 <u>Maintenance of Office and Transfer Books by the Registrar</u>. Until termination of this Deposit Agreement in accordance with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers, combination and split-up of Receipts, the surrender of Receipts and the Delivery and withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement.

The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary's or the Registrar's knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts.

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company.

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so.

Each Registrar and co-registrar appointed under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement.

SECTION 5.2 <u>Exoneration</u>. None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement and any Receipt, by reason of any provision of any present or future law, rule, regulation, order or decree of the United States or any state thereof, the Commonwealth of Australia or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Constitution or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Constitution or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise.

The Depositary, its controlling persons, its agents (including without limitation, the Agents), the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of this Deposit Agreement.

SECTION 5.3 <u>Standard of Care</u>. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct.

Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, affiliates, employees or agents (including without limitation, the Agents), shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).

The Depositary and its directors, officers, affiliates, employees and agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a successor depositary.

SECTION 5.4 <u>Resignation and Removal of the Depositary; Appointment of Successor Depositary</u>. The Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.

The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof.

The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof if a successor depositary has not been appointed), and (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal.

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders.

Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything to the contrary in this Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

SECTION 5.5 <u>The Custodian</u>. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders.

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.

SECTION 5.6 <u>Notices and Reports</u>. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Constitution that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat.

The Company will also transmit to the Depositary (a) English language versions of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the Company's annual and other reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company's expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the Depositary (at the Company's expense) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the Constitution along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case, to the extent not in English, along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein, to the extent not in English, along with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement.

The Depositary will make available, at the expense of the Company, a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary's Corporate Trust Office, at the office of the Custodian and at any other designated transfer office.

SECTION 5.7 <u>Issuance of Additional Shares, ADSs etc.</u> The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets, (viii) any reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities or (ix) a distribution of property other than cash, Shares or rights to purchase additional Shares it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States). In support of the foregoing, the Company will furnish to the Depositary at its request, at the Company's expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other issues requested by the Depositary; (b) a written opinion of Australian counsel (satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Commonwealth of Australia and (2) all requisite regulatory and corporate consents and approvals have been obtained in the Commonwealth of Australia; and (c) as the Depositary may request, a written Opinion of Counsel in any other jurisdiction in which Holders or Beneficial Owners reside to the effect that making the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction as well as certificates of the Company as to such matters as the Depositary may deem necessary or appropriate in the circumstances. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act.

The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities unless such transaction and the securities issuable in such transaction are exempt from registration under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective).

Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction.

SECTION 5.8 <u>Indemnification</u>. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents (including without limitation, the Agents) and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable fees and expenses of counsel together with, in each case, value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as "**Losses**") which the Depositary or any agent (including without limitation, the Agents) thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents (including without limitation, the Agents) and Affiliates, except to the extent any such Losses arise out of the gross negligence or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates.

Any person seeking indemnification hereunder (an "**Indemnified Person**") shall notify the person from whom it is seeking indemnification (the "**Indemnifying Person**") of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person's rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld.

The obligations set forth in this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

SECTION 5.9 <u>Fees and Charges of Depositary</u>. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary's fees and related charges identified as payable by them respectively as provided for under Article (9) of the Receipt. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1 hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request.

The Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in accordance with Article (20) of the Receipt.

In connection with any payment by the Company to the Depositary:

(i) all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or
be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by
the Company upon demand therefor);

(ii) such payment shall be subject to all necessary applicable exchange control and other consents and approvals
having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that are required to be
obtained by it in this connection; and

(iii) the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the
Company, an Opinion of Counsel regarding U.S. law, the laws of the Commonwealth of Australia or of any other relevant jurisdiction,
to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity
of any action to be taken or instructed to be taken under this Agreement.

The Company agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.

All payments by the Company to the Depositary under this Section 5.9 shall be paid without set-off or counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Commonwealth of Australia or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto.

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

SECTION 5.10 <u>Restricted Securities Owners/Ownership Restrictions</u>. From time to time or upon request of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder. Holders and Beneficial Owners shall comply with any limitations on ownership of Shares under the Constitution or applicable Australian law as if they held the number of Shares their ADSs represent. The Company shall, in accordance with Article (24) of the Receipt, inform Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by reason of the number of ADSs held under the Constitution or applicable Australian law, as such restrictions may be in force from time to time.

The Company may, in its sole discretion, but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner pursuant to the Constitution, including but not limited to, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Constitution; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and provided further the Depositary's agreement to the foregoing is conditional upon it being advised of any applicable changes in the Constitution. The Depositary shall have no liability for any actions taken in accordance with such instructions.

**ARTICLE VI.**

**AMENDMENT AND TERMINATION**

SECTION 6.1 <u>Amendment/Supplement</u>. Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or Beneficial Owners), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary).The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations.

SECTION 6.2 <u>Termination</u>. The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, each Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

**ARTICLE VII.**

**MISCELLANEOUS**

SECTION 7.1 <u>Counterparts</u>. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours.

SECTION 7.2 <u>No Third-Party Beneficiaries</u>. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships.

SECTION 7.3 <u>Severability</u>. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

SECTION 7.4 <u>Holders and Beneficial Owners as Parties; Binding Effect</u>. The Holders and Beneficial Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. The obligations of Holders and Beneficial Owners of Receipts under this Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement.

SECTION 7.5 <u>Notices</u>. Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to Radiopharm Theranostics Limited, 62 Lygon Street, Level 3, Carlton, Victoria, 3053, Australia, Attention: Company Secretary or to any other address which the Company may specify in writing to the Depositary or at which it may be effectively given such notice in accordance with applicable law.

Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company's expense, unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 1 Columbus Circle, New York, New York 10019, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile: + 1 212 797 0327 or to any other address which the Depositary may specify in writing to the Company.

Any and all notices to be given to any Holder shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company's expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement.

Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be.

SECTION 7.6 <u>Governing Law and Jurisdiction</u>. This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Subject to the Depositary's rights under the third paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the exclusive jurisdiction of such courts. Notwithstanding the above, the parties hereto agree that any judgment and/or order from any such New York court can be enforced in any court having jurisdiction thereof. The Company irrevocably designates, appoints and empowers Vcorp Services, LLC, (the "**Process Agent**"), at 25 Robert Pitt Drive, Suite 204, Monsey, New York 10952, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon.

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

Holders and Beneficial Owners understand, and holding an American Depositary Share or an interest therein, such Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the American Depositary Shares or Receipts, or the transactions contemplated hereby or thereby or by virtue of ownership thereof, may only be instituted in a state or federal court in New York, New York, and by holding an American Depositary Share or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Holders and Beneficial Owners agree that the provisions of this paragraph shall survive such Holders' and Beneficial Owners' ownership of American Depositary Shares or interests therein.

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in part.

SECTION 7.7 <u>Assignment</u>. Subject to the provisions and exceptions set forth in Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company or the Depositary.

SECTION 7.8 <u>Agents</u>. The Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the "**Agents**") of which it shall have control for the purpose, *inter alia*, of making distributions to the Holders or otherwise carrying out its obligations under this Agreement.

SECTION 7.9 <u>Affiliates etc</u>. The Depositary reserves the right to utilize and retain a division or Affiliate(s) of the Depositary to direct, manage and/or execute any public and/or private sale of Shares, rights, securities, property or other entitlements hereunder and to engage in the conversion of Foreign Currency hereunder. It is anticipated that such division and/or Affiliate(s) will charge the Depositary a fee and/or commission in connection with each such transaction, and seek reimbursement of its costs and expenses related thereto. Such fees/commissions, costs and expenses, shall be deducted from amounts distributed hereunder and shall not be deemed to be fees of the Depositary under Article (9) of the Receipt or otherwise. Persons are advised that in converting foreign currency into U.S. dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, "**DBAG**") to effect such conversion by seeking to enter into a foreign exchange ("**FX**") transaction with DBAG. When converting currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other person. Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker, and may hold positions for its own account that are the same, similar, different or opposite to the positions of its customers, including the Depositary. When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should be aware that DBAG is a global dealer in FX for a full range of FX products and, as a result, the rate obtained in connection with any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another customer. In addition, in order to source liquidity for any FX transaction relating to any foreign currency conversion, DBAG may internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for DBAG or one of its agents. DBAG may charge fees and/or commissions to the Depositary or add a mark-up in connection with such conversions, which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.

SECTION 7.10 <u>Exclusivity</u>. The Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

SECTION 7.11 <u>Compliance with U.S. Securities Laws</u>. Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

SECTION 7.12 <u>Titles</u>. All references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words "**this Deposit Agreement**", "**herein**", "**hereof**", "**hereby**", "**hereunder**", and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit Agreement. References herein to the laws of a jurisdiction shall include references to any and all of the laws, rules and regulations of such jurisdiction and any and all communities, provinces and states thereof. Words importing persons shall include individuals, firms, corporations, partnerships, trusts, limited liability companies, associations, joint ventures, unincorporated organizations, receivers, trustees and/or other entities, and any government, governmental department or agency or political subdivision thereof.

IN WITNESS WHEREOF, RADIOPHARM THERANOSTICS LIMITED and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the terms hereof.

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|:---|:---|
| **RADIOPHARM THERANOSTICS LIMITED** | **RADIOPHARM THERANOSTICS LIMITED** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| **DEUTSCHE BANK TRUST COMPANY AMERICAS** | **DEUTSCHE BANK TRUST COMPANY AMERICAS** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

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**EXHIBIT A**

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| |
|:---|
| CUSIP________ |
| ISIN________ |
| American Depositary<br> Shares (Each |
| American Depositary <br> Share |
| representing 100 |
| Fully Paid Ordinary <br> Shares) |

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**FORM OF FACE OF RECEIPT**

AMERICAN DEPOSITARY RECEIPT

for

AMERICAN DEPOSITARY SHARES

representing

DEPOSITED ORDINARY SHARES

of

**Radiopharm Theranostics LIMITED**

(Incorporated under the laws of the Commonwealth of Australia)

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the "**Depositary**"), hereby certifies that ________________ is the owner of ______________ American Depositary Shares (hereinafter "**ADS**"), representing deposited ordinary shares, no Par Value including evidence of rights to receive such ordinary shares (the "**Shares**") of Radiopharm Theranostics Limited, a company incorporated under the laws of the Commonwealth of Australia (the "**Company**"). As of the date of the Deposit Agreement (hereinafter referred to), each ADS represents 100 Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit Agreement is National Nominees Limited (the "**Custodian**"). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary's Corporate Trust Office is located at 1 Columbus Circle, New York, New York 10019, U.S.A.

(1) <u>The Deposit Agreement</u>. This American Depositary Receipt is one of an issue of American Depositary Receipts ("**Receipts**"), all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of , 2023 (as amended from time to time, the "**Deposit Agreement**"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called "**Deposited Securities**"). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the Depositary and the Custodian.

Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof). The obligations of Holders and Beneficial Owners of Receipts under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of the Deposit Agreement.

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the Constitution (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. References herein to the laws of a jurisdiction shall include references to any and all of the laws, rules and regulations of such jurisdiction and any and all communities, provinces and states thereof. Words importing persons shall include individuals, firms, corporations, partnerships, trusts, limited liability companies, associations, joint ventures, unincorporated organizations, receivers, trustees and/or other entities, and any government, governmental department or agency or political subdivision thereof. To the extent there is any inconsistency between the terms of this Receipt and the terms of the Deposit Agreement, the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial Owners are encouraged to read the terms of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC (or its nominee), or (ii) DTC Participants (or their nominees).

(2) <u>Surrender of Receipts and Withdrawal of Deposited Securities</u>. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Constitution, Section 7.11 of the Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. ADS may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery of such ADS to the Depositary.

A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the Deposit Agreement, to the Constitution, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. Subject to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt of such direction by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

(3) <u>Transfers, Split-Ups and Combinations of Receipts</u>. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Commonwealth of Australia and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered.

(4) <u>Pre-Conditions to Registration, Transfer, Etc</u>. As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination or surrender of any Receipt, the delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law.

The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof.

The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

(5) <u>Compliance With Information Requests</u>. Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Commonwealth of Australia, the rules and requirements of the NASDAQand any other stock exchange on which the Shares are, or will be registered, traded or listed, the Constitution, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

(6) <u>Liability of Holder for Taxes, Duties and Other Charges</u>. If any tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received.

The liability of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of the Deposit Agreement.

Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.

(7) <u>Representations and Warranties of Depositors</u>. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities, (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

(8) <u>Filing Proofs, Certificates and Other Information</u>. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Pursuant to the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit Agreement, the Delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary's and the Company's satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company's sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

The obligations of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

(9) <u>Charges of Depositary</u>. The Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement to be determined by the Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) reduced, cancelled or surrendered (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) held for the distribution of cash dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) held for the distribution of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) for the operation and maintenance costs in administering the ADSs an annual fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof), such fee to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.

In addition, Holders, Beneficial Owners, any person depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) taxes (including applicable interest and penalties) and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the expenses and charges incurred by the Depositary and/or a division or Affiliate(s) of the Depositary in the conversion of Foreign Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central depository for securities in the local market, where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any additional fees, charges, costs or expenses that may be incurred by the Depositary or a division or Affiliate(s) of the Depositary from time to time.

Any other fees and charges of, and expenses incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by Article (20) hereof.

The Depositary may make payments to the Company and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners, upon such terms and conditions as the Company and the Depositary may agree from time to time.

(10) <u>Title to Receipts</u>. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner's representative is the Holder registered on the books of the Depositary.

(11) <u>Validity of Receipt</u>. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.

(12) <u>Available Information; Reports; Inspection of Transfer Books</u>. The Company is subject to the periodic reporting requirements of the Exchange Act. applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.

The Depositary or the Registrar, as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary's or the Registrar's knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the Receipts.

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article (22) hereof.

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| Dated: | **DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary** |
|  | By: |
|  | By: |

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The address of the Corporate Trust Office of the Depositary is 1 Columbus Circle, New York, New York 10019, U.S.A.

**EXHIBIT B**

**[FORM OF REVERSE OF RECEIPT]**

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

(13) <u>Dividends and Distributions in Cash, Shares, etc</u>. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of ADSs representing such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held by such Holders as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement.

In the event that (x) the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.

Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14) hereof and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the Commonwealth of Australia, in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem proper. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

Notwithstanding anything herein to the contrary, if registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine, after consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.

If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances.

(14) <u>Fixing of Record Date</u>. Whenever necessary in connection with any distribution (whether in cash, Shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (the "ADS Record Date"), as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS or for any other reason. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

(15) <u>Voting of Deposited Securities</u>. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 28 Business Days prior to the date of such vote or meeting) and at the Company's expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, shall not be voted.

There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

Notwithstanding the above, save for applicable provisions of the law of the Commonwealth of Australia, and in accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote.

(16) <u>Changes Affecting Deposited Securities</u>. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company's approval, and shall, if the Company shall so requests, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities.

(17) <u>Exoneration</u>. None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States**,** the Commonwealth of Australia or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the Constitution or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Constitution or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of the Deposit Agreement or otherwise. Every Holder and Beneficial Owner agrees to, and shall, indemnify the Depositary, the Company, the Custodian and each and every of their respective officers, directors, employees, agents (including, without limitation, Agents) and Affiliates against, and hold each of them harmless from, any claims with respect to taxes, additions to tax (including applicable interest and penalties thereon) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Holder and/or Beneficial Owner. The Depositary, its controlling persons, its agents (including without limitation, the Agents), any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of the Deposit Agreement.

(18) <u>Standard of Care</u>. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or wilful misconduct. Without limitation to the foregoing, neither the Depositary nor the Company, nor any of their respective controlling person, its directors, officers, Affiliates, employees or agents (including, without limitation, Agents), shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of this Receipt, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). The Depositary and its agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a successor depositary.

(19) <u>Resignation and Removal of the Depositary; Appointment of Successor Depositary</u>. The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything to the contrary in the Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under the Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

(20) <u>Amendment/Supplement</u>. Subject to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations.

(21) Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, each Holder will, upon surrender of such Holder's Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

(22) <u>Compliance with U.S. Securities Laws; Regulatory Compliance</u>. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

(23) <u>Certain Rights of the Depositary</u>. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares.

(24) <u>Ownership Restrictions</u>. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Constitution or applicable Australian law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.

(25) <u>Waiver.</u> EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

**(ASSIGNMENT AND TRANSFER SIGNATURE LINES)** 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably constituting and appointing ________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution in the premises.

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| | |
|:---|:---|
|  | Name: |
| By: |  |
| Title: |  |
|  | NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. |
|  | If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt. |

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SIGNATURE GUARANTEED <br> <br>  

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| | | | |
|:---|:---|:---|:---|
| ARTICLE I. | DEFINITIONS | DEFINITIONS | 2.0 |
|  | SECTION 1.1 | "Affiliate" | 2.0 |
|  | SECTION 1.2 | "Agent" | 2.0 |
|  | SECTION 1.3 | "American Depositary Share(s)" and "ADS(s)" | 3.0 |
|  | SECTION 1.4 | "Article" | 3.0 |
|  | SECTION 1.5 | "ADS Record Date" | 3.0 |
|  | SECTION 1.6 | "Beneficial Owner" | 3.0 |
|  | SECTION 1.7 | "Business Day" | 3.0 |
|  | SECTION 1.8 | "Commission" | 3.0 |
|  | SECTION 1.9 | "Company" | 3.0 |
|  | SECTION 1.10 | "Constitution" | 3.0 |
|  | SECTION 1.11 | "Corporate Trust Office" | 3.0 |
|  | SECTION 1.12 | "Custodian" | 3.0 |
|  | SECTION 1.13 | "Deliver", "Deliverable" and "Delivery" | 4.0 |
|  | SECTION 1.14 | "Deposit Agreement" | 4.0 |
|  | SECTION 1.15 | "Depositary" | 4.0 |
|  | SECTION 1.16 | "Deposited Securities" | 4.0 |
|  | SECTION 1.17 | "Dollars" and "$" | 4.0 |
|  | SECTION 1.18 | "DRS/Profile" | 4.0 |
|  | SECTION 1.19 | "DTC" | 4.0 |
|  | SECTION 1.20 | "DTC Participants" | 4.0 |
|  | SECTION 1.21 | "Exchange Act" | 4.0 |
|  | SECTION 1.22 | "Foreign Currency" | 5.0 |
|  | SECTION 1.23 | "Foreign Registrar" | 5.0 |
|  | SECTION 1.24 | "Holder" | 5.0 |
|  | SECTION 1.25 | "Indemnified Person" and "Indemnifying Person" | 5.0 |
|  | SECTION 1.26 | "Losses" | 5.0 |
|  | SECTION 1.27 | "Opinion of Counsel" | 5.0 |
|  | SECTION 1.28 | "Receipt(s); "American Depositary Receipt(s)"; and "ADR(s)" | 5.0 |
|  | SECTION 1.29 | "Registrar" | 5.0 |
|  | SECTION 1.30 | "Restricted Securities" | 5.0 |
|  | SECTION 1.31 | "Securities Act" | 6.0 |
|  | SECTION 1.32 | "Share(s)" | 6.0 |
|  | SECTION 1.33 | "United States" or "U.S." | 6.0 |
| ARTICLE II. | APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS | APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS | 6.0 |
|  | SECTION 2.1 | Appointment of Depositary | 6.0 |
|  | SECTION 2.2 | Form and Transferability of Receipts | 7.0 |
|  | SECTION 2.3 | Deposits | 8.0 |
|  | SECTION 2.4 | Execution and Delivery of Receipts | 9.0 |
|  | SECTION 2.5 | Transfer of Receipts; Combination and Split-up of Receipts | 10.0 |
|  | SECTION 2.6 | Surrender of Receipts and Withdrawal of Deposited Securities | 10.0 |
|  | SECTION 2.7 | Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc. | 12.0 |
|  | SECTION 2.8 | Lost Receipts, etc. | 12.0 |
|  | SECTION 2.9 | Cancellation and Destruction of Surrendered Receipts | 13.0 |
|  | SECTION 2.10 | Maintenance of Records | 13.0 |

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| | | | |
|:---|:---|:---|:---|
| ARTICLE III. | CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS | CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS | 13 |
|  | SECTION 3.1 | Proofs, Certificates and Other Information | 13 |
|  | SECTION 3.2 | Liability for Taxes and Other Charges | 14 |
|  | SECTION 3.3 | Representations and Warranties on Deposit of Shares | 14 |
|  | SECTION 3.4 | Compliance with Information Requests | 15 |
| ARTICLE IV | THE DEPOSITED SECURITIES. | THE DEPOSITED SECURITIES. | 15 |
|  | SECTION 4.1 | Cash Distributions | 15 |
|  | SECTION 4.2 | Distribution in Shares | 16 |
|  | SECTION 4.3 | Elective Distributions in Cash or Shares | 16 |
|  | SECTION 4.4 | Distribution of Rights to Purchase Shares | 17 |
|  | SECTION 4.5 | Distributions Other Than Cash, Shares or Rights to Purchase Shares | 18 |
|  | SECTION 4.6 | Conversion of Foreign Currency | 18 |
|  | SECTION 4.7 | Fixing of Record Date | 19 |
|  | SECTION 4.8 | Voting of Deposited Securities | 19 |
|  | SECTION 4.9 | Changes Affecting Deposited Securities | 20 |
|  | SECTION 4.10 | Available Information | 21 |
|  | SECTION 4.11 | Reports | 21 |
|  | SECTION 4.12 | List of Holders | 21 |
|  | SECTION 4.13 | Taxation; Withholding | 21 |
| ARTICLE V. | THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY | THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY | 22 |
|  | SECTION 5.1 | Maintenance of Office and Transfer Books by the Registrar | 22 |
|  | SECTION 5.2 | Exoneration | 23 |
|  | SECTION 5.3 | Standard of Care | 23 |
|  | SECTION 5.4 | Resignation and Removal of the Depositary; Appointment of Successor Depositary | 24 |
|  | SECTION 5.5 | The Custodian | 25 |
|  | SECTION 5.6 | Notices and Reports | 25 |
|  | SECTION 5.7 | Issuance of Additional Shares, ADSs etc. | 26 |
|  | SECTION 5.8 | Indemnification | 27 |
|  | SECTION 5.9 | Fees and Charges of Depositary | 27 |
|  | SECTION 5.10 | Restricted Securities Owners/Ownership Restrictions | 28 |
| ARTICLE VI. | AMENDMENT AND TERMINATION | AMENDMENT AND TERMINATION | 29 |
|  | SECTION 6.1 | Amendment/Supplement | 29 |
|  | SECTION 6.2 | Termination | 30 |
| ARTICLE VII. | MISCELLANEOUS | MISCELLANEOUS | 31 |
|  | SECTION 7.1 | Counterparts | 31 |
|  | SECTION 7.2 | No Third-Party Beneficiaries | 31 |
|  | SECTION 7.3 | Severability | 31 |
|  | SECTION 7.4 | Holders and Beneficial Owners as Parties; Binding Effect | 31 |
|  | SECTION 7.5 | Notices | 31 |
|  | SECTION 7.6 | Governing Law and Jurisdiction | 32 |
|  | SECTION 7.7 | Assignment | 33 |
|  | SECTION 7.8 | Agents | 33 |
|  | SECTION 7.9 | Affiliates etc | 33 |
|  | SECTION 7.10 | Exclusivity | 33 |
|  | SECTION 7.11 | Compliance with U.S. Securities Laws | 33 |
|  | SECTION 7.12 | Titles | 33 |
| EXHIBIT A |  |  | A-1 |
| EXHIBIT B |  |  | B-1 |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

Omnibus incentive plan

Radiopharm Theranostics Limited ACN 647 877 889

Level 11 Central Plaza Two 66 Eagle Street Brisbane QLD 4000 **\|** GPO Box 1855 Brisbane QLD 4001 Australia **\| ABN** 42 721 345 951

**Telephone** +61 7 3233 8888 **\| Fax** +61 7 3229 9949

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| | |
|:---|:---|
| **Offices** Brisbane Sydney Melbourne Newcastle | **mccullough.com.au** |

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![](ex4-1_001.jpg)

**Table of contents**

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| | | | |
|:---|:---|:---|:---|
| **1** | **Definitions and interpretation** | **Definitions and interpretation** | **1** |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 5 |
| **2** | **Administration of the Plan** | **Administration of the Plan** | **5** |
| **3** | **Eligible Participants** | **Eligible Participants** | **6** |
| **4** | **Plan limit** | **Plan limit** | **6** |
|  | 4.1 | Plan limit | 6 |
|  | 4.2 | Further restriction on offers | 6 |
| **5** | **Offer to participate in Plan** | **Offer to participate in Plan** | **7** |
|  | 5.1 | Offer | 7 |
|  | 5.2 | Provision of information with Offer | 7 |
|  | 5.3 | Required documents for Offer | 7 |
|  | 5.4 | Acceptance of offer | 7 |
|  | 5.5 | Permitted Nominees | 8 |
| **6** | **Granting of Awards** | **Granting of Awards** | **8** |
|  | 6.1 | Award statement or certificate | 8 |
|  | 6.2 | Register of holders | 8 |
| **7** | **Shares** | **Shares** | **8** |
|  | 7.1 | Offer or grant of Shares | 8 |
|  | 7.2 | Free Grant | 8 |
|  | 7.3 | Salary Contribution Arrangement | 8 |
|  | 7.4 | Board discretion | 9 |
|  | 7.5 | Allocation of Shares in the Trust | 9 |
|  | 7.6 | Cessation of employment | 9 |
| **8** | **Options** | **Options** | **10** |
|  | 8.1 | Offer of Options | 10 |
|  | 8.2 | Rights to acquire Shares | 10 |
|  | 8.3 | Exercise price | 10 |
|  | 8.4 | Right to exercise and lapse | 10 |
|  | 8.5 | Cashless exercise | 10 |

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\| Omnibus incentive plan i

![](ex4-1_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| **9** | **Performance Rights** | **Performance Rights** | **11** |
|  | 9.1 | Number of Shares to be issued, transferred or allocated on Vesting of a Performance Right | 11 |
|  | 9.2 | Cash Settlement | 11 |
|  | 9.3 | Exercise price | 11 |
|  | 9.4 | Right to exercise and lapse | 11 |
| **10** | **Share Appreciation Rights** | **Share Appreciation Rights** | **12** |
|  | 10.1 | Number of Shares to be issued on Vesting of a Share Appreciation Right | 12 |
|  | 10.2 | Calculation of Shares | 12 |
|  | 10.3 | Cash Settlement | 12 |
| **11** | **General Conditions** | **General Conditions** | **12** |
|  | 11.1 | Rights attaching to Shares | 12 |
|  | 11.2 | Rights as a Shareholder | 12 |
|  | 11.3 | Adjustment for reconstruction | 13 |
|  | 11.4 | Dividends | 13 |
|  | 11.5 | Voting rights | 13 |
|  | 11.6 | Participation in further issues | 13 |
|  | 11.7 | Transfer and Security Interests | 13 |
|  | 11.8 | Transmission | 13 |
|  | 11.9 | Quotation | 14 |
|  | 11.10 | Application of Income Tax Assessment Act 1997 | 14 |
| **12** | **Lapse** | **Lapse** | **14** |
|  | 12.1 | Lapse of Awards | 14 |
| **13** | **Change of Control** | **Change of Control** | **15** |
|  | 13.1 | Board to notify Participant of Change of Control Trigger Event | 15 |
|  | 13.2 | Action available to the Board for unexercised Options or Performance Rights | 15 |
|  | 13.3 | Treatment of Share Appreciation Rights | 15 |
|  | 13.4 | Action available to the Board for Shares | 16 |
|  | 13.5 | Participants to cooperate and attorney | 16 |
| **14** | **Issue, transfer or allocation Shares on Exercise and Vesting** | **Issue, transfer or allocation Shares on Exercise and Vesting** | **16** |
|  | 14.1 | Issue, transfer or allocation of Shares | 16 |
|  | 14.2 | Application for quotation | 16 |
|  | 14.3 | Ranking of Shares | 16 |
| **15** | **Disposal Restriction** | **Disposal Restriction** | **16** |
|  | 15.1 | No disposal of Shares for a specified period | 16 |
|  | 15.2 | No disposal of Shares for a specified period | 17 |
|  | 15.3 | Holding locks or other procedures | 17 |
|  | 15.4 | Restrictions cease on Change of Control Trigger Event | 17 |

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\| Omnibus incentive plan ii

![](ex4-1_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| **16** | **Notice** | **Notice** | **17** |
|  | 16.1 | Method of giving notice | 17 |
|  | 16.2 | When is notice given | 18 |
|  | 16.3 | Participant's address for notices | 18 |
|  | 16.4 | Company's address for notices | 18 |
|  | 16.5 | Notices to Permitted Nominees | 18 |
| **17** | **Amendment of the Plan** | **Amendment of the Plan** | **18** |
|  | 17.1 | Amendment | 18 |
|  | 17.2 | Restrictions | 18 |
| **18** | **Termination of the Plan** | **Termination of the Plan** | **19** |
| **19** | **Administration of the Plan** | **Administration of the Plan** | **19** |
|  | 19.1 | Authority to form policy and delegation | 19 |
|  | 19.2 | Obligations of Board | 19 |
|  | 19.3 | Board decisions | 19 |
|  | 19.4 | Board, Company and delegates may act in its absolute discretion | 19 |
|  | 19.5 | Independent advice by Board | 19 |
| **20** | **Rights of Eligible Participants and Participants** | **Rights of Eligible Participants and Participants** | **19** |
| **21** | **Trust** | **Trust** | **20** |
|  | 21.1 | Establishment of Trust | 20 |
|  | 21.2 | Rights and obligations | 20 |
|  | 21.3 | Costs | 20 |
|  | 21.4 | Administration and holding statements | 20 |
|  | 21.5 | Registration of Participant's Shares | 20 |
| **22** | **General** | **General** | **21** |
|  | 22.1 | Listing Rules and Constitution | 21 |
|  | 22.2 | Costs | 21 |
|  | 22.3 | Advice | 21 |
|  | 22.4 | Governing law and jurisdiction | 21 |

---

\| Omnibus incentive plan iii

![](ex4-1_001.jpg)

Omnibus incentive plan

Radiopharm Theranostics Limited ACN 647 877 889

The Plan involves the grant of Awards to Eligible Participants on the terms in this document.

<u>1</u> <u>Definitions and interpretation</u>

1.1 Definitions

In this document:

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Acceptance Form** | means an acceptance of an Offer completed and signed by an Eligible Participant (and any Permitted Nominee) in the form approved by the Board from time to time. |
| **ASIC** | means the Australian Securities and Investments Commission. |
| **ASX** | means ASX Limited ACN 008 624 691 or the securities exchange operated by it (as the case requires). |
| **Awards** | (a) means:<br>(b) Shares;<br>(c) Options;<br>(d) Performance Rights; and<br>(e) Share Appreciation Rights.<br>|
| **Bidder** | means a person who proposes to acquire (together with their associates) all of the ordinary shares in the Company. |
| **Board** | means the Company's board of Directors. |
| **Business Day** | means a business day as defined in the Listing Rules. |
| **Cashless Exercise Facility** | has the meaning set out in rule 8.5(b). |
| **Change of Control Trigger <br> Event** | means:<br>(a) a person acquires voting power (within the meaning of section 610 Corporations Act) in more than 50% of the ordinary shares in the Company;<br>(b) an order of the court made for the purposes of section 411(4)(b) Corporations Act, in connection with a members' scheme of arrangement to effect a change of Control of the Company, is lodged with ASIC under section 411(10) Corporations Act;<br>(c) the Company disposes of the whole or a substantial part of its assets or undertaking; or<br>(d) an event set out in paragraph (a), (b) or (c) is, in the opinion of the Board, likely to occur in the near future and the Board decides to nominate a date on which a Change of Control Trigger Event is taken to have occurred.<br>|

---

\| Omnibus incentive plan 1

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Company** | means Radiopharm Theranostics Limited ACN 647 877 889. |
| **Constitution** | means the Company's constitution. |
| **Consultant** | means any person who acts in an advisory capacity for, or is engaged in the provision of services to, the Group. |
| **Control** | has the meaning given to the term in section 50AA Corporations Act. |
| **Corporations Act** | means *Corporations Act 2001* (Cth). |
| **Director** | means a director of the Company. |
| **Disposal Restriction** | means a restriction, set out in an Offer, on the creation of a Security Interest in, or the transfer, assignment, disposal or otherwise dealing with, a Share issued, transferred or allocated to the Participant on acceptance, exercise or Vesting of an Award. |
| **Eligible Employee** | means a full-time or permanent part-time employee of one or more companies in the Group, with a period of service as determined by the Board as at the date offers are made under the Plan, other than a person who, immediately after the acquisition of Shares under the Plan, would hold a legal or beneficial interest in more than 10% of the Shares on issue or would be in a position to cast, or control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the Company. |
| **Eligible Participant** | means any person who is designated by the Board to be an Eligible Participant under rule 3. |
| **Encumbrance** | means:<br>(a) any mortgage, charge, pledge or lien, and any security interest or a preferential or adverse interest of any kind;<br>(b) a title retention arrangement;<br>(c) a right of any person to purchase, occupy or use assets (including under a hire purchase agreement, option, licence, lease, or agreement to purchase);<br>(d) a right to set-off or right to withhold payment of a deposit or other money;<br>(e) an easement, restrictive covenant, caveat or similar restriction over property (except, in the case of land, a covenant noted on the certificate of title to the land concerned);<br>(f) an agreement to create any of the items referred to in paragraphs (a) to (e) above or to allow any of those items to exist; or<br>(g) a notice under section 255 Tax Act, subdivision 260-A in schedule 1 Taxation Administration Act 1953 (Cth), or any similar legislation.<br>|
| **Exercise Period** | means the period from the Vesting Date to the Expiry Date. |
| **Exercise Price** | means the price payable on exercise of an Option or Performance Right (if any) to acquire the underlying Share. |
| **Expiry Date** | means, in respect of an Option or Performance Right, the date on or by which a Participant must exercise an Option or Performance Right before that Option or Performance Right expires as set out in the Offer. |
| **Free Grant** | means a grant of Shares to an Eligible Participant under rule 7 of the Plan at no cost to the Eligible Participant. |
| **Grant Date** | means the date on which a Participant is granted a Share, Option, Performance Right or a Share Appreciation Right, as applicable. |

---

\| Omnibus incentive plan 2

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Grant Market Value** | means the Market Value of a Share on the Grant Date of a Share Appreciation Right. |
| **Group** | means the Company and its Related Bodies Corporate. |
| **ITAA 1997** | means the *Income Tax Assessment Act 1997* (Cth) as amended from time to time. |
| **Listing Rules** | means the Listing Rules of ASX and any other rules of ASX which are applicable while the Company is admitted to the Official List of ASX, each as amended or replaced from time to time, except to the extent of any express written waiver by ASX. |
| **Market Value** | means:<br>(a) the volume weighted average price of a Share over the period of 30 trading days ending on the relevant date (or if that day in not a trading day, the trading day before that day), excluding any off-market trades, special crossings and any other trades that the Board decides to exclude on the basis that the trades are not fairly reflective of natural supply and demand for Shares; or<br>(b) the market price of a Share as determined by (and calculated by any method decided by) the Board.<br>|
| **Notice of Exercise** | means a completed and signed notice substantially in the form approved by the Board from time to time. |
| **Offer** | means a written offer to participate in the Plan in the form approved by the Board from time to time. |
| **Option** | means an option granted under the Plan to subscribe for and be allotted the number of Shares set out in an Offer. |
| **Participant** | means an Eligible Participant or its Permitted Nominee (as the case requires) that has been granted an Award. |
| **Performance Right** | means a right of a Participant to be issued, transferred or allocated one Share upon exercise of such right and subject to satisfaction of the Vesting Conditions and any Disposal Restrictions. |
| **Permitted Nominee** | means a body corporate Controlled by an Eligible Participant, or any other entity as permitted by the Board. |
| **Plan** | means this omnibus incentive plan as amended from time to time. |
| **Related Body Corporate** | has the meaning given to the term in the Corporations Act. |
| **Salary Contribution Arrangement** | means a grant of Shares to Eligible Participants under the Plan under an arrangement whereby the Eligible Participant agrees to contribute an amount of his or her pre-tax salary or bonus towards the acquisition of Shares. |
| **Security Interest** | means an Encumbrance that secures the payment of money or the performance of an obligation, or any other interest or arrangement of any kind. |
| **Share** | means a fully paid ordinary share in the Company. |
| **Share Appreciation Right** | means a right of a Participant to be issued, transferred or allocated that number of Shares as set out in rule 10.1 subject to satisfaction of the Vesting Conditions, any Disposal Restrictions and rule 10.3. |

---

\| Omnibus incentive plan 3

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Tax Act 1997** | means *Income Tax Assessment Act 1997* (Cth). |
| **Trust** | means a trust created for the purpose of holding, transferring or allocating Awards (or Shares on exercise or vesting of an Award) in connection with this Plan from time to time and any other employee incentive plan operated by the Company or its subsidiaries from time to time. |
| **Trustee** | means the trustee of the Trust. |
| **Vesting** | means on satisfaction of the Vesting Conditions, the Participant's entitlement to be issued, transferred or allocated Shares the subject of a Share Appreciation Right. |
| **Vesting Conditions** | means the vesting conditions specified in an Offer, which must be satisfied before:<br>(a) an Option or Performance Right can be exercised by a Participant; or<br>(b) Shares are issued, transferred or allocated to a Participant under a Share Appreciation Right.<br>|
| **Vesting Date** | means:<br>(a) in relation to Options or Performance Rights, the date after which an Eligible Participant may exercise an Option or Performance Right as set out in the Offer; and<br>(b) otherwise, subject to rule 13.3(a), means the date on which a Participant is entitled to be issued, transferred or allocated Shares in respect of their Share Appreciation Rights, subject to the satisfaction of the Vesting Conditions and any Disposal Restrictions.<br>|
| **Vesting Market Value** | means the Market Value of a Share on the Vesting Date of a Share Appreciation Right. |

---

\| Omnibus incentive plan 4

1.2 Interpretation

In this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 reference to a clause or party is a reference to a clause of, or party to, this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 reference to a party to this document or any other document or agreement includes the party's
 successors, permitted substitutes and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 a word or phrase is defined, its other grammatical forms have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 reference to a document or agreement (including a reference to this document) is to that
 document or agreement as amended, supplemented, varied or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 reference to this document includes the agreement recorded by this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to legislation or to a provision of legislation (including subordinate legislation)
 is to that legislation as amended, re-enacted or replaced, and includes any subordinate legislation
 issued under it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if
 any day on or by which a person must do something under this document is not a Business Day,
 then the person must do it on or by the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to a person includes a corporation, trust, partnership, unincorporated body, government
 and local authority or agency, or other entity whether or not it comprises a separate legal
 entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 reference to 'month' means calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) words
 defined in the Corporations Act have the same meaning when used in this document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings
 are for convenience only and do not affect the interpretation.

<u>2</u> <u>Administration of the Plan</u>

The Board will administer the Plan in accordance with this document.

\| Omnibus incentive plan 5

<u>3</u> <u>Eligible Participants</u>

The Board may designate a Director, a director of any member of the Group, Eligible Employee, Contractor or Consultant as an Eligible Participant for the purposes of the Plan.

<u>4</u> <u>Plan limit</u>

4.1 Plan
 limit

The Board must not grant Awards if the number of Shares which have been or would be issued in any of the following circumstances in aggregate would exceed 5% of the total number of Shares on issue at the date of the Invitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 number of Shares that may be issued as a result of the Awards granted under this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Shares which were or may be issued as a result of offers made at any time during
 the previous 3 year period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) under
 any other Company employee incentive scheme covered by Class Order 14/1000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 ASIC exempt arrangement of a similar kind to an employee incentive scheme as defined in the
 Class Order,

but disregarding any Offer made, or Awards granted or Share issued by way of or as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 Offer to a person situated at the time of receipt of the Offer outside of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 disclosure document or product disclosure statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an
 offer that did not need disclosure because of section 708 Corporations Act (including directors
 and senior managers for the purposes of the Corporations Act).

4.2 Further
 restriction on offers

No offer may be made to an Eligible Participant and no Shares may be issued or transferred to a Participant for the purposes of the Plan if to do so would cause the Company to contravene the Corporations Act or the Listing Rules (if applicable) or any other applicable securities law.

\| Omnibus incentive plan 6

<u>5</u> <u>Offer to participate in Plan</u>

5.1 Offer

Subject to this Plan, the Board may make an Offer to any Eligible Participant to participate in the Plan.

5.2 Provision
 of information with Offer

The Offer must be in writing and (where applicable) include the following terms of issue of the relevant Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name and address of the Eligible Participant to whom the offer is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 type and total number of Awards for which the Eligible Participant may accept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 payment required to be made for the grant of the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 date of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 Exercise Period (including the Vesting Date and the Expiry Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 Vesting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 Vesting Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Disposal Restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 other terms of the Awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 matters required to be specified by the Corporations Act or Listing Rules.

5.3 Required
 documents for Offer

The Company will send the Offer to an Eligible Participant together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 Acceptance Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 Options and Performance Rights, a Notice of Exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 copy of this Plan or a summary of this Plan (in which case this Plan will be made available
 on request, free of charge);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 other explanatory material which the Company wishes to distribute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 other documents and information required by the Corporations Act or Listing Rules.

5.4 Acceptance
 of offer

To accept an Offer, an Eligible Participant must complete, sign and return the Acceptance Form in accordance with the Offer.

\| Omnibus incentive plan 7

5.5 Permitted
 Nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may, in its absolute discretion and without providing an explanation, permit an Eligible
 Participant to nominate a Permitted Nominee to be granted and hold Awards on behalf of the
 Eligible Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the Board decides not to grant Awards to a Permitted Nominee, the Board will grant the Awards
 to the Eligible Participant instead and the Eligible Participant is taken to have accepted
 the Offer personally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 Eligible Participant must immediately notify the Company in writing as soon as they become
 aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 they cease to Control their Permitted Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of
 any transaction which may result in them ceasing to Control their Permitted Nominee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that
 they cease to have an entitlement (whether or not that entitlement requires an exercise of
 discretion) to a majority of the distributions of their Permitted Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 an Eligible Participant ceases to Control their Permitted Nominee at any time, the Board
 may determine that any Awards granted to the Permitted Nominee be transferred to the Eligible
 Participant.

<u>6</u> <u>Granting of Awards</u>

6.1 Award
 statement or certificate

The Company will, within ten Business Days following the date on which a Participant is granted an Award, deliver to each Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 statement in the form the Board decides evidencing the grant of the Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other information required by the Constitution, Corporations Act or the Listing Rules (if
 applicable).

6.2 Register
 of holders

The Company must, if required by law, maintain separate registers of Awards.

---

| | |
|:---|:---|
| 7 | Shares |

---

7.1 Offer
 or grant of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may, from time to time, in its absolute discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) invite
 an Eligible Employee to apply for a grant of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grant
 to an Eligible Employee,

Shares (including under a Free Grant or a Salary Contribution Arrangement), in accordance with the terms of the Plan and upon such additional terms and conditions as the Board determines.

7.2 Free
 Grant

Where Shares are granted to the Participant under a Free Grant, the Participant will be entitled to receive an allocation of Shares (equal to the amount set out in the Offer rounded down to the nearest whole number of Shares) specified in the Offer for no consideration, unless the Board exercises its discretion under rule 7.4 to determine otherwise.

7.3 Salary
 Contribution Arrangement

Where Shares are granted to a Participant under a Salary Contribution Arrangement, a Participant will be entitled to receive an allocation of Shares in return for agreeing to sacrifice an amount of his or her salary, wages or bonus equal to the amount specified in the Offer, as directed by the Board for this purpose, unless the Board exercises its discretion under rule 7.4 to determine otherwise.

\| Omnibus incentive plan 8

7.4 Board
 discretion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may at any time decide that a grant of Shares should be made under the Plan, and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company should pay a specified amount under the Plan in respect of that grant, and that the
 Company will pay that amount as directed by the Board for this purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Participants
 should pay a specified amount under the Plan in respect of that grant, as directed by the
 Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Company may provide additional benefits for any Participant based on the level of their participation
 on such terms as the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a Trust has been established under rule 21, the specified amounts referred to in rule 7.4(a)
 should be paid to the trustee of the Trust (if relevant), and are to be applied in acquiring
 Shares for allocation to Participants, whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 subscribing for new Shares to be issued by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 purchasing existing Shares on ASX or via an off-market transfer, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 determination to subscribe for or purchase Shares by the trustee of the Trust will only be
 effective if the funds referred to in rule 7.4(a) are provided to the trustee of the Trust,
 and are sufficient to meet the costs of the issue or acquisition.

7.5 Allocation
 of Shares in the Trust

If a Trust has been established under rule 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 Participant will be advised of the number of Shares that have been allocated to him or her
 in the Trust as soon as reasonably practicable following the date of allocation of the Shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Shares allocated in the Trust to Participants under the Plan will rank equally in all respects
 with other Shares for the time being on issue by the Company subject to the terms of the
 Trust (except as regards to rights attaching to such other Shares by reference to a record
 date prior to the date of their allocation or transfer).

7.6 Cessation
 of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 a Participant has, pursuant to the terms of the Offer, elected to contribute an amount of
 their salary or wages in return for a grant of Shares under the Plan, and the full amount
 elected to be contributed has not been contributed by the Participant through a reduction
 in the salary, wages or bonus paid to them at the time their employment with the Group is
 terminated, then, if the Shares have been issued, transferred or allocated to that Participant,
 subject to the terms of the relevant offer, the Participant agrees to pay to the Group an
 amount equal to the amount of the salary, wages or bonus the subject of the election that
 has not been contributed through a reduction from their salary, wages or bonus at the time
 their employment ceases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Plan, a Participant will not be treated as ceasing employment until
 such time as the Participant is no longer an Employee and is no longer employed by the Group
 at the time the relevant Shares were allocated to the Participant. Subject to applicable
 laws, and at the discretion of the Board, a Participant who is granted an approved leave
 of absence and who exercises their right to work under any applicable award, enterprise agreement,
 other agreement, statute or regulation, will not be treated for those purposes as ceasing
 employment.

\| Omnibus incentive plan 9

---

| | |
|:---|:---|
| 8 | Options |

---

8.1 Offer
 of Options

Subject to the terms of the Offer, each Option will entitle the Eligible Participant to receive one Share upon the exercise of the Option.

8.2 Rights
 to acquire Shares

An Option entitles a Participant to be issued, transferred or allocated one Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provided
 any acquisition of Shares does not breach the Corporations Act or the Listing Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided
 any Vesting Conditions have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) during
 the Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 payment of the Exercise Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise
 in the manner required by the Board and specified in the Offer.

8.3 Exercise
 price

The Exercise Price is the amount set out in the Offer.

8.4 Right
 to exercise and lapse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to rule 8.2, a Participant may exercise an Option at any time in the Exercise Period by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivering
 a Notice of Exercise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying
 the Exercise Price, to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 the Board decides otherwise or as otherwise specified in an Offer, an Option that has not
 been exercised on or before the Expiry Date, lapses at 5.00pm Australian Eastern Standard
 Time on the day after the Expiry Date.

8.5 Cashless
 exercise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may determine (in its discretion) and specify in an Offer that in exercising the Options,
 a Participant may elect to pay the Exercise Price by use of a cashless exercise facility.
 Where a cashless exercise facility is permitted, Options may be exercised by the Participating
 by either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 the total Exercise Price of all Options being exercised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 use of the cashless exercise facility described below.

\| Omnibus incentive plan 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Cashless Exercise Facility entitles a Participant to set-off the Exercise Price against the
 number of Shares which the Participant is entitled to receive upon exercise of the Participant's
 Options (**Cashless Exercise Facility**). By using the Cashless Exercise Facility, the
 Participant will receive Shares to the value of the surplus after the Exercise Price has
 been set-off. If a Participant elects to use the Cashless Exercise Facility, the Participant
 will only be issued that number of Shares (rounded down to the nearest whole number) as are
 equal in value to the difference between the total Exercise Price otherwise payable for the
 Options on the Options being exercised and the then market value of the Shares at the time
 of exercise (determined as the volume weighted average prices at which Shares were traded
 on the ASX over the one week period immediately preceding the exercise date) which is to
 be calculated in accordance with the following:

<u>S = O x (MSP – EP)</u>

MSP

Where:

S = Number of Shares to be issued on exercise of the Options. O = Number of Options.

MSP = Market value of the Shares (calculated using the volume weighted average prices at which Shares were traded on the ASX over the one week period immediately preceding the exercise date).

EP = Option exercise price.

<u>9</u> <u>Performance Rights</u>

9.1 Number
 of Shares to be issued, transferred or allocated on Vesting of a Performance Right

Subject to rule 9.2, each Performance Right entitles the Participant to be issued, transferred or allocated one Share after the Vesting Date and upon the exercise of the Performance Right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to the satisfaction of the Vesting Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during
 the Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 payment of any Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provided
 any acquisition of Shares does not breach the Corporations Act or the Listing Rules (if applicable);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject
 to any other requirement contained in the Offer.

9.2 Cash
 Settlement

The Board may decide, in its absolute discretion to substitute the issue, transfer or allocation of Shares on the Vesting of Performance Rights, for the payment to the Participant of a cash amount calculated in accordance with the following formula:

---

| | | |
|:---|:---|:---|
| **Number of Performance Rights** | **×** | **Market Value of a Share on the Vesting Date of the Performance Rights** |

---

9.3 Exercise
 price

The Exercise Price (if any) is the amount set out in the Offer.

9.4 Right
 to exercise and lapse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to rule 9.1, a Participant may exercise a Performance Right at any time in the Exercise Period
 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivering
 a Notice of Exercise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying
 any Exercise Price, to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 the Board decides otherwise or as otherwise specified in an Offer, a Performance Right that
 has not been exercised on or before the Expiry Date, lapses at 5.00pm Australian Eastern
 Standard Time on the day after the Expiry Date.

\| Omnibus incentive plan 11

<u>10</u> <u>Share Appreciation Rights</u>

10.1 Number
 of Shares to be issued on Vesting of a Share Appreciation Right

Subject to rule 10.3, the Share Appreciation Rights held by a Participant entitles the Participant to be issued, transferred or allocated, the number of Shares calculated under rule 10.2 after the Vesting Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to the satisfaction of the Vesting Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided
 any acquisition of Shares does not breach Corporations Act or the Listing Rules, if applicable;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to any other requirement contained in the Offer.

10.2 Calculation
 of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 number of Shares which a Participant is entitled to in respect of the number of Share Appreciation
 Rights held by the Participant (on the basis that each right has the same Grant Date and
 Vesting Date) is calculated in accordance with the following formula:

*<u>(Vesting Market Value – Grant Market Value)</u>* × *Number of Share Appreciation Rights* <br> *Vesting Market Value*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Grant Market Value is greater than the Vesting Market Value, the Participant is not entitled
 to any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the calculation under rule 10.2(a) results in the Participant being entitled to a fraction
 of a Share, the number of Shares is rounded to the nearest whole number of Shares.

10.3 Cash
 Settlement

The Board may decide, in its absolute discretion to substitute the issue, transfer or allocation of Shares on the Vesting of Share Appreciation Rights, for the payment to the Participant of a cash amount calculated in accordance with the following formula:

 

*Number of Shares to which the Participant is entitled under clause 10.2 X Vesting Market Value*

 

<u>11</u> <u>General Conditions</u>

11.1 Rights
 attaching to Shares

Subject to any Disposal Restrictions, Shares acquired under this Plan carry all of the same rights and obligations of other Shares, except for any rights attaching to Shares by reference to a record date prior to the date of issue or transfer and subject to the terms of the Trust (if applicable).

11.2 Rights
 as a Shareholder

A Participant shall have no interest in Shares the subject of an Award until Shares are issued, transferred or allocated to that Participant, including upon the exercise or Vesting of that Award.

\| Omnibus incentive plan 12

11.3 Adjustment
 for reconstruction

If there is a reconstruction of the issued capital of the Company (including consolidation, sub- division, reduction or return), the number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issued
 to a Participant under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 be issued on exercise of an Option or Performance Right; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) over
 which a Share Appreciation Right exists,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will
 be adjusted to the extent necessary to comply with the Listing Rules applying to a reorganisation
 of capital.

11.4 Dividends

A Participant does not have the right to participate in dividends on Shares until Shares are issued, transferred or allocated, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the exercise of an Option or Performance Right; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after
 Vesting of the Share Appreciation Rights.

11.5 Voting
 rights

A Participant does not have the right to vote in respect of an Option, a Performance Right or a Share Appreciation Right.

11.6 Participation
 in further issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Participant (other than a Participant that has been issued, transferred or allocated Shares
 in accordance with an Award) cannot participate in a new issue of Shares without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercising
 their Options or Performance Right; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) being
 issued, transferred or allocated Shares for their Share Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a pro rata bonus or cash issue of securities is awarded by the Company, the number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 be issued on exercise of an Option or Performance Right and the Exercise Price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) over
 which a Share Appreciation Right exists,

will be adjusted as specified in the Listing Rules and written notice will be given to the Participant.

11.7 Transfer
 and Security Interests

Subject to rule 11.8, Participants may only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create
 a Security Interest in; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer,
 assign, dispose or otherwise deal with,

Awards, or any interest in Awards, with the prior written consent of the Board.

11.8 Transmission

The transmission of Awards to a legal personal representative of an Eligible Participant following an Eligible Participant's death, may be made without the prior written consent of the Board.

\| Omnibus incentive plan 13

11.9 Quotation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company will not apply to ASX for official quotation of any of the Options, Performance Rights
 or Share Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company must apply for quotation on the official list of the ASX for Shares acquired under
 this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 costs incurred in obtaining that official quotation shall be borne by the Company.

11.10 Application
 of Income Tax Assessment Act 1997

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**Salary Contribution Arrangement**) Subdivisions 83A-C of the Tax Act 1997 applies Shares granted
 to the Participant pursuant to the Plan in respect of a Salary Contribution Arrangement (subject
 to the requirements of that Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**Performance Rights, Share Appreciation Rights and Options**) Performance Rights, Share Appreciation
 Rights and Options under the Plan are tax deferred rights under 83A-C of the Tax Act 1997
 and must not be sold or transferred to another party other than in accordance with the terms
 of the Plan.

---

| | |
|:---|:---|
| 12 | Lapse |

---

12.1 Lapse
 of Awards

Unless the Board decides otherwise, if an event in the table below occurs in respect of an Eligible Participant, the Eligible Participant's Options, Performance Rights and Share Appreciation Rights are treated in accordance with the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Event** | **Options** | **Options** | **Performance Rights** | **Performance Rights** | **Share Appreciation Rights** |
| **Event** | **On or before Vesting Date** | **During the Exercise Period** | **On or before Vesting Date** | **During the Exercise Period** | **Between Grant Date and Vesting** |
| Eligible Participant's lawful termination from employment with the Group or consultancy arrangement with the Group | Options lapse immediately | The Expiry Date is adjusted to the date set out in the Offer or a later date decided by the Board | Performance Rights lapse immediately | The Expiry Date is adjusted to the date set out in the Offer or a later date decided by the Board | Share Appreciation Rights lapse immediately |
| Eligible Participant's resignation or vacation from the Board, employment or consultancy with the Group. | Options lapse immediately | The Expiry Date is adjusted to the date set out in the Offer or a later date decided by the Board | Performance Rights lapse immediately | The Expiry Date is adjusted to the date set out in the Offer or a later date decided by the Board | Share Appreciation Rights lapse immediately |
| Eligible Participant being made redundant | Options lapse immediately | The Expiry Date is adjusted to the date set out in the Offer or later date is decided by the Board | Performance Rights lapse immediately | The Expiry Date is adjusted to the date set out in the Offer or later date is decided by the Board | Share Appreciation Rights lapse immediately |
| Death or disability (so that unable to perform normal duties – in the opinion of a medical practitioner nominated by the board) of the Eligible Participant | Options lapse 90 days after the date of death or disability | There is no adjustment and the representative of the Eligible Participant's estate may exercise the Options before the Expiry Date | Performance Rights do not lapse | There is no adjustment and the representative of the Eligible Participant's estate may exercise the Performance Rights before the Expiry Date | Share Appreciation Rights do not lapse |
| Eligible Participant loses Control of their Permitted Nominee and the Awards are not transferred to the Eligible Participant under rule 5.5(d) | Options lapse immediately | Options lapse immediately | Performance Rights lapse immediately | Performance Rights lapse immediately | Share Appreciation Rights lapse immediately |

---

\| Omnibus incentive plan 14

13 Change of Control

13.1 Board
 to notify Participant of Change of Control Trigger Event

The Board must, as soon as reasonably practicable, give written notice to each Participant of a Change of Control Trigger Event.

13.2 Action
 available to the Board for unexercised Options or Performance Rights

If a Change of Control Trigger Event occurs, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) buy-back
 Options or Performance Rights held by a Participant for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 amount agreed with the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without
 the agreement of the Participant, the fair value of the Options or Performance Rights, being
 the value of the Options or Performance Rights decided by the Board and calculated in accordance
 with the Black-Scholes valuation model, using a volatility factor calculated using the closing
 price of Shares on ASX for the 12 months before the date of the calculation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arrange
 for options, performance rights or other rights to acquire shares or other equity interests
 in the Bidder to be granted to the Participants on substantially the same terms as the Options
 or Performance Rights, but with any appropriate and reasonable adjustments decided by the
 Board to the number of shares in the Bidder to be issued on exercise of those options or
 performance rights or the exercise price of those options or performance rights, to ensure
 the Participants are not materially financially disadvantaged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) allow
 the Options or Performance Rights to continue in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) allow
 the Options or Performance Rights to vest immediately and be exercised by a Participant (regardless
 of whether any Vesting Conditions have been satisfied); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) proceed
 with a combination of any of the alternatives in rules 13.2(a), (b), (c) and (d).

13.3 Treatment
 of Share Appreciation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 the Board decided otherwise, if a Change of Control Trigger Event occurs, the Vesting Date
 of all Share Appreciation Rights is the date on which the Change of Control Trigger Event
 occurs, or another date the Board decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After
 a Change of Control Trigger Event occurs, the Board must decide whether the Share Appreciation
 Rights or a pro rata proportion of Share Appreciation Rights Vest on the Vesting Date (as
 determined under rule 13.3(a)) having regard to the performance of the Company and the relevant
 Eligible Participant, the Vesting Conditions and any other circumstances the Board decides
 are relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Board decides that Share Appreciation Right Vest under rule 13.3(b), the Company must
 either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issue,
 transfer or allocate Shares to Participants as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay
 to the Participant a cash payment for the Share Appreciation Right under rules 9.2 and 10.3
 respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) arrange
 for shares or other equity interests to be issued in the Bidder in lieu of Shares on the
 terms decided by the Board as soon as reasonably practicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) proceed
 with a combination of the alternatives in rules 13.3(c)(i) or 13.3(c)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Board decides that Share Appreciation Rights do not Vest under rule 13.3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Board may arrange for rights in the Bidder to be granted to the Participant on terms decided
 by the Board and the Share Appreciation Rights will immediately lapse; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those
 Share Appreciation Rights immediately lapse, unless the Board decides otherwise.

\| Omnibus incentive plan 15

13.4 Action
 available to the Board for Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may specify in the Offer a particular treatment that will apply to Shares upon the
 occurrence of a Change of Control Trigger Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company and the Participant agree that a Participant may be provided with shares in the Bidder
 in substitution for the Shares, on substantially the same terms as the Shares, but with appropriate
 adjustments as to the number and type of Shares.

13.5 Participants
 to cooperate and attorney

Each Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 do all acts, matters or things which are necessary or desirable to give effect rules 13.2,
 13.3 and 13.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) irrevocably
 appoints any two Directors as its attorney for the purpose of performing any act required
 of it under rules 13.2, 13.3 and 13.4.

<u>14</u> <u>Issue, transfer or allocation Shares on Exercise and Vesting</u>

14.1 Issue,
 transfer or allocation of Shares

The Company will issue, or procure the Trust to transfer or allocate (if applicable), Shares to a Participant at the next Board meeting, or within 20 Business Days, whichever first occurs after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of Options or Performance Rights, receiving a valid Notice of Exercise and the Exercise
 Price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of Share Appreciation Rights, the Participant becomes entitled to Shares.

14.2 Application
 for quotation

If the Shares are officially quoted by ASX, the Company will apply to ASX for official quotation of any Shares issued, transferred or allocated (unless already quoted) to a Participant within the time prescribed by the Listing Rules but, in any event, within ten Business Days of the issue of those Shares.

14.3 Ranking
 of Shares

A Share issued, transferred or allocated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the exercise of any Option or Performance Rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under
 a Share Appreciation Right after Vesting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ranks
 equally with all existing Shares of that class from the date of allotment, subject to the
 terms of the trust deed constituting the Trust (if relevant).

<u>15</u> <u>Disposal Restriction</u>

15.1 No
 disposal of Shares for a specified period

If an Offer contains a Disposal Restriction, the Participant must comply with the Disposal Restriction (or direct the trustee of the Trust, if applicable to do so) in relation to all Shares issued, transferred or allocated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under
 an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 exercise of the Options or Performance Rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after
 Vesting of the Share Appreciation Rights, for the period specified in the Offer.

\| Omnibus incentive plan 16

15.2 No
 disposal of Shares for a specified period

Except as provided in this document or an Offer or otherwise determined by the Board, a Participant may not Dispose of any interest in a Share issued, transferred or allocated under rule 7 until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 end of the period of three years (or any longer period specified in an Offer) commencing
 on the date of issue or transfer of the Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date on which the Participant is no longer employed by a Group member; and the end of any
 other period determined by the Board in accordance with relevant law.

15.3 Holding
 locks or other procedures

If the Shares issued, transferred or allocated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under
 an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 the exercise of Options or Performance Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after
 Vesting of Share Appreciation Rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) are
 subject to a Disposal Restriction, the Company (or the trustee of the Trust if relevant)
 may implement any procedure (including a holding lock) it considers appropriate to ensure
 the Disposal Restriction is complied with for the period specified in the Offer.

15.4 Restrictions
 cease on Change of Control Trigger Event

A Disposal Restriction ceases to apply immediately upon a Change of Control Trigger Event occurring. As soon as reasonably practicable after the Change of Control Trigger Event occurs, the Company or the trustee of the Trust (if applicable) must release the Shares from any procedure in place under rule 15.3.

---

| | |
|:---|:---|
| 16 | Notice |

---

16.1 Method
 of giving notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice, consent or communication under this document is only effective if it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 writing, signed by or on behalf of the person giving it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) addressed
 to the person to whom it is to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) given
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivered
 by hand to that person's address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sent
 to that person's address by prepaid mail or by prepaid airmail, if the address is overseas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sent
 by fax to that person's fax number where the sender receives a transmission confirmation
 report from the despatching machine indicating the transmission has been made without error
 and showing the relevant number of pages and the correct destination fax number or name of
 recipient; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sent
 by email to that person's email address where the sender receives an email receipt
 or other written confirmation from the recipient to the sender which indicates that the email
 was received at the email address of the recipient.

\| Omnibus incentive plan 17

16.2 When
 is notice given

A notice, consent or communication given under rule 16.1 is given and received on the corresponding day set out in the table below. The time expressed in the table is the local time in the place of receipt.

---

| | |
|:---|:---|
| **If a notice is** | &nbsp;&nbsp;&nbsp;**It is given and received on** |
| Delivered by hand or sent by fax or email | &nbsp;&nbsp;(a) that day, if delivered by 5.00pm on a Business Day; or<br> (b) the next Business Day, in any other case. |
| Sent by post | &nbsp;&nbsp;(a) three Business Days after posting, if sent within Australia; or <br> (b) seven Business Days after posting, if sent to or from a place outside Australia. |

---

16.3 Participant's
 address for notices

A Participant's address, fax number and email address are as shown in the Company's records or as otherwise notified by the Participant to the Company.

16.4 Company's
 address for notices

The Company's address for notices, including the Acceptance and Notice of Exercise is as set out in this document or as otherwise notified by the Company to the Participant:

---

| | |
|:---|:---|
| **Name** | Radiopharm Theranostics Limited ACN 647 877 889 |
| **Attention** | Phillip Hains |
| **Address** | PO Box 655, Carlton South Vic 3053 |
| **Email** | Phillip@thecfo.com.au |

---

16.5 Notices
 to Permitted Nominees

Any notice or direction given under this Plan to a Permitted Nominee is validly given if it is given to the associated Eligible Participant under rule 16.1.

<u>17</u> <u>Amendment of the Plan</u>

17.1 Amendment

Subject to rule 17.2, the Board may amend the Plan in any manner it decides.

17.2 Restrictions

The Board must not make any amendment to the Plan which would have the effect of materially adversely affecting or prejudicing the rights of any Participant holding Awards at that time, except for amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 comply with the Constitution, Corporations Act, Listing Rules or any other law affecting
 the maintenance or operation of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 correct a manifest error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 address potential adverse tax implications affecting the Plan arising from changes to laws
 relating to taxation, the interpretation of laws relating to taxation by the relevant governmental
 authorities (including the release of any ruling), courts or tribunals.

\| Omnibus incentive plan 18

<u>18</u> <u>Termination of the Plan</u>

The Plan may be terminated or suspended at any time by the Board and that termination or suspension will not have any effect on or prejudice the rights of any Participant holding Awards at that time.

19 Administration of the Plan

19.1 Authority
 to form policy and delegation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may make policy and regulations for the operation of the Plan which are consistent
 with the Plan and may delegate necessary functions to an appropriate service provider or
 employee capable of performing those functions and implementing those policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board may delegate functions and powers under this Plan as it considers appropriate, for
 the efficient administration of the Plan, to a committee made up of a person or persons capable
 of performing those functions and exercising those powers.

19.2 Obligations
 of Board

The Board in exercising a power or discretion conferred on it by this Plan is not under a fiduciary or other obligation to any other person.

19.3 Board
 decisions

The decision of the Board as to the interpretation, effect or application of this Plan is final.

19.4 Board,
 Company and delegates may act in its absolute discretion

Where the Board, the Company or their delegates may exercise any right or discretion or make any decision under this document, it may do so in its absolute discretion, conditionally or unconditionally, and without being required to give reasons or act reasonably. Rule 19.4 applies unless this document expressly requires otherwise.

19.5 Independent
 advice by Board

The Board or a committee may take and rely upon independent professional or expert advice on the exercise of any of their powers or discretions under this Plan.

<u>20</u> <u>Rights of Eligible Participants and Participants</u>

Nothing in this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confers
 on any Eligible Participant the right to continue as a Director, an Eligible Employee or
 a Consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) affects
 any rights a member of the Group may have to terminate the employment of any Eligible Employee
 or any agreement with a Director, director of a Group member or Consultant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 be used to increase damages in any action brought against the Company or any Related Body
 Corporate, other than an action arising solely out of a Participant's rights under
 the Plan.

\| Omnibus incentive plan 19

---

| | |
|:---|:---|
| 21 | Trust |

---

21.1 Establishment
 of Trust

The Company may create a Trust from time to time for the purpose of holding, transferring or allocating Awards (or Shares on exercise or vesting of an Award) in connection with this Plan and any other employee incentive plan operated by the Company or its subsidiaries from time to time, in which case this rule 21 shall apply.

21.2 Rights
 and obligations

The Board may determine and conclude such arrangements with a Trustee, and enforce or prosecute any rights and obligations under such agreements, without reference or recourse to the Participants under this Plan. Subject to the terms of the trust deed and without limiting the Company's rights in this regard, the Company may, pursuant to and in accordance with any such agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide
 funds to the Trustee in order to allow the Trustee to subscribe for and/or acquire Shares
 to be held on behalf of Participants under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay
 the Trustee for services provided in connection with this Plan and the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) remove
 the Trustee and appoint a new trustee (and make any necessary arrangements or provisions
 for the transfer of a Participant's Shares held by the Trustee to a new trustee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise
 exercise any rights, responsibilities or powers afforded to it under its trust deed.

21.3 Costs

The Board may determine the manner in which any costs associated with the Trust and the costs incurred in the course of the performance by the Trustee of its role and duties under this Plan and the trust deed are to be borne.

21.4 Administration
 and holding statements

The Trustee must administer the Trust and hold Shares under the Plan in accordance with this Plan, the trust deed and any procedures determined by the Company and as agreed to between the Board and the Trustee.

21.5 Registration
 of Participant's Shares

Unless the Board determines otherwise, Participant's Shares allocated in the Trust will be registered in the name of the Trustee.

\| Omnibus incentive plan 20

---

| | |
|:---|:---|
| 22 | General |

---

22.1 Listing
 Rules and Constitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Plan, the entitlements of Participants, and any obligations of the Company, under this Plan
 are subject to the Constitution, the Listing Rules, the Corporations Act and any other applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Despite
 any other rule of this Plan, every covenant or other provision set out in an exemption from,
 or modification to, the provisions of the Corporations Act granted from time to time by ASIC
 in respect of the Plan, and required to be included in this Plan in order for the exemption
 or modification to have effect, is deemed to be included in this Plan. To the extent that
 any covenant, or other provision deemed to be included in this Plan is inconsistent with
 any other rule of this Plan, the deemed covenant or other provision will prevail.

22.2 Costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company must pay all the expenses, costs and charges incurred in operating the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company is not responsible for any duties or taxes which may become payable in connection
 with the grant of Awards, the issue, transfer or allotment of Shares on exercise of Options
 or Performance Rights, vesting of Share Appreciation Rights or any other dealing with Awards
 (including, but not limited to, as a result of a transaction contemplated by rules 5.5(d),
 13.2 or 13.3).

22.3 Advice

Participants should obtain their own independent advice at their own expense on the financial, taxation and other consequences to them of, or relating to, participating in the Plan.

22.4 Governing
 law and jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Queensland
 law governs this document and the rights of Participants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Participant, the Company and the Board (and their delegates) irrevocably submits to the non-exclusive
 jurisdiction of the Queensland courts and courts competent to hear appeals from those courts.

\| Omnibus incentive plan 21

## Exhibit 4.2

**Exhibit 4.2**

---

| | |
|:---|:---|
| Dated | 2021 |

---

**Chief Executive Officer - Executive Service Agreement**

Parties

**Radiopharm Theranostics (USA) Inc**

**Radiopharm Theranostics Limited ACN 647 877 889**

**Riccardo Canevari**

**Paul Hopper (for specified purposes)**

**Contents**

---

| | | |
|:---|:---|:---|
| 1 | Definitions and interpretation | 1 |
| 2 | Warranties | 5 |
| 3 | Commencement | 5 |
| 4 | Position and Duties | 5 |
| 5 | Place of work | 6 |
| 6 | Hours of work | 6 |
| 7 | Remuneration and taxation | 7 |
| 8 | Equity Incentive Plan | 7 |
| 9 | Method and frequency of payment | 7 |
| 10 | Annual Bonus | 7 |
| 11 | Sign on bonus; Grants | 8 |
| 12 | Other benefits | 8 |
| 13 | Forfeiture payment | 9 |
| 14 | Expenses | 9 |
| 15 | Performance and remuneration review | 9 |
| 16 | Employer's Property | 10 |
| 17 | Vacation | 10 |
| 18 | Public holidays | 11 |
| 19 | Termination | 11 |
| 20 | Restraint during Employment | 14 |
| 21 | Restraint after Employment ceases | 14 |
| 22 | Confidential Information | 16 |
| 23 | Intellectual Property | 17 |
| 24 | Remedies for breach by Executive | 17 |
| 25 | Moral Rights | 18 |
| 26 | Policies | 18 |
| 27 | Privacy | 18 |
| 28 | Application of legislation and industrial instruments | 19 |
| 29 | Severability | 19 |
| 30 | Governing law | 19 |
| 31 | Continuing obligations | 19 |
| 32 | Waiver | 19 |
| 33 | Costs and outlays | 19 |
| 34 | Entire understanding | 19 |
| 35 | Acknowledgment | 20 |
| 36 | Counterparts | 20 |
| 37 | Variation | 20 |
| 38 | Public Announcement | 20 |
| 39 | Miscellaneous | 20 |

---

i

---

| | |
|:---|:---|
| **Executive Service Agreement** dated | 2021 |

---

---

| | |
|:---|:---|
| **Parties** | **Radiopharm Theranostics (USA) Inc** care of Vcorp Services, LLC. located at 701 S.Carson Street, Suite 200, Carson City, NV 89701.<br> (**Employer**) |

---

**Radiopharm Theranostics Limited ACN 647 877 889** of Suite 1 Level 3, 62 Lygon Steet, Carlton South, Vic, 3053

(**Parent Company**)

**Paul Hopper** care of Suite 1 Level 3, 62 Lygon Steet, Carlton South, Vic, 3053, solely for purposes of clauses 11.2 and 11.3

**Riccardo Canevari** of

(**Executive**)

**Introduction**

---

| | |
|:---|:---|
| **A** | The Employer has offered to employ the Executive in the Position on the terms and conditions set out in this Agreement. |

---

---

| | |
|:---|:---|
| **B** | Employer is a wholly-owned subsidiary of Parent Company. |

---

**C** Employer and Parent Company intend that the Executive be a Director and hold the Position in each of Employer and Parent Company.

**D** The Executive has accepted employment in the Position on the terms and conditions set out in this Agreement.

**It is agreed**

1 Definitions and interpretation

1.1 In this Agreement:

**Agreement** means this document, including any schedule or annexure to it;

**Annual Bonus** means a discretionary annual target of 50% of the Executive's Base Salary;

**Base Salary** has the meaning set out in Item 5 of Schedule 1;

**Business Day** means a day that is not a Saturday, Sunday or any other day which is a public holiday or a bank holiday in the place where an act is to be performed or a payment is to be made;

**Client** means any person, firm or organisation to whom or on behalf of whom, the Employer or a Group Company provides products or services;

**Commencement Date** has the meaning given to it by clause 3.1;

**Competing Business** means a business (whether operated as a company, partnership or sole trader) which carries on an activity in relation to radiopharmaceuticals and substantially competes with the Employer's or the Group's business;

**Confidential Information** means information (whether oral, written, stored electronically or magnetically or otherwise in machine readable form) of the Employer and the Group which is of a confidential character. Confidential Information includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) information which is specifically designated as confidential by the Employer, the Group, Identified Prospective Clients or Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information which by its nature or the circumstances of its disclosure may be reasonably understood to be confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) files, databases and software reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) data, records and customer lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) business and financial plans, costings, rates and charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) trade secrets of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Intellectual Property of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information regarding the financial or business affairs of the Employer and the Group, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) board papers and reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) financial and management accounts, reports and information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) business and marketing plans, practices, information, strategies and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) strategic information of the Employer and the Group and information about current and future projects and arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) market research information or surveys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any agreements, arrangements or terms of trade with a Client, Identified Prospective Client, supplier or prospective supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) information about the identity, contact details or requirements of Clients, Identified Prospective Clients, suppliers or prospective
suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) contractual, technical and production information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) notes and developments regarding Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) all other matters relating to the internal or external operations or plans of the Employer or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the terms and conditions of employment of employees of the Employer and of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any discussion, negotiation or agreement between the Employer and the Executive regarding the performance of the Executive, or the
termination or cessation of the Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) business systems, and operating procedures, manuals or handbooks.

Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is publicly available at the Commencement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes publicly available during or after the Employment without breach of any obligation of confidence by the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was known to the Executive prior to its disclosure by the Employer;

**Corporations Act** means the *Corporations Act 2001* (Cth);

**Disclosed Interest** has the meaning given at Item 6 of Schedule 1.

**Duties** means the duties and responsibilities set out in clause 4 of this Agreement;

**Employment** means employment of the Executive by the Employer, on the terms and conditions set out in this Agreement;

**Employer Board** means the board of directors of the Employer, as constituted from time to time;

**Good Reason** shall mean any of the following that has not been approved in writing in advance by Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a diminution of Executive's titles, duties, responsibilities, or authorities as set forth in this Agreement (including Director
positions) or the Executive being required to report to another position other than the Employer Board and Parent Company Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reduction in Executive's Base Salary, Annual Bonus opportunity, or annual long-term incentive award opportunity, or failure
to pay earned compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) relocation of Executive's place of work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a material breach by the Employer of this Agreement or any equity award agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any of the above circumstances in paragraphs (a) to (d) occurring following a Change in Control.

**Group** means the Employer and its Related Bodies Corporate from time to time;

**Group Company** means any member of the Group;

**Identified Prospective Clients** means organisations, businesses or individuals that have been identified by the Employer or a Group Company as an opportunity for obtaining future business (whether directly or through referral of other business);

**Intellectual Property** means all present and future intellectual or industrial property anywhere in the world (whether registered, unregistered or unregistrable) including inventions, ideas, concepts, discoveries, data, databases, secret processes, formulae, scientific and technical information, Confidential Information, trade marks, business names, company names, service marks, copyright, designs, patents, know how, circuit layout rights, plant breeders rights and trade secrets;

**Listing Rules** means the listing rules of the Australian Stock Exchange or any applicable exchange on which the Parent Company or any Group Company are listed;

**Month** means calendar month;

**Moral Right** has the same meaning as that term has in Part IX of the *Copyright Act 1968* (Cth);

**Notice Period** means the notice period specified in Item 4 of Schedule 1;

**Parent Company Board** means the board of directors of the Parent Company, as constituted from time to time;

**Party** means either the Executive or the Employer as the context requires;

**Personal Information** has the same meaning as that term has in the Privacy Act;

**Position** means the position identified in Item 1 of Schedule 1;

**Privacy Act** means the *Privacy Act 1988* (Cth);

**Property** means property of the Employer, and any other Group Company, and includes Confidential Information, Intellectual Property, documents, equipment, software, computer information (wherever it is stored), keys and access cards;

**Related Body Corporate** has the meaning given in section 9 of the Corporations Act;

**Restraint Areas** has the meaning given at Item 3 of Schedule 1;

**Termination Date** means the date on which the Employment and this Agreement terminates for any reason;

**VWAP** means volume weighted average price;

**Works** means all programs, programming, literary, dramatic, musical and artistic work within the meaning of the *Copyright Act 1968* (Cth); and

**Year** means calendar year unless otherwise stated.

1.2 **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one gender includes the others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the singular includes the plural and the plural includes the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person includes a body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Party includes the Party's executors, administrators, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a thing includes the whole and each part of it separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a statute, regulation, code or other law or a provision of any of them includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amendment or replacement of it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) another regulation or other statutory instrument made under it, or made under it as amended or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "$", "USD$", or dollars means United States dollars unless otherwise stated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) € means the currency of the European Union

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Including" and similar expressions are not words of limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression have
a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Headings and any table of contents or index are for convenience only and do not form part of this Agreement or affect its interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A provision of this Agreement must not be construed to the disadvantage of a Party merely because that Party was responsible for the
preparation of this Agreement or the inclusion of the provision in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) If an act must be done on a specified day which is not a Business Day, it must be done instead on the next Business Day.

1.3 **Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a Party consists of more than 1 person, this Agreement binds each of them separately and any 2 or more of them jointly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An obligation, representation or warranty in favour of more than 1 person is for the benefit of them separately and jointly.

2 Warranties

2.1 The Executive warrants that the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) has disclosed to the Employer all directorships held by the Executive, and has disclosed any interests or obligations that might have
the potential to conflict with the Employer's interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) other than the Disclosed Interest, has no interests or obligations that are inconsistent with, or that would prevent, limit or adversely
affect the Executive complying with any of the Executive's obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will notify the Employer immediately if any of these circumstances change.

3 Commencement

3.1 The Employment commences on a date which will be a date to be agreed (**Commencement Date**), but not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) before the Employer has issued all convertible notes in the Employer as part of a currently contemplated capital raising round to
raise an amount of up to AUD$15 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) later than 10 weeks after the completion of such capital raise, provided, however, that the Executive shall have the right to terminate
this Agreement without penalty if the Commencement Date has not occurred on or before December 1, 2021

3.2 The Employment will continue until terminated in accordance with this Agreement.

3.3 If the Employee terminates this Agreement before the Commencement Date, no obligation for payment, including those payments described
at clauses 7, 8, 10, 11, 12 and 13, will be triggered.

3.4 The Executive shall not render any services for the Employer until the Commencement Date.

3.5 Immediately after the Employer has issued all convertible notes in the Employer as part of a currently contemplated capital raising
round to raise an amount of up to AUD$15 million, the Executive will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resign from his employment with Novartis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) use his best endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) secure an early release from his employment with Novartis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secure consent from Novartis to allow the Executive's Employment to be publically announced.

4 Position and Duties

4.1 The Executive is employed by the Employer in the Position and will be appointed by Parent Company to the same Positon in Parent Company.

4.2 The Executive will perform duties and have responsibilities consistent with the Position and as designated or assigned by the Employer
from time to time. The Executive's initial duties and responsibilities are set out in Schedule 2.

4.3 The Executive must report to the Executive Chairman of the Parent Company, or other position as may be nominated by the Employer or
Parent Company from time to time.

4.4 In the performance of the Duties, and at all times during the Employment, the Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) serve the Employer faithfully, honestly and diligently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) act at all times in the Employer's and the Group's best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) use the Executive's best endeavours to protect and promote the reputation and business interests of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not act in conflict with the interests of the Employer or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) perform the Duties with all due care and skill, and to the best of the Executive's knowledge and abilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) work the hours reasonably necessary to perform the Duties, which may include work outside the Employer's normal business hours,
on weekends and public holidays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) act in a professional and ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) comply with all reasonable and lawful directions of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) comply with the policies and procedures of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) maintain any and all registrations, qualifications, certifications and professional standards which are necessary for him to fulfil
the Duties in accordance with the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) comply with state and federal laws relating to health and safety, discrimination, bullying and harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) act at all times within the levels of authority delegated by the Employer Board and Parent Company Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) provide the Employer Board and Parent Company Board and Executive Chairman with information and reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) about the affairs of the Employer, as the Employer Board and Parent Company Board may request from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) generally, so as to keep the Employer Board and Parent Company Board fully informed of all material developments in or relevant to
the Employer's affairs, within the scope of the Duties.

4.5 The Executive will not accept any payment or other benefit as an inducement or reward for any act or omission in connection with any
matter or business transacted by or on behalf of the Employer or any Group Company.

4.6 Nothing in clause 4 limits the Executive's duties of good faith or fidelity to the Employer.

5 Place of work

5.1 The Executive's usual place of work is specified at Item 2 of Schedule 1.

5.2 From time to time, in the performance of the Duties, the Executive may be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) work from other locations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) travel within the United States of America and overseas.

6 Hours of work

6.1 The Executive is employed by the Employer on a full-time basis.

6.2 The Employer's standard business hours are 9:00am to 6:00pm Monday to Friday in the Executive's usual place of work. The
Executive is required to perform the Duties during the Employer's standard business hours, and at such other times as may be reasonably
required for the operational requirements of the Employer's business.

6.3 From time to time, it will be necessary for the Executive to perform the Duties outside standard business hours, including evenings,
weekends **,** and on public holidays. The Executive agrees that this is a reasonable requirement, in light of the Employer's
operational requirements, the nature of the Executive's Position, Duties, Base Salary, and the Executive's personal circumstances.

6.4 The Executive is not entitled to any additional payment for work performed outside the Employer's standard business hours. The
Executive acknowledges that the Base Salary has been set at a level that takes into account the Executive's normal Duties and any
and all reasonable additional hours the Executive may be required to work.

7 Remuneration and taxation

7.1 In consideration for the Executive carrying out the Duties and fulfilling the Executive's obligations, the Employer must pay
or provide the Executive the Base Salary.

7.2 Unless expressly provided otherwise, all payments made under this Agreement are subject to deduction or withholding by the Employer
of any amounts required by law, including all amounts specified at clauses 10 (Annual Bonus), 11 (Sign on bonus; Grants), 12 (Other benefits),
13 (Forfeiture payment), 14 (Expense), 17 (Vacation) and 19 (Termination).

7.3 If an industrial instrument or legislation conferring minimum entitlements is or becomes applicable to the Employment, the Executive's
Base Salary and other benefits that the Employer provides to the Executive (including cash and the value of non-cash benefits), may be
applied in satisfaction of any entitlements the Executive may have under that industrial instrument or legislation (including overtime
rates, penalty rates, shiftworker loadings, annual leave loading and allowances).

8 Equity Incentive Plan

8.1 The Executive is eligible to participate in the Parent Company's equity incentive plan (**Equity Incentive Plan**), subject
to the provisions of the Equity Incentive Plan and on such other terms and conditions as the Employer notifies the Executive in writing
in its absolute discretion. The Equity Incentive Plan will offer the securities of the Group Company that lists its shares in a public
offering. The Equity Incentive Plan, to the extent it covers the securities of a foreign issuer, will have a U.S. addendum that permits
the issuance of Incentive Stock Options under Section 422 of the U.S. Internal Revenue Code and to the extent permissible, such grants
shall be Incentive Stock Options. All Equity Incentive Plan grants to Employee shall permit cashless exercise.

9 Method and frequency of payment

9.1 The Employer must pay the Base Salary monthly in arrears by electronic transfer into an account nominated by the Executive.

10 Annual Bonus

10.1 The Executive may be entitled to the Annual Bonus, subject to criteria to be determined by the Employer Board and the Executive calculated
on mutually agreed annual performance milestones. The Parties will endeavour to agree the criteria within 30 Business Days of the Commencement
Date.

10.2 In the absence of agreement as to the criteria at clause 10.1, the criteria will be determined by the Employer acting reasonably.

10.3 The Executive will only become eligible to receive the Annual Bonus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) on a pro rata basis for the fiscal year between the Commencement Date and 30 June 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) after 30 June 2022, at the end of each fully worked subsequent fiscal year ending 30 June; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the Agreement has not been terminated and the Executive is not in the Notice Period or the notice period described by clause 19.2(3)
..

10.4 The Annual Bonus, or any part of it, will be paid within 30 Business Days of the Employer determining it is payable within reasonable
and fair discretion.

10.5 Any future incentive amounts will be subject to agreement in writing between the Employer and the Executive.

11 Sign on bonus; Grants

11.1 After the Commencement Date, the Employer agrees to pay the Executive a sign on bonus of USD$293,000:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with 50% payable in cash within 30 Business Days of the Commencement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with 50% payable in cash upon the admission of the Parent Company to the official list of the Australian Securities Exchange.

11.2 On or before the Commencement Date Paul Hopper (or his associated interests) shall transfer fully paid ordinary shares in the Parent
Company equal to 4% of outstanding capital.

11.3 Immediately after the Commencement Date, Paul Hopper or the Company shall provide Executive another grant of fully paid ordinary shares
in the parent Company sufficient to preserve the Executive's holdings at 4% of outstanding capital.

11.4 The Executive is entitled to a grant of options in the Parent Company which shall be issued subject to, and in accordance with, the
terms set out in Schedule 3.

12 Other benefits

12.1 The Employer has engaged a payroll and benefits service provider to administer the following benefits, during the Employment, in accordance
with market standard terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) workers' compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) while the Executive remains working in the United States of America, at no cost to the Executive, health benefits package to the Executive
and Executive's spouse and children, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Medical: through Aetna PPO 300 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dental: through Metlife Dental 0 Group plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Vision: through Aetna EyeMed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Life/Accident: through Metlife basic life and AD&D x 2 salary plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Health Savings Acccount ("HSA").

12.2 During the Employment, the Employer will pay, on receipt of a valid tax invoice, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) school fees for the Executive's school aged children up to a maximum of USD$86,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) payments for a motor vehicle for the Executive up to a maximum of USD$10,000 per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) taxation advice for the Executive up to a maximum of USD$5,000 per annum.

12.3 If any taxation obligations or payments arises from clause 12.2, the Employer will pay any taxation due that is owed by Employer and/or
Employee.

12.4 Subject to applicable law, the Employer shall pay the Executive USD$66,600.00 towards retirement benefits. Until a retirement account
is created, it shall be paid directly to the Executive as compensation in equal monthly instalments. If the Employer provides a retirement
plan, the Employer shall match any of the Executive's contribution up to USD$66,600 as permitted by law in eligible retirement plans.
If sufficient retirement plans are not established to accommodate Employer's maximum contribution, the Executive shall be paid the
difference in an annual bonus.

12.5 To the maximum extent permitted by law, the Employer and Parent Company shall defend, indemnify and hold harmless the Executive for
all costs and damages incurred by the Executive in the good faith performance of his duties as an officer and director of Employer and
Parent Company. The Employer and Parent Company shall purchase and maintain directors' and officers' liability insurance,
on terms acceptable to the Employer and Parent Company, and any applicable law, that covers the Executive in the performance of his duties
to the Employer and Parent Company.

13 Forfeiture payment

13.1 In addition to the Base Salary and the Annual Bonus on the first anniversary of the Commencement Date, the Employer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) pay the Executive in cash €133,333.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issue to the Executive shares in the Parent Company valued at €133,333.00, noting that the shares will be issued at the 7 day
VWAP preceding the payment date.

13.2 In addition to the Base Salary and the Annual Bonus on the second anniversary of the Commencement Date, the Employer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) pay the Executive in cash €133,333.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issue to the Executive shares in the Parent Company valued at €133,333.00, noting that the shares will be issued at the 7 day
VWAP preceding the payment date.

13.3 In addition to the Base Salary and the Annual Bonus on the third anniversary of the Commencement Date, the Employer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) pay the Executive in cash €133,333.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issue to the Executive shares in the Parent Company valued at €133,333.00, noting that the shares will be issued at the 7 day
VWAP preceding the payment date.

14 Expenses

14.1 The Employer must pay all reasonable expenses, including reasonable travel costs, incurred by the Executive in performing the Duties,
provided the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) provides the Employer with acceptable documentation for the expenses incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) complies with any applicable expenses policy in force from time to time.

14.2 The Executive must seek approval from the Executive Chairman before incurring any individual expense greater than USD$5,000, or if
it is not practicable to seek approval before incurring an expense, as soon as reasonably practicable after incurring the expense.

15 Performance and remuneration review

15.1 The Employer may review the Executive's performance every 12 months, usually on or about 30 June, or at such other times at
the Employer Board's discretion.

15.2 The Employer may review the Base Salary every 12 months, usually on or about 30 June, however this does not necessarily mean it will
be increased.

15.3 In reviewing the Executive's performance and Base Salary, the Employer may take into account all circumstances it considers
relevant, including any change to the Duties, the performance of the Employer, the Employer's business requirements, and the prevailing
economic conditions.

15.4 The Executive is required to complete all relevant documents and questionnaires, attend performance interviews and provide truthful
answers to all questions in respect of the Executive's performance throughout the Employment.

16 Employer's Property

16.1 The Executive must return any Property which is in the Executive's possession, power or control, immediately on request by the
Employer or immediately on termination of the Employment.

16.2 If any of the Property is in the form of videotape, computer information, software or similar media, the Employer may require the
Executive to delete or erase this information so that it cannot be retrieved, and verify this to the Employer's satisfaction.

16.3 The Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) take all reasonable care when using the Property and immediately report to the Employer any damage, defect or fault in the Property;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) take all reasonable steps to ensure the security of, and protect all Property, including Confidential Information and Intellectual
Property, which is in the Executive's possession, power or control.

17 Vacation

17.1 The Executive is entitled to annual vacation (also known as annual leave), personal / carer's leave, compassionate leave and
parental leave, in accordance with applicable legislation and the Employer's policies. The following subclauses contain a summary
of some of those entitlements, and are to be read subject to those statutory provisions.

17.2 The Executive is entitled to accrue 22 days paid annual leave for each year of service. Any accrued but unused annual leave shall
carry over to the following year. However, for the remaining period of 2021, the Executive is entitled to a pro rata amount of annual
leave.

17.3 Annual leave is to be taken at times agreed with the Employer. If the Parties cannot agree, the Employer may direct the Executive
to take leave. In the absence of agreement, annual leave must be taken at a time or times required by the Employer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive has accrued in excess of 8 weeks' annual leave; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Executive is required to do so by the Employer during a period over which the Employer, or that part of the Employer that the
Executive works for, does not trade or trades at a substantially reduced level. If the Executive does not have sufficient annual leave
accrued, the Executive agrees to take leave without pay during this period.

17.4 On termination of the Employment for any reason, the Executive will be paid any accrued but untaken annual leave.

17.5 The Executive is entitled to accrue 10 days paid personal / carer's leave for each year of service, to be used either for personal
illness or injury, or to care for members of the Executive's immediate family or household who require care or support due to illness,
injury or unexpected emergency. However, for the remaining period of 2021, the Executive is entitled to a pro rata amount of paid personal
/ carer's leave.

17.6 The Executive must notify the Executive Chairman as soon as practicable of any absence for personal / carer's leave, and the
expected duration of the absence.

17.7 The Employer may require the Executive to provide satisfactory evidence of the illness or injury, if the Executive is absent from
work for personal / carer's leave.

17.8 While on leave, the Executive must not engage in any conduct that is inconsistent with this Agreement, or the Executive's obligations
to the Employer.

18 Public holidays

18.1 Subject to clause 18.2, the Executive is entitled to state and national public holidays applicable in the Executive's usual
place of work specified at Item 2 of Schedule 1, without loss of pay.

18.2 The Executive may be required to work on certain public holidays to fulfil the requirements of the Position, unless the Executive
has reasonable grounds for not doing so.

19 Termination

19.1 **Termination by notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to clause 19.2, the Employer or the Executive may terminate the Employment and Agreement by providing the other Party with
prior written notice of termination, equal to the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice of termination must state the day on which the Employment will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) During the Notice Period, the Employer may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the Executive to work for part or all of the Notice Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in its absolute discretion elect to pay the Executive an amount in lieu of any unworked portion of the Notice Period, based on the
Executive's Base Salary for that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For all or part of the Notice Period, the Employer may require the Executive to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not attend the Employer's premises or premises at which any part of the Employer's business is conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not perform all or part of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cease all contact and communication with Clients, Identified Prospective Clients, suppliers, employees or contractors of the Employer
or the Group, or some of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not use some or all of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) remain in, and perform all Duties of, the Position until directed otherwise by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not attend work but remain available to attend work and perform any Duties required by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) perform duties other than the Duties, including less senior or significant duties, including duties relating to the handover of the
Executive's responsibilities; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) do any combination of clauses 19.1(4)(a) to 19.1(4)(g).

The Executive agrees that this will not constitute a repudiation of this Agreement. Notwithstanding the foregoing, the Executive will continue to receive the Base Salary during the Notice Period.

19.2 **Summary termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Employer may immediately terminate the Employment and Agreement without notice for any of the following items not capable of cure,
and for those capable of cure, if such item is not cured within 30 days after notice from Employer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engages in any act or omission which, in the Employers' reasonable opinion, constitutes serious or persistent misconduct (including
dishonesty, theft, fraud or assault);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits a serious or persistent breach of this Agreement, including in particular, of any of clauses 2 (Warranties), 4 (Duties), 20
(Restraint during Employment), 22 (Confidential Information), 23 (Intellectual Property), 26 (Policies), or 27 (Privacy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) misappropriates the Intellectual Property or Confidential Information of the Employer or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is, in the Employer's reasonable opinion, guilty of material breach of faith, material neglect or default, wilful disregard
of directions or gross incompetence or negligence in the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is either repeatedly absent from work, or absent from work for a period of 5 consecutive Business Days, without proper explanation
by the Executive or the consent of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) wilfully refuses to obey or comply with a lawful direction of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) commits any act of bankruptcy or compounds with the Executive's creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is precluded from taking part in the management of a corporation under the provisions of Part 2D of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is found to have materially breached the Employer's policies for, or statutory requirements regarding, health and safety, discrimination
and sexual harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) is intoxicated or under the influence of illegal drugs or drugs which have not been lawfully prescribed for the Executive, while at
work; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) is charged with any criminal or indictable offence which in the Employer's reasonable opinion may bring the Executive or the
Employer, the Group or any Group Company into disrepute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Employment is terminated under this clause 19.2, the Executive is not entitled to receive any payment in lieu of the Notice
Period or any other compensation, including any compensation under clause **Error! Reference source not found.**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Executive may terminate the Employment and Agreement on 35 days' notice for Good Reason. During the 35 day notice period
the Employer may exercise any of the rights at clause 19.1(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Executive will not have Good Reason unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Executive reasonably determines in good faith that a Good Reason condition has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Executive notifies the Employer in writing of the occurrence of the Good Reason condition within sixty days of such occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Executive cooperates in good faith with the Employer's efforts, for a period not less than thirty days following such notice
(**Cure Period**), to cure the condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notwithstanding such efforts, the Good Reason condition continues to exist.

19.3 **Termination payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event that the Employment and Agreement is terminated by the Employer, other than in accordance with clauses 19.2(1) and 19.2(2),
or by the Executive for Good Reason in accordance with clauses 19.2(3)and 19.2(4), the Executive will be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a payment equal to 12 months of the Base Salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any entitlement to the Annual Bonus that would have been payable in the period 12 months after the Termination Date if the Employment
has not been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a cash payment for twelve months equal to the total premium amounts of such health, vision and dental insurance that would have been
payable under clause 12.1(2). Payments under this clause will stop if the Executive secures other employment and is offered medical health
coverage under any other employer's group medical plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) After the Termination Date, the Employer will cease making payments, or reimbursing for expenses, for the other benefits described
in clause 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If, as of the date of his termination, the Executive is a "specified employee" within the meaning of Section 409A of the
Internal Revenue Code, then to the extent necessary to comply with Code Section 409A and to avoid imposition of taxes or penalties under
that Section, payment to the Executive of any amount noted above that presents an issue will, if necessary, be delayed for six months
or upon agreement with Executive and his financial advisors.

19.4 **Resignation from office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On termination of the Employment, or at the request of the Employer, the Executive must resign from any office held by the Executive
in the Employer or a Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except as otherwise provided for in this Agreement, the Executive is not entitled to compensation for resigning from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Executive fails to resign from office, the Employer is authorised to appoint another person in the name of the Executive and
on the Executive's behalf, to execute all documents and to do all things required to give this effect.

19.5 **Representations after termination** 

Except as it may pertain to Executive's equity holdings in the Employer or a Group Company, after termination of the Employment, the Executive must not represent himself as being in any way connected with or interested in the Employer's of the Group's businesses.

19.6 **Severance payments** 

The Executive agrees that any payments paid to the Executive under clause 19, whether a payment in lieu of notice of termination or a redundancy payment or otherwise, is in satisfaction of (either wholly or in part), and may be off-set against, any legislative severance entitlement the Executive might have, to pay in lieu of notice of termination and/or redundancy pay.

19.7 **Money owed to the Employer** 

If, on termination, the Executive owes any amount to the Employer (including any overpayments that the Employer may have made), the Employer can offset that amount against any payments the Employer is legally obliged to make to the Executive.

19.8 **Compliance with Corporations Act and Listing Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Employer is not required to pay or provide (or procure the payment or provision of) any money or benefits to the Executive which
would require shareholder approval under the Corporations Act or which would cause the Employer to infringe the Listing Rules (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where clause 19.8(1) applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any payments or benefits to be provided to the Executive under this Agreement must be reduced to a level which does not require shareholder
approval and which does not infringe the Listing Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Employer overpays the Executive, the Executive must on receiving written notice from the Employer, immediately repay any money
or benefits specified in such notice.

20 Restraint during Employment

20.1 During the Employment, the Executive must not, without the Employer's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) induce, encourage or solicit any of the Employer's or Group Companies' employees, contractors and agents to terminate
their engagement with the Employer or Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) induce, encourage or solicit any of the Employer's or Group Companies' clients or contractors to end or restrict their
professional or trade relationship with the Employer or Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) other than the Disclosed Interests, act as an officer of, or as a consultant, adviser, representative or trustee to any other corporation,
firm, organisation or person (whether paid or unpaid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other than the Disclosed Interests, take up any other appointment or position such as director, partner, officer or employee with
any other corporation, firm, or organisation (whether paid or unpaid); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) other than the Disclosed Interests, hold 1% or more of the shares or securities in any business which creates or may create a conflict
between the Employer's, Group's and the Executive's interests.

20.2 The Executive agrees that this is a reasonable requirement to protect the legitimate interests of the Employer and the Group.

21 Restraint after Employment ceases

21.1 The Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the course of the Employment, the Executive will have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a high level of access to Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) knowledge of, and influence over, Clients and Identified Prospective Clients because of the personal relationships formed with Clients
and any Identified Prospective Clients and their representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a position of leadership enabling the Executive to have a degree of influence over the Employer's employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as a consequence, it is necessary and reasonable for the Employer to protect the Employer's Confidential Information, employees,
Identified Prospective Clients and Client connections, goodwill, and business.

21.2 After the Termination Date, the Executive must not, without the Employer's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for six months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause 21.2(3), within the Restraint Areas; either directly or indirectly do or engage in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) alone or jointly with or on behalf of anybody else in any capacity (including, without limitation, as principal, agent, partner, employees,
shareholder, unit holder, joint venture, director, trustee, beneficiary, manager, consultant or adviser) carry on, operate or be engaged,
interested or employed in a Competing Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) interfere with, disrupt or attempt to disrupt, the relationship, contractual or otherwise, between the Employer and any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Clients in respect of whom the Executive has carried out work or had a business relationship at any time during the 12 month period
immediately preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Identified Prospective Clients with whom the Executive has been involved in developing a business relationship, at any time during
the 12 month period immediately preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the suppliers with whom the Executive has had dealings or had a business relationship at any time during the 12 month period immediately
preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) induce, encourage or solicit any of the Employer's employees, contractors or agents, with whom the Executive has worked or has
had a business relationship at any time during the 12 period immediately preceding the Termination Date, to leave the Employer's
employment or agency or to cease providing services to the Employer or Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) employ or engage, or offer to employ or engage, any officer, employee, contractor or agent of the Employer or Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) directly or indirectly assist any person to, or procure any person to, do any of the acts or anything else contemplated by clauses
21.2(3) to 21.2(6).

21.3 This clause 21 does not prevent the Executive from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) owning marketable securities of a corporation or trust which is listed on a recognised stock exchange in Australia or elsewhere, provided
that the Executive holds no more than 5% of the total marketable securities of the corporation or trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) continuing any Disclosed Interest which the Executive had at the time of this Agreement.

21.4 The Executive agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the restraints set out in this clause 21 will apply as if they consisted of several separate, independent and cumulative covenants
and restraints consisting of each of clauses 21.2(3) 21.2(4) 21.2(5) 21.2(6) and 21.2(7) combined with each separate Restraint Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if any separate covenant and restraint referred to in clause 21 is unenforceable, illegal or void, that covenant and restraint is
severed and the other covenants and restraints remain in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) each of these separate provisions is a fair and reasonable restraint of trade, that goes no further than reasonably necessary to protect
the Employer's Confidential Information, employee and Client connections, goodwill, and business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) substantial and valuable consideration has been received for each separate covenant and restraint in this clause directly and indirectly
by the Executive, including the Employment and the Base Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any combination of the acts referred to above would be unfair and calculated to damage the Employer's Confidential Information,
connections with its employees and Clients, goodwill, and business, and would lead to substantial loss to the Employer.

21.5 This clause 21 continues to apply after the Employment and the Agreement come to an end.

21.6 In clause 21, a reference to "the Employer" includes the Employer, and any other Group Companies in respect of whose business
the Executive has been actively engaged in the course of the Employment.

21.7 Any promise, warranty or covenant made by the Executive under clause 21 in favour of persons not a party to this Agreement is intended
to be, and is, directly enforceable by each of those persons, and this Agreement operates as a deed poll in favour of those persons.

22 Confidential Information

22.1 The Executive acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive will become possessed of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Confidential Information remains at all times the Property of the Employer, the Group or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) disclosure of such Confidential Information may diminish the value of the information and could materially harm the Employer and/or
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the restrictions in this clause 22 are reasonable in all the circumstances and necessary to protect the goodwill of the Employer and/or
the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the remedy of damages will be inadequate to protect the interests of the Employer and/or the Group generally and they are respectively
entitled to seek and obtain injunctive relief or any other relief to protect their interests.

22.2 The Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) take all steps necessary to maintain the strict confidentiality of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ensure that proper and secure storage is provided for Confidential Information while in the possession or under the control of the
Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take all precautions necessary to prevent disclosure of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not use or attempt to use Confidential Information in any manner which may injure or cause loss, either directly or indirectly, to
the Employer or any other Group Company, or which may be likely to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) not disclose Confidential Information to any person other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as directed by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where required for the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the terms and conditions of this Agreement, to the Executive's legal and financial advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if compelled by law to disclose the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) use Confidential Information solely in accordance with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) keep confidential the fact that Confidential Information has been provided to the Executive and other employees, servants and/or agents
of the Employer.

22.3 When the Executive discloses Confidential Information as permitted by clause 22.2(5)(c) and 22.2(5)(d), the Executive must ensure
that whoever it is disclosed to is made aware of its confidential nature, and of the Executive's obligations under clause 22. The
Executive will use the Executive's best endeavours to ensure that those persons comply with the obligations of clause 22 as if the
obligations were expressed to apply to them.

22.4 If the Executive is obliged by law to disclose any Confidential Information (or anticipates that the Executive may be so obliged),
the Executive must immediately notify the Employer of the actual or anticipated requirement and use all lawful means to delay and withhold
disclosure until the Employer has had a reasonable opportunity to oppose disclosure by lawful means.

22.5 This clause 22 continues to apply after the Employment and the Agreement come to an end.

23 Intellectual Property

23.1 The Executive warrants that the Executive does not have any right or interest in respect of any Intellectual Property owned, used
or capable of being used by the Employer.

23.2 The Employer owns all Intellectual Property that the Executive develops or conceives in the course of or arising out of the Employment,
whether alone or in conjunction with someone else, and whether during or outside working hours:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) using the Employer's or any of the Clients' or Identified Prospective Clients' premises, resources or facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the course of, as a consequence of or in relation to the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) directly or indirectly as a result of the Executive's or anybody else's access to the Confidential Information or other
Intellectual Property of the Employer, or Clients' confidential information or Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in respect of or associated with any of the Employer's products or services and any alterations or additions or methods of making,
using, marketing, selling or providing these products or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) relating to other Intellectual Property.

23.3 To the extent that the Executive has any right or interest in Intellectual Property which is owned, used or capable of being used
by the Employer, the Executive assigns that Intellectual Property to the Employer.

23.4 The Executive will immediately disclose in writing to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any matter which may come to the Executive's attention during the Employment, which may be of interest, importance or use to
the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any proposal for improvements which may be of service for the furtherance of the Employer's business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Intellectual Property made or conceived of during the course of performing the Duties.

23.5 The Executive will do anything necessary, including executing any documents such as an assignment, for the purpose of effecting, perfecting
and protecting the Employer's title or that of the Employer's nominee to the Intellectual Property, in Australia or such other
countries as the Employer requires.

23.6 The Executive may not make use of or reproduce any Intellectual Property owned by the Employer without prior written approval, other
than in the ordinary course of the Employment.

23.7 In clause 22.5, a reference to "the Employer" includes the Employer, and any other Group Companies in respect of whose
business the Executive has been actively engaged in the course of the Employment.

23.8 Any promise, warranty or covenant made by the Executive under clause 22.5 in favour of persons not a party to this Agreement is intended
to be, and is, directly enforceable by each of those persons, and this Agreement operates as a deed poll in favour of those persons.

23.9 This clause 23 continues to apply after the Employment and the Agreement come to an end.

24 Remedies for breach by Executive

24.1 The Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a breach of any of clauses 20 (Restraint during Employment), 21 (Restraint after Employment ceases), 22 (Confidential Information)
or 23 (Intellectual Property) would be harmful to the Employer's business interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) monetary damages alone would not be a sufficient remedy for a breach of any of these clauses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in addition to any other remedy which may be available in law or equity, the Employer or any other aggrieved party may be entitled
to interim, interlocutory and permanent injunctions or any of them to prevent breach of these clauses and to compel specific performance
of them.

25 Moral Rights

25.1 The Executive consents to the doing of any acts or making of any omissions by the Employer or any Group Company or their respective
employees, servants, agents, licensees and assigns that infringe the Executive's Moral Rights in any Works made by the Executive
in the course of the Employment, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) not naming the Executive as the author of a Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) naming another person as the author of a Work; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amending or modifying (whether by changing, adding to or deleting/removing) any part of a Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) whether those acts or omissions occur before, on or after the date of this Agreement.

25.2 The Executive acknowledges that this consent is genuinely given without duress of any kind and that the Executive has been given the
opportunity to seek legal advice on the effect of giving this consent.

25.3 Clause 25 continues to apply after the Employment and Agreement comes to an end and for the duration of the Moral Rights.

26 Policies

26.1 While they do not form part of this Agreement and are not otherwise contractual, the Executive agrees to comply with the Employer's
policies, as amended or introduced from time to time.

26.2 The Executive agrees to model appropriate behaviours to promote and ensure compliance with the Employer's policies.

26.3 A failure by the Executive to comply with the policies of the Employer as in place, or as varied or introduced, from time to time
may result in disciplinary action being taken against the Executive, up to and including the termination of the Employment and Agreement.

26.4 If the Employer's policies are inconsistent with the terms of this Agreement, the terms of this Agreement will prevail.

---

| | |
|:---|:---|
| 27 | Privacy |

---

27.1 If the Executive deals with Personal Information, the Executive must comply with the requirements of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Privacy Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any applicable State legislation regarding privacy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any applicable policies of the Employer.

27.2 The Executive acknowledges that as a result of and during the course of the Employment, the Employer will obtain Personal Information
(including health, medical and other sensitive information) about the Executive.

27.3 The Executive consents to the Employer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) obtaining this Personal Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) disclosing this Personal Information to other parties for the purposes of conducting the Employer's business, and as otherwise
outlined in the Employer's privacy policies.

28 Application of legislation and industrial instruments

28.1 Any legislation or relevant industrial instrument applies to the Employment as a matter of law, and does not form part of this Agreement.

28.2 This Agreement does not in any way expressly or impliedly limit the obligations of the Executive under applicable legislation, including
the Corporations Act, as in force from time to time or the Listing Rules as in force from time to time.

29 Severability

29.1 If any provision of this Agreement is unenforceable, illegal or void, that provision is severed and the other provisions of this Agreement
remain in force.

30 Governing law

30.1 Except where Australian law is specifically referenced, this Agreement is governed by the law in force in the State of New Jersey
without regard to its conflict of law provisions.

30.2 Any legal action or proceeding arising out of this Agreement between the Employer and the Executive shall be instituted in New Jersey
State Court which shall have sole and exclusive jurisdiction. The parities hereto irrevocably submit to the jurisdiction of the State
of New Jersey and waive any claim of lack of jurisdiction or inconvenient forum.

31 Continuing obligations

31.1 Any provision of this Agreement remaining to be performed or observed by the Executive or having effect after the termination of this
Agreement for whatever reason remains in full force and effect and is binding on the Executive.

---

| | |
|:---|:---|
| 32 | Waiver |

---

32.1 A Party's failure or delay to exercise a power or right does not operate as a waiver of that power or right.

32.2 The exercise of a power or right does not preclude either its exercise in the future or the exercise of any other power or right.

32.3 A waiver is not effective unless it is in writing.

32.4 Waiver of a power or right is effective only in respect of the specific instance to which it relates and for the specific purpose
for which it is given.

33 Costs and outlays

33.1 Each Party must pay its own costs and outlays connected with the negotiation, preparation and execution of this Agreement.

34 Entire understanding

34.1 This Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) contains the entire agreement and understanding between the Parties on everything connected with the subject matter of this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) supersedes any prior agreement or understanding on anything connected with that subject matter.

34.2 Each Party has entered into this Agreement without relying on any representation by any other Party or person purporting to represent
that Party.

35 Acknowledgment

35.1 The Executive acknowledges that the Executive has entered into this Agreement without duress, and after having had the opportunity
to take independent expert advice on its terms and their effect.

36 Counterparts

36.1 This Agreement may be executed in counterparts.

37 Variation

37.1 An amendment or variation to this Agreement is not effective unless it is in writing and signed by both Parties.

38 Public Announcement

38.1 There shall be no public statements regarding the Executive's involvement with the Employer prior to the Commencement Date without
the Executive's consent.

39 Miscellaneous

39.1 The Employer, at its expense, shall pay for any counsel fees incurred by the Executive in negotiating and finalising this Agreement
up to USD$5,000. The Executive shall provide the Employer with proof of the expense and payment shall be made within ten Business Days
of the Commencement Date.

39.2 The Employer shall defend, through counsel selected by Executive, and shall indemnify Executive from any and all claims, lawsuits,
demands, proceedings or actions asserted by Executive's former employer that seeks to preclude, prevent or alter in any way Employee's
relationship with Employer so long as those fees are reasonable (and do not exceed USD$1million) and the Executive acts in good faith
in relation to his obligations to his previous employer. This agreement to defend and indemnify includes, but is not limited to, litigation
expenses and counsel fees.

**Schedule 1**

---

| | |
|:---|:---|
| Level 1 | **Position** |

---

Chief Executive Officer of Employer and Parent Company.

---

| | |
|:---|:---|
| Item 2 | **Place of work** |

---

New Jersey or as otherwise mutually agreed upon by the parties.

---

| | |
|:---|:---|
| Item 3 | **Restraint Areas** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all areas in which the Employer sells its services or products at the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any and all areas in which the Employer had, during the 12 months prior to the Termination Date, documented plans to sell any services
or products.

---

| | |
|:---|:---|
| Item 4 | **Notice Period** |

---

Three months unless otherwise noted

---

| | |
|:---|:---|
| Item 5 | **Base Salary** |

---

The Base Salary is USD$555,000 per annum, less any applicable withholding taxes, paid in the course of the Employer's regular payroll practices.

---

| | |
|:---|:---|
| Item 6 | **Disclosed Interest** |

---

None disclosed.

**Schedule 2**

Position Description

1. Directly and is fully responsible for all operations of the Employer and Parent Company in accordance with the authority delegated
by the Employer Board or Parent Company Board or their nominee;

2. Reports to and works closely with the Executive Chairman of the Employer Board and Parent Company Board to develop the Group's
business;

3. Provide the Executive Chairman with a written monthly report on a timely basis accurately detailing the Employer's and Parent
Company's activities for the preceding month;

4. Be fully responsible for the future development and growth of the Employer's and Parent Company's business;

5. Raise capital as necessary for the development of the Employer's and Parent Company's businesses;

6. Oversee the Group's operations to ensure production efficiency, quality, service and cost effective management of resources;

7. Develop and implement strategic plans to advance the Group's mission and objectives to promote revenue, profitability and growth
as a Group;

8. Direct responsibility for actively marketing the Group's products and activities to investors and shareholders, both within
Australia and internationally (the Executive will be required to regularly attend conferences, investor forums and industry meetings as
part of this function);

9. Initiate and conduct thorough reviews of potential market opportunities to secure new technologies, through both merger or acquisition,
in accordance with the Group's strategic plan;

10. Provide sound business advice to the Employer Board and Parent Company Board and its nominees on strategic business decisions;

11. Ensure the soundness of the Employer's and Parent Company's financial structure by review of projections for capital infrastructure
and financing arrangements, which may result from various strategic decisions;

12. Plan, develop and implement strategies for generating resources and revenues for the Group;

13. Identify and locate key strategic opportunities for the Group;

14. Carry out the implementation process in respect to identified opportunities with the approval of the Employer Board and Parent Company
Board or their nominees;

15. Approve and oversee the Employer's and Parent Company's business operational procedures, policies and standards;

16. Provide leadership within the Group and among the stakeholders to ensure that there is a shared vision of where the Employer, Parent
Company and the broader Group is going and how it is proposed to get there;

17. Identify economic and market trends and consider the impact that they may have on the business and modify policies to take full advantage
of any changing conditions;

18. Monitor and measure key personnel performance;

19. Develop and maintain effective communication systems throughout the Group;

20. Resolve problems and conflicts arising between operating groups under control;

21. Represent the Group in its dealings with major customers, financial institutions, government bodies and other key stakeholders;

22. Review and approve the appointment and termination of all personnel;

23. Planning policy, and setting standards and objectives for the Group;

24. Providing day-to-day direction and management of the Employer's and Parent Company's business, and directing and endorsing
policy to fulfil objectives, achieve specific goals, and maximise profit and efficiency;

25. Assess changing situations and responding accordingly by issuing commands and directives to subordinate staff;

26. Consult with immediate subordinates and departmental heads on matters such as methods of operation, equipment requirements, finance,
sales and human resources;

27. Authorise the funding of major policy implementation programs;

28. Represent the Group at official occasions, in negotiations, at conventions, seminars, public hearings and forums, and liaising between
areas of responsibility;

29. Prepare, or arrange for the preparation of, reports, budgets and forecasts, and presenting them to governing bodies;

30. Select and manage the performance of senior staff; and

31. Undertake responsibility for some or all of accounting, sales, marketing, human resources and other specialist operations.

**Schedule 3**

Option terms

Unless otherwise defined, terms used in this schedule shall have the same meaning as in the Agreement.

In this schedule, 'Option' means an option to be granted by Radiopharm Theranostics Limited (**Radiopharm**) to the Executive under paragraph 1 below, the details of which are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options** | &nbsp;&nbsp;Options to subscribe for fully paid ordinary shares in the capital of Radiopharm (**Shares**). |
| &nbsp;&nbsp;**Expiry Date** | &nbsp;&nbsp;The date which is five years after the applicable Vesting Date for the Options (as outlined in item 4 below). |

---

---

| | |
|:---|:---|
| 1 | Subject to any limitations imposed by, or preconditions required to be satisfied pursuant to, any applicable requirements of the *Corporations Act 2001* (Cth), the ASX Listing Rules and Radiopharm's Constitution, Radiopharm shall grant the Options to the Executive on the terms set out in this schedule. Subject to ASX Listing Rule 6.18, the number of options shall equate to 2% of the issued capital of Radiopharm at the time of Radiopharm's listing on the Australian Securities Exchange. |

---

2 The Options are subject to, and shall be issued immediately prior to, Radiopharm's listing on the Australian Securities Exchange.

---

| | |
|:---|:---|
| 3 | Options awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. This Agreement is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent. To the extent that an award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. |

---

4 Subject to the Executive continuing employment with the Employer as at the applicable Vesting Date set out below, the applicable tranche of Options will vest on that Vesting Date in favour of the Executive:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Vesting Date** | &nbsp;&nbsp;**No. of Options** | &nbsp;&nbsp;**Exercise Price** |
| &nbsp;&nbsp;The date that is one year following Radiopharm's listing on the Australian Securities Exchange | &nbsp;&nbsp;33.33% | &nbsp;&nbsp;IPO issue price |
| &nbsp;&nbsp; The date that is two years following Radiopharm's listing on the Australian<br> Securities Exchange | &nbsp;&nbsp;33.33% | &nbsp;&nbsp;IPO issue price |
| &nbsp;&nbsp; The date that is three years following<br> Radiopharm's listing on the Australian Securities Exchange | &nbsp;&nbsp;33.33% | &nbsp;&nbsp;IPO issue price |

---

5 The payment of the Exercise Price may be made as agreed between Radiopharm and the Executive and may include a cashless exercise of the Options in accordance with the following formula:

<u>S = O x (MSP – EP)</u> <br> MSP

Where:

S = Number of Shares to be issued on exercise of the Options. O = Number of Options.

MSP = Market value of the Shares (calculated using the volume weighted average prices at which Shares were traded on the ASX over the one week period immediately preceding the exercise date).

EP = Option exercise price.

6 The terms of issue of the Options are set out below. <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **No.** | &nbsp;&nbsp;**Condition** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Each Option carries the right to subscribe for one Share, subject to conditions 5, 6 and 7. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; Any Shares issued as a result of exercising an Option will:<br> (a) be issued on the same terms; and<br> (b) rank in all respects on equal terms,<br> with the other existing Shares. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Radiopharm must use its reasonable endeavours to allot and issue the Shares in respect of which an Option has been validly exercised no later than five Business Days after receipt of a notice of exercise of the Option. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;An Option does not entitle the Executive to participate in any new issue of shares. However, an entitlement to participate may apply following the exercise of an Option in respect of Shares held by the Executive at the relevant record date for that issue. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp; If Radiopharm:<br> (a) consolidates; or<br> (b) subdivides,<br> the share capital of Radiopharm, the number of Options must be consolidated or subdivided (as the case requires) in the same ratio in accordance with the ASX Listing Rules. |
| &nbsp;&nbsp;6 | &nbsp;&nbsp; If:<br> (a) the Shares are reconstructed; or<br> (b) there is an in specie distribution to shareholders,<br> the number of Options or the Exercise Price (or both) must be reconstructed (as appropriate) in accordance with the ASX Listing Rules so that there will not be:<br> (c) any benefit conferred on the Executive which is not conferred on the other shareholders; or<br> (d) any detriment to the Executive. |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The number of Shares issued on the exercise of an Option will be adjusted for pro-rata issues (except a bonus issue) made before exercise of the Option in accordance with the ASX Listing Rules. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Exercise Price will not change because of any bonus issue. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;If any adjustment required under conditions 5, 6 or 7 would result in the Executive becoming entitled to a fraction of an Option, the fraction is to be rounded up. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;An Option does not give any right to participate in any dividends or distributions declared by Radiopharm. |
| &nbsp;&nbsp;11 | &nbsp;&nbsp; Each Option is issued subject to:<br> (a) the terms of Radiopharm's Equity Incentive Plan;<br> (b) the *Corporations Act 2001* (Cth);<br> (c) the ASX Listing Rules; and<br> (d) Radiopharm's Constitution. |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Notwithstanding any other terms of the Options, the rights of the Executive as an option holder will be changed to the extent necessary to comply with the ASX Listing Rules applying to a reorganisation of capital at the time of the reorganisation. |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Subject to any limitations imposed by, or preconditions required to be satisfied pursuant to, any applicable requirements of the *Corporations Act 2001* (Cth), the ASX Listing Rules and Radiopharm's Constitution, Radiopharm shall use its best endeavours to ensure that other than permissible adjustments in accordance with items 5, 6 and 7 above the Executive's interests are not adjusted for a period of 5 years following Radiopharm's IPO (as calculated from the date of admission to ASX) in a way which would have the effect of reducing the Executive's interest in the Company to below 5%. |

---

7 Each Option is personal to the Executive and may not be assigned to or exercised by any other person.

8 Subject to earlier expiry in accordance with the terms of the Executive's employment agreement, any and all unexercised Options expire on the Expiry Date.

**Executed** as an agreement.

Signed sealed and delivered

by

Radiopharm Theranostics (USA) Inc

on / /2021 by:

---

| | | | |
|:---|:---|:---|:---|
|  | <u>/s/ Paul Hopper</u> |  | /s/ Phillip Allen Hains |
| ⮙ | Director | ⮙ | Director/Secretary |
|  | <u>Paul Hopper</u>  |  | <u>Phillip Allen Hains</u>  |
| ⮙ | Full name of Director | ⮙ | Full name of Director/Secretary |

---

by

Radiopharm Theranostics Limited

on / /2021 by:

---

| | | | |
|:---|:---|:---|:---|
|  | /s/ Paul Hopper |  | /s/ Phillip Allen Hains |
| ⮙ | <br> Director | ⮙ | <br> Director/Secretary |
|  | Paul Hopper |  | Phillip Allen Hains |
| ⮙ | <br> Full name of Director | ⮙ | <br> Full name of Director/Secretary |

---

Signed by Riccardo Canevari on / /2021 in the presence of: <u>/s Riccardo Canevari</u> <br> ⮙ Signature of Riccardo Canevari

---

| | |
|:---|:---|
| ⮙ | Signature of witness |
| ⮙ | Name of witness (print) |

---

Solely for purposes of clause 11.2 and 11.3:

---

| | | |
|:---|:---|:---|
| Signed by Paul Hopper on / /2021 in the presence of: |  | /s/ Paul Hopper |
|  | ⮙ | Signature of Paul Hopper |

---

---

| | |
|:---|:---|
|  | /s/ Phillip Allen Hains |
| ⮙ | Signature of witness |
|  | Phillip Allen Hains |
| ⮙ | Name of witness (print) |

---

## Exhibit 4.3

**Exhibit 4.3**

Dated 25 June 2021

**Chief Medical Officer - Executive Service Agreement**

Parties

**Radiopharm Theranostics (USA) Inc**

**Dr Paul David Mozley**

**Contents**

---

| | | |
|:---|:---|:---|
| 1 | Definitions and interpretation | 1 |
| 2 | Warranties | 5 |
| 3 | Commencement | 5 |
| 4 | Position and Duties | 5 |
| 5 | Place of work | 6 |
| 6 | Hours of work | 6 |
| 7 | Remuneration and taxation | 7 |
| 8 | Equity Incentive Plan | 7 |
| 9 | Method and frequency of payment | 7 |
| 10 | Annual Bonus | 7 |
| 11 | Other benefits | 8 |
| 12 | Expenses | 8 |
| 13 | Performance and remuneration review | 8 |
| 14 | Employer's Property | 9 |
| 15 | Vacation | 9 |
| 16 | Public holidays | 10 |
| 17 | Termination | 10 |
| 18 | Restraint during Employment | 13 |
| 19 | Restraint after Employment ceases | 13 |
| 20 | Confidential Information | 15 |
| 21 | Intellectual Property | 17 |
| 22 | Remedies for breach by Executive | 18 |
| 23 | Moral Rights | 18 |
| 24 | Policies | 18 |
| 25 | Privacy | 19 |
| 26 | Application of legislation and industrial instruments | 19 |
| 27 | Severability | 19 |
| 28 | Governing law | 19 |
| 29 | Continuing obligations | 20 |
| 30 | Waiver | 20 |
| 31 | Costs and outlays | 20 |
| 32 | Entire understanding | 20 |
| 33 | Acknowledgment | 20 |
| 34 | Counterparts | 20 |
| 35 | Variation | 20 |

---

i

This **Executive Service Agreement** dated 25 June 2021

---

| | |
|:---|:---|
| **Parties** | **Radiopharm Theranostics (USA) Inc** care of Vcorp Services, LLC. Located at 701 S. Carson Street, Suite 200, Carson City NV 89701, USA<br> (**Employer**) |

---

**Dr P. David Mozley** of 1033 Anvil Drive, Collegeville, PA 19426 USA<br> (**Executive**)

**Introduction**

---

| | |
|:---|:---|
| **A** | The Employer has offered to employ the Executive in the Position on the terms and conditions set out in this Agreement. |

---

---

| | |
|:---|:---|
| **B** | The Executive has accepted employment in the Position on the terms and conditions set out in this Agreement. |

---

**It is agreed**

1 Definitions and interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this Agreement:

**Agreement** means this document, including any schedule or annexure to it;

**Annual Bonus** means a discretionary annual target of 40% of the Executive's Base Salary;

**Base Salary** has the meaning set out in Item 7 of Schedule 1;

**Board** means the board of directors of the Parent Company, as constituted from time to time;

**Business Day** means a day that is not a Saturday, Sunday or any other day which is a public holiday or a bank holiday in the place where an act is to be performed or a payment is to be made;

**Client** means any person, firm or organisation to whom or on behalf of whom, the Employer or a Group Company provides products or services;

**Commencement Date** means the date specified in Item 3 of Schedule 1;

**Competing Business** means a business (whether operated as a company, partnership or sole trader) which carries on an activity in relation to radiopharmaceuticals or otherwise competes with the Employer's or the Group's business;

**Confidential Information** means information (whether oral, written, stored electronically or magnetically or otherwise in machine readable form) of the Employer and the Group which is of a confidential character. Confidential Information includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) information which is specifically designated as confidential by the Employer, the Group, Identified Prospective Clients or Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information which by its nature or the circumstances of its disclosure may be reasonably understood to be confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) files, databases and software reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) data, records and customer lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) business and financial plans, costings, rates and charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) trade secrets of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Intellectual Property of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information regarding the financial or business affairs of the Employer and the Group, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) board papers and reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) financial and management accounts, reports and information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) business and marketing plans, practices, information, strategies and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) strategic information of the Employer and the Group and information about current and future projects and arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) market research information or surveys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agreements, arrangements or terms of trade with a Client, Identified Prospective Client, supplier or prospective supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) information about the identity, contact details or requirements of Clients, Identified Prospective Clients, suppliers or prospective
suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) contractual, technical and production information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) notes and developments regarding Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all other matters relating to the internal or external operations or plans of the Employer or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the terms and conditions of employment of employees of the Employer and of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any discussion, negotiation or agreement between the Employer and the Executive regarding the performance of the Executive, or the
termination or cessation of the Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) business systems, and operating procedures, manuals or handbooks.

Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is publicly available at the Commencement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes publicly available during or after the Employment without breach of any obligation of confidence by the Executive;

**Corporations Act** means the Corporations Act 2001 (Cth);

**Disclosed Interest** has the meaning given at Item 8 of Schedule 1.

**Duties** means the duties and responsibilities set out in clause 4 of this Agreement;

**Employment** means employment of the Executive by the Employer, on the terms and conditions set out in this Agreement;

**Group** means the Employer and its Related Bodies Corporate from time to time;

**Group Company** means any member of the Group;

**Identified Prospective Clients** means organisations, businesses or individuals that have been identified by the Employer or a Group Company as an opportunity for obtaining future business (whether directly or through referral of other business);

**Intellectual Property** means all present and future intellectual or industrial property anywhere in the world (whether registered, unregistered or unregistrable) including inventions, ideas, concepts, discoveries, data, databases, secret processes, formulae, scientific and technical information, Confidential Information, trade marks, business names, company names, service marks, copyright, designs, patents, know how, circuit layout rights, plant breeders rights and trade secrets;

**Listing Rules** means the listing rules of the Australian Securities Exchange or any applicable exchange on which the Parent Company or any Group Company are listed;

**Month** means calendar month;

**Moral Right** has the same meaning as that term has in Part IX of the Copyright Act 1968 (Cth);

**Notice Period** means the notice period specified in Item 6 of Schedule 1; **Parent Company** means Radiopharm Theranostics Limited ACN 647 877 889; **Party** means either the Executive or the Employer as the context requires;

**Personal Information** has the same meaning as that term has in the Privacy Act;

**Position** means the position identified in Item 1 of Schedule 1;

**Privacy Act** means the Privacy Act 1988 (Cth);

**Property** means property of the Employer, and any other Group Company, and includes Confidential Information, Intellectual Property, documents, equipment, software, computer information (wherever it is stored), keys and access cards;

**Related Body Corporate** has the meaning given in section 9 of the Corporations Act;

**Restraint Areas** has the meaning given at Item 4 of Schedule 1;

**Restraint Periods** has the meaning given at Item 5 of Schedule 1;

**Termination Date** means the date on which the Employment and this Agreement terminates for any reason;

**VWAP** means volume weighted average price;

**Works** means all programs, programming, literary, dramatic, musical and artistic work within the meaning of the Copyright Act 1968 (Cth); and

**Year** means calendar year unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one gender includes the others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the singular includes the plural and the plural includes the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person includes a body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Party includes the Party's executors, administrators, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a thing includes the whole and each part of it separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a statute, regulation, code or other law or a provision of any of them includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendment or replacement of it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) another regulation or other statutory instrument made under it, or made under it as amended or replaced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "$", "USD$", or dollars means United States dollars unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Including" and similar expressions are not words of limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression have
a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Headings and any table of contents or index are for convenience only and do not form part of this Agreement or affect its interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A provision of this Agreement must not be construed to the disadvantage of a Party merely because that Party was responsible for the
preparation of this Agreement or the inclusion of the provision in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) If an act must be done on a specified day which is not a Business Day, it must be done instead on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a Party consists of more than 1 person, this Agreement binds each of them separately and any 2 or more of them jointly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An obligation, representation or warranty in favour of more than 1 person is for the benefit of them separately and jointly.

2 Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Executive warrants that the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) has disclosed to the Employer all directorships held by the Executive, and has disclosed any interests or obligations that might have
the potential to conflict with the Employer's interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) other than the Disclosed Interest, has no interests or obligations that are inconsistent with, or that would prevent, limit or adversely
affect the Executive complying with any of the Executive's obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will notify the Employer immediately if any of these circumstances change.

3 Commencement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Employment commences on the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Employment will continue until terminated in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Prior to the Commencement Date, the Employer may terminate this Agreement by giving one week's notice or making a payment in
lieu. If the Employer terminates this Agreement before the Commencement Date, no obligation for payment, including those payments described
at clauses 7, 8, 10 and 11 will be triggered.

4 Position and Duties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Executive is employed by the Employer in the Position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Executive will perform duties and have responsibilities consistent with the Position and as designated or assigned by the Employer
from time to time. The Executive's initial duties and responsibilities are set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Executive must report to the Chief Executive Officer, or other position as may be nominated by the Employer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 In the performance of the Duties, and at all times during the Employment, the Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) serve the Employer faithfully, honestly and diligently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) act at all times in the Employer's and the Group's best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) use the Executive's best endeavours to protect and promote the reputation and business interests of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not act in conflict with the interests of the Employer or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) perform the Duties with all due care and skill, and to the best of the Executive's knowledge and abilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) work the hours reasonably necessary to perform the Duties, which may include work outside the Employer's normal business hours,
on weekends and public holidays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) act in a professional and ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) comply with all reasonable and lawful directions of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) comply with the policies and procedures of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) maintain any and all registrations, qualifications, certifications and professional standards which are necessary for him to fulfil
the Duties in accordance with the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) comply with state and federal laws relating to health and safety, discrimination, bullying and harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) act at all times within the levels of authority delegated by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) provide the Chief Executive Officer, Board and Executive Chairman with information and reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) about the affairs of the Employer, as the Board may request from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) generally, so as to keep the Board fully informed of all material developments in or relevant to the Employer's affairs, within
the scope of the Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Parties agree that the Executive's Position, Duties, role and levels of responsibility may be varied from time to time.
Irrespective of any such variations, the remaining terms and conditions of this Agreement will continue to apply, unless otherwise agreed
in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The Executive will not accept any payment or other benefit as an inducement or reward for any act or omission in connection with any
matter or business transacted by or on behalf of the Employer or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Nothing in clause 4 limits the Executive's duties of good faith or fidelity to the Employer.

5 Place of work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Executive's usual place of work is specified at Item 2 of Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 From time to time, in the performance of the Duties, the Executive may be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) work from other locations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) travel within the United States of America and overseas, including Australia.

6 Hours of work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Executive is employed by the Employer on a full-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Executive will perform the Duties at such times as may be reasonably required for the operational requirements of the Employer's
business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 From time to time, it will be necessary for the Executive to perform the Duties outside standard business hours, including evenings,
weekends **,** and on public holidays. The Executive agrees that this is a reasonable requirement, in light of the Employer's
operational requirements, the nature of the Executive's Position, Duties, Base Salary, and the Executive's personal circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Executive is not entitled to any additional payment for work performed outside the Employer's standard business hours. The
Executive acknowledges that the Base Salary has been set at a level that takes into account the Executive's normal Duties and any
and all reasonable additional hours the Executive may be required to work.

7 Remuneration and taxation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 In consideration for the Executive carrying out the Duties and fulfilling the Executive's obligations, the Employer must pay
or provide the Executive the Base Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Unless expressly provided otherwise, all payments made under this Agreement are subject to deduction or withholding by the Employer
of any amounts required by law, including all amounts specified at clauses 10 (Annual Bonus), 11 (Other benefits), 12 (Expenses), 15 (Vacation)
and 17 (Termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 If an industrial instrument or legislation conferring minimum entitlements is or becomes applicable to the Employment, the Executive's
Base Salary other benefits that the Employer provides to the Executive (including cash and the value of non-cash benefits), may be applied
in satisfaction of any entitlements the Executive may have under that industrial instrument or legislation (including overtime rates,
penalty rates, shiftworker loadings, annual leave loading and allowances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Base Salary includes any compensation that might be lawfully "deferred" in a "pre- tax account" nominated
by the Executive. It will be the Executive's responsibility to set up the account and comply with the laws for reporting deferred
income to the USA taxing authorities (including the federal Internal Revenue Service, the US State and local governments).

8 Equity Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Executive is eligible to participate in the Employer or Parent Company's equity incentive plan (**Equity Incentive Plan**),
subject to the provisions of the Equity Incentive Plan and on such other terms and conditions as the Employer notifies the Executive in
writing in its absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Equity Incentive Plan may be varied, amended, removed or replaced by the Employer from time to time in its absolute discretion
acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Equity Incentive Plan does not form part of this Agreement.

9 Method and frequency of payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Employer must pay the Base Salary monthly in arrears by electronic transfer into an account nominated by the Executive.

10 Annual Bonus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Executive may be entitled to the Annual Bonus, subject to criteria to be determined by the Board of the Employer and the Executive
calculated on mutually agreed annual performance milestones. The Parties will endeavour to agree the criteria within 30 Business Days
of the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 In the absence of agreement as to the criteria at clause 10.1, the criteria will be determined by the Employer acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Executive will only become eligible to receive the Annual Bonus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) on a pro rata basis for the fiscal year between the Commencement Date and 30 June 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) after 30 June 2022, at the end of each fully worked subsequent fiscal year ending 30 June; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 if the Agreement has not been terminated and the Executive is not in the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The Annual Bonus, or any part of it, will be paid within 30 Business Days of the Employer determining it is payable within reasonable
and fair discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Any future incentive amounts will be subject to agreement in writing between the Employer and the Executive.

11 Other benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Employer has engaged a payroll and benefits service provider to administer the following benefits, during the Employment, in accordance
with market standard terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 401K plan permitting the Executive to contribute an amount equal to the maximum amount allowed by U.S. IRS guidelines. Employer shall
contribute 100% of the amount that Executive contributes to Executive's 401K plan up to a maximum of 8% of the Executive's
Base Salary paid to the Executive, subject to U.S. IRS guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) workers' compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an industry standard health benefits package reflective of the Executive's policy immediately before the Commencement Date.

12 Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Employer must pay all reasonable expenses, including reasonable travel costs, incurred by the Executive in performing the Duties,
provided the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) provides the Employer with acceptable documentation for the expenses incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) complies with any applicable expenses policy in force from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Executive must seek approval from the Chief Executive Officer before incurring any individual expense greater than USD$5,000,
or if it is not practicable to seek approval before incurring an expense, as soon as reasonably practicable after incurring the expense.

13 Performance and remuneration review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Employer may review the Executive's performance every 12 months, usually on or about 30 June, or at such other times at
the Board's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Employer may review the Base Salary every 12 months, usually on or about 30 June, however this does not necessarily mean it will
be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 In reviewing the Executive's performance and Base Salary, the Employer may take into account all circumstances it considers
relevant, including any change to the Duties, the performance of the Employer, the Employer's business requirements, and the prevailing
economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 The Executive is required to complete all relevant documents and questionnaires, attend performance interviews and provide truthful
answers to all questions in respect of the Executive's performance throughout the Employment.

14 Employer's Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Executive must return any Property which is in the Executive's possession, power or control, immediately on request by the
Employer or immediately on termination of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 If any of the Property is in the form of videotape, computer information, software or similar media, the Employer may require the
Executive to delete or erase this information so that it cannot be retrieved, and verify this to the Employer's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) take all reasonable care when using the Property and immediately report to the Employer any damage, defect or fault in the Property;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) take all reasonable steps to ensure the security of, and protect all Property, including Confidential Information and Intellectual
Property, which is in the Executive's possession, power or control.

15 Vacation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 The Executive is entitled to annual vacation (also known as annual leave), personal / carer's leave, compassionate leave and
parental leave, in accordance with applicable legislation and the Employer's policies. The following subclauses contain a summary
of some of those entitlements, and are to be read subject to those statutory provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Executive is entitled to accrue 4 weeks paid annual leave for each year of service. Any accrued but unused annual leave shall
carry over to the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Annual leave is to be taken at times agreed with the Employer. If the Parties cannot agree, the Employer may direct the Executive
to take leave. In the absence of agreement, annual leave must be taken at a time or times required by the Employer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive has accrued in excess of 8 weeks' annual leave; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Executive is required to do so by the Employer during a period over which the Employer, or that part of the Employer that the
Executive works for, does not trade or trades at a substantially reduced level. If the Executive does not have sufficient annual leave
accrued, the Executive agrees to take leave without pay during this period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 On termination of the Employment for any reason, the Executive will be paid any accrued but untaken annual leave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The Executive is entitled to accrue 10 days paid personal / carer's leave for each year of service, to be used either for personal
illness or injury, or to care for members of the Executive's immediate family or household who require care or support due to illness,
injury or unexpected emergency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The Executive must notify the Chief Executive Officer as soon as practicable of any absence for personal / carer's leave, and
the expected duration of the absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 The Employer may require the Executive to provide satisfactory evidence of the illness or injury, if the Executive is absent from
work for personal / carer's leave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 While on leave, the Executive must not engage in any conduct that is inconsistent with this Agreement, or the Executive's obligations
to the Employer.

16 Public holidays

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Subject to clause 16.2, the Executive is entitled to state and national public holidays applicable in the Executive's usual
place of work specified at Item 2 of Schedule 1, without loss of pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 The Executive may be required to work on certain public holidays to fulfil the requirements of the Position, unless the Executive
has reasonable grounds for not doing so.

17 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 **Termination by notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to clause 17.2, the Employer or the Executive may terminate the Employment and Agreement by providing the other Party with
prior written notice of termination, equal to the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice of termination must state the day on which the Employment will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) During the Notice Period, the Employer may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the Executive to work for part or all of the Notice Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in its absolute discretion elect to pay the Executive an amount in lieu of any unworked portion of the Notice Period, based on the
Executive's Base Salary for that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For all or part of the Notice Period, the Employer may require the Executive to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not attend the Employer's premises or premises at which any part of the Employer's business is conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not perform all or part of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cease all contact and communication with Clients, Identified Prospective Clients, suppliers, employees or contractors of the Employer
or the Group, or some of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not use some or all of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) remain in, and perform all Duties of, the Position until directed otherwise by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not attend work but remain available to attend work and perform any Duties required by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) perform duties other than the Duties, including less senior or significant duties, including duties relating to the handover of the
Executive's responsibilities; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) do any combination of clauses 17.1(4)(a) to 17.1(4)(g).

The Executive agrees that this will not constitute a repudiation of this Agreement. Notwithstanding the foregoing, the Executive will continue to receive the Base Salary during the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 **Summary termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Employer may immediately terminate the Employment and Agreement without prior notice if the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engages in any act or omission which, in the Employers' reasonable opinion, constitutes serious or persistent misconduct (including
dishonesty, theft, fraud or assault);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits a serious or persistent breach of this Agreement, including in particular, of any of clauses 2 (Warranties), 4 (Duties), 18
(Restraint during Employment), 20 (Confidential Information), 21 (Intellectual Property), 24 (Policies), or 25 (Privacy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) misappropriates the Intellectual Property or Confidential Information of the Employer or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is, in the Employer's reasonable opinion, guilty of material breach of faith, material neglect or default, wilful disregard
of directions or gross incompetence or negligence in the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is either repeatedly absent from work, or absent from work for a period of 5 consecutive Business Days, without proper explanation
by the Executive or the consent of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) wilfully refuses to obey or comply with a lawful direction of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) commits any act of bankruptcy or compounds with the Executive's creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is precluded from taking part in the management of a corporation under the provisions of Part 2D of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is found to have materially breached the Employer's policies for, or statutory requirements regarding, health and safety, discrimination
and sexual harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) is intoxicated or under the influence of illegal drugs or drugs which have not been lawfully prescribed for the Executive, while at
work; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) is charged with any criminal or indictable offence which in the Employer's reasonable opinion may bring the Executive or the
Employer, the Group or any Group Company into disrepute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Employment is terminated under this clause 17.2, the Executive is not entitled to receive any payment in lieu of the Notice
Period or any other compensation, including any compensation under clause 17.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 **Termination payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event that the Employment and Agreement is terminated by the Employer, other than in accordance with clause 17.2, the Executive
will be entitled to receive a payment equal to 12 months of the Base Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) After the Termination Date, the Employer will cease making payments, or reimbursing for expenses, for the other benefits described
in clause 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 **Resignation from office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On termination of the Employment, or at the request of the Employer, the Executive must resign from any office held by the Executive
in the Employer or a Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except as otherwise provided for in this Agreement, the Executive is not entitled to compensation for resigning from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Executive fails to resign from office, the Employer is authorised to appoint another person in the name of the Executive and
on the Executive's behalf, to execute all documents and to do all things required to give this effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 **Representations after termination** 

Except as it may pertain to Executive's equity holdings in the Employer or a Group Company, after termination of the Employment, the Executive must not represent himself as being in any way connected with or interested in the Employer's of the Group's businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 **Severance payments** 

The Executive agrees that any payments paid to the Executive under clause 17, whether a payment in lieu of notice of termination or a redundancy payment or otherwise, is in satisfaction of (either wholly or in part), and may be off-set against, any legislative severance entitlement the Executive might have, to pay in lieu of notice of termination and/or redundancy pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 **Money owed to the Employer** 

If, on termination, the Executive owes any amount to the Employer (including any overpayments that the Employer may have made), the Employer can offset that amount against any payments the Employer is legally obliged to make to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 **Compliance with Corporations Act and Listing Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Employer is not required to pay or provide (or procure the payment or provision of) any money or benefits to the Executive which
would require shareholder approval under the Corporations Act or which would cause the Employer to infringe the Listing Rules (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where clause 17.8(1) applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any payments or benefits to be provided to the Executive under this Agreement must be reduced to a level which does not require shareholder
approval and which does not infringe the Listing Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Employer overpays the Executive, the Executive must on receiving written notice from the Employer, immediately repay any money
or benefits specified in such notice.

18 Restraint during Employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 During the Employment, the Executive must not, without the Employer's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) induce, encourage or solicit any of the Employer's or Group Companies' employees, contractors and agents to terminate
their engagement with the Employer or Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) induce, encourage or solicit any of the Employer's or Group Companies' clients or contractors to end or restrict their
professional or trade relationship with the Employer or Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) other than the Disclosed Interests, act as an officer of, or as a consultant, adviser, representative or trustee to any other corporation,
firm, organisation or person (whether paid or unpaid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other than the Disclosed Interests, take up any other appointment or position such as director, partner, officer or employee with
any other corporation, firm, or organisation (whether paid or unpaid); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) other than the Disclosed Interests, hold 1% or more of the shares or securities in any business which creates or may create a conflict
between the Employer's, Group's and the Executive's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The Executive agrees that this is a reasonable requirement to protect the legitimate interests of the Employer and the Group.

19 Restraint after Employment ceases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 The Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the course of the Employment, the Executive will have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a high level of access to Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) knowledge of, and influence over, Clients and Identified Prospective Clients because of the personal relationships formed with Clients
and any Identified Prospective Clients and their representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a position of leadership enabling the Executive to have a degree of influence over the Employer's employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as a consequence, it is necessary and reasonable for the Employer to protect the Employer's Confidential Information, employees,
Identified Prospective Clients and Client connections, goodwill, and business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 After the Termination Date, the Executive must not, without the Employer's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for the Restraint Periods; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause 19.2(3), within the Restraint Areas;

either directly or indirectly do or engage in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) alone or jointly with or on behalf of anybody else in any capacity (including, without limitation, as principal, agent, partner, employees,
shareholder, unit holder, joint venture, director, trustee, beneficiary, manager, consultant or adviser) carry on, operate or be engaged,
interested or employed in a Competing Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) interfere with, disrupt or attempt to disrupt, the relationship, contractual or otherwise, between the Employer and any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Clients in respect of whom the Executive has carried out work or had a business relationship at any time during the 12 month period
immediately preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Identified Prospective Clients with whom the Executive has been involved in developing a business relationship, at any time during
the 12 month period immediately preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the suppliers with whom the Executive has had dealings or had a business relationship at any time during the 12 month period immediately
preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) induce, encourage or solicit any of the Employer's employees, contractors or agents, with whom the Executive has worked or has
had a business relationship at any time during the 12 period immediately preceding the Termination Date, to leave the Employer's
employment or agency or to cease providing services to the Employer or Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) employ or engage, or offer to employ or engage, any officer, employee, contractor or agent of the Employer or Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) directly or indirectly assist any person to, or procure any person to, do any of the acts or anything else contemplated by clauses
19.2(3) to 19.2(6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 This clause 19 does not prevent the Executive from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) owning marketable securities of a corporation or trust which is listed on a recognised stock exchange in Australia or elsewhere, provided
that the Executive holds no more than 5% of the total marketable securities of the corporation or trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) accepting an academic appointment at a university that does not involve any activities of material interest to the Employer and does
impact the Executive's performance of the Duties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continuing any Disclosed Interest which the Executive had at the time of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 The Executive agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the restraints set out in this clause 19 will apply as if they consisted of several separate, independent and cumulative covenants
and restraints consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of clauses 19.2(4), 19.2(5), 19.2(6) and 19.2(7) combined with each separate Restraint Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) clause 19.2(3) combined with each separate Restraint Period and of each such separate combination combined with each separate Restraint
Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if any separate covenant and restraint referred to in clause 19 is unenforceable, illegal or void, that covenant and restraint is
severed and the other covenants and restraints remain in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) each of these separate provisions is a fair and reasonable restraint of trade, that goes no further than reasonably necessary to protect
the Employer's Confidential Information, employee and Client connections, goodwill, and business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) substantial and valuable consideration has been received for each separate covenant and restraint in this clause directly and indirectly
by the Executive, including the Employment and the Base Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any combination of the acts referred to above for each separate Restraint Period and, if applicable, Restraint Area, would be unfair
and calculated to damage the Employer's Confidential Information, connections with its employees and Clients, goodwill, and business,
and would lead to substantial loss to the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 This clause 19 continues to apply after the Employment and the Agreement come to an end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 In clause 19, a reference to "the Employer" includes the Employer, and any other Group Companies in respect of whose business
the Executive has been actively engaged in the course of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 Any promise, warranty or covenant made by the Executive under clause 19 in favour of persons not a party to this Agreement is intended
to be, and is, directly enforceable by each of those persons, and this Agreement operates as a deed poll in favour of those persons.

20 Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 The Executive acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive will become possessed of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Confidential Information remains at all times the Property of the Employer, the Group or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) disclosure of such Confidential Information may diminish the value of the information and could materially harm the Employer and/or
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the restrictions in this clause 20 are reasonable in all the circumstances and necessary to protect the goodwill of the Employer and/or
the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the remedy of damages will be inadequate to protect the interests of the Employer and/or the Group generally and they are respectively
entitled to seek and obtain injunctive relief or any other relief to protect their interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) take all steps necessary to maintain the strict confidentiality of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ensure that proper and secure storage is provided for Confidential Information while in the possession or under the control of the
Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take all precautions necessary to prevent disclosure of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not use or attempt to use Confidential Information in any manner which may injure or cause loss, either directly or indirectly, to
the Employer or any other Group Company, or which may be likely to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) not disclose Confidential Information to any person other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as directed by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where required for the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the terms and conditions of this Agreement, to the Executive's legal and financial advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if compelled by law to disclose the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) use Confidential Information solely in accordance with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) keep confidential the fact that Confidential Information has been provided to the Executive and other employees, servants and/or agents
of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 When the Executive discloses Confidential Information as permitted by clause 20.2(5)(c) and 20.2(5)(d), the Executive must ensure
that whoever it is disclosed to is made aware of its confidential nature, and of the Executive's obligations under clause 20. The
Executive will use the Executive's best endeavours to ensure that those persons comply with the obligations of clause 20 as if the
obligations were expressed to apply to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 If the Executive is obliged by law to disclose any Confidential Information (or anticipates that the Executive may be so obliged),
the Executive must immediately notify the Employer of the actual or anticipated requirement and use all lawful means to delay and withhold
disclosure until the Employer has had a reasonable opportunity to oppose disclosure by lawful means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 This clause 20 continues to apply after the Employment and the Agreement come to an end.

21 Intellectual Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The Executive warrants that the Executive does not have any right or interest in respect of any Intellectual Property owned, used
or capable of being used by the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 The Employer owns all Intellectual Property that the Executive develops or conceives in the course of or arising out of the Employment,
whether alone or in conjunction with someone else, and whether during or outside working hours:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) using the Employer's or any of the Clients' or Identified Prospective Clients' premises, resources or facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the course of, as a consequence of or in relation to the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) directly or indirectly as a result of the Executive's or anybody else's access to the Confidential Information or other
Intellectual Property of the Employer, or Clients' confidential information or Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in respect of or associated with any of the Employer's products or services and any alterations or additions or methods of making,
using, marketing, selling or providing these products or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) relating to other Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 To the extent that the Executive has any right or interest in Intellectual Property which is owned, used or capable of being used
by the Employer, the Executive assigns that Intellectual Property to the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The Executive will immediately disclose in writing to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any matter which may come to the Executive's attention during the Employment, which may be of interest, importance or use to
the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any proposal for improvements which may be of service for the furtherance of the Employer's business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Intellectual Property made or conceived of during the course of performing the Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 The Executive will do anything necessary, including executing any documents such as an assignment, for the purpose of effecting, perfecting
and protecting the Employer's title or that of the Employer's nominee to the Intellectual Property, in Australia or such other
countries as the Employer requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 The Executive may not make use of or reproduce any Intellectual Property owned by the Employer without prior written approval, other
than in the ordinary course of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 In clause 20.5, a reference to "the Employer" includes the Employer, and any other Group Companies in respect of whose
business the Executive has been actively engaged in the course of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8 Any promise, warranty or covenant made by the Executive under clause 20.5 in favour of persons not a party to this Agreement is intended
to be, and is, directly enforceable by each of those persons, and this Agreement operates as a deed poll in favour of those persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9 This clause 21 continues to apply after the Employment and the Agreement come to an end.

22 Remedies for breach by Executive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 The Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a breach of any of clauses 18 (Restraint during Employment), 19 (Restraint after Employment ceases), 20 (Confidential Information)
or 20.5 (Intellectual Property) would be harmful to the Employer's business interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) monetary damages alone would not be a sufficient remedy for a breach of any of these clauses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in addition to any other remedy which may be available in law or equity, the Employer or any other aggrieved party is entitled to
interim, interlocutory and permanent injunctions or any of them to prevent breach of these clauses and to compel specific performance
of them.

23 Moral Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 The Executive consents to the doing of any acts or making of any omissions by the Employer or any Group Company or their respective
employees, servants, agents, licensees and assigns that infringe the Executive's Moral Rights in any Works made by the Executive
in the course of the Employment, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) not naming the Executive as the author of a Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) naming another person as the author of a Work; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amending or modifying (whether by changing, adding to or deleting/removing) any part of a Work;

whether those acts or omissions occur before, on or after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 The Executive acknowledges that this consent is genuinely given without duress of any kind and that the Executive has been given the
opportunity to seek legal advice on the effect of giving this consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Clause 23 continues to apply after the Employment and Agreement comes to an end and for the duration of the Moral Rights.

24 Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 While they do not form part of this Agreement and are not otherwise contractual, the Executive agrees to comply with the Employer's
policies, as amended or introduced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 The Executive agrees to model appropriate behaviours to promote and ensure compliance with the Employer's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 A failure by the Executive to comply with the policies of the Employer as in place, or as varied or introduced, from time to time
may result in disciplinary action being taken against the Executive, up to and including the termination of the Employment and Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 If the Employer's policies are inconsistent with the terms of this Agreement, the terms of this Agreement will prevail.

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| | |
|:---|:---|
| 25 | Privacy |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 If the Executive deals with Personal Information, the Executive must comply with the requirements of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Privacy Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any applicable State legislation regarding privacy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any applicable policies of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The Executive acknowledges that as a result of and during the course of the Employment, the Employer will obtain Personal Information
(including health, medical and other sensitive information) about the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 The Executive consents to the Employer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) obtaining this Personal Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) disclosing this Personal Information to other parties for the purposes of conducting the Employer's business, and as otherwise
outlined in the Employer's privacy policies.

26 Application of legislation and industrial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 Any legislation or relevant industrial instrument applies to the Employment as a matter of law, and does not form part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 This Agreement does not in any way expressly or impliedly limit the obligations of the Executive under applicable legislation, including
the Corporations Act, as in force from time to time or the Listing Rules as in force from time to time.

27 Severability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 If any provision of this Agreement is unenforceable, illegal or void, that provision is severed and the other provisions of this Agreement
remain in force.

28 Governing law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 This Agreement is governed by the law in force in New South Wales, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 The parties submit to the jurisdiction of the courts of New South Wales, Australia and agree that as the appropriate forum for any
dispute as between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 Notwithstanding, clauses 28.1 and 28.2 above, the Executive acknowledges the Employer is a subsidiary of the Parent Company which
is incorporated in and subject to the laws of Australia, including the Corporations Act. The Executive acknowledges such laws may have
extra-territorial effect.

29 Continuing obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 Any provision of this Agreement remaining to be performed or observed by the Executive or having effect after the termination of this
Agreement for whatever reason remains in full force and effect and is binding on the Executive.

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| | |
|:---|:---|
| 30 | Waiver |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 A Party's failure or delay to exercise a power or right does not operate as a waiver of that power or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 The exercise of a power or right does not preclude either its exercise in the future or the exercise of any other power or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3 A waiver is not effective unless it is in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 Waiver of a power or right is effective only in respect of the specific instance to which it relates and for the specific purpose
for which it is given.

31 Costs and outlays

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 Each Party must pay its own costs and outlays connected with the negotiation, preparation and execution of this Agreement.

32 Entire understanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 This Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) contains the entire agreement and understanding between the Parties on everything connected with the subject matter of this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) supersedes any prior agreement or understanding on anything connected with that subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 Each Party has entered into this Agreement without relying on any representation by any other Party or person purporting to represent
that Party.

33 Acknowledgment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 The Executive acknowledges that the Executive has entered into this Agreement without duress, and after having had the opportunity
to take independent expert advice on its terms and their effect.

34 Counterparts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 This Agreement may be executed in counterparts.

35 Variation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1 Subject to clause 4.5, an amendment or variation to this Agreement is not effective unless it is in writing and signed by both Parties.

**Schedule 1**

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| | |
|:---|:---|
| Item 1 | **Position** |

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Chief Medical Officer

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| | |
|:---|:---|
| Item 2 | **Place of work** |

---

The United States of America, or as otherwise mutually agreed with the Employer from time to time.

---

| | |
|:---|:---|
| Item 3 | **Commencement Date** |

---

On a date to be agreed, but not before:

● the Employer has issued all convertible notes in the Employer as part of a currently contemplated capital raising round to raise an amount of up to AUD$15million; and

● the Employer has secured the appropriate assets to launch the Employer.

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| | |
|:---|:---|
| Item 4 | **Restraint Areas** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all areas in which the Employer sells its services or products at the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any and all areas in which the Employer had, during the 12 months prior to the Termination Date, documented
plans to sell any services or products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the United States of America.

---

| | |
|:---|:---|
| Item 5 | **Restraint Periods** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 24 months commencing upon the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 18 months commencing upon the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 12 months commencing upon the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) six months commencing upon the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) three months commencing upon the Termination Date;

---

| | |
|:---|:---|
| Item 6 | **Notice Period** |

---

Six weeks.

---

| | |
|:---|:---|
| Item 7 | **Base Salary** |

---

The Base Salary is USD$400,000 per annum, less any applicable withholding taxes, paid in the course of the Employer's regular payroll practices.

---

| | |
|:---|:---|
| Item 8 | **Disclosed Interest** |

---

None disclosed.

**Schedule 2**

Position Description

**Key Responsibilities:**

● The CMO will have responsibility for overall strategy and execution of development programs as well as playing a critical role in strategic corporate decisions.

● Provide strategic, scientific and medical oversight on clinical programs, discovery efforts and research projects.

● Development assessments of pre-clinical and clinical programs to support life-cycle plan and new therapeutic initiatives.

● Clinical support on implementation teams, providing subject matter expertise, clinical science support and functional representation

● Interact with the regulatory authorities, corporate partners and investors

● Build relationships and scientific outreach within the oncology specialty community.

● Participate in cross-functional teams for the evaluation of new development ideas, medical strategies and business development assessments.

● Contribute to authorship and review process for scientific publications and presentations.

● Assist with scientific advisory board activities.

● Demonstrated outstanding leadership of multiple development projects and teams

● Extensive experience leading the design, conduct, analysis, and reporting of clinical studies, including experience submitting INDs to regulatory authorities in the US and Europe or other countries is preferred

● Significant successful interactions with key opinion leaders and investigators

● Proven ability to effectively work in a cross-functional/matrix environment and successfully leverage internal and external partnerships

● Strategic agility; in-depth knowledge and broad experience in the pharmaceutical or biotech industry and is able to bring this to bear in accomplishing strategic goals and objectives

● Strong interpersonal, influencing, presentation, and written and verbal communications skills; able to effectively address all levels within an organization

● Assure that the highest quality, ethical & professional values are demonstrated in all aspects of the team work

● Ensures compliance with corporate policies and procedures, as well as, all related healthcare laws, regulations and pharma industry standards

**Schedule 3**

Option terms

Unless otherwise defined, terms used in this schedule shall have the same meaning as in the Agreement.

In this schedule, 'Option' means an option to be granted by Radiopharm Theranostics Limited (**Radiopharm**) to the Executive under paragraph 1 below, the details of which are as follows:

---

| | |
|:---|:---|
| **Options** | Options to subscribe for fully paid ordinary shares in the capital of Radiopharm (**Shares**). |
| **Expiry Date** | The date which is 5 years after the Commencement Date. |

---

---

| | |
|:---|:---|
| 1 | Subject to any limitations imposed by, or preconditions required to be satisfied pursuant to, any applicable requirements of the *Corporations Act 2001* (Cth), the ASX Listing Rules and Radiopharm's Constitution, Radiopharm shall grant the Options to the Executive on the terms set out in this schedule. Subject to ASX Listing Rule 6.18, the number of options shall equate to 1% of the issued capital of Radiopharm at the time of Radiopharm's listing on the Australian Securities Exchange. |

---

2 The Options are subject to, and shall be issued immediately prior to, Radiopharm's listing on the Australian Securities Exchange.

---

| | |
|:---|:---|
| 3 | Options awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. This Agreement is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent. To the extent that an award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. |

---

4 Subject to the Executive continuing employment with the Employer as at the applicable Vesting Date set out below, the applicable tranche of Options will vest on that Vesting Date in favour of the Executive:

---

| | | |
|:---|:---|:---|
| **Vesting Date** | **No. of Options** | **Exercise Price** |
| The date of Radiopharm's listing on the Australian Securities Exchange | 33.33% | IPO issue price |
| The date that is one year following Radiopharm's listing on the Australian Securities Exchange | 33.33% | IPO issue price |
|  The date that is two years following Radiopharm's listing on the Australian Securities Exchange | 33.33% | IPO issue price |

---

5 The payment of the Exercise Price may be made as agreed between Radiopharm and the Executive and may include a cashless exercise of the Options in accordance with the following formula:

S = <u>O x (MSP – EP)</u>

MSP

Where:

S = Number of Shares to be issued on exercise of the Options.

O = Number of Options.

MSP = Market value of the Shares (calculated using the volume weighted average prices at which Shares were traded on the ASX over the one week period immediately preceding the exercise date).

EP = Option exercise price.

6 The terms of issue of the Options are set out below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Condition** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Each Option carries the right to subscribe for one Share, subject to conditions 5, 6 and 7. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp; Any Shares issued as a result of exercising an Option will:<br>(a) be issued on the same terms; and<br>(b) rank in all respects on equal terms, with the other existing Shares.<br>|
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Radiopharm must use its reasonable endeavours to allot and issue the Shares in respect of which an Option has been validly exercised no later than five Business Days after receipt of a notice of exercise of the Option. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;An Option does not entitle the Executive to participate in any new issue of shares. However, an entitlement to participate may apply following the exercise of an Option in respect of Shares held by the Executive at the relevant record date for that issue. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp; If Radiopharm:<br>(a) consolidates; or<br>(b) subdivides,<br>the share capital of Radiopharm, the number of Options must be consolidated or subdivided (as the case requires) in the same ratio in accordance with the ASX Listing Rules.<br>|
| &nbsp;&nbsp;6 | &nbsp;&nbsp; If:<br>(a) the Shares are reconstructed; or<br>(b) there is an in specie distribution to shareholders,<br>the number of Options or the Exercise Price (or both) must be reconstructed (as appropriate) in accordance with the ASX Listing Rules so that there will not be:<br>(c) any benefit conferred on the Executive which is not conferred on the other shareholders; or<br>(d) any detriment to the Executive.<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Condition** |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The number of Shares issued on the exercise of an Option will be adjusted for pro-rata issues (except a bonus issue) made before exercise of the Option in accordance with the ASX Listing Rules. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Exercise Price will not change because of any bonus issue. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;If any adjustment required under conditions 5, 6 or 7 would result in the Executive becoming entitled to a fraction of an Option, the fraction is to be rounded up. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;An Option does not give any right to participate in any dividends or distributions declared by Radiopharm. |
| &nbsp;&nbsp;11 | &nbsp;&nbsp; Each Option is issued subject to:<br>(a) the terms of Radiopharm's Equity Incentive Plan (if applicable);<br>(b) the *Corporations Act 2001* (Cth);<br>(c) the ASX Listing Rules; and<br>(d) Radiopharm's Constitution.<br>|
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Notwithstanding any other terms of the Options, the rights of the Executive as an option holder will be changed to the extent necessary to comply with the ASX Listing Rules applying to a reorganisation of capital at the time of the reorganisation. |

---

---

| | |
|:---|:---|
| 7.0 | The number of Shares issued on the exercise of an Option will be adjusted for pro-rata issues (except a bonus issue) made before exercise of the Option in accordance with the ASX Listing Rules. |
| 8.0 | The Exercise Price will not change because of any bonus issue. |
| 9.0 | If any adjustment required under conditions 5, 6 or 7 would result in the Executive becoming entitled to a fraction of an Option, the fraction is to be rounded up. |
| 10.0 | An Option does not give any right to participate in any dividends or distributions declared by Radiopharm. |
| 11.0 | Each Option is issued subject to: |
|  | (a) the terms of Radiopharm's Equity Incentive Plan (if applicable); |
|  | (b) the *Corporations Act 2001* (Cth); |
|  | (c) the ASX Listing Rules; and |
|  | (d) Radiopharm's Constitution. |
| 12.0 | Notwithstanding any other terms of the Options, the rights of the Executive as an option holder will be changed to the extent necessary to comply with the ASX Listing Rules applying to a reorganisation of capital at the time of the reorganisation. |

---

7 Each Option is personal to the Executive and may not be assigned to or exercised by any other person.

8 Subject to earlier expiry in accordance with the terms of the Executive's employment agreement, any and all unexercised Options expire on the Expiry Date.

**Executed** as an agreement.

Signed sealed and delivered

by

Radiopharm Theranostics (USA) Inc

on 27 / June /2021 by:

---

| | | | |
|:---|:---|:---|:---|
|  | /s/ Paul Hopper |  | /s/ Phillip Hains |
| ⮙ | Director | ⮙ | Director/Secretary |

---

<u>Paul Hopper </u> <u>Phillip Hains </u> <br> ⮙ Full name of Director ⮙ Full name of Director/Secretary

Signed by P. David Mozley, MD <br> on 25 / June /2021 in the presence of:

---

| | |
|:---|:---|
|  | /s/ P. David Mozley |
| ⮙ | Signature of P. David Mozley, MD |

---

---

| | |
|:---|:---|
|  | /s/ Muc Du |
| ⮙ | Signature of witness |
|  | Muc Du |
| ⮙ | Name of witness (print) |

---

## Exhibit 4.4

**Exhibit 4.4**

![](ex4-4_001.jpg)

C/- Suite 1, Level 3, 62 Lygon St, Carlton South

Victoria 3053, Australia

28th July 2021

Thomas Tulip, PhD

28 Summer St.

Andover MA 01810 USA

Dear Dr Tulip,

**<u>Re: Position of Chief Technical Officer (CTO) for Radiopharm Theranostics Limited (RPT)</u>**

We refer to our recent discussions and now confirm our offer to you on the following key terms and conditions.

**Title:** Chief Technical Officer (CTO);

**Reporting to:** Initially to the Executive Chairman, then to the Chief Executive Officer on his appointment;

**Location:** USA with some international travel required from time to time, including Australia;

**Start Date:** Approximately 9th August 2021;

**Remuneration:**

● US$240,000 pa payable monthly in arrears. Review to take place annually at the end of the Australian financial year being 30 June;

● This remuneration reflects an approximate 60% commitment of time. This commitment is expected to expand in CY2021 Q4, potentially to reach full-time commitment, exclusive of modest external, non-competing, *activity;* 

● Any external, non-competing activity subject to agreement with the CEO;

● Renumeration for the expanded time commitment will increase on a pro rata basis;

● For the avoidance of doubt and as an example, an expansion to 80% commitment will result in an increase from US$240,000 pa to US$320,000, pa and an increase to full-time commitment will result in an increase to US$400,000 pa.

**Bonus:** 40% of base salary, based on achievement of pre-agreed objectives. To be paid annually, starting in June 2022.

**Cashless Options:** RPT shall grant cashless options to the CTO subject to ASX Listing Rule 6.18. The number of options shall equate to 1% of the issued capital of RPT at the time of RPT's listing on the Australian Securities Exchange.

**Term:** 5 years

**Vesting:** 33.33% at IPO; 33.33% at one year anniversary from IPO; 33.33% at second year anniversary. In the event of termination, the unvested options shall lapse.

In the event that a license agreement is entered into with Bracco & RPT, RPT will negotiate with the CTO for the payment of a "spotter's fee to the CTO for introducing Bracco to RPT. This fee will be paid in either RPT cashless options or cash or both.

The CTO acknowledges that the grant of 1% of the pre-IPO capital of RPT to the CTO in good faith by Paul Hopper, is in partial payment of the spotter's fee above.

**Termination:**

● 30 days written notice by either party

This offer is contingent upon:

● Acquisition of the appropriate assets to launch RPT;

● Completion of a convertible note fundraising by RPT of approximately A$15 million.

Your permanent employment with RPT will be subject to approval of the incoming CEO following his commencement at RPT.

Kindly confirm your acceptance of this offer by signing a copy of this letter and returning it to the writer.

We look forward to working with you on this exciting venture and building the Company in the years to come.

Yours sincerely,

/s/ Paul Hopper

Paul Hopper

**Executive Chairman**

**Radiopharm Theranostic Limited**

ABN: 57 647 877 889

---

| | | |
|:---|:---|:---|
| Signed: | /s/ Thom Tulip | Dr Thom Tulip |
| Date: | July 28, 2021 |  |

---

## Exhibit 4.5

**Exhibit 4.5**

Dated 22 April 2022

**Chief Executive Officer -<br> Executive Service Agreement**

Parties

**Radiopharm Theranostics (USA) Inc**

**Vittorio Puppo**

**Contents**

---

| | | |
|:---|:---|:---|
| 1 | Definitions and interpretation | 1 |
| 2 | Warranties | 4 |
| 3 | Commencement | 5 |
| 4 | Position and Duties | 5 |
| 5 | Place of work | 6 |
| 6 | Hours of work | 6 |
| 7 | Remuneration and taxation | 7 |
| 8 | Equity Incentive Plan | 7 |
| 9 | Method and frequency of payment | 7 |
| 10 | Annual Bonus | 7 |
| 11 | Other benefits | 8 |
| 12 | Expenses | 8 |
| 13 | Performance and remuneration review | 9 |
| 14 | Employer's Property | 9 |
| 15 | Vacation | 9 |
| 16 | Public holidays | 10 |
| 17 | Termination | 10 |
| 18 | Restraint during Employment | 13 |
| 19 | Restraint after Employment ceases | 14 |
| 20 | Confidential Information | 16 |
| 21 | Intellectual Property | 17 |
| 22 | Remedies for breach by Executive | 18 |
| 23 | Moral Rights | 18 |
| 24 | Policies | 19 |
| 25 | Privacy | 19 |
| 26 | Application of legislation and industrial instruments | 19 |
| 27 | Severability | 19 |
| 28 | Governing law | 20 |
| 29 | Continuing obligations | 20 |
| 30 | Waiver | 20 |
| 31 | Costs and outlays | 20 |
| 32 | Entire understanding | 20 |
| 33 | Acknowledgment | 21 |
| 34 | Counterparts | 21 |
| 35 | Variation | 21 |

---

i

This **Executive Service Agreement** is dated 22 April 2022 by and between:

**Radiopharm Theranostics (USA) Inc** care of Vcorp Services, LLC. Located at 701 S. Carson Street, Suite 200, Carson City NV 89701, USA (**Employer**)

**Vittorio Puppo ___________________** New York, New York (**Executive**)

**Introduction**

---

| | |
|:---|:---|
| **A** | The Employer has offered to employ the Executive in the Position on the terms and conditions set out in this Agreement. |

---

---

| | |
|:---|:---|
| **B** | The Executive has accepted employment in the Position on the terms and conditions set out in this Agreement. |

---

**It is agreed**

1 Definitions and interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.1 In this Agreement:

**Agreement** means this document, including any schedule or annexure to it;

**Annual Bonus** has the meaning set out in Item 7A of Schedule 1

**Base Salary** has the meaning set out in Item 7 of Schedule 1;

**Board** means the board of directors of the Parent Company, as constituted from time to time;

**Business Day** means a day that is not a Saturday, Sunday or any other day which is a public holiday or a bank holiday in the place where an act is to be performed or a payment is to be made;

**Client** means any person, firm or organisation to whom or on behalf of whom, the Employer or a Group Company provides products or services;

**Commencement Date** means the date specified in Item 3 of Schedule 1;

**Competing Business** means a business (whether operated as a company, partnership or sole trader) which carries on an activity in relation to radiopharmaceuticals or otherwise competes with the Employer's or the Group's business;

**Confidential Information** means information (whether oral, written, stored electronically or magnetically or otherwise in machine readable form) of the Employer and the Group which is of a confidential character. Confidential Information includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) information
 which is specifically designated as confidential by the Employer, the Group, Identified Prospective
 Clients or Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information
 which by its nature or the circumstances of its disclosure may be reasonably understood to
 be confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) files,
 databases and software reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) data,
 records and customer lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) business
 and financial plans, costings, rates and charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) trade
 secrets of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Intellectual
 Property of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information
 regarding the financial or business affairs of the Employer and the Group, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) board
 papers and reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) financial
 and management accounts, reports and information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) business
 and marketing plans, practices, information, strategies and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) strategic
 information of the Employer and the Group and information about current and future projects
 and arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) market
 research information or surveys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 agreements, arrangements or terms of trade with a Client, Identified Prospective Client,
 supplier or prospective supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) information
 about the identity, contact details or requirements of Clients, Identified Prospective Clients,
 suppliers or prospective suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) contractual,
 technical and production information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) notes
 and developments regarding Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all
 other matters relating to the internal or external operations or plans of the Employer or
 the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 terms and conditions of employment of employees of the Employer and of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any
 discussion, negotiation or agreement between the Employer and the Executive regarding the
 performance of the Executive, or the termination or cessation of the Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) business
 systems, and operating procedures, manuals or handbooks.

Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 publicly available at the Commencement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes
 publicly available during or after the Employment without breach of any obligation of confidence
 by the Executive;

**Corporations Act** means the Corporations Act 2001 (Cth);

**Disclosed Interest** has the meaning given at Item 8 of Schedule 1.

**Duties** means the duties and responsibilities set out in clause 4 of this Agreement;

**Employment** means employment of the Executive by the Employer, on the terms and conditions set out in this Agreement;

**Financial Year** means a twelve months period commencing on 1 July and ending on the 30 June.

**Group** means the Employer and its Related Bodies Corporate from time to time;

**Group Company** means any member of the Group;

**Identified Prospective Clients** means organisations, businesses or individuals that have been identified by the Employer or a Group Company as an opportunity for obtaining future business (whether directly or through referral of other business);

**Intellectual Property** means all present and future intellectual or industrial property anywhere in the world (whether registered, unregistered or unregistrable) including inventions, ideas, concepts, discoveries, data, databases, secret processes, formulae, scientific and technical information, Confidential Information, trade marks, business names, company names, service marks, copyright, designs, patents, know how, circuit layout rights, plant breeders rights and trade secrets;

**Listing Rules** means the listing rules of the Australian Securities Exchange or any applicable exchange on which the Parent Company or any Group Company are listed;

**Moral Right** has the same meaning as that term has in Part IX of the Copyright Act 1968

(Cth);

**Notice Period** means the notice period specified in Item 6 of Schedule 1; **Parent Company** means Radiopharm Theranostics Limited ACN 647 877 889; **Party** means either the Executive or the Employer as the context requires;

**Personal Information** has the same meaning as that term has in the Privacy Act;

**Position** means the position identified in Item 1 of Schedule 1;

**Privacy Act** means the Privacy Act 1988 (Cth);

**Property** means property of the Employer, and any other Group Company, and includes Confidential Information, Intellectual Property, documents, equipment, software, computer information (wherever it is stored), keys and access cards;

**Related Body Corporate** has the meaning given in section 9 of the Corporations Act;

**Restraint Areas** has the meaning given at Item 4 of Schedule 1;

**Restraint Periods** has the meaning given at Item 5 of Schedule 1;

**Termination Date** means the date on which the Employment and this Agreement terminates for any reason;

**VWAP** means volume weighted average price;

**Works** means all programs, programming, literary, dramatic, musical and artistic work within the meaning of the Copyright Act 1968 (Cth); and

**Year** means calendar year unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.2** **Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reference
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one
 gender includes the others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 singular includes the plural and the plural includes the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 person includes a body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 Party includes the Party's executors, administrators, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 thing includes the whole and each part of it separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 statute, regulation, code or other law or a provision of any of them includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 amendment or replacement of it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) another
 regulation or other statutory instrument made under it, or made under it as amended or replaced;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "$",
 "USD$", or dollars means United States dollars unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Including"
 and similar expressions are not words of limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Where
 a word or expression is given a particular meaning, other parts of speech and grammatical
 forms of that word or expression have a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Headings
 and any table of contents or index are for convenience only and do not form part of this
 Agreement or affect its interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A
 provision of this Agreement must not be construed to the disadvantage of a Party merely because
 that Party was responsible for the preparation of this Agreement or the inclusion of the
 provision in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) If
 an act must be done on a specified day which is not a Business Day, it must be done instead
 on the next Business Day.

2 Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The
 Executive warrants that the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) has
 disclosed to the Employer all directorships held by the Executive, and has disclosed any
 interests or obligations that might have the potential to conflict with the Employer's
 interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) other
 than the Disclosed Interest, has no interests or obligations that are inconsistent with,
 or that would prevent, limit or adversely affect the Executive complying with any of the
 Executive's obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will
 notify the Employer immediately if any of these circumstances change.

3 Commencement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject
 to clause 3.2, the Employment commences on the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Commencement
 of the Employment is subject to the Executive delivering to the Employer written notice that
 references this clause 3.2 and that Executive has resolved all non-compete and other obligations
 owed to third parties (including Bracco), that would have otherwise interfered with his ability
 to enter into this Agreement and perform his duties (as per clause 4) under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The
 Employment will continue until terminated in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Prior
 to the Commencement Date, the Employer shall be entitled to terminate this Agreement by giving
 one week's notice or making a payment in lieu. If the Employer terminates thisAgreement
 before the Commencement Date, no obligation for payment, including those payments described
 at clauses 7, 8, 10 and 11 will be triggered.

4 Position and Duties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The
 Executive is employed by the Employer in the Position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The
 Executive will perform duties and have responsibilities consistent with the Position and
 as designated or assigned by the Employer from time to time. The Executive's initial
 duties and responsibilities are set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The
 Executive must report to the Chief Executive Officer, or other position as may be nominated
 by the Employer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 In
 the performance of the Duties, and at all times during the Employment, the Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) serve
 the Employer faithfully, honestly and diligently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) act
 at all times in the Employer's and the Group's best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) use
 the Executive's best endeavours to protect and promote the reputation and business
 interests of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not
 act in conflict with the interests of the Employer or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) perform
 the Duties with all due care and skill, and to the best of the Executive's knowledge
 and abilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) work
 the hours reasonably necessary to perform the Duties, which may include work outside the
 Employer's normal business hours, on weekends and public holidays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) act
 in a professional and ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) comply
 with all reasonable and lawful directions of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) comply
 with the policies and procedures of the Employer and the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) maintain
 any and all registrations, qualifications, certifications and professional standards which
 are necessary for him to fulfil the Duties in accordance with the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) comply
 with state and federal laws relating to health and safety, discrimination, bullying and harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) act
 at all times within the levels of authority delegated by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) provide
 the Chief Executive Officer, Board and Executive Chairman with information and reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) about
 the affairs of the Employer, as the Board may request from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) generally,
 so as to keep the Board fully informed of all material developments in or relevant to the
 Employer's affairs, within the scope of the Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The
 Parties agree that the Executive's Position, Duties, role and levels of responsibility
 may be varied from time to time. Irrespective of any such variations, the remaining terms
 and conditions of this Agreement will continue to apply, unless otherwise agreed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The
 Executive will not accept any payment or other benefit as an inducement or reward for any
 act or omission in connection with any matter or business transacted by or on behalf of the
 Employer or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Nothing
 in clause 4 limits the Executive's duties of good faith or fidelity to the Employer.

5 Place of work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The
 Executive's usual place of work is specified at Item 2 of Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 From
 time to time, in the performance of the Duties, the Executive may be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) work
 from other locations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) travel
 within the United States of America and overseas, including Australia.

6 Hours of work

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The
 Executive is employed by the Employer on a full-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The
 Executive will perform the Duties at such times as may be reasonably required for the operational
 requirements of the Employer's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 From
 time to time, it will be necessary for the Executive to perform the Duties outside standard
 business hours, including evenings, weekends **,** and on public holidays. The Executive
 agrees that this is a reasonable requirement, in light of the Employer's operational
 requirements, the nature of the Executive's Position, Duties, Base Salary, and the
 Executive's personal circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The
 Executive is not entitled to any additional payment for work performed outside the Employer's
 standard business hours. The Executive acknowledges that the Base Salary has been set at
 a level that takes into account the Executive's normal Duties and any and all reasonable
 additional hours the Executive may be required to work.

7 Remuneration and taxation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 In
 consideration for the Executive carrying out the Duties and fulfilling the Executive's
 obligations, the Employer must pay or provide the Executive the Base Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Unless
 expressly provided otherwise, all payments made under this Agreement are subject to deduction
 or withholding by the Employer of any amounts required by law, including all amounts specified
 at clauses 10 (Annual Bonus), 11 (Other benefits), 12 (Expenses), 15 (Vacation) and 17 (Termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 If
 an industrial instrument or legislation conferring minimum entitlements is or becomes applicable
 to the Employment, the Executive's Base Salary other benefits that the Employer provides
 to the Executive (including cash and the value of non-cash benefits), may be applied in satisfaction
 of any entitlements the Executive may have under that industrial instrument or legislation
 (including overtime rates, penalty rates, shiftworker loadings, annual leave loading and
 allowances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The
 Base Salary includes any compensation that might be lawfully "deferred" in a
 "pre- tax account" nominated by the Executive. It will be the Executive's
 responsibility to set up the account and comply with the laws for reporting deferred income
 to the USA taxing authorities (including the federal Internal Revenue Service, the US State
 and local governments).

8 Equity Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The
 Executive is eligible to participate in the Employer or Parent Company's equity incentive
 plan (**Equity Incentive Plan**), in accordance with the terms and conditions set out
 in Schedule 3 and subject to the provisions of the Equity Incentive Plan and on such other
 terms and conditions as the Employer notifies the Executive in writing in its absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The
 Equity Incentive Plan may be varied, amended, removed or replaced by the Employer from time
 to time in its absolute discretion acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The
 Equity Incentive Plan does not form part of this Agreement.

9 Method and frequency of payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The
 Employer must pay the Base Salary monthly in arrears by electronic transfer into an account
 nominated by the Executive.

10 Annual Bonus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The
 Executive may be entitled to the Annual Bonus, which entitlement shall be subject to the
 Executive attaining criteria to be determined by the Board of the Employer and the Executive
 calculated on mutually agreed annual performance milestones. The Parties will endeavour to
 agree to the criteria within 30 Business Days of the Commencement Date. The Employer will
 determine whether or not the Employee attains the said criteria and performance milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 In
 the absence of agreement as to the criteria at clause 10.1, the criteria will be determined
 by the Employer acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The
 Executive will only be eligible to receive the Annual Bonus with respect to the year commencing
 on 1 July 2022 and expiring on 30 June 2023 and every year after that during the term of
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The
 Annual Bonus, or any part of it, will be paid within 30 Business Days of the Employer determining
 it is payable and what portion of it is payable within reasonable and fair discretion.

11 Other benefits

The Employer has engaged a payroll and benefits service provider to administer the following benefits, during the Employment, in accordance with market standard terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 401K
 plan permitting the Executive to contribute an amount equal to the maximum amount allowed
 by U.S. IRS guidelines. Employer shall contribute 100% of the amount that Executive contributes
 to Executive's 401K plan up to a maximum of four (4%) of the Executive's Base
 Salary paid to the Executive, subject to U.S. IRS guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Industry
 standard medical coverage offered by Trinet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 amount of eighty seven thousand and five hundred dollars (USD$87,500) which shall be payable
 in three (3) equal tranches on each of the first, second and third anniversary of the Commencement
 Date and subject to the Employee being employed on each such anniversary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 issuance of ordinary Company shares in the amount that is equivalent to eighty seven thousand
 and five hundred dollars (USD$87,500) which shall be issued in three (3) equal tranches on
 each of the first, second and third anniversary of the Commencement Date and subject to the
 Employee being employed on each such anniversary. The amount of shares to be issued shall
 be based on the seven (7) day VWAP of the Company share immediately prior to each of the
 first, second and third anniversary of the Commencement Date.

12 Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The
 Employer must pay all reasonable expenses, including reasonable travel costs, incurred by
 the Executive in performing the Duties, provided the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) provides
 the Employer with acceptable documentation for the expenses incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) complies
 with any applicable expenses policy in force from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The
 Executive must seek approval from the Chief Executive Officer before incurring any individual
 expense greater than USD$5,000, or if it is not practicable to seek approval before incurring
 an expense, as soon as reasonably practicable after incurring the expense.

13 Performance and remuneration review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The
 Employer may review the Executive's performance every 12 months, usually on or about
 30 June, or at such other times at the Board's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The
 Employer may review the Base Salary every 12 months, usually on or about 30 June, however
 this does not necessarily mean it will be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 In
 reviewing the Executive's performance and Base Salary, the Employer may take into account
 all circumstances it considers relevant, including any change to the Duties, the performance
 of the Employer, the Employer's business requirements, and the prevailing economic
 conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 The
 Executive is required to complete all relevant documents and questionnaires, attend performance
 interviews and provide truthful answers to all questions in respect of the Executive's
 performance throughout the Employment.

14 Employer's Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The
 Executive must return any Property which is in the Executive's possession, power or
 control, immediately on request by the Employer or immediately on termination of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 If
 any of the Property is in the form of videotape, computer information, software or similar
 media, the Employer may require the Executive to delete or erase this information so that
 it cannot be retrieved, and verify this to the Employer's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The
 Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) take
 all reasonable care when using the Property and immediately report to the Employer any damage,
 defect or fault in the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) take
 all reasonable steps to ensure the security of, and protect all Property, including Confidential
 Information and Intellectual Property, which is in the Executive's possession, power
 or control.

15 Vacation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 The
 Executive is entitled to annual vacation (also known as annual leave), personal / carer's
 leave, compassionate leave and parental leave, in accordance with applicable legislation
 and the Employer's policies. The following subclauses contain a summary of some of
 those entitlements, and are to be read subject to those statutory provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The
 Executive is entitled to accrue 4 weeks paid annual leave for each year of service. Any accrued
 but unused annual leave shall carry over to the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Annual
 leave is to be taken at times agreed with the Employer. If the Parties cannot agree, the
 Employer may direct the Executive to take leave. In the absence of agreement, annual leave
 must be taken at a time or times required by the Employer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 Executive has accrued in excess of 8 weeks' annual leave; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Executive is required to do so by the Employer during a period over which the Employer, or
 that part of the Employer that the Executive works for, does not trade or trades at a substantially
 reduced level. If the Executive does not have sufficient annual leave accrued, the Executive
 agrees to take leave without pay during this period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 On
 termination of the Employment for any reason, the Executive will be paid any accrued but
 untaken annual leave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The
 Executive is entitled to accrue 10 days paid personal / carer's leave for each year
 of service, to be used either for personal illness or injury, or to care for members of the
 Executive's immediate family or household who require care or support due to illness,
 injury or unexpected emergency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The
 Executive must notify the Chief Executive Officer as soon as practicable of any absence for
 personal / carer's leave, and the expected duration of the absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 The
 Employer may require the Executive to provide satisfactory evidence of the illness or injury,
 if the Executive is absent from work for personal / carer's leave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 While
 on leave, the Executive must not engage in any conduct that is inconsistent with this Agreement,
 or the Executive's obligations to the Employer.

16 Public holidays

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Subject
 to clause 16.2, the Executive is entitled to state and national public holidays applicable
 in the Executive's usual place of work specified at Item 2 of Schedule 1, without loss
 of pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 The
 Executive may be required to work on certain public holidays to fulfil the requirements of
 the Position, unless the Executive has reasonable grounds for not doing so.

17 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Termination by notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to clause 17.2, the Employer or the Executive may terminate the Employment and Agreement
 by providing the other Party with prior written notice of termination, equal to the Notice
 Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 notice of termination must state the day on which the Employment will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) During
 the Notice Period, the Employer may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require
 the Executive to work for part or all of the Notice Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 its absolute discretion elect to pay the Executive an amount in lieu of any unworked portion
 of the Notice Period, based on the Executive's Base Salary for that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For
 all or part of the Notice Period, the Employer may require the Executive to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 attend the Employer's premises or premises at which any part of the Employer's
 business is conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not
 perform all or part of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cease
 all contact and communication with Clients, Identified Prospective Clients, suppliers, employees
 or contractors of the Employer or the Group, or some of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 use some or all of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) remain
 in, and perform all Duties of, the Position until directed otherwise by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not
 attend work but remain available to attend work and perform any Duties required by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) perform
 duties other than the Duties, including less senior or significant duties, including duties
 relating to the handover of the Executive's responsibilities; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) do
 any combination of clauses 17.1(4)(a) to 17.1(4)(g).

The Executive agrees that this will not constitute a repudiation of this Agreement. Notwithstanding the foregoing, the Executive will continue to receive the Base Salary during the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 **Summary termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Employer may immediately terminate the Employment and Agreement without prior notice if the
 Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engages
 in any act or omission which, in the Employers' reasonable opinion, constitutes serious
 or persistent misconduct (including dishonesty, theft, fraud or assault);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits
 a serious or persistent breach of this Agreement, including in particular, of any of clauses
 2 (Warranties), 4 (Duties), 18 (Restraint during Employment), 20 (Confidential Information),
 21 (Intellectual Property), 24 (Policies), or 25 (Privacy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) misappropriates
 the Intellectual Property or Confidential Information of the Employer or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is,
 in the Employer's reasonable opinion, guilty of material breach of faith, material
 neglect or default, wilful disregard of directions or gross incompetence or negligence in
 the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 either repeatedly absent from work, or absent from work for a period of 5 consecutive Business
 Days, without proper explanation by the Executive or the consent of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) wilfully
 refuses to obey or comply with a lawful direction of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) commits
 any act of bankruptcy or compounds with the Executive's creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is
 precluded from taking part in the management of a corporation under the provisions of Part
 2D of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 found to have materially breached the Employer's policies for, or statutory requirements
 regarding, health and safety, discrimination and sexual harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) is
 intoxicated or under the influence of illegal drugs or drugs which have not been lawfully
 prescribed for the Executive, while at work; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) is
 charged with any criminal or indictable offence which in the Employer's reasonable
 opinion may bring the Executive or the Employer, the Group or any Group Company into disrepute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 the Employment is terminated under this clause 17.2, the Executive is not entitled to receive
 any payment in lieu of the Notice Period or any other compensation, including any compensation
 under clause 17.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 **Termination payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 the event that the Employment and Agreement is terminated by the Employer, other than in
 accordance with clause 17.2, the Executive will be entitled to receive a payment during the
 Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) After
 the Termination Date, the Employer will cease making payments, or reimbursing for expenses,
 for the other benefits described in clause 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 **Resignation from office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On
 termination of the Employment, or at the request of the Employer, the Executive must resign
 from any office held by the Executive in the Employer or a Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except
 as otherwise provided for in this Agreement, the Executive is not entitled to compensation
 for resigning from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If
 the Executive fails to resign from office, the Employer is authorised to appoint another
 person in the name of the Executive and on the Executive's behalf, to execute all documents
 and to do all things required to give this effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 **Representations after termination** 

Except as it may pertain to Executive's equity holdings in the Employer or a Group Company, after termination of the Employment, the Executive must not represent himself as being in any way connected with or interested in the Employer's of the Group's businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 **Severance payments** 

The Executive agrees that any payments paid to the Executive under clause 17, whether a payment in lieu of notice of termination or a redundancy payment or otherwise, is in satisfaction of (either wholly or in part), and may be off-set against, any legislative severance entitlement the Executive might have, to pay in lieu of notice of termination and/or redundancy pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 **Money owed to the Employer** 

If, on termination, the Executive owes any amount to the Employer (including any overpayments that the Employer may have made), the Employer can offset that amount against any payments the Employer is legally obliged to make to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 **Compliance with Corporations Act and Listing Rules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Employer is not required to pay or provide (or procure the payment or provision of) any money
 or benefits to the Executive which would require shareholder approval under the Corporations
 Act or which would cause the Employer to infringe the Listing Rules (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where
 clause 17.8(1) applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 payments or benefits to be provided to the Executive under this Agreement must be reduced
 to a level which does not require shareholder approval and which does not infringe the Listing
 Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Employer overpays the Executive, the Executive must on receiving written notice from
 the Employer, immediately repay any money or benefits specified in such notice.

18 Restraint during Employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 During
 the Employment, the Executive must not, without the Employer's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) induce,
 encourage or solicit any of the Employer's or Group Companies' employees, contractors
 and agents to terminate their engagement with the Employer or Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) induce,
 encourage or solicit any of the Employer's or Group Companies' clients or contractors
 to end or restrict their professional or trade relationship with the Employer or Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) other
 than the Disclosed Interests, act as an officer of, or as a consultant, adviser, representative
 or trustee to any other corporation, firm, organisation or person (whether paid or unpaid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other
 than the Disclosed Interests, take up any other appointment or position such as director,
 partner, officer or employee with any other corporation, firm, or organisation (whether paid
 or unpaid); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) other
 than the Disclosed Interests, hold 1% or more of the shares or securities in any business
 which creates or may create a conflict between the Employer's, Group's and the
 Executive's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The
 Executive agrees that this is a reasonable requirement to protect the legitimate interests
 of the Employer and the Group.

19 Restraint after Employment ceases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 The
 Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in
 the course of the Employment, the Executive will have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 high level of access to Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) knowledge
 of, and influence over, Clients and Identified Prospective Clients because of the personal
 relationships formed with Clients and any Identified Prospective Clients and their representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 position of leadership enabling the Executive to have a degree of influence over the Employer's
 employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as
 a consequence, it is necessary and reasonable for the Employer to protect the Employer's
 Confidential Information, employees, Identified Prospective Clients and Client connections,
 goodwill, and business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 After
 the Termination Date, the Executive must not, without the Employer's prior written
 consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for
 the Restraint Periods; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in
 the case of clause 19.2(3), within the Restraint Areas;

either directly or indirectly do or engage in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) alone
 or jointly with or on behalf of anybody else in any capacity (including, without limitation,
 as principal, agent, partner, employees, shareholder, unit holder, joint venture, director,
 trustee, beneficiary, manager, consultant or adviser) carry on, operate or be engaged, interested
 or employed in a Competing Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) interfere
 with, disrupt or attempt to disrupt, the relationship, contractual or otherwise, between
 the Employer and any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Clients in respect of whom the Executive has carried out work or had a business relationship
 at any time during the 12 month period immediately preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Identified Prospective Clients with whom the Executive has been involved in developing a
 business relationship, at any time during the 12 month period immediately preceding the Termination
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 suppliers with whom the Executive has had dealings or had a business relationship at any
 time during the 12 month period immediately preceding the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) induce,
 encourage or solicit any of the Employer's employees, contractors or agents, with whom
 the Executive has worked or has had a business relationship at any time during the 12 period
 immediately preceding the Termination Date, to leave the Employer's employment or agency
 or to cease providing services to the Employer or Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) employ
 or engage, or offer to employ or engage, any officer, employee, contractor or agent of the
 Employer or Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) directly
 or indirectly assist any person to, or procure any person to, do any of the acts or anything
 else contemplated by clauses 19.2(3) to 19.2(6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 This
 clause 19 does not prevent the Executive from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) owning
 marketable securities of a corporation or trust which is listed on a recognised stock exchange
 in Australia or elsewhere, provided that the Executive holds no more than 5% of the total
 marketable securities of the corporation or trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) accepting
 an academic appointment at a university that does not involve any activities of material
 interest to the Employer and does impact the Executive's performance of the Duties;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continuing
 any Disclosed Interest which the Executive had at the time of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 The
 Executive agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 restraints set out in this clause 19 will apply as if they consisted of several separate,
 independent and cumulative covenants and restraints consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of clauses 19.2(4), 19.2(5), 19.2(6) and 19.2(7) combined with each separate Restraint Period;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) clause
 19.2(3) combined with each separate Restraint Period and of each such separate combination
 combined with each separate Restraint Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if
 any separate covenant and restraint referred to in clause 19 is unenforceable, illegal or
 void, that covenant and restraint is severed and the other covenants and restraints remain
 in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) each
 of these separate provisions is a fair and reasonable restraint of trade, that goes no further
 than reasonably necessary to protect the Employer's Confidential Information, employee
 and Client connections, goodwill, and business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) substantial
 and valuable consideration has been received for each separate covenant and restraint in
 this clause directly and indirectly by the Executive, including the Employment and the Base
 Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 combination of the acts referred to above for each separate Restraint Period and, if applicable,
 Restraint Area, would be unfair and calculated to damage the Employer's Confidential
 Information, connections with its employees and Clients, goodwill, and business, and would
 lead to substantial loss to the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 This
 clause 19 continues to apply after the Employment and the Agreement come to an end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 In
 clause 19, a reference to "the Employer" includes the Employer, and any other
 Group Companies in respect of whose business the Executive has been actively engaged in the
 course of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 Any
 promise, warranty or covenant made by the Executive under clause 19 in favour of persons
 not a party to this Agreement is intended to be, and is, directly enforceable by each of
 those persons, and this Agreement operates as a deed poll in favour of those persons.

20 Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 The
 Executive acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 Executive will become possessed of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Confidential Information remains at all times the Property of the Employer, the Group or
 both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) disclosure
 of such Confidential Information may diminish the value of the information and could materially
 harm the Employer and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 restrictions in this clause 20 are reasonable in all the circumstances and necessary to protect
 the goodwill of the Employer and/or the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the
 remedy of damages will be inadequate to protect the interests of the Employer and/or the
 Group generally and they are respectively entitled to seek and obtain injunctive relief or
 any other relief to protect their interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The
 Executive must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) take
 all steps necessary to maintain the strict confidentiality of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ensure
 that proper and secure storage is provided for Confidential Information while in the possession
 or under the control of the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take
 all precautions necessary to prevent disclosure of Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) not
 use or attempt to use Confidential Information in any manner which may injure or cause loss,
 either directly or indirectly, to the Employer or any other Group Company, or which may be
 likely to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) not
 disclose Confidential Information to any person other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 directed by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 required for the performance of the Duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of the terms and conditions of this Agreement, to theExecutive's legal and
 financial advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 compelled by law to disclose the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) use
 Confidential Information solely in accordance with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) keep
 confidential the fact that Confidential Information has been provided to the Executive and
 other employees, servants and/or agents of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 When
 the Executive discloses Confidential Information as permitted by clause 20.2(5)(c) and 20.2(5)(d),
 the Executive must ensure that whoever it is disclosed to is made aware of its confidential
 nature, and of the Executive's obligationsunder clause 20. The Executive will use the
 Executive's best endeavours to ensure that those persons comply with the obligations
 of clause 20 as if the obligations were expressed to apply to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 If
 the Executive is obliged by law to disclose any Confidential Information (or anticipates
 that the Executive may be so obliged), the Executive must immediately notify the Employer
 of the actual or anticipated requirement and use all lawful means todelay and withhold disclosure
 until the Employer has had a reasonable opportunity to oppose disclosure by lawful means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 This
 clause 20 continues to apply after the Employment and the Agreement come to anend.

21 Intellectual Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The
 Executive warrants that the Executive does not have any right or interest in respect of any
 Intellectual Property owned, used or capable of being used by theEmployer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 The
 Employer owns all Intellectual Property that the Executive develops or conceives in the course
 of or arising out of the Employment, whether alone or in conjunction withsomeone else, and
 whether during or outside working hours:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) using
 the Employer's or any of the Clients' or Identified Prospective Clients'premises,
 resources or facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in
 the course of, as a consequence of or in relation to the performance of theDuties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) directly
 or indirectly as a result of the Executive's or anybody else's access to theConfidential
 Information or other Intellectual Property of the Employer, or Clients' confidential
 information or Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in
 respect of or associated with any of the Employer's products or services and anyalterations
 or additions or methods of making, using, marketing, selling or providingthese products or
 services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) relating
 to other Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 To
 the extent that the Executive has any right or interest in Intellectual Property whichis
 owned, used or capable of being used by the Employer, the Executive assigns thatIntellectual
 Property to the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The
 Executive will immediately disclose in writing to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
 matter which may come to the Executive's attention during the Employment,which may
 be of interest, importance or use to the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 proposal for improvements which may be of service for the furtherance of theEmployer's
 business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Intellectual
 Property made or conceived of during the course of performing theDuties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 The
 Executive will do anything necessary, including executing any documents such asan assignment,
 for the purpose of effecting, perfecting and protecting the Employer's title or that
 of the Employer's nominee to the Intellectual Property, in Australia or such other
 countries as the Employer requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 The
 Executive may not make use of or reproduce any Intellectual Property owned bythe Employer
 without prior written approval, other than in the ordinary course of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 In
 clause 20.5, a reference to "the Employer" includes the Employer, and any otherGroup
 Companies in respect of whose business the Executive has been actively engaged in the course
 of the Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8 Any
 promise, warranty or covenant made by the Executive under clause 20.5 in favourof persons
 not a party to this Agreement is intended to be, and is, directly enforceable by each of
 those persons, and this Agreement operates as a deed poll in favour of those persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9 This
 clause 21 continues to apply after the Employment and the Agreement come to anend.

22 Remedies for breach by Executive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 The
 Executive acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 breach of any of clauses 18 (Restraint during Employment), 19 (Restraint afterEmployment
 ceases), 20 (Confidential Information) or 20.5 (Intellectual Property) would be harmful to
 the Employer's business interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) monetary
 damages alone would not be a sufficient remedy for a breach of any ofthese clauses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in
 addition to any other remedy which may be available in law or equity, the Employer or any
 other aggrieved party is entitled to interim, interlocutory and permanent injunctions or
 any of them to prevent breach of these clauses and tocompel specific performance of them.

23 Moral Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 The
 Executive consents to the doing of any acts or making of any omissions by the Employer or
 any Group Company or their respective employees, servants, agents, licensees and assigns
 that infringe the Executive's Moral Rights in any Works made bythe Executive in the
 course of the Employment, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) not
 naming the Executive as the author of a Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) naming
 another person as the author of a Work; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amending
 or modifying (whether by changing, adding to or deleting/removing) anypart of a Work;

whether those acts or omissions occur before, on or after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 The
 Executive acknowledges that this consent is genuinely given without duress of anykind and
 that the Executive has been given the opportunity to seek legal advice on the effect of giving
 this consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Clause
 23 continues to apply after the Employment and Agreement comes to an endand for the duration
 of the Moral Rights.

24 Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 While
 they do not form part of this Agreement and are not otherwise contractual, theExecutive agrees
 to comply with the Employer's policies, as amended or introducedfrom time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 The
 Executive agrees to model appropriate behaviours to promote and ensurecompliance with the
 Employer's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 A
 failure by the Executive to comply with the policies of the Employer as in place, or asvaried
 or introduced, from time to time may result in disciplinary action being taken against the
 Executive, up to and including the termination of the Employment and Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 If
 the Employer's policies are inconsistent with the terms of this Agreement, the termsof
 this Agreement will prevail.

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| | |
|:---|:---|
| 25 | Privacy |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 If
 the Executive deals with Personal Information, the Executive must comply with therequirements
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 Privacy Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 applicable State legislation regarding privacy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any
 applicable policies of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The
 Executive acknowledges that as a result of and during the course of the Employment, the Employer
 will obtain Personal Information (including health, medicaland other sensitive information)
 about the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 The
 Executive consents to the Employer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) obtaining
 this Personal Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) disclosing
 this Personal Information to other parties for the purposes of conductingthe Employer's
 business, and as otherwise outlined in the Employer's privacy policies.

26 Application of legislation and industrial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 Any
 legislation or relevant industrial instrument applies to the Employment as a matterof law,
 and does not form part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 This
 Agreement does not in any way expressly or impliedly limit the obligations of the Executive
 under applicable legislation, including the Corporations Act, as in force fromtime to time
 or the Listing Rules as in force from time to time.

27 Severability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 If
 any provision of this Agreement is unenforceable, illegal or void, that provision issevered
 and the other provisions of this Agreement remain in force.

28 Governing law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 Except
 where Australian law is specifically referenced, this Agreement is governed by the law in
 force in New South Wales, Australia and the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 Except
 with respect to Australian law that is specifically referenced, the parties submit to the
 jurisdiction of the courts of New South Wales, Australia and and the court of the State of
 New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 Notwithstanding,
 clauses 28.1 and 28.2 above, the Executive acknowledges the Employer is a subsidiary of the
 Parent Company which is incorporated in and subject to the laws of Australia, including the
 Corporations Act. The Executive acknowledgessuch laws may have extra-territorial effect.

29 Continuing obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 Any
 provision of this Agreement remaining to be performed or observed by the Executive or having
 effect after the termination of this Agreement for whatever reasonremains in full force and
 effect and is binding on the Executive.

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| | |
|:---|:---|
| 30 | Waiver |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 A
 Party's failure or delay to exercise a power or right does not operate as a waiver
 ofthat power or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 The
 exercise of a power or right does not preclude either its exercise in the future orthe exercise
 of any other power or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3 A
 waiver is not effective unless it is in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 Waiver
 of a power or right is effective only in respect of the specific instance to which itrelates
 and for the specific purpose for which it is given.

31 Costs and outlays

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 Each
 Party must pay its own costs and outlays connected with the negotiation,preparation and execution
 of this Agreement.

32 Entire understanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 This
 Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) contains
 the entire agreement and understanding between the Parties oneverything connected with the
 subject matter of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) supersedes
 any prior agreement or understanding on anything connected with that subject matter, including
 any such agreement that may be titled "Executive Service Agreement".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 Each
 Party has entered into this Agreement without relying on any representation byany other Party
 or person purporting to represent that Party.

33 Acknowledgment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 The
 Executive acknowledges that the Executive has entered into this Agreement without duress,
 and after having had the opportunity to take independent expert adviceon its terms and their
 effect.

34 Counterparts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 This
 Agreement may be executed in counterparts.

35 Variation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1 Subject
 to clause 4.5, an amendment or variation to this Agreement is not effectiveunless it is in
 writing and signed by both Parties.

**Schedule 1**

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| | |
|:---|:---|
| Item 1 | **Position** |

---

Chief Operating Officer

---

| | |
|:---|:---|
| Item 2 | **Place of work** |

---

The United States of America, or as otherwise mutually agreed with the Employerfrom time to time.

---

| | |
|:---|:---|
| Item 3 | **Commencement Date** |

---

No later than June 1st 2022

---

| | |
|:---|:---|
| Item 4 | **Restraint Areas** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 and all areas in which the Employer sells its services or products at theTermination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 and all areas in which the Employer had, during the 12 months prior tothe Termination Date,
 documented plans to sell any services or products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 United States of America.

---

| | |
|:---|:---|
| Item 5 | **Restraint Periods** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) six
 months commencing upon the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) three
 months commencing upon the Termination Date;

---

| | |
|:---|:---|
| Item 6 | **Notice Period** |

---

Six (6) months during until the first anniversary of the Commencement Date and, thereafter, two (2) months.

---

| | |
|:---|:---|
| Item 7 | **Base Salary** |

---

The Base Salary is four hundred and sixty thousand US dollars per annum (USD$460,000 p.a.), from which withholding taxes will be deducted in the course of the Employer's regular payroll practices.

---

| | |
|:---|:---|
| Item 7A | **Annual Bonus** |

---

Up to 40% of base salary in accordance with the conditions set out in Section 10 from which withholding taxes will be deducted in the course of the Employer's regular payroll practices.

---

| | |
|:---|:---|
| Item 8 | **Disclosed Interest** |

---

None

**Schedule 2**

Position Description

**Key Responsibilities:**

The parties will mutually agree on the content of this Schedule before the Commencement Date.

**Schedule 3**

Equity Incentive Plan

---

| | |
|:---|:---|
| 1 | **Definitions** |

---

Unless otherwise defined, terms used in this schedule shall have the same meaning as in the Agreement.

**Option** means an option to acquire a fully paid ordinary shares in the capital of Radiopharm Theranostics Limited.

**Expiry Date** is the date fifth (5th) anniversary of the Commencement Date.

---

| | |
|:---|:---|
| 2 | Subject to any limitations imposed by, or preconditions required to be satisfied pursuant to,any applicable requirements of the *Corporations Act 2001* (Cth), the ASX Listing Rules andRadiopharm's Constitution, Radiopharm shall grant the Options to the Executive on the terms set out in this schedule. |

---

---

| | |
|:---|:---|
| 3 | Options awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional taxor interest applicable under Code Section 409A. This Agreement is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent. To the extent that an award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. |

---

4 All vesting of options is subject to the Executive continuing employment with the Employer.

---

| | |
|:---|:---|
| 5 | Grant |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Sign-on Bonus Equity Grant

Within one (1) of the Employer's next board meeting following the Commencement Date, the Employer will grant to the Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Two
 million and five hundred thousand (2,500,000) Options.

The exercise price of the options will be sixty Australian cents (AU$0.60). Vesting of the options under this Section 5.2 will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 66.66%
 of the options will vest on the second (2nd) anniversary of the Comment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 33.33%
 of the options will vest on the third (3rd) anniversary of the Comment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Long Term Equity Grant

After the end of each Financial Year during the term of this Agreement and subject to the Employee attaining the criteria and performance milestones in accordance with Section 10, the Employee shall be entitled to a grant of Options in an amount which shall be equivalent to 690,000 divided by seven (7) day VWAP of the Company share immediately prior to the date of the grant.

Vesting of the options granted under this Section 5.2 will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 33.33%
 of the options will vest on the first (1st) anniversary of the grant date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 33.33%
 of the options will vest on the second (2nd) anniversary of the grant date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 33.33%
 of the options will vest on the third (3rd) anniversary of the grant date.

6 The payment of the Exercise Price may be made as agreed between Radiopharm and theExecutive and may include a cashless exercise of the Options in accordance with the following formula:

S = <u>O x (MSP – EP)</u>

MSP

Where:

S = Number of Shares to be issued on exercise of the Options.

O = Number of Options.

MSP = Market value of the Shares (calculated using the volume weighted average prices at which Shares were traded on the ASX over the one week period immediately preceding the exercise date).

EP = Option exercise price.

7 The terms of issue of the Options are set out below.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**No.** | &nbsp;&nbsp;&nbsp;&nbsp;**Condition** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All grant of options is subject to the terms and conditions of the Employer's options scheme | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All grant of options is subject to the terms and conditions of the Employer's options scheme |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;Each Option carries the right to subscribe for one Share, subject to conditions 5, 6 and 7. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; Any Shares issued as a result of exercising an Option will:<br>(a) be issued on the same terms; and<br>(b) rank in all respects on equal terms, with the other existing Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;Radiopharm must use its reasonable endeavours to allot and issue the Shares in respect of which an Option has been validly exercised no later than five Business Days after receipt of a notice of exercise of the Option. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;An Option does not entitle the Executive to participate in any new issue of shares. However, an entitlement to participate may apply following the exercise of an Option in respect of Shares held by the Executive at the relevant record date for that issue. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; If Radiopharm:<br>(a) consolidates; or<br>(b) subdivides,<br>the share capital of Radiopharm, the number of Options must be consolidated or subdivided (as the case requires) in the same ratio in accordance with the ASX Listing Rules.<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; If:<br>(a) the Shares are reconstructed; or<br>(b) there is an in specie distribution to shareholders, the number of Options or the Exercise Price (or both) must be reconstructed (asappropriate) in accordance with the ASX Listing Rules so that there will not be:<br>(c) any benefit conferred on the Executive which is not conferred on the other shareholders; or<br>(d) any detriment to the Executive.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;The number of Shares issued on the exercise of an Option will be adjusted for pro-rata issues (except a bonus issue) made before exercise of the Option in accordance with the ASX Listing Rules.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;The Exercise Price will not change because of any bonus issue.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;If any adjustment required under conditions 5, 6 or 7 would result in the Executive becoming entitled to a fraction of an Option, the fraction is to be rounded up.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;An Option does not give any right to participate in any dividends or distributions declared by Radiopharm.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; Each Option is issued subject to:<br>(a) the terms of Radiopharm's Equity Incentive Plan (if applicable);<br>(b) the Corporations Act 2001 (Cth);<br>(c) the ASX Listing Rules; and<br>(d) Radiopharm's Constitution.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other terms of the Options, the rights of the Executive as an option holder will be changed to the extent necessary to comply with the ASX Listing Rules applying to a reorganisation of capital at the time of the reorganisation. |

---

8 Each Option is personal to the Executive and may not be assigned to or exercised by anyother person.

9 Subject to earlier expiry in accordance with the terms of the Executive's employmentagreement, any and all unexercised Options expire on the Expiry Date.

**EXECUTED AS AN AGREEMENT:**

---

| | |
|:---|:---|
| **Vittorio Puppo** | **Vittorio Puppo** |
| Signature: |  |
|  | /s/ Vittorio Puppo |
| Date: | April 22 2022 |

---

---

| | |
|:---|:---|
| **Radiopharm Theranostics Limited** | **Radiopharm Theranostics Limited** |
| By: | /s/ Riccardo Canevari |
| Name: | Riccardo Canevari |
| Position: | CEO and MD |
| Date |  |

---

## Exhibit 4.6

**Exhibit 4.6**

**Deed of access, insurance, and indemnity**

Radiopharm Theranostics Limited ACN 647 877 889

![](ex4-6_001.jpg)

**Table of contents**

---

| | | | |
|:---|:---|:---|:---|
| **Parties** | **Parties** | **Parties** | **1** |
| **Background** | **Background** | **Background** | **1** |
| **Agreed terms** | **Agreed terms** | **Agreed terms** | **1** |
| **1** | **Definitions and interpretation** | **Definitions and interpretation** | **1** |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 4 |
| **2** | **Indemnity** | **Indemnity** | **4** |
|  | 2.1 | General indemnity | 4 |
|  | 2.2 | Costs indemnity | 4 |
|  | 2.3 | Indemnity irrevocable | 5 |
|  | 2.4 | Extent of indemnity | 5 |
|  | 2.5 | Future Liability | 5 |
|  | 2.6 | Recovery under other insurance policies | 5 |
| **3** | **Claim by director** | **Claim by director** | **5** |
|  | 3.1 | Notified Claims | 5 |
|  | 3.2 | Recovery under other insurance policies | 6 |
|  | 3.3 | Defence of legal action | 6 |
|  | 3.4 | Obligations of the Company | 6 |
|  | 3.5 | Obligations of the Director | 6 |
|  | 3.6 | Reimbursement | 7 |
|  | 3.7 | Settlement of Claims | 7 |
|  | 3.8 | Failure to comply | 7 |
|  | 3.9 | Legal representation | 8 |
|  | 3.10 | Application of clauses 3.3 and 3.5 | 8 |
| **4** | **Advances and payments** | **Advances and payments** | **8** |
|  | 4.1 | Payment when Director becomes liable | 8 |
|  | 4.2 | Indemnity before expense incurred | 8 |
|  | 4.3 | Advance defence costs | 8 |
|  | 4.4 | Taxation | 9 |
|  | 4.5 | Repayment | 9 |
| **5** | **Insurance** | **Insurance** | **9** |
|  | 5.1 | Obligation to insure | 9 |
|  | 5.2 | Terms of the D&O Policy | 10 |
|  | 5.3 | Notice to Director | 10 |
|  | 5.4 | Extension of insurance | 10 |
|  | 5.5 | Copies of insurance policies | 10 |
|  | 5.6 | Ceasing to maintain the D&O Policy | 11 |

---

Deed of access, insurance and indemnity i

![](ex4-6_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **6** | **Access to Board Papers** | **Access to Board Papers** | **11** |
|  | 6.1 | Obligation of company to keep records | 11 |
|  | 6.2 | Right to inspect Board Papers | 11 |
|  | 6.3 | Request for access to Board Papers | 11 |
|  | 6.4 | Access for the Director | 12 |
|  | 6.5 | Return of documents | 12 |
|  | 6.6 | Privileged documents | 12 |
|  | 6.7 | Group companies | 12 |
| **7** | **Confidentiality** | **Confidentiality** | **13** |
|  | 7.1 | Obligations of confidentiality | 13 |
|  | 7.2 | Privilege | 13 |
| **8** | **Company can act through its Subsidiaries** | **Company can act through its Subsidiaries** | **13** |
| **9** | **Held on trust** | **Held on trust** | **14** |
| **10** | **GST** | **GST** | **14** |
|  | 10.1 | Definitions | 14 |
|  | 10.2 | GST exclusive | 14 |
|  | 10.3 | Taxable Supply | 14 |
|  | 10.4 | Later GST change | 14 |
|  | 10.5 | Reimbursement or indemnity | 14 |
|  | 10.6 | Warranty that Tax Invoice is issued regarding a Taxable Supply | 14 |
|  | 10.7 | Progressive or Periodic Supplies | 14 |
| **11** | **General** | **General** | **15** |
|  | 11.1 | Amendments | 15 |
|  | 11.2 | Assignment | 15 |
|  | 11.3 | Counterparts | 15 |
|  | 11.4 | No merger | 15 |
|  | 11.5 | Entire agreement | 15 |
|  | 11.6 | Further assurances | 15 |
|  | 11.7 | No waiver | 15 |
|  | 11.8 | Governing law and jurisdiction | 15 |
|  | 11.9 | Severability | 16 |
|  | 11.10 | Approval and consent | 16 |
|  | 11.11 | Costs | 16 |
|  | 11.12 | Relationship between the parties | 16 |
| **12** | **Notice** | **Notice** | **16** |
|  | 12.1 | Method of giving notice | 16 |
|  | 12.2 | When is notice given? | 17 |
|  | 12.3 | Address for notices | 17 |
| **Execution** | **Execution** | **Execution** | **18** |

---

Deed of access, insurance and indemnity ii

![](ex4-6_001.jpg)

**Deed of access, insurance and indemnity**

**Parties**

---

| | |
|:---|:---|
| **Company** | **Radiopharm Theranostics Limited ACN 647 877 889**<br>of Level 3, 62 Lygon Street, Carlton South, Victoria 3053 Australia |
| **Director** |  |

---

**Background**

A The Director is a director of a Group Company.

B The Company agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) indemnify the Director to the extent permitted by law against Liabilities and legal costs incurred by the Director in, or because
of acting in, any Capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain, and pay the premium on, a D&O Policy covering the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain a copy of all Board Papers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) give the Director access to and ensure each Group Company gives access to the Board Papers and other documents of each Group Company,

during the time that the Director holds office and for a seven year period after the Director ceases to be an officer of the relevant Group Company, on the terms in this document.

**Agreed terms**

---

| | |
|:---|:---|
| **1** | **Definitions and interpretation** |

---

**1.1** **Definitions** 

In this document:

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Authorised Person** | means any person authorised in writing by the Director and approved by the Company. |
| **Board** | means:<br>(a) the board of directors of the Company;<br>(b) any committee of the board of directors of the Company; or<br>(c) the board of directors of any Group Company that, at any time, includes the Director. |

---

Deed of access, insurance and indemnity 1

![](ex4-6_001.jpg)

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Board Papers** | means all documents recording or giving information for the Board, brought into existence or available to the Director while the Director held office. |
| **Books** | has the meaning given to that term in section 9 Corporations Act. |
| **Business Day** | means a day that is not a Saturday, Sunday or public holiday in New South Wales. |
| **Business Hours** | means from 9.00am to 5.00pm (Sydney time) on a Business Day. |
| **Capacity** | means the capacity of the Director in a Group Company, including as a director and officer of a Group Company. |
| **Claim** | means:<br>(a) any:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) legal proceeding (whether civil or criminal), administrative proceeding, arbitral proceeding, mediation or other form of alternative dispute resolution (whether or not held in conjunction with any legal, administrative or arbitral proceeding); or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) investigation or inquiry by any Government Agency or External Administrator, about or arising out of any actual or alleged act or omission of the Director in any Capacity; or<br>(b) any written or oral threat, complaint, demand or other circumstance that might reasonably cause the Director to believe that any proceedings, investigation or inquiry referred to in paragraph (a) above will be initiated. |
| **Corporations Act** | means *Corporations Act 2001* (Cth). |
| **D&O Policy** | means a contract or contracts:<br>(a) insuring against Liabilities incurred by a person in the person's capacity as director or officer of any Group Company; or<br>(b) allowing the Company to obtain reimbursement for claims paid by it to a director or officer of any Group Company under an indemnity. |
| **External Administrator** | means any liquidator, provisional liquidator, external controller or administrator. |
| **Government Agency** | means:<br>(a) a government or government department or other body;<br>(b) a governmental, semi-governmental or judicial person; or<br>(c) a person (whether autonomous or not) who is charged with the administration of a law. |

---

Deed of access, insurance and indemnity 2

![](ex4-6_001.jpg)

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **Group Company** | means the Company and each of its Subsidiaries. |
| **GST** | has the meaning given to that term in the GST Act. |
| **GST Act** | means *A New Tax System (Goods and Services Tax) Act 1999* (Cth). |
| **Information** | means information about a transaction of the Company, a Board Paper or a discussion at a meeting of a Group Company. |
| **Liabilities** | means all liabilities, losses, claims, action, suit, demand, proceedings, notice, litigation, investigation, judgment, damages, outgoings, costs or expenses of any description (including penalties, fines and interest) whether based in contract, tort (including negligence) or otherwise under statute, and whether present, anticipated, contingent or prospective, and including those the amount of which for the time being is not ascertained or ascertainable. |
| **Notified Claim** | means a Claim for which the Director has given notice to the Company under clause 3.1. |
| **Objection Notice** | has the meaning set out in clause 3.7(a). |
| **Permitted Purpose** | has the meaning set out in clause 6.2. |
| **Privileged Document** | means Books or Board Papers to which any form of legal privilege applies. |
| **Progressive or Periodic Supply** | means a Taxable Supply that satisfies the requirements of section 156-5 GST Act. |
| **Related Body Corporate** | has the meaning given to that term by section 9 Corporations Act. |
| **Relevant Costs** | has the meaning set out in clause 4.5(a). |
| **Relevant Period** | means the period:<br>(a) beginning on the date of this document; and<br>(b) ending on the seventh anniversary of the date on which the Director has ceased to be an officer of a Group Company. |
| **Requested Documents** | has the meaning set out in clause 6.3(b). |
| **Settlement Notice** | has the meaning set out in clause 3.7(a). |
| **Subsidiary** | has the meaning given to that term by section 9 Corporations Act. |
| **Supplier** | means the entity making the Supply. |
| **Tax** | includes any tax, levy, duty, charge, impost, fee, deduction and withholding however it is described, that is assessed, levied, collected or imposed by law or by a government agency, together with any related interest penalty, fine or other charge, or other amount imposed in respect of any of the above. |
| **Third Party** | has the meaning set out in clause 9. |

---

Deed of access, insurance and indemnity 3

![](ex4-6_001.jpg)

**1.2** **Interpretation** 

In this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reference to a clause, schedule, annexure or party is a reference to a clause of, and a schedule, annexure or party to, this document
and references to this document include any schedules or annexures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to a party to this document or any other document or agreement includes the party's successors, permitted substitutes
and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a word or phrase is defined, its other grammatical forms have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a document or agreement (including a reference to this document) is to that document or agreement as amended, supplemented,
varied or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reference to this document includes the agreement recorded by this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference to legislation or to a provision of legislation (including subordinate legislation) is to that legislation as amended,
re-enacted or replaced, and includes any subordinate legislation issued under it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if any day on or by which a person must do something under this document is not a Business Day, then the person must do it on or by
the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to a person includes a corporation, trust, partnership, unincorporated body, government and local authority or agency,
or other entity whether or not it comprises a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reference to 'month' means calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the meaning of any general language is not restricted by any accompanying example, and the words 'includes', 'including',
'such as' or 'for example' (or similar phrases) do not limit what else might be included.

---

| | |
|:---|:---|
| **2** | **Indemnity** |

---

**2.1** **General indemnity** 

Subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) clauses 2.4, 2.5, 2.6 and 8; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the prohibitions in section 199A Corporations Act,

the Company indemnifies the Director to the extent permitted by law against all Liabilities (other than legal costs referred to in clause 2.2) incurred by the Director acting in any Capacity.

**2.2** **Costs indemnity** 

Subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) clauses 2.4, 2.5, 2.6 and 8; and

Deed of access, insurance and indemnity 4

![](ex4-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the prohibitions in section 199A Corporations Act,

the Company indemnifies the Director to the extent permitted by law against all legal costs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) incurred by the Director in defending or resisting (or otherwise in or for) an action against the Director acting in any Capacity;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for a Liability incurred or allegedly incurred by the Director acting in any Capacity.

**2.3** **Indemnity irrevocable** 

Subject to clauses 2.5 and 2.6, the indemnity in clauses 2.1 and 2.2 is irrevocable and unconditional.

**2.4** **Extent of indemnity** 

Subject to clauses 2.5 and 2.6, the indemnity in clauses 2.1 and 2.2 has effect for acts or omissions (and alleged acts and omissions) of the Director from the date that the Director became an officer of a Group Company (whether that date is before or after the date of this document), and despite the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Director ceasing to be an officer of a Group Company before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a claim is made by the Director under this document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Director incurs the Liability or costs for which the Director makes a claim under clause 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) settlement of any dispute between the Director and a Group Company or a third party (including any dispute about whether costs claimed
by the Director are reasonable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) inability of the Company or any other director to recover under the D&O Policy for any reason.

**2.5** **Future Liability** 

The Company may terminate the indemnity for future Liability at any time by giving written notice to the Director of that termination. Termination of the indemnity under clause 2 does not affect the Company's obligations under this document to the date of the notice.

**2.6** **Recovery under other insurance policies** 

The indemnity has effect for any Liability or legal costs incurred by the Director in any Capacity only if, and to the extent that, the Director is not indemnified against that Liability or those legal costs by any insurance policy other than the D&O Policy maintained under clause 5.1.

---

| | |
|:---|:---|
| **3** | **Claim by director** |

---

**3.1** **Notified Claims** 

As soon as reasonably practicable after the Director becomes aware of any circumstances that could reasonably be expected to give rise to a claim by the Director under this document, the Director must give to the Company notice in writing of that Claim.

Deed of access, insurance and indemnity 5

![](ex4-6_001.jpg)

**3.2** **Recovery under other insurance policies** 

If the Director makes a Notified Claim, the Director must first seek to recover under any insurance policy other than the D&O Policy for that Notified Claim.

**3.3** **Defence of legal action** 

Subject to clauses 3.8 and 3.10, if the Company acknowledges it must indemnify the Director for a Notified Claim, the Company may, or may allow its insurers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct the defence of the Notified Claim under its sole management, control and cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) start legal proceedings, including any cross claim or counter claim, in the name of the Director as part of that defence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to clause 3.7, settle or compromise the Notified Claim.

**3.4** **Obligations of the Company** 

If the Company takes any action under clause 3.3, it must, or must get its insurers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notify the Director as soon as reasonably practicable of the intention to take action under clause 3.3, setting out the action
that the Company or its insurers proposes to take;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) retain a lawyer to act for both the Company and the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) instruct the lawyer to ensure that legal professional privilege attaches to any documents produced about the Notified Claim for the
benefit of the Company and the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) keep the Director fully and progressively informed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) regularly consult with the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not unnecessarily injure the reputation of the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay the costs of the action the subject of the Notified Claim as they arise, including giving security for costs where ordered.

**3.5** **Obligations of the Director** 

Subject to clauses 3.8 and 3.10, if there is a Notified Claim, the Director must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take reasonable steps to mitigate the Director's losses for that Notified Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) give reasonable assistance and cooperation (including giving the Company documents, records, authorities or directions) when reasonably
requested by the Company (or its insurers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) do anything reasonably necessary or desirable to enable the Company to be subrogated to and enjoy the benefits of the Director's
rights to any cross-claims or any claims against any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if subrogation of the Director's rights does not happen under clause 3.5(c):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Director must take all action, upon reasonable request by the Company, to pursue any Claim;

Deed of access, insurance and indemnity 6

![](ex4-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company must pay the legal costs of that Claim and otherwise indemnify the Director against any Liability because of that Claim;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Director must account to the Company for any damages recovered (to a maximum amount equivalent to the indemnity payment made to
the Director under clause 2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not admit any Liability for, settle or compromise the Notified Claim without the prior written consent of the Company (or its insurers);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) keep the Company (or its insurers) fully informed of the status and conduct of that Notified Claim if the Company or its insurers
have not assumed conduct of the Notified Claim under clause 3.3.

**3.6** **Reimbursement** 

Except as prohibited by law and subject to clause 8, the Company must reimburse the Director for actual costs and expenses reasonably incurred by the Director in taking action or giving assistance or information at the request, or under the direction, of the Company under clause 3.5.

**3.7** **Settlement of Claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Before the Company or its insurers settle or compromise a Notified Claim, the Company must, or must get its insurers to, give written
notice to the Director (**Settlement Notice**) setting out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the intention to settle or compromise the Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of the proposed settlement or compromise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reasonable period during which the Director may give notice to the Company setting out the Director's intention to assume
conduct of the Claim (**Objection Notice**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Director gives an Objection Notice to the Company within the period set out under clause 3.7(a) the Company must, or must
get its insurers to, relinquish to the Director control of the conduct of the Notified Claim to the extent that it is about the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Director assumes conduct of a Notified Claim under clause 3.7(b), the Liability of the Company for the Notified Claim
is limited to the total of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount for which the Notified Claim could have been compromised or settled at the time the Settlement Notice was given to the
Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the costs and expenses reasonably incurred by the Director up until that time.

**3.8** **Failure to comply** 

Despite the indemnity in this document, if the Company is materially prejudiced in a Notified Claim because the Director fails to comply with its obligations under clause 3.5 , the Company is not required to indemnify the Director for that Notified Claim.

Deed of access, insurance and indemnity 7

![](ex4-6_001.jpg)

**3.9** **Legal representation** 

The Director may engage separate legal or other representation for a Notified Claim. The Company must pay expenses incurred by the Director if they are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) incurred before the Company or its insurers assume conduct of the Notified Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) incurred with the prior written consent of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reasonable and are incurred where there is a reasonable likelihood that the interests of the Director and the Company would conflict
if the same lawyer acted for both the Company and the Director.

**3.10** **Application of clauses 3.3 and 3.5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in clauses 3.3 or 3.5 allows the Company, or requires the Director, to take any action (including giving any consent)
for a Notified Claim that would be likely to cause significant harm to the reputation of the Director except where the Company considers
in good faith and on reasonable grounds that the interests of the Company or the conduct of that Claim would be materially prejudiced
unless the Company or the Director takes that action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clauses 3.3 and 3.5 do not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Notified Claim arises from a claim by the Company or a Related Body Corporate of the Company against the Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) both the Director and any one or more of the Company and its Related Bodies Corporate are defendants or respondents to a Claim and,
in the reasonable opinion of the Director, there is an actual or potential conflict of interest between the Director and any one or more
of the Company and the relevant Related Bodies Corporate of the Company in the conduct of the Claim.

---

| | |
|:---|:---|
| **4** | **Advances and payments** |

---

**4.1** **Payment when Director becomes liable** 

Subject to clause 8, any money payable by the Company to the Director under this document must be paid within ten Business Days after the Director gives satisfactory evidence to the Company that the Director is entitled to be indemnified under this document for that amount.

**4.2** **Indemnity before expense incurred** 

Despite any other provision of this document, it is not necessary for the Director to make any payment before enforcing the Director's rights under this document.

**4.3** **Advance defence costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses 4.5 and 8, the Company must advance to the Director any legal costs reasonably incurred or expected to
be incurred by the Director in defending an action for a Liability incurred or allegedly incurred by the Director in any Capacity, within
five Business Days after the Director gives the Company invoices or other relevant evidence of the costs incurred.

Deed of access, insurance and indemnity 8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Funds may be advanced under clause 4.3(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on terms which the Company considers to be reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unsecured and free of interest unless the Director ceases to be entitled to be indemnified under this document in which case simple
interest may be charged on the funds advanced at the rate of 2% per annum on the amount, from the time the Director ceases to be entitled
to be indemnified until the funds advanced are paid in full.

**4.4** **Taxation** 

Subject to clause 8, if a Government Agency imposes any Tax on a sum paid to the Director under this document, the Company must pay to the Director an additional amount to ensure that the total amount paid, less any Tax imposed on the total amount, is equal to the amount that would otherwise be payable under this document.

**4.5** **Repayment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company or any of its Related Bodies Corporate advances money to the Director under clause 4.3 or otherwise pays or reimburses
the Director (or any other person) for costs under this document (**Relevant Costs**) and upon the final adjudication of the Claim
the Relevant Costs become costs for which the Director is not entitled to be indemnified under this document, the Director must repay
the amount and any interest accrued under clause 4.3(b) to the Company or its relevant Related Body Corporate within 60 Business
Days after a written request by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Director receives payment for some or all of the Relevant Costs under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the D&O Policy or any other insurance policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an indemnity given by a Related Body Corporate of the Company,

the Director must, within ten Business Days after receiving payment under the relevant insurance policy or indemnity, pay to the Company an amount equal to the amount recovered by the Director under the insurance policy or indemnity for the Relevant Costs.

---

| | |
|:---|:---|
| **5** | **Insurance** |

---

**5.1** **Obligation to insure** 

To the extent permitted by law, and if available in the market at a cost that is not unfairly prejudicial to the Company, the Company must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times during the Relevant Period, maintain and pay the premium on a D&O Policy that complies with clause 5.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that, at all times during the Relevant Period, a Related Body Corporate of the Company maintains and pays the premium on a
D&O Policy that complies with clause 5.2.

Deed of access, insurance and indemnity 9

![](ex4-6_001.jpg)

**5.2** **Terms of the D&O Policy** 

The D&O Policy must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cover (at least to the extent required by clause 5.2(b)) Liabilities incurred by the Director and the Company under this document
for, or arising out of, actual or alleged acts or omissions of the Director that happened while the Director was an officer of a Group
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be for an amount and on terms (including premium, insuring clauses, exclusions and excess amounts) that are appropriate and available
in the market for companies with a similar market capitalization, financial status and size and nature of operations to that of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without limiting clause 5.2(b), at all times be on terms that, taken as a whole, are not materially less favourable to the Director
than the terms of any directors' and officers' insurance policy taken out or made available at the same time by the Company
for any other director or former director of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not insure the Director against a Liability (other than for legal costs) arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct involving a wilful breach of duty to the Company or a Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a contravention of sections 182 or 183 Corporations Act.

**5.3** **Notice to Director** 

The Company must notify the Director immediately if the Company becomes aware that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the D&O Policy required under clause 5.1 has been cancelled or not renewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is a material diminution in the terms of the D&O Policy maintained under clause 5.1 for the Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company ceases to maintain a D&O Policy under clause 5.6.

**5.4** **Extension of insurance** 

Before the end of the Relevant Period, the Director may, by written notice to the Company, request that the Company continues to maintain and pay the premium on the D&O Policy required under clause 5.1 for a longer period than the Relevant Period if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reimburses the Company for premiums payable for the period after the end of the Relevant Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnifies the Company against any reasonable costs associated with maintaining the D&O Policy for the Director after the end
of the Relevant Period.

**5.5** **Copies of insurance policies** 

At the request of the Director, the Company must give the Director a copy of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) policy of insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certificate of insurance,

for the D&O Policy maintained under clause 5.1 at the time of the request, except if that disclosure would involve a breach of the terms and conditions of the policy.

Deed of access, insurance and indemnity 10

![](ex4-6_001.jpg)

**5.6** **Ceasing to maintain the D&O Policy** 

The Company may cease to maintain the D&O Policy maintained under clause 5.1 if the Company reasonably considers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the relevant coverage is no longer available; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the costs of maintaining the policy, whether generally or for a particular officer of the Company, are so prohibitive that it is no
longer in the interests of the Company to maintain the policy.

---

| | |
|:---|:---|
| **6** | **Access to Board Papers** |

---

**6.1** **Obligation of company to keep records** 

The Company must keep and must ensure that each Group Company keeps at least one set of Board Papers in a systematic manner, safe and secure from damage, for the Relevant Period and for a longer period if any of the Board Papers are relevant to any Claim notified to the Company by the Director that has not been concluded during the Relevant Period.

**6.2** **Right to inspect Board Papers** 

The Company must allow, and procure that each Group Company allows, the Director to inspect and copy the Board Papers of any Group Company during the Relevant Period and during Business Hours for any of the following purposes (**Permitted Purposes**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for a Claim begun or arising during the Relevant Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to which the Director is subject or is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the Director is directly involved in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that the Director proposes to bring in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Director reasonably believes will be brought against the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to discharge the Director's duties as an officer of a Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other purpose for which the Company gives its written consent, which may be given conditionally or unconditionally or withheld
by the Company in its absolute discretion.

**6.3** **Request for access to Board Papers** 

Subject to clause 6.1, the Director (or any Authorised Person) may ask the Company for access to Board Papers and Books of a Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) including particulars of the Board Papers or Books required by the Director (**Requested Documents**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) setting out a Permitted Purpose for which the Requested Documents are required.

Deed of access, insurance and indemnity 11

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**6.4** **Access for the Director** 

On receiving a valid request for access to Board Papers or Books under clause 6.3, the relevant Group Company must give the Director or any Authorised Person access to the Requested Documents and must make them available for inspection and copying free of charge within seven Business Days after receiving the request.

**6.5** **Return of documents** 

The Director must return any Board Papers, Books and any copies of those documents obtained under clause 6.2, and all copies made of those documents, to the company secretary of the relevant Group Company as soon as possible after they are no longer required for a Permitted Purpose.

**6.6** **Privileged documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Director requests access to a Board Paper or Book which is or refers to a Privileged Document, the Company must notify the
Director that privilege exists, and of the general nature of acts and omissions that could cause that privilege to be waived or lost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Director must not waive any privilege of a Group Company nor do or omit to do anything that will cause that legal privilege to
be waived or lost, without the prior consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If giving the Director access to a Privileged Document would, in the reasonable opinion of the Company, jeopardise the ability of
a Group Company to claim legal privilege in a Privileged Document and materially prejudice a Group Company, then the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose conditions on the Director's access to the Privileged Document it reasonably considers appropriate to ensure that the
ability of the Company to claim legal privilege in that Privileged Document is not jeopardised by the access; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Company considers in good faith and acting reasonably that it is not possible to ensure, by imposing conditions, that the ability
of the Company to claim legal privilege in that Privileged Document would not be jeopardised by the access, refuse to allow the Director
access to that Privileged Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Director acknowledge that a Group Company allowing the Director access to a Privileged Document does not amount
to any express or implied waiver by the Group Company of its claim to legal professional privilege against persons other than the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In exercising their rights under clause 6.6, both the Company and Director must have regard to the legitimate interests of the
other and must act reasonably.

**6.7** **Group companies** 

The Company must ensure that each Group Company performs the same obligations as the Company in clause 6 as if the Group Company was a party to this document.

Deed of access, insurance and indemnity 12

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---

| | |
|:---|:---|
| **7** | **Confidentiality** |

---

**7.1** **Obligations of confidentiality** 

Without limiting the Director's duties as a director of any Group Company, the Director (both during the period in which the Director is a director of a Group Company and after the Director ceases to be a director of a Group Company) must only use Information for a Permitted Purpose, and must keep all Information confidential unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Information is or comes into the public domain (other than as a result of a breach by the Director of this document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disclosure of the Information is required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to clause 7.2, disclosure of the Information is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonably necessary for a Permitted Purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) made in confidence to the legal, financial or taxation advisers of the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure of the Information is reasonably necessary for the discharge of the duties of the Director as an officer of a Group Company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Group Company has given its prior written consent to the disclosure of the Information, which may be given conditionally or unconditionally
or withheld by the Company in its absolute discretion.

**7.2** **Privilege** 

For the purposes of clause 7.1(c), the Director is required to keep Information confidential unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Group Company does not have the right to claim legal privilege in some or all of that Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the proposed disclosure of the Information could not reasonably be expected to jeopardise a Group Company's ability to claim
legal privilege in some or all of that Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Group Company has the right to claim legal privilege in all or any of that Information (if any) and has waived its right to claim
that legal privilege to the extent required under clause 6.6,

and disclosure of the Information will not cause a Group Company's right to claim legal privilege in any other Information or documents to be waived.

---

| | |
|:---|:---|
| **8** | **Company can act through its Subsidiaries** |

---

The parties agree that if, at any time, the Company is required to make a payment, satisfy an obligation or do any other thing under this document, the Company may make that payment, satisfy that obligation or do that other thing itself or otherwise get one of its Subsidiaries to do so.

Deed of access, insurance and indemnity 13

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---

| | |
|:---|:---|
| **9** | **Held on trust** |

---

If a provision of this document is expressed to be for the benefit of a person that is not a party to this document such as a Group Company (**Third Party**), the party to this document that receives that promise does so not only in its own capacity but also as trustee for the Third Party.

---

| | |
|:---|:---|
| **10** | **GST** |

---

**10.1** **Definitions** 

Any terms capitalised in clause 10 and not already defined in clause 1.1 have the same meaning given to those terms in the GST Act.

**10.2** **GST exclusive** 

Except under clause 10, the consideration for a Supply made under or in connection with this document does not include GST.

**10.3** **Taxable Supply** 

If a Supply made under or in connection with this document is a Taxable Supply, then at or before the time any part of the consideration for the Supply is payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recipient must pay the Supplier an amount equal to the total GST for the Supply, in addition to and in the same manner as the
consideration otherwise payable under this document for that Supply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Supplier must give the Recipient a Tax Invoice for the Supply.

**10.4** **Later GST change** 

For clarity, the GST payable under clause 10.3 is correspondingly increased or decreased by any subsequent adjustment to the amount of GST for the Supply for which the Supplier is liable, however caused.

**10.5** **Reimbursement or indemnity** 

If either party has the right under this document to be reimbursed or indemnified by another party for a cost incurred in connection with this document, that reimbursement or indemnity excludes any GST component of that cost for which an Input Tax Credit may be claimed by the party being reimbursed or indemnified, or by its Representative Member, Joint Venture Operator or other similar person entitled to the Input Tax Credit (if any).

**10.6** **Warranty that Tax Invoice is issued regarding a Taxable Supply** 

Where a Tax Invoice is given by the Supplier, the Supplier warrants that the Supply to which the Tax Invoice relates is a Taxable Supply and that it will remit the GST (as stated on the Tax Invoice) to the Australian Taxation Office.

**10.7** **Progressive or Periodic Supplies** 

Where a Supply made under or in connection with this document is a Progressive or Periodic Supply, clause 10.3 applies to each component of the Progressive or Periodic Supply as if it were a separate Supply.

Deed of access, insurance and indemnity 14

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---

| | |
|:---|:---|
| **11** | **General** |

---

**11.1** **Amendments** 

This document may only be amended by written agreement between all parties.

**11.2** **Assignment** 

A party may only assign this document or a right under this document with the written consent of the other party.

**11.3** **Counterparts** 

This document may be signed in any number of counterparts. All counterparts together make one instrument.

**11.4** **No merger** 

The rights and obligations of the parties under this document do not merge on completion of any transaction contemplated by this document.

**11.5** **Entire agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This document supersedes all previous agreements about its subject matter. This document embodies the entire agreement between the
parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by law, any statement, representation or promise made in any negotiation or discussion, is withdrawn and has
no effect except to the extent expressly set out or incorporated by reference in this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party acknowledges and agrees that it does not rely on any prior conduct or representation by the other party in entering into
this document.

**11.6** **Further assurances** 

Each party must do all things reasonably necessary to give effect to this document and the transactions contemplated by it.

**11.7** **No waiver** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The failure of a party to require full or partial performance of a provision of this document does not affect the right of that party
to require performance subsequently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A single or partial exercise of or waiver of the exercise of any right, power or remedy does not preclude any other or further exercise
of that or any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A right under this document may only be waived in writing signed by the party granting the waiver, and is effective only to the extent
specifically set out in that waiver.

**11.8** **Governing law and jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) New South Wales law governs this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party irrevocably submits to the non-exclusive jurisdiction of the New South Wales courts and courts competent to hear appeals
from those courts.

Deed of access, insurance and indemnity 15

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**11.9** **Severability** 

A clause or part of a clause of this document that is illegal or unenforceable may be severed from this document and the remaining clauses or parts of the clause of this document continue in force.

**11.10** **Approval and consent** 

Where under this document the doing of any thing by a party is dependent on the consent or approval of another party, that consent or approval may not be unreasonably withheld nor unduly delayed, unless expressly provided otherwise.

**11.11** **Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party bears its own costs in relation to the preparation and signing of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise provided in this document, the Company pays all stamp duty and other taxes of a similar nature (including fines,
penalties and interest) on this document and on any instrument or other document signed to give effect to this document.

**11.12** **Relationship between the parties** 

Unless expressly stated otherwise, this document does not create a relationship of employment, trust, agency or partnership between the parties.

---

| | |
|:---|:---|
| **12** | **Notice** |

---

**12.1** **Method of giving notice** 

A notice, consent or communication under this document is only effective if it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing, signed by or on behalf of the person giving it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) addressed to the person to whom it is to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) given as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivered by hand to that person's address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sent to that person's address by prepaid mail or by prepaid airmail, if the address is overseas; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sent by email to that person's email address unless the sender receives a computer generated report that the email was not successfully
sent, within two hours after the email being sent.

Deed of access, insurance and indemnity 16

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**12.2** **When is notice given?** 

A notice, consent or communication given under clause 12.1(a) is given and received on the corresponding day set out in the table below. The time expressed in the table is the local time in the place of receipt.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**If a notice is** | &nbsp;&nbsp;**It is given and received on** |
| &nbsp;&nbsp;Delivered by hand or sent by email | &nbsp;&nbsp; (a) that day, if delivered or sent by 5.00pm on a Business Day; or<br>(b) the next Business Day, in any other case. |
| &nbsp;&nbsp;Sent by post | &nbsp;&nbsp; (a) three Business Days after posting, if sent within Australia; or<br>(b) seven Business Days after posting, if sent to or from a place outside Australia. |

---

**12.3** **Address for notices** 

A person's address and email address are those set out below, or as the person notifies the sender:

---

| |
|:---|
| &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;**Attention** |
| &nbsp;&nbsp;**Address** |
| &nbsp;&nbsp;**Email address** |

---

---

| |
|:---|
| &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;**Attention** |
| &nbsp;&nbsp;**Address** |
| &nbsp;&nbsp;**Email address** |

---

Deed of access, insurance and indemnity 17

![](ex4-6_001.jpg)

**Execution**

EXECUTED as a deed

---

| | | | |
|:---|:---|:---|:---|
| Signed sealed and delivered | Signed sealed and delivered |  |  |
| by XX in the presence of: | by XX in the presence of: |  | |
| | | ⮙ | Signature of XX |
| ⮙ | Signature of witness |  |  |
| ⮙ | Name of witness (print) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| Signed sealed and delivered <br> by <br> Radiopharm Theranostics Limited ACN 647 877 889<br> by: | Signed sealed and delivered <br> by <br> Radiopharm Theranostics Limited ACN 647 877 889<br> by: |  |  |
| ⮙ | Director | ⮙ | Director/Secretary |
| ⮙ | Full name of Director | ⮙ | Full name of Director/Secretary |

---

Deed of access, insurance and indemnity 18

## Exhibit 4.7

**Exhibit 4.7**

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF MARKING SUCH INFORMATION WITH BRACKETS ("[\*\*\*]") BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**EXCLUSIVE LICENSE AGREEMENT**

**THIS EXCLUSIVE LICENSE AGREEMENT** is made on 9, July 2021 (**Effective Date**), by and between and between**:**

**NanoMab Technology Limited** of 9th Floor, Tung Ning Building, 249-253 Des Voeux Road Central, Hong Kong (**NanoMab**)

**Radiopharm Theranostics Limited**, ACN: 647877889 of Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053 (**Licensee** or **RPT**)

**BACKGROUND**

A. NanoMab owns the Licensed IP (defined below).

B. The parties wish for RPT to: (i) acquire from NanoMab a license to the Licensed IP, and (ii) develop the
Licensed IP, in accordance with the terms and conditions of this Agreement.

**The Parties hereby agree as follows:**

**ARTICLE 1: DEFINITIONS AND TERM**

1.1 **Definitions**. In this Agreement:

"**Affiliate**" of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with such Party. For purposes of this Section 1.1, "control" means (i) the direct or indirect ownership of 50 percent or more of the voting shares or other voting interests or interests in profits, or (ii) the ability to otherwise control or direct the decisions of board of directors or equivalent governing body thereof.

"**Business Day**" means any day, other than a Saturday, Sunday or day on which commercial banks located in Sydney Australia, are authorized or required by law or regulation to close.

"**Confidential Information**" means: (i) all information and materials (of whatever kind and in whatever form or medium) disclosed by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement, whether prior to or during the Term of this Agreement and whether provided orally, electronically, visually, or in writing; provided, that, all such information and materials initially disclosed in writing or electronically shall be clearly marked as "CONFIDENTIAL" and all such materials and information initially disclosed orally shall be reduced to writing and marked as "CONFIDENTIAL" within ten (10) days following the date of initial oral disclosure; (ii) all copies of the information and materials described in (i) above; and (iii) the terms and conditions of this Agreement; provided, further, that Confidential Information shall not include information and materials to the extent a Party can demonstrate through its contemporaneous written records that such information and materials are or have been:

(a) known to the receiving Party, or in the public domain, at the time of its receipt by a Party, or which
thereafter becomes part of the public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality
under this Agreement;

(b) received without an obligation of confidentiality from a Third Party having the right to disclose without
restrictions such information;

(c) independently developed by the receiving Party without use of or reference to Confidential Information
disclosed by the other Party; or

(d) released from the restrictions set forth in this Agreement by the express prior written consent of the
disclosing Party.

"**Control(s)**" or "**Controlled**" means the possession by a Party, as of the Effective Date, of rights sufficient to effect the grant of rights set forth in this Agreement without violating the terms of any agreement with any Third Party.

"**Corporations Act**" means the Australian *Corporations Act 2001*(Cth).

"**Covers**" or "**Covered by**" means, with reference to a particular Licensed Product that the manufacture, use, sale, offering for sale, performance, or importation of, or other exploitation within the meaning of "exploit" under the Australian Patents Act 1990 (Cth) and similar terms under law relating to patents in other parts of the Territory, such Licensed Product would, but for ownership of, or a license granted under this Agreement to, the relevant Patent Right, infringe a Valid Claim which shall be considered separately with respect to each country in the Territory.

"**Dispute**" means any controversy, claim or legal proceeding arising out of or relating to this Agreement, or the interpretation, breach, termination, or invalidity thereof.

"**Field**" means all diagnostic and therapeutic applications for the treatment and/or diagnosis of humans including all radiotherapeutic applications for the treatment of humans.

"**IND**" means an Investigational New Drug application accepted by the United States Food and Drug Administration.

"**Indication**" means a separate and distinct disease or medical condition in humans which a Licensed Product is intended to treat or prevent.

"**IPO Price**" means the price by which the Licensee's shares are offered to the public at the Licensee's Initial Public Offering.

"**Know-How**" means tangible copies of the technical information regarding and specific to Licensed Composition or Licensed Product which set out:

(a) pre-clinical data for the Licensed IP including ADME and toxicology and diagnostic efficacy;

(b) proof-of-concept data;

(c) manufacturing know-how for a GMP environment; and

(d) Published clinical trial results for and generated in the normal course of performing or undertaking of
the following, to the extent the following activities did generate or will generate such results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investigator initiated trial registered as clinical trial No.: China IIS NCR04040686 for the imaging on of 10 breast cancer patients
with Tc99m-NM02 (closed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) investigator initiated trial registered as clinical trial No. China IIS NCT04674722; for Imaging trial on breast cancer patients with
Tc99m- NM02 and Re-188-NM02 (ongoing and expected to recruit 16 patients with Tc- 99m-NM02); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Germany, compassionate use program, pursuant to which 2 patients were treated and 3 scans performed as at the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the treatment of breast cancer patients with Re-186 Re-188 NM02 therapeutics, expected to commence in August 2021.

"**License Year**" means each calendar year during the Term of this Agreement; except that the first License Year shall commence on the Effective Date and end on December 31 of the calendar year in which the Effective Date occurs.

**"Licensed Composition"** means compounds identified in the Licensed Patents, including:

(a) A camelid single domain antibody raised against human HER2 antigen;

(b) A camelid single domain antibody raised against human TROP2 antigen;

(c) A camelid single domain antibody raised against human PTK7 antigen; whether used in isolation or in combination.

"**Licensed Patents**" means:

(a) a patent family comprising PCT application (no. PCT/CN2018/091953), filed on 20 June 2018, assigned to
the Licensor and titled "Anti-HER2 Nanobody and Coding Sequence and Use Thereof" and also comprising national phase entries
in each of China, US, Europe and Japan (the **Her-2 Patent**);

(b) a patent family to be filed in July 2021 claiming an anti-TROP2 Nanobody, coding sequence and use thereof
(the **TROP-2 Patent**);

(c) a patent family to be filed that claims an anti-PTK-7 Nanobody, coding sequence and use thereof (the **PTK-7 Patent**),

(the foregoing identified or described in paragraphs (a), (b) and (c) are collectively referred to as the **Applications**) and (i) patents, patent applications, continuations, divisional applications, and foreign equivalents that claim the same priority date as the Applications or the Applications or any of them; (iii) letters patent or the equivalent issued on any of the Applications or any of them throughout the world; and (v) amendments, extensions, renewals, reissues, and re-examinations of any of the foregoing.

"**Licensed Product**" means a product (including kits, component sets or components thereof, regardless of concentration or formulation) incorporating a Licensed Composition and that (i) is Covered by a Valid Claim, or (ii) contains, as an active ingredient, any substance, the manufacture, use, offer for sale or sale of which is Covered by a Valid Claim or involves the use of the Know- How.

**"Licensed IP"** means all intellectual property rights in the Licensed Patents and the Know-How.

"**Marketing Approval**" means all approvals, licenses, registrations or authorizations of any federal, state or local Regulatory Authority, department, bureau or other governmental entity, including, without limitation, pricing and reimbursement approvals, necessary for the manufacturing, use, storage, import, transport, distribution, marketing and sale of the applicable Licensed Products in a country or regulatory jurisdiction.

"**Net Sales**" means the total gross amount invoiced and received by Licensee, its Affiliates on the sale, lease, provision, or other disposition of the applicable Licensed Products to Third Parties (and for clarity excluding documented sponsored research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including reasonable margin for overhead)), less the following items, as determined from the books and records of Licensee, or its Affiliates:

(a) insurance, handling and transportation charges actually invoiced;

(b) amounts repaid, credited or allowed for rejection, return or recall;

(c) sales or other excise taxes or other governmental charges levied on or measured by the invoiced amount
(including, without limitation, value added taxes);

(d) brokerage, customs and import duties or charges; and

(e) normal and customary trade and quantity discounts (including chargebacks and allowances) and rebates which
relate to the applicable Licensed Products

For clarity, Sales of Licensed Products between or among Licensee and its Affiliates shall be excluded from the computation of Net Sales, except in those instances in which the purchaser is also the end-user of the Licensed Product. Further, transfers of reasonable quantities of Licensed Product by Licensee or any of its Affiliates to a Third Party that is not a Sublicensee for use in the development of such Licensed Product (and not for resale) and transfers of industry standard quantities of Licensed Product for promotional purposes shall not be deemed a sale of such Licensed Product that gives rise to Net Sales for purposes of this definition.

"**Person**" means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited liability company, business association, firm, joint venture or governmental agency or authority.

"**Phase 1 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in a small group of people for the first time to evaluate its safety, determine a safe dosage range, and identify side effects in patients as described in 21 C.F.R. § 312.21(a); or a similar clinical study in a country other than the United States.

"**Phase 2 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in humans designed with the principal purpose of determining initial efficacy and dosing of such Licensed Product in patients for the Indication(s) being studied as described in 21 C.F.R. § 312.21(b); or a similar clinical study in a country other than the United States.

"**Phase 3 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in humans of the efficacy and safety of such Licensed Product, which is prospectively designed to demonstrate statistically whether such Licensed Product is effective and safe for use in a manner sufficient to file an application to obtain Marketing Approval to market and sell that Licensed Product in the United States Indication being investigated by the study, as described in 21 C.F.R. § 312.21(c), or which is actually used to file an application to obtain Marketing Approval for such Licensed Product; or similar clinical study in a country other than the United States.

"**Regulatory Authority**" means, with respect to any country or jurisdiction, any court, agency, department, authority or other instrumentality of any international, multinational or supra-national, national, regional, province, state, county, city or other political subdivision having responsibility for granting Marketing Approvals in such country or jurisdiction, including the Federal Food and Drug Administration in the United States, the European Medicines Agency in the European Union, and the Ministry of Health, Labour and Welfare in Japan.

"**Share**" means a fully paid ordinary share issued in the capital of the Licensee.

"**Sublicensee**" means any Affiliate of Licensee or Third Party which enters into an agreement with Licensee involving the grant to such Affiliate or Third Party of any rights under the license granted to Licensee pursuant to this Agreement.

"**Sublicense Revenues**" means all consideration, in whatever form, due from a Sublicensee in return for the grant of a sublicense of any of Licensee's rights hereunder, excluding consideration in the form of: (i) payments or reimbursement for documented sponsored research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including reasonable margin for overhead), (ii) payments or reimbursement of reasonable patent expenses actually incurred or paid by Licensee and not otherwise reimbursed, or payment of patent expenses required to be paid by Licensee hereunder, (iii) payments for the purchase of equity in Licensee at the fair market value of such equity, and (iv) payments recognized as Net Sales under this Agreement for which a royalty is payable to NanoMab. By way of clarification, the principal amount of any loan or other extension of credit provided to Licensee or an Affiliate of Licensee in connection with the grant of a sublicense by Licensee that is other than an arm's-length credit relationship shall be deemed to constitute "Sublicense Revenues."

"**Territory**" means world-wide.

"**Third Party**" means a Person that is neither a Party to this Agreement nor an Affiliate of a Party.

"**Valid Claim**" means a claim of a pending patent application or an issued and unexpired patent included in the Licensed Patents in a particular jurisdiction, which claim has not, in such jurisdiction been finally rejected or been declared invalid or cancelled by the patent office or a court of competent jurisdiction in a decision that is no longer subject to appeal as a matter of right.

1.2 **Term and Expiry**. The term of this Agreement (the **Term**) shall commence on the Effective Date
and unless sooner terminated by mutual agreement or pursuant to any other provision of this Agreement, this Agreement shall expire, on
a country-by-country and Licensed Product-by-Licensed Product basis at the end of the later of the fifth (5th) year after the last to
expire of the Licensed Patents or 5 years after expiring of any exclusivity, or price, reimbursement protection.

**ARTICLE 2: DEVELOPMENT AND COMMERCIALIZATION EFFORTS**

2.1 **Condition**. Notwithstanding anything to the contrary in this Agreement, neither party will have
any obligation or liability to the other party under this Agreement and neither party hereunder will be entitled to exercise or practice
any of the rights granted to it hereunder until such time that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee receives written documentation that Licensor is entitled to grant the rights hereunder to the
Licensee, e.g. documents which show chain of title to the Licensed Patents in existence at the Effective Date, and employment agreements
showing obligation to assign IP with employee personal information redacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee has raised AU$15 million by way of an equity investment or a convertible note, whether before
or after the Effective Date, but no later than August 31, 2021.

Once the above condition are attained, which the parties will confirm in writing, the parties' respective rights and obligations hereunder shall be of full force and effect.

2.2 **Development and Commercialization Responsibilities**. Licensee shall have the sole right and control
over, all of its development, manufacturing and commercialization activities (including all regulatory activities) with respect to Licensed
Products in the Field and in the Territory.

2.3 **Transfer of Know How**. NanoMab shall, promptly following the Effective Date, provide with and transfer
to Licensee copies of all the Know-How in its possession and control, as at the Effective Date, subject to any applicable laws and regulations,
and, with respect to Know-How that does not yet exist or is not in NanoMab possession or control as of the Effective Date, NanoMab's
obligation under this Section 2.3 shall be continuing throughout the term of this Agreement. To be clear, NanoMab shall comply with all
applicable laws and regulations regarding such transfer of information.

2.4 **Licensee Diligence**. Licensee shall exercise of such efforts and commitment of such resources by
Licensee, including financial resources, directly or through one or more Sublicensees, in a diligent manner consistent with organizations
in the pharmaceutical industry for a comparable development or commercialization program at a similar stage of development or commercialization.

2.5 **Governance**. NanoMab and Licensee shall each designate one individual to serve as the main point
of contact for communications related to development and commercialization of Licensed Products under this Agreement (each a "**Designated Representative** "). Each Party may replace its Designated Representative at any time upon prior notice to the other Party.

2.6 **Exchange of Information**. Licensee shall keep NanoMab reasonably informed as to progress in the
development and commercialization of the technology licensed hereunder.

2.7 **Manufacturing**. Where Licensee determines to engage with a third party manufacturer of Licensed
Products, NanoMab shall assist Licensee in the selection of such third party manufacturer and in managing the third party manufacturer
to the extent reasonably requested by the Licensee. NanoMab shall also assist the third party manufacturer to acquire all the Know-How
needed to manufacture GMP grade Licensed Products.

**ARTICLE 3: LICENSE GRANT**

3.1 **Grant of Rights**. Subject to the terms and conditions of this Agreement, NanoMab hereby grants to
Licensee an exclusive royalty-bearing right and license under the Licensed IP to make, have made, develop, use, offer for sale, sell,
exploit, and otherwise commercialize in any manner whatsoever the Licensed Products in the Field, in the Territory. During the term of
this Agreement, NanoMab will not grant any right or license to any person to make, have made, use, offer for sale, sell, perform, exploit,
and/or import or otherwise commercialize in any manner whatsoever any Licensed Product. Upon the termination or expiration of this Agreement,
all rights in the Licensed IP including the Licensed Patents and the Know-How revert back to NanoMab.

3.2 **Sublicensing**. Licensee shall be entitled to grant sublicenses to Affiliates and Third Parties provided
that: (i) terms and conditions of any sublicense agreement shall be consistent with this Agreement and the scope of the rights granted
to each such sublicense shall not exceed the scope of rights granted to Licensee hereunder, and (ii) NanoMab is provided with written
notice of the identity of the applicable Sublicensee and sufficient information regarding the sublicense agreement for NanoMab to conduct
its own reasonable diligence. Such written notice to NanoMab shall specify a time period which shall be of sufficient length for NanoMab
to conduct its own reasonable diligence.

3.3 **First Right of Refusal**. NanoMab shall keep Licensee appraised of NanoMab's research and development
activities and will provide to the Licensee an opportunity to acquire rights to additional intellectual property being developed by NanoMab,
which is in addition to the intellectual property being licensed to Licensee hereunder, but excluding (i) NanoMab's intellectual
property subsisting in its Anti- PDL-1 nanobody and coding sequence, and (ii) a camelid single domain antibody raised against human FAP
antigen (**Additional IP**). NanoMab undertakes to Licensee that it shall not offer Additional IP to any third party unless and until
such time that it will have fully informed Licensee of the nature of the Additional IP and will have afforded to the Licensee an opportunity
for: (i) at least two (2) months to perform due diligence in relation to the Additional IP, and (ii) at least two (2) months to negotiate
the terms for acquiring a license to the Additional IP.

**ARTICLE 4: PAYMENTS**

4.1 **TROP-2 Patent Application**. Licensee's obligation to any and all monetary amounts (whether
in cash or by way of Shares) set out in this ARTICLE 4, is subject to Nanomab having first filed TROP-2 patent application (which may
be in the form of a provisional application or PCT) and delivering to the Licensee a copy thereof and all of Licensee's payments
obligations set out in this ARTICLE 4 shall be read to be subject to this Section 4.1.

4.2 **Up-Front Payment**. In consideration for rights granted hereunder including NanoMab's performance
of its obligations under Sections 2.3, Licensee shall pay to NanoMab:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a one-time license fee in the amount of one million and five hundred thousand US dollars (US $1,500,000)
within thirty (30) Business Days after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a one-time license fee in the amount of one million and five hundred thousand US dollars (US $1,500,000)
within fourteen (14) Business Days after the earlier of (i) the Licensee listing on the Australian Stock Exchange, (ii) the Licensee offering
its shares to the public by way of an initial public offering (IPO) anywhere in the Territory, or (iii) March 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within fourteen (14) Business Days of the IPO offering by Licensee, nine million US dollars (US $9,000,000)
in Licensee's ordinary shares, in such amount that shall be based on the IPO Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an additional five hundred thousand US dollars (US $500,000) in Licensee's ordinary shares, in such
amount that shall be based on the IPO Price subject to NanoMab filing the PTK-7 Patent application and delivering to Licensee a copy thereof,
PROVIDED THAT, if the PTK-7 Patent application will be filed after the Licensee's IPO, the amount payable under this paragraph (d)
shall be reduced to two hundred and fifty thousand US dollars (US $250,000) in Licensee's ordinary shares, in such amount that shall
be based on the IPO Price. The time for payment of the amount payable under this paragraph (d) shall be within fourteen (14) Business
Days of the IPO offering by Licensee or thirty (30) days of the PTK-7 Patent application being filed, whichever is later.

4.3 **Share Issue.** Licensee will issue to NanoMab share certificates evidencing validly issued, fully-paid
Shares to represent an ownership interest of the shares to be issued under this Agreement. All shares will be subject to twelve (12) months
escrow (lock up) or as otherwise required by the ASX and during such time period may not be resold within except pursuant to an available
exemption under section 708 of the Corporations Act.

4.4 **Development Milestone Payments**. Separate from and in addition to the Up-Front Payment, within thirty
(30) days after the occurrence of each Development Milestone Event set forth below with respect to each Licensed Product, Licensee shall
pay NanoMab the amount indicated below:

---

| | |
|:---|:---|
| **Development Milestone Event** | **Amount Due** |
| 1. IND allowance by the U.S. FDA or the EMA or the NMPA (for either the HER-2 or the TROP-2 Therapeutic) | USD $5 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the HER-2 IND allowance. |
| 2. IND allowance by the U.S. FDA or the EMA or the NMPA (for the PKT-7 Therapeutic) | USD $0.5 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the PKT-7 IND allowance. |
| 3. First patient dosed in the first Phase 1 therapeutic clinical trial | USD $1 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient |
| 4. First patient dosed in the first Phase 2 therapeutic clinical trial | USD $2 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient |
| 5. First patient dosed in the first Phase 3 therapeutic clinical trial, or approval of a Licensed Product | USD $3 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient |

---

4.5 **Milestone payments - qualifications**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 Licensee's obligation to pay NanoMab under Section 4.4 shall be subject to NanoMab having been in
substantial compliance with its obligations under Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 For clarity, each Development Milestone Payment will be paid once.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 A milestone payment will not be payable where the Licensee ceased development and does not attain the
milestone for which payment is due upon attaining that milestone.

4.6 **Royalties**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 **Base Royalties**. Subject to Subsections 4.6.2, 4.6.3, and 4.7 below, Licensee shall pay to NanoMab
or its designee royalties in an amount equal to [\*\*\*] of Licensee's Net Sales of Licensed Products
that are subject to a Valid Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 **Royalty Payment only for Patent Coverage**. On a country-by-country and Licensed Product-by-Licensed
Product basis, the royalty payable under Section 4.6.1 on Licensee's Net Sales of Licensed Products in such country shall apply
only where the sale of such Licensed Product is Covered by a Valid Claim of the Licensed Patents, provided, however, that this Section
4.6.2. has no effect if Licensee does not file a Licensed Patent in a country when sales of a Licensed Product occurs in that country
and such non-filing was without the consent of NanoMab.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 **Royalty Term**. Licensee's payment obligations under Section 4.6.1 shall expire, on a country-by-country
basis on a Licensed Product-by-Licensed Product on the last date on which there exists a Valid Claim of the Licensed Patents Covering
such Licensed Product in each case, as applicable, the "**Royalty Expiration Date,**" provided, however, that this Section
4.6.3. has no effect if Licensee does not file a Licensed Patent in a country when sales of a Licensed Product occurs in that country
and such non-filing was without the consent of NanoMab..

4.7 **Royalty Offsets**. If, in Licensee's reasonable business judgment it is necessary to pay to
NanoMab or a Third Party (whether in the form of a royalty or otherwise) for the right to make, have made, use, sell, offer for sale or
import a specific Licensed Product in a given jurisdiction to avoid infringement of the Third Party's patent rights (and not, for
example, in respect of any combination product, add-on technology or improvement not included in the definition of Licensed Product),
and if the aggregate royalty rates of any and all royalties payable to such Third Party licensors when combined with the royalty rate
payable to NanoMab exceeds eight percent (8%) in the case of Net Sales of the applicable Licensed Product, then Licensee shall have the
right with respect to any period for which royalties are due (i.e., a License Year) to set off up to fifty percent (50%) of the aggregate
royalties with respect to the applicable Licensed Product otherwise payable with respect to such period and such jurisdiction and to such
Third Party licensors against royalties that would otherwise be due to NanoMab hereunder with respect to such period and jurisdiction.

4.8 **Sublicense Revenues**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1 *Timing*. Licensee shall pay to NanoMab the applicable percentage of all Sublicense Revenues under
Section 4.8.2 within thirty (30) days of the end of the calendar quarter in which the Sublicense Revenue is received from the relevant
Sublicensee. If Sublicense Revenues are not in cash or cash equivalents, the percentage share payable to NanoMab pursuant to this Section
4.8 shall be due, in NanoMab's sole discretion, either in kind or in its cash equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.2 *Quantum.* If the sublicense grant to the Sublicensee occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the Licensee submitting an IND for a Licensed Product, then Licensee shall pay to NanoMab [\*\*\*] of all Sublicense Revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior to dosing of the first patient in a Phase 1 Clinical Trial related to the first Licensed Product,
then Licensee shall pay to NanoMab [\*\*\*] of all Sublicense Revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to dosing of the first patient in a Phase 2 Clinical Trial related to the first Licensed Product,
then Licensee shall pay to NanoMab [\*\*\*] of all Sublicense Revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.3 *Clarification*. In a sublicense with multiple candidates, the development status of the most advanced
candidate or product in the sublicense determines the applicable timing of the sublicense grant under this Section 4.9.2.

4.9 **Timing of Royalty Payments**. Royalty payments due under Section 0, above, shall be paid annually
within sixty (60) days following the end of each License Year until the first License Year in which aggregate Royalties under Section
4.5.1 reach US $1 million. Thereafter, all royalty payments due under Section 0 shall be paid in quarterly installments, within sixty
(60) days following the end of each calendar quarter.

4.10 **Single Royalty**. Only a single royalty payment shall be due and payable on Net Sales of a Licensed
Product regardless if such Licensed Product is Covered by more than one Valid Claim.

**ARTICLE 5: REPORTS, AUDITS AND FINANCIAL TERMS**

5.1 **Royalty Reports**. Within sixty (60) days after the end of License Year or, as the case may be, each
calendar quarter in which a royalty payment under ARTICLE 4 is required to be made, Licensee shall send to NanoMab a report of Net Sales
of the Licensed Products and for which a royalty is due, which report sets forth for such License Year or calendar quarter the following
information, on a Licensed Product-by-Licensed Product and country-by- country basis: (i) total Net Sales, (ii) total gross sales of Licensed
Products, (iii) the quantity of each Licensed Products sold and for which payment was received, (iv) the exchange rate used to convert
Net Sales from the currency in which they are earned to United States dollars; and (v) the total royalty payments due.

5.2 **Additional Financial Terms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 **Currency**. The currency for payments to be made under this Agreement shall be United States dollars,
unless expressly specified to the contrary herein. Net Sales outside of the United States shall be first determined in the currency in
which they are earned and shall then be converted into an amount in United States dollars. All currency conversions shall use the conversion
rate reported by Reuters, Ltd. on the last Business Day of the calendar quarter for which such payment is being determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 **Payment Method**. Payment shall be effected by means of wire transfer to an account identified by
NanoMab.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 **Withholding of Taxes**. Licensee shall withhold on NanoMab's behalf any and all withholding
or similar tax payable on NanoMab's income levied on account of any payment received by NanoMab under this Agreement which and only
to the extent Licensee is required by law to withhold such amounts, and Licensee shall be entitled to deduct such amount from the amounts
payable hereunder.

5.3 **Accounts and Audit**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 **Records**. Licensee shall keep accurate books of account containing the particulars of its Net Sales
and the calculation of royalties. Such books and records must be maintained available for examination in accordance with this Section
5.3.1 for two (2) calendar years after the end of the calendar year to which they pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 **Appointment of Auditor**. NanoMab may appoint an internationally- recognized independent accounting
firm reasonably acceptable to Licensee to inspect the relevant books of account of Licensee to verify any reports or statements provided,
or amounts paid or invoiced (as appropriate), by Licensee. Licensee shall be entitled to require the auditor to be subject to a written
duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 **Procedures for Audit**. NanoMab may exercise its right to have Licensee's relevant records
examined only during the two (2) year period during which Licensee is required to maintain records, no more than once in any calendar
year. Licensee is required to make records available for inspection only during regular business hours, only at such place or places where
such records are customarily kept, and only upon receipt of at least thirty (30) days advance notice from NanoMab.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 **Audit Report**. The independent accountant will be instructed to provide to NanoMab an audit report
containing only its conclusions and methodology regarding the audit, and specifying whether the amounts paid were correct and, if incorrect,
the amount of any underpayment or overpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 **Underpayment and Overpayment**. After review of the auditor's report: (i) if there is an uncontested
underpayment by Licensee for all of the periods covered by such auditor's report, then Licensee shall pay to NanoMab the full amount
of that uncontested underpayment, and (ii) if there is an uncontested overpayment for such periods, then NanoMab shall provide to Licensee
a credit against future payments (such credit equal to the full amount of that overpayment), or, if Licensee is not obligated to make
any future payments, then NanoMab shall pay to Licensee the full amount of that overpayment. Contested amounts are subject to dispute
resolution under ARTICLE 12. If the total amount of any such underpayment (as agreed to by Licensee or as determined under ARTICLE 12)
exceeds five percent (5%) of the amount previously paid by Licensee for the period subject to audit, then Licensee shall pay the reasonable
costs for the audit. Otherwise, all costs of the audit shall be paid by NanoMab.

**ARTICLE 6: LICENSEE COVENANTS**

Licensee covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in conducting activities contemplated under this Agreement, Licensee shall comply in all material respects
with all applicable laws and regulations including, without limitation, those related to the manufacture, use, labeling importation and
marketing of Licensed Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee has not been convicted of a criminal offense related to health care, is not currently debarred,
excluded or otherwise ineligible for participation in federally funded health care programs and has not arranged or contracted (by employment
or otherwise) with any employee, contractor, or agent that it knew or should have known are excluded from participation in any federal
health care program, and will not knowingly arrange or contract with any such individuals or entities during the Term of this Agreement.
Licensee agrees to: (i) notify NanoMab in writing immediately of any threatened, proposed or actual conviction relating to health care,
of any threatened, proposed or actual debarment or exclusion from participation in funded programs, of Licensee or any officer or director
of Licensee, and (ii) refrain from knowingly employing or contracting with individuals or entities excluded from participation in a federally
funded health care program.

**ARTICLE 7: INTELLECTUAL PROPERTY; PATENT PROSECUTION, <br> MAINTENANCE AND ENFORCEMENT.**

7.1 **Patent Prosecution, Maintenance and Enforcement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 NanoMab shall be responsible for the filing of the first patent application for each of the Licensed Composition
(a), (b), and (c). After such a first patent application has been filed, Licensee shall be responsible for the preparation, filing, prosecution,
and maintenance of all Licensed Patents and will timely provide to NanoMab copies of all relevant documentation relating to such prosecution
and Licensee shall otherwise keep such information confidential. Licensee's counsel shall take instructions only from Licensee and
such patent counsel shall be instructed to (i) copy NanoMab on patent prosecution documents that are received from or filed with the United
States Patent and Trademark Office and foreign equivalent; (ii) provide NanoMab with copies of draft submissions to the USPTO (or foreign
equivalent) prior to filing; and (iii) give reasonable consideration to the comments and requests of NanoMab or its patent counsel. All
patents and patent applications in Licensed Patents, to the extent assignable in whole or in part to NanoMab, shall be assigned to NanoMab.
In the interest of clarity, any new patent applications filed or issued patents obtained that have a priority date which is the same priority
date as for any of the Licensed Patent, shall be assigned to NanoMab, and shall be considered Licensed Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Licensee will not unreasonably refuse to amend any patent application in Licensed Patents to include claims
reasonably requested by NanoMab to protect the products contemplated to be sold by Licensee under this Agreement. On a country-by-country
and patent-by- patent basis, Licensee may elect to surrender any patent or patent application in Licensed Patents in any country upon
sixty (60) days advance written notice to NanoMab. Such notice shall relieve Licensee from the obligation to manage the prosecution and
maintenance of the patent to which its notice relates or to pay for future patent costs but shall not relieve Licensee from responsibility
to pay patent costs incurred prior to the expiration of the sixty (60) day notice period. Such U.S. or foreign patent application or patent
shall thereupon cease to be a Licensed Patent hereunder, Licensee shall have no further rights therein and NanoMab shall be free to license
its rights to that particular U.S. or foreign patent application or patent to any other party on any terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Each Party shall promptly provide written notice to the other in the event it becomes aware of any actual
or probable infringement of any of the Licensed Patents in or relevant to the Field or of any Third Party claim regarding the enforceability
or validity of any Licensed Patents ()"**Infringement Notice** "). Licensee shall, in cooperation with NanoMab, use reasonable
efforts to terminate infringement without litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 If infringing activity has not been abated within ninety (90) days following the date the Infringement
Notice takes effect, then Licensee may, following consultation with NanoMab, in its sole discretion and at its sole expense, take action
against any alleged infringer or in defense of such any claim with respect to any Patent Right for which Licensee has exclusive rights
under this Agreement. NanoMab will consent to be joined to such proceedings if that is necessary to give Licensee standing in such action.
Any recovery obtained by Licensee as the result of legal proceedings initiated and paid for by Licensee pursuant to this Section 7.1.4,
after deduction of Licensee's reasonable out-of- pocket expenses incurred in securing such recovery, shall be deemed to be Sublicense
Revenue in the calendar quarter in which such recovery was received and sublicensing fees of 15% shall be due and payable thereon accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 If NanoMab is involuntarily joined in a suit initiated by Licensee, including but not limited to joining
a suit to give Licensee standing to sue, then the Licensee will pay any costs incurred by NanoMab arising out of such suit, including
but not limited to, reasonable legal fees of counsel that NanoMab selects and retains to represent it in the suit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 If Licensee declines either to cause such infringement to cease (e.g. by settlement or injunction) or
to initiate and thereafter diligently maintain legal proceedings against the infringer other than as part of a mutually agreed upon bona
fide strategy, developed with the guidance of outside patent counsel, to preserve the Licensed Patents, NanoMab may, in its sole discretion
and at its sole expense, take action against such alleged infringer or in defense of any such Third Party claim. Any recovery obtained
by NanoMab as the result of any such legal proceedings shall be for the benefit of NanoMab only.

7.2 **Payment of NanoMab Patent Expenses**. After the Effective Date, the Licensee shall bear the costs
and expenses in relation to the prosecution and maintenance of the Licensed Patents for the previous year after NanoMab will have filed
a PCT (each considered separately).

7.3 **Marking**. Licensee shall mark all Licensed Products in such a matter as to conform with the patent
laws of the country to which such Licensed Products are shipped or in which such products are sold.

**ARTICLE 8: TERM AND TERMINATION**

8.1 **Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 **Material Breach**. Either Party may terminate this Agreement prior to its Expiration for any material
breach by the other Party, provided, that, the Party seeking to terminate shall have first given the breaching Party notice of such material
breach (**Breach Notice**) with reasonable particulars of the material breach, and the Party receiving the Breach Notice failed to
cure that material breach within forty-five (45) days after the date of receipt of the Breach Notice; provided, that, if the breaching
Party responds to the Breach Notice by providing a Dispute Notice pursuant to ARTICLE 12 to the Party seeking to terminate within ten
(10) days after the date of receipt of the Breach Notice, the Party alleging the material breach may not terminate this Agreement until
completion of the Resolution Period pursuant to ARTICLE 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 **Bankruptcy**. NanoMab shall have the right to terminate this Agreement prior to its Expiration upon
notice to Licensee, in the event that: (i) Licensee seeks protection of any bankruptcy or insolvency law other than with the prior consent
of NanoMab, or (ii) a proceeding in bankruptcy or insolvency is filed by or against Licensee and not withdrawn, removed or vacated within
90 days of such filing, or there is adjudication by a court of competent jurisdiction that Licensee is bankrupt or insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 **Termination at Will by Licensee**. Licensee shall have the right to terminate this Agreement prior
to its Expiration upon notice to NanoMab without cause, effective no fewer than ninety (90) days following the date of such notice.

8.2 **Effect of Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Upon any termination of this Agreement pursuant to Section 8.1 and until expiry of the Licensed Patents,
all rights and licenses granted to Licensee under ARTICLE 3, shall immediately terminate on and as of the effective date of termination
as provided in Section 8.1, and all rights in the Licensed IP shall revert to NanoMab, except that Licensee shall have the right to continue
to sell Licensed Products manufactured prior to the effective date of such termination until the sooner of: (i) one hundred and eighty
(180) days after the effective date of termination, or (ii) the exhaustion of Licensee's inventory of Licensed Products. Upon termination,
any use of the Licensed IP or commercialisation of the Licensed Products is subject to Licensee paying all amounts payable under this
Agreement as if the Agreement had not terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 Upon termination of this Agreement pursuant to Section 8.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall promptly return to the other Party all relevant records and materials in its possession
or control containing or comprising the other Party's Confidential Information and to which the Party does not retain rights hereunder
PROVIDED THAT each party shall be entitled to retain one copy for compliance and archival purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee shall discontinue making any representation regarding its status as a licensee of NanoMab for
Licensed Products. Subject to Section 8.2.1, above, Licensee shall cease conducting any activities with respect to the marketing, promotion,
sale or distribution of Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Termination of this Agreement through any means and for any reason pursuant to Section 8.1 (but
for clarity, not in the case of its Expiration), shall not relieve the Parties of any obligation accruing prior thereto, including the
payment of all sums due and payable, and shall be without prejudice to the rights and remedies of either Party with respect to any antecedent
breach of any of the provisions of this Agreement. To be clear, upon termination, NanoMab shall be entitled to retain all payments already
made to it pursuant to this Agreement, including but not limited to any Up-Front Payments and Development Milestone Payments.

8.3 **Survival**. Sections 5.1, 5.2, 6, 7.1, 7.2, 8 through 13 (both inclusive) shall survive termination
of this Agreement for any reason.

**ARTICLE 9: REPRESENTATIONS AND WARRANTIES**

9.1 **Mutual Representations and Warranties**. NanoMab and Licensee each represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the right and authority to enter into this Agreement and all action required to be taken on its
behalf, its officers, directors, partners and stockholders necessary for the authorization, execution, and delivery of this Agreement
and, the performance of all of its obligations hereunder, and this Agreement, when executed and delivered, will constitute valid and legally
binding obligations of such Party, enforceable in accordance with its terms, subject to: (i) laws limiting the availability of specific
performance, injunctive relief, and other equitable remedies; and (ii) bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or other similar laws now or hereafter in effect generally relating to or affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has read this Agreement, with assistance from its counsel of choice. It understands all of this Agreement's
terms. It has been given a reasonable amount of time to consider the contents of this Agreement before each Party executed it. It agrees
that it is executing this Agreement voluntarily with full knowledge of this Agreement's legal significance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has made such investigation of all matters pertaining to this Agreement that it deems necessary, and
does not rely on any statement, promise, or representation, whether oral or written, with respect to such matters other than those expressly
set forth herein. It agrees that it is not relying in any manner on any statement, promise, representation or understanding, whether oral,
written or implied, made by any Party, not specifically set forth in this Agreement. It acknowledges that, after the Effective Date, it
may discover facts different from or in addition to those which it now knows or believes to be true. Nevertheless, it agrees that this
Agreement shall be and remain in full force and effect in all respects, notwithstanding such different or additional facts.

9.2 **Representations and Warranties of NanoMab**. NanoMab represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the legal capacity and the full legal right to grant to Licensee all the rights granted hereunder
and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has good title in and to the Licensed Patents which is supported by documentation in relation to the
chain of title from the inventors of the Licensed Patents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by entering into this Agreement, NanoMab will not breach any of the terms or conditions of any agreement
with any third party.

**ARTICLE 10: INDEMNIFICATION**

10.1 **Indemnification by Licensee**. Licensee shall defend, indemnify and hold harmless NanoMab, its Affiliates,
and their respective officers, directors, shareholders, employees and agents ()"**NanoMab Indemnitees**") from and against
any and all Third Party liabilities, claims, suits, and expenses, including reasonable attorneys' fees (collectively, "**Losses** "),
arising out of or are in any way attributable to: (i) the material breach of any representation or warranty made by Licensee under this
Agreement, (ii) the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use,
distribution, promotion, marketing or sale of Licensed Products by or on behalf of Licensee, any of its Affiliates or a Sublicensee or
any other exercise of rights under this Agreement or pursuant to any sublicense, or (iii) the negligence, willful misconduct or failure
to comply with applicable law by a Licensee, an Affiliate of Licensee, or a Sublicensee. In entering into this Agreement and obtaining
the benefit of the indemnity in this Section 10.1, NanoMab acts on its own behalf and on trust for its Affiliates, and NanoMab's
and its Affiliates' respective officers, directors, shareholders, employees and agents.

10.2 **Indemnification by NanoMab**. NanoMab shall defend, indemnify and hold harmless Licensee, its Affiliates,
and their respective officers, directors, shareholders, employees and agents ()"**Licensee Indemnitees**") from and against
any and all Third Party liabilities, claims, suits, and expenses, including reasonable attorneys' fees (collectively, "**Losses** "),
arising out of or are in any way attributable to: (i) the material breach of any representation or warranty made by NanoMab under this
Agreement, (ii) the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use,
distribution, promotion, marketing or sale of Licensed Products by or on behalf of NanoMab, any of its Affiliates or other (third party)
licensees or any other exercise of rights it reserved under this Agreement, or (iii) the negligence, willful misconduct or failure to
comply with applicable law by NanoMab or an Affiliate of NanoMab or a third party licensee of NanoMab.

10.3 **Procedure**. The indemnities set forth in this ARTICLE 10 are subject to the condition that the Party
seeking the indemnity shall forthwith notify the indemnifying Party on being notified or otherwise made aware of a liability, claim, suit,
action or expense and that the indemnifying Party defend and control any proceedings with the other Party being permitted to participate
at its own expense (unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the
indemnifying Party shall pay for the other Party's counsel); provided, that, the indemnifying Party may not settle the liability,
claim, suit, action or expense, or otherwise admit fault of the other Party or consent to any judgment, without the written consent of
the other Party (such consent not to be unreasonably withheld). Notwithstanding the foregoing, no delay in the notification of the existence
of any claim of Loss shall cause a failure to comply with this Section 10.3 as long as such delay shall not have materially impaired the
rights of the indemnifying Party.

10.4 **Insurance**. Each party shall take out with a reputable insurance company, and maintain, adequate
insurance cover, including product, professional, and public liability insurance and insurance against all loss of and damage to property
(whether real, personal or intellectual) and injuries to persons (including death). Each party shall make its insurance policy and renewal
receipts available to the other party on request from time to time. Each party shall ensure that such insurance continues in force throughout
the term of this Agreement and until at least 3 years after the last sale or supply of any Licensed Product by it or any of its Affiliates
or its or their respective sub-licensees.

10.5 **Limitation.** Notwithstanding anything contained in this Agreement to the contrary, except in relation
to the indemnification obligations under sections 10.1 and 10.2 and any breach of ARTICLE 11 (i) in no event shall either party be liable
to the other party for any special, punitive, consequential, indirect, or incidental damages (including loss of profits, costs of procuring
substitute goods, lost business or enhanced damages for intellectual property infringement) whether based upon breach of warranty, breach
of contract, negligence, strict liability in tort or any other legal theory, and (ii) in no event shall either party be liable to the
other for an aggregate amount in excess of two-thirds of the total consideration paid to NanoMab hereunder. To avoid doubt, the limitations
in this Section 10.5 do not apply to any amount payable by Licensee to NanoMab under ARTICLE 4 this Agreement.

**ARTICLE 11: CONFIDENTIALITY AND DATA PROTECTION**

11.1 **Confidential Information**. During the Term of this Agreement and for five (5) years after the expiration
of all Licensed Patents, without regard to the means of termination each party shall not use, for any purpose other than the purpose contemplated
by this Agreement, or reveal or disclose the other party's Confidential Information to any Third Party. Without limiting the foregoing,
NanoMab shall not use, for any purpose other than the purpose contemplated by this Agreement, or reveal or disclose to any Third Party
Licensee's Confidential Information. The Parties shall take reasonable measures to assure that no unauthorized use or disclosure
is made by others to whom access to such information is granted.

11.2 **Exceptions**. Notwithstanding the foregoing, a Party may use and disclose Confidential Information
of the other Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was, prior to its receipt by the receiving party from the disclosing party, in the possession of the receiving
party without any obligations of confidence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is subsequently disclosed to the receiving party, without any obligations of confidence, by a third party
who is entitled to disclose it without breaching any confidentiality obligations to the disclosing party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is or becomes generally available to the public through no fault of the receiving party or its Affiliates
or sub-licensees or its or their representatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is independently developed by or on behalf of the receiving party, as evidenced by written records, without
reference to the Confidential Information of the disclosing party.

11.3 **Certain Obligations**. During the Term and for a period of five (5) years thereafter, Licensee, with
respect to NanoMab Confidential Information, and NanoMab, with respect to Licensee Confidential Information, agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to use such Confidential Information only for the purposes contemplated under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to treat such Confidential Information as it would its own proprietary information which in no event shall
be less than a reasonable standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take reasonable precautions to prevent the disclosure of such Confidential Information to a Third Party
without written consent of the other Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to only disclose such Confidential Information to those employees, agents and Third Parties who have a
need to know such Confidential Information for the purposes set forth herein and who are subject to obligations of confidentiality no
less restrictive than those set forth herein.

11.4 **Termination**. Upon termination or expiration of this Agreement, and upon the request of the disclosing
Party, the receiving Party shall promptly and in no more than ninety (90) days return to the disclosing Party or destroy all copies of
Confidential Information received from such Party, and shall return or destroy, and document the destruction of, all summaries, abstracts,
extracts, or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be
permitted to retain a copy (or copies, as necessary) of such Confidential Information for archival purposes or to enforce or verify compliance
with this Agreement, or as required by any applicable law or regulation.

11.5 **Publicity**. Neither Party shall make, or procure or permit the making of, any announcement which
relates to this Agreement or the matters contained in it, or make any use of the name, logos or trade marks of the other Party in connection
with this Agreement, without the prior written approval of the other Party (such approval not to be unreasonably withheld or delayed),
except to the extent required by law or any public body with appropriate jurisdiction. Notwithstanding the foregoing, each Party shall
be entitled to announce or otherwise make public the existence of this Agreement and its subject matter, provided that the commercial
terms of this Agreement shall not be disclosed without the prior written consent of the other Party.

11.6 **Data Protection.** Any information (regardless of the medium in which it is contained and whether
or not it is key coded) that directly or indirectly identifies an individual (**Personal Data**) and that a party receives from the
other party and/or is possessed by a party hereunder, shall be possessed by that party only in strict compliance with all applicable laws,
regulations, rules and/or, ordinances and or other government standards relating to data protection, privacy, confidentiality or security
of Personal Data (**Data Protection Laws**).

**ARTICLE 12: DISPUTE RESOLUTION**

12.1 All Disputes shall be first referred to Mr. Henry Ho, or such other person who is notified by NanoMab
to Licensee from time to time, as to NanoMab, and Mr. Paul Hopper or his nominee of Licensee, for resolution, prior to proceeding under
the other provisions of this ARTICLE 12. A Dispute shall be referred to such executives upon one Party (the "**Initiating Party** ")
providing the other Party (the "**Responding Party**") with notice that such Dispute exists ()"**Dispute Notice** "),
together with a written statement describing the Dispute with reasonable specificity and proposing a resolution to such Dispute that the
Initiating Party is willing to accept, if any. Within ten (10) days after having received such statement and proposed resolution, if any,
the Responding Party shall respond with a written statement that provides additional information, if any, regarding such Dispute, and
proposes a resolution to such Dispute that the Responding Party is willing to accept, if any. If not otherwise resolved, the Parties shall
engage in good faith efforts to negotiate a resolution to resolve the Dispute for the following fifteen (15) days (the "**Resolution Period** "). In the event that such Dispute is not resolved during the Resolution Period, either Party shall be entitled to request
that the Parties convene for a non-binding mediation in accordance with the WIPO mediation rules ("Mediation") within 30 days
of the date of so requesting. If, within seven (7) days of either Party requesting Mediation within such 30-day period, the Parties agree
that the matter in question would be assisted by Mediation, the Parties shall appoint an experienced and suitably qualified (single) mediator
by mutual agreement within a further fourteen (14) day period or, failing which, the mediator shall be appointed by the WIPO Arbitration
and Mediation Center. If each Party has agreed to convene for the Mediation, each Party shall: (i) cooperate fully with the mediator and
provide such assistance as is necessary to enable the mediator to discharge his/her duties; and (ii) bear its own costs in connection
with the Mediation, and the fees and expenses of the mediator will be paid by the Parties in equal proportions unless otherwise determined
by the mediator.

**ARTICLE 13: GENERAL**

13.1 **Assignment and Delegation**. Except as expressly provided in this Section 13.1, neither this Agreement
nor any right or obligation hereunder shall be assignable in whole or in part, whether by operation of law, or otherwise by Licensee without
the prior written consent of NanoMab. Licensee may assign or transfer its rights and obligations under this Agreement to a Person that
succeeds to all or substantially all of Licensee's business or assets, whether by sale, merger, operation of law or otherwise. NanoMab
may assign or transfer its rights and obligations under this Agreement, provided that Licensee's rights are not impacted by any
such assignment or transfer.

13.2 **Entire Agreement**. This Agreement contains the entire agreement between the Parties relating to
the subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this Agreement.

13.3 **Amendments**. Changes and additional provisions to this Agreement shall be binding on the Parties
only if agreed upon in writing and signed by the Parties.

13.4 **Applicable Law**. This Agreement shall be construed and interpreted in accordance with the laws of
Victoria, Australia and all rights and remedies shall be governed by such laws without regard to principles of conflicts of law that would
result in the application of the law of another jurisdiction.

13.5 **Force Majeure**. If the performance of this Agreement or any obligations hereunder is prevented,
restricted or interfered with by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts
of God, war, terrorism, or a similar occurrence or condition beyond the reasonable control of the Parties, the Party so affected shall,
upon giving prompt notice to the other Parties, be excused from such performance during such prevention, restriction or interference,
and any failure or delay resulting therefrom shall not be considered a breach of this Agreement.

13.6 **Severability**. The Parties do not intend to violate any public policy or statutory or common law.
However, if any sentence, paragraph, clause or combination of this Agreement is in violation of any law or is found to be otherwise unenforceable,
such sentence, paragraph, clause or combination of the same shall be deleted and the remainder of this Agreement shall remain binding,
provided, that, such deletion does not alter the basic purpose and structure of this Agreement.

13.7 **Notices**. All notices, requests, demands, and other communications relating to this Agreement shall
be in writing in the English language and shall be delivered in person or by delivery service or international courier with package tracing
capability. Notices shall be sent via a service which provides traceability of packages and signature confirmation and shall be deemed
to have been given on the date actually received. Notices shall be sent as follows:

Notices to NanoMab: with a copy to: <br>Notices to Licensee: with a copy to:

Either Party may change its address for notices or facsimile number at any time by sending notice to the other Party.

13.8 **Independent Contractor**. Nothing herein shall create any association, partnership, joint venture,
fiduciary duty or the relation of principal and agent between the Parties hereto, it being understood that each Party is acting as an
independent contractor, and neither Party shall have the authority to bind the other or the other's representatives in any way.

13.9 **Waiver**. No delay on the part of either Party hereto in exercising any power or right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any power or right hereunder preclude other or further
exercise thereof or the exercise of any other power or right. No waiver of this Agreement or any provision hereof shall be enforceable
against any Party hereto unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the
one event.

13.10 **Interpretation**. This Agreement has been prepared jointly and no rule of strict construction shall
be applied against either Party. In this Agreement, the singular shall include the plural and vice versa and the word "including"
shall be deemed to be followed by the phrase "without limitation." The section headings contained in this Agreement are inserted
for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. A reference to insolvency includes
appointment of an administrator, compromise, arrangement, merger, amalgamation, reconstruction, winding up, dissolution, deregistration,
assignment for the benefit of creditors, scheme, composition or arrangement with creditors, insolvency, bankruptcy.

13.11 **Counterparts**. This Agreement may be executed in counterparts, each of which together shall constitute
one and the same Agreement. For purposes of executing this agreement, a facsimile copy or an emailed PDF of this Agreement, including
the signature pages, will be deemed an original.

**ARTICLE 14: GST**

14.1 In this Article 14:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to a term defined or used in the A New Tax System (Goods and Services Tax) Act 1999 (Cth)
(" **GST Act**") is, unless the context indicates otherwise, a reference to that term as defined or used in the GST Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to GST payable by or input tax credit of a party includes the corresponding GST payable by
or input tax credit of the representative member of the GST group of which that party is a member.

14.2 Unless otherwise expressly stated, all amounts referred to in this Agreement, including amounts used to
determine a payment to be made by one party to the other (other than an amount referred to in Section 14.6), are exclusive of GST ()"**GST Exclusive Consideration** ").

14.3 To the extent that GST is payable in respect of all or any part of a supply made by a party ()"**Supplier** ")
under or in connection with this Agreement, the GST Exclusive Consideration to be provided under this agreement for that supply is increased
by an amount equal to the GST payable by the Supplier (excluding any excess GST).

14.4 The recipient must pay the additional amount payable under Section 14.3 to the Supplier at the same time
and in the same manner as the GST Exclusive Consideration for the supply is otherwise required to be provided.

14.5 Whenever an adjustment event occurs in relation to any taxable supply made under or in connection with
this Agreement the Supplier must determine the net GST in relation to the supply (taking into account any adjustment and excluding any
excess GST) and if the net GST differs from the amount previously paid under Section 14.4, the amount of the difference must be paid by,
refunded to or credited to the recipient, as applicable.

14.6 If one of the Parties is entitled to be reimbursed or indemnified for a loss, cost, expense or outgoing
incurred in connection with this Agreement, then the amount of the reimbursement or indemnity payment must first be reduced by an amount
equal to any input tax credit to which the Party being reimbursed or indemnified is entitled in relation to that loss, cost, expense or
outgoing and then, if the amount of the payment is consideration or part consideration for a taxable supply, it must be increased on account
of GST in accordance with Section 14.3.

14.7 If requested by NanoMab, if permitted under the GST Act, the Parties will agree that the GST payable on
any taxable supply made by NanoMab under this Agreement will be payable by the Licensee pursuant to Section 83 of the GST Act.

[*Signature page to follow.*]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement by their duly authorized representatives and, in the case of Licensee, also in accordance with section 127 of the Corporations Act.

---

| | | | |
|:---|:---|:---|:---|
| **NanoMab Technology Limited** | **NanoMab Technology Limited** | **Radiopharm Theranostics Limited** | **Radiopharm Theranostics Limited** |
| By: | /s/ Hong-Hoi Ting | By: | /s/ Paul Hopper |
| Name | Hong-Hoi Ting | Name | Paul Hopper |
| Title | Executive Director | Title | Director |
| By: | /s/ Henry Ho | By: | /s/ Phillip Hains |
| Name | Henry Ho | Name | Phillip Hains |
| Title | Executive Director | Title | Company Secretary |

---

## Exhibit 4.8

**Exhibit 4.8**

**LICENSE AMENDMENT AGREEMENT**

This Amendment Agreement is made on 1 August 2021 (**Amendment Effective Date**) by and between

**NanoMab Technology Limited** of 9th Floor, Tung Ning Building, 249-253 Des Voeux Road Central, Hong Kong (**NanoMab**)

**Radiopharm Theranostics Limited**, ACN: 647877889 of Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053 (**Licensee** or **RPT**)

**Background**

A. By an Exclusive License Agreement between the Parties made effective on 9 July 2021 (**First Agreement**),
NanoMab conferred upon RPT an exclusive worldwide right and license with respect to the Licensed Products (as defined in the First Agreement).

B. The parties now wish to make certain amendments to the First Agreement as set out in this Agreement.

**AGREED TERMS:**

1. Scope of this Agreement

1.1 Definitions

Capitalized terms used in this Agreement have the same meaning as ascribed to those terms in the First Agreement unless freshly defined in this Agreement.

1.2 Interpretation

The rules of interpretation set out in the First Agreement apply to this Agreement.

1.3 Scope of Amendments.

This Agreement amends the First Agreement only to the extent expressly specified herein. Otherwise, the terms and conditions of the First Agreement shall remain unchanged and in full force and effect.

1.4 Inconsistency

To the extent of any inconistsency between the the First Agreement and this Agreement, this Agreement shall prevail to the extent of any inconsistency.

1.5 Term.

The term of this Agreement shall commence on the Amendment Effective Date and shall terminate or expire upon termination or expiry (as the case may be) of the First Agreement.

2. Definitions Relating to PDL-1

2.1 The definition of "Know-how"

The definition of "Know-how" in Section 1.1 of the First Agreement is hereby amendended to read as follows (amendments highlighted):

**"Know-how"**

 ****

***NTD: is there knowhow to be transferred to RPT in relation to the PDL-1 antibody?***

2.2 The definition of "Licensed Composition"

The definition of "Licensed Composition" in Section 1.1 of the First Agreement is hereby amendended to read as follows (amendments highlighted):

"**Licensed Composition**"

means compounds identified in the Licensed Patents, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A camelid single domain antibody raised against human HER2 antigen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A camelid single domain antibody raised against human TROP2 antigen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A camelid single domain antibody raised against human PTK7 antigen; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A camelid single domain antibody raised against human PDL-1 antigen,

whether used in isolation or in combination.

2.3 The definition of "Licensed Patents"

The definition of "Licensed Patents" in Section 1.1 of the First Agreement is hereby amendended to read as follows (amendments highlighted):

"**Licensed Patents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a patent family comprising PCT application (no. PCT/CN2018/091953), filed on 20 June 2018, assigned to
the Licensor and titled "Anti-HER2 Nanobody and Coding Sequence and Use Thereof" and also comprising national phase entries
in each of China, US, Europe and Japan (the Her-2 Patent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a patent family to be filed in July 2021 claiming an anti-TROP2 Nanobody, coding sequence and use thereof
(the TROP-2 Patent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a patent family to be filed that claims an anti-PTK-7 Nanobody, coding sequence and use thereof (the PTK-7
Patent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a patent family comprising PCT application (no. PCT/CN2017/077122), filed on 17th, March 2017, assigned
 to the Licensor and titled "Anti-PDL-1 Nanobody and Coding Sequence and Use Thereof" and also comprising national phase
 entries in each of China , Europe and US , with the US patent granted on Feb 11th, 2020 (US patent Number 10556954 B2) (the PDL-1
 Patent), (the foregoing identified
or described in paragraphs (a), (b) (c) and (d) are collectively referred to as the Applications) and (i) patents, patent applications,
continuations, divisional applications, and foreign equivalents that claim the same priority date as the Applications or any of them,
(ii) continuation-in-part applications that repeat a substantial portion of any of the Applications or any of them; (iii) letters patent
or the equivalent issued on any of the Applications or any of them throughout the world; and (v) amendments, extensions, renewals, reissues,
and re-examinations of any of the foregoing.

3. Scope of Rights Relating to PDL-1

3.1 Grant of Rights

Section 3.1 of the First Agreement is hereby amendended to read as follows (amendments highlighted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Grant of Rights**. Subject to the terms and conditions of this Agreement including subject to the
Qualification, NanoMab hereby grants to Licensee an exclusive royalty-bearing right and license under the Licensed IP to make, have made,
develop, use, offer for sale, sell, exploit, and otherwise commercialize in any manner whatsoever the Licensed Products in the Field,
in the Territory. During the term of this Agreement, NanoMab will not grant any right or license to any person to make, have made, use,
offer for sale, sell, perform, exploit, and/or import or otherwise commercialize in any manner whatsoever any Licensed Product. Upon the
termination or expiration of this Agreement, all rights in the Licensed IP including the Licensed Patents and the Know-How revert back
to NanoMab.

**Qualification** means that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee shall not be entitled to make, have made, develop, use, offer for sale, sell, exploit, and otherwise
commercialize in any manner whatsoever the Licensed Products that contains the compositions of matters claimed in the PDL-1 Patent when <u>used solely for diagnostic purposes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee shall be entitled to make, have made, develop, use, offer for sale, sell, exploit, and otherwise
commercialize in any manner whatsoever the Licensed Products that contains the compositions of matters claimed in the PDL-1 Patent and
that is used: (i) as a companion diagnostic for use before or after treatment, and/or (ii) as a <u>therapeutic or in therapy-related companion diagnostic.</u> 

To be clear, NanoMab retains the right to make, develop, use, offer for sale, sell, exploit, and otherwise commercialize in any manner whatsoever the Licensed Products that contains the compositions of matters claimed in the PD-L1 Patent when used solely for diagnostic purposes and the right to grant to third parties a license for such use.

3.2 First Right of Refusal

Section 3.3 of the First Agreement is hereby amendended to read as follows (amendments highlighted):

**3.3** **First Right of Refusal**. NanoMab shall keep Licensee appraised of NanoMab's research and development
activities and will provide to the Licensee an opportunity to acquire rights to additional intellectual property being developed by NanoMab,
which is in addition to the intellectual property being licensed to Licensee hereunder, but excluding (i) the use of a camelid single
domain antibody raised against human PD-L1 antigen solely for diagnostic purpose and (ii) a camelid single domain antibody raised against
human FAP antigen (**Additional IP**). NanoMab undertakes to Licensee that it shall not offer Additional IP to any third party unless
and until such time that it will have fully informed Licensee of the nature of the Additional IP and will have afforded to the Licensee
an opportunity for: (i) at least two (2) months to perform due diligence in relation to the Additional IP, and (ii) at least two (2) months
to negotiate the terms for acquiring a license to the Additional IP.

4. License Fees Relating to PDL-1

4.1 Up-front Payments

In addition to the amounts payable by Licensee as set out in Section 4.2 of the First Agreement, Licensee shall pay to NanoMab:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a one-time license fee in the amount of two hundred and fifty thousand US dollars (US $250,000) within
thirty (30) Business Days after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within fourteen (14) Business Days after the earlier of (i) the Licensee listing on the Australian Stock
Exchange, (ii) the Licensee offering its shares to the public by way of an initial public offering (IPO) anywhere in the Territory, or
(iii) March 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a one-time license fee in the amount of two hundred and fifty thousand US dollars (US $250,000) which
shall be payable in cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a one-time license fee in the amount of one million and five hundred thousand US dollars (US $1,500,000)
which shall be payable in ordinary shares of the Licensee.

4.2 Milestone Payments

In addition to the amounts payable by Licensee as set out in Section 4.4 of the First Agreement, within thirty (30) days after the occurrence of each Development Milestone Event set forth below with respect to the PDL-1 Licensed Product, Licensee shall pay NanoMab the amount indicated below:

---

| | |
|:---|:---|
| **Development Milestone Event** | **Amount Due** |
| 1. IND submission to the U.S. FDA or the EMA or the NMPA for PDL-1 Therapeutic) | USD $500,000 worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient. |
| 2. First patient dosed in the first Phase 1 therapeutic clinical trial | USD $1 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient |
| 3. First patient dosed in the first Phase 2 therapeutic clinical trial | USD $2 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient |
| 4. First patient dosed in the first Phase 3 therapeutic clinical trial | USD $3 million worth of Shares based on the price of the 7 day volume weighted average price (VWAP) prior to the ASX announcement of the dosing of the patient |

---

5. General

5.1 Entire Agreement . This Agreement contains the entire agreement between
the Parties relating to the subject matter hereof, and all prior understandings, representations and warranties between the Parties are
superseded by this Agreement.

5.2 Amendments . Changes and additional provisions to this Agreement shall
be binding on the Parties only if agreed upon in writing and signed by the Parties.

5.3 Applicable Law . This Agreement shall be construed and interpreted in
accordance with the laws of Victoria, Australia and all rights and remedies shall be governed by such laws without regard to principles
of conflicts of law that would result in the application of the law of another jurisdiction.

5.4 Severability . The Parties do not intend to violate any public policy
or statutory or common law. However, if any sentence, paragraph, clause or combination of this Agreement is in violation of any law or
is found to be otherwise unenforceable, such sentence, paragraph, clause or combination of the same shall be deleted and the remainder
of this Agreement shall remain binding, provided, that, such deletion does not alter the basic purpose and structure of this Agreement.

**Executed as an Agreement:**

---

| | | |
|:---|:---|:---|
| **NanoMab Technology Limited** | **NanoMab Technology Limited** | **Radiopharm Theranostics Limited** |
| By: | <u>/s/ Hong Hoi Ting</u> | By: |
| Name: | Hong Hoi Ting | Name: |
| Title: | Executive Director | Title: |
| By: | /s/ Henry Ho | By: |
| me: | Henry Ho | Name: |
| Title: | Executive Director | Title: |

---

## Exhibit 4.9

**Exhibit 4.9**

**Agreement for the Assignment of Intellectual Property**

**This Agreement** is made effective 20 January 2022 (**Effective Date**) by and between:

**NanoMab Technology Limited** of 9th Floor, Tung Ning Building, 249-253 Des Voeux Road Central, Hong Kong (**NanoMab HKG**);

**NanoMab (UK) Limited**, a company incorporated and registered in England and Wales with a registered office at 720 Centennial Court Centennial Park, Elstree, Borehamwood, Hertfordshire WD6 3SY, United Kingdom (**NanoMab UK**); and

(NanoMab HKG and NanoMab UKare jointly and severally referred to as the **Assignor)**

**Radiopharm Theranostics Limited**, ACN: 647877889 of Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053

**(RPT)**

(the Assignor and RPT are hereinafter referred to,<br> jointly and severally, as the **Parties)**

**Background**

A. By an exclusive license agreement between Nanomab HKG and the Assignee made effective on 9 July 2021,
as amended by a License Amendment Agreement made on 1 August 2021 (collectively, the **License Agreement**), NanoMab HKG granted to
RPT an exclusive worldwide right and license with respect to the Assigned IP (defined below).

B. NanoMab UK is a wholly owned subsidiary of NanoMab HKG. NanoMab UK was incorporated in 2020 and has created
or otherwise generated aspects of the Licensed Know-How.

**Agreed terms:**

1. Definitions

In this Agreement:

**Assigned Compositions** (defined as Licensed Compositions in the License Agreement) means compounds identified in the Licensed Patents, including:

(a) a camelid single domain antibody raised against human HER2 antigen;

(b) a camelid single domain antibody raised against human TROP2 antigen; and

(c) a camelid single domain antibody raised against human PTK7 antigen,

whether used in isolation or in combination.

**Assigned IP** means all past, present and future Intellectual Property Rights in the Assigned Patents, the Assigned Know-How, the Assigned Compositions and the Assigned Products.

**Assigned Know-How** means tangible copies of the technical information regarding the Assigned Patents and specific to the Assigned Compositions and/or Assigned Products, including:

(a) pre-clinical data for the Assigned IP including ADME and toxicology and diagnostic efficacy;

(b) proof-of-concept data;

(c) manufacturing know-how for a GMP environment; and

(d) published and unpublished clinical trial results generated in the course of preparing for and/or performing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investigator initiated trial registered as clinical trial No.: China IIS NCR04040686 for the imaging of
10 breast cancer patients with Tc99m-NM02 (closed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) investigator initiated trial registered as clinical trial No. China IIS NCT04674722; for Imaging trial
on breast cancer patients with Tc99m-NM02 and Re-188-NM02 (ongoing and expected to recruit 16 patients with Tc-99m-NM02); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Germany, compassionate use program, pursuant to which 2 patients were treated and 3 scans performed as
at the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the treatment of breast cancer patients with Re-186 Re-188 NM02 therapeutics, expected to commence in
August 2021.

**Assigned Patents** means:

(a) a patent family comprising PCT application (no. PCT/CN2018/091953), filed on 20 June 2018, assigned to
NanoMab HKG and titled "Anti-HER2 Nanobody and Coding Sequence and Use Thereof" and also comprising national phase entries
in each of China, US, Europe and Japan (the **Her-2 Patent**);

(b) a patent family filed in July 2021 claiming an anti-TROP2 Nanobody, coding sequence and use thereof (the **TROP-2 Patent**); and

(c) a patent family that claims an anti-PTK-7 Nanobody, coding sequence and use thereof (the **PTK-7 Patent**),

and all (i) patents, patent applications, continuations, divisional applications, and foreign equivalents that claim the same priority date as the applications identified in paragraphs (a), (b) and (c) above (collectively, the **Applications**) or any of them, (ii) continuation-in-part applications that repeat a substantial portion of any of the Applications or any of them; (iii) letters patent or the equivalent issued on any of the Applications or any of them throughout the world; and (v) amendments, extensions, renewals, reissues, and re-examinations of any of the foregoing.

**Assigned Product** means a product, including kits, component sets or components thereof, regardless of concentration or formulation incorporating an Assigned Composition and/or Assigned Know-How and/or which involves the use of Assigned Know-How.

**Intellectual Property Rights** means all present and future intellectual property rights conferred by statute, at common law and/or in equity and wherever existing, including;

(a) Patents, designs, copyright, rights in circuit layouts, trade marks, rights to know how, domain names,
rights to inventions, product names, right to trade secrets and any other rights subsisting in the results of intellectual effort in any
field, whether or not registered or capable of registration;

(b) any application or right to apply for registration of any of these rights;

(c) any registration of any of those rights or any registration of any application referred to in paragraph
(b); and

(d) all renewals and extensions of these rights;

**Loss or Claim** means, in relation to any person, a damage, loss, cost, expense or liability incurred by the person or a claim, action, proceeding or demand made against the person, however arising (including as a result of a breach of contract or negligence by the person) or loss arising from or in relation to the Assigned IP and whether present or future, fixed or unascertained, actual or contingent;

**Patent** means a registered patent and all applications to register such a patent, including a continuation, continuation-in-part, division, re-issue and substitution of a patent, and a renewal, extension, or re-examination of any such patent or patent application, and any patent of addition or supplementary protection certificate or substantially similar form of protection granted by another country where the essence is that the holder of the protection gains an exclusive right to make, use and sell a product or process.

2. Assignment of the Assigned IP

**2.1** **Assignment** 

In consideration the terms and conditions of this Agreement, the Assignor hereby (with effect from the Effective Date) assigns, transfers and sets over to RPT its entire worldwide legal and beneficial rights, title and interest in and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Assigned IP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all rights, powers, liberties, liabilities, risks and immunities conferred or imposed on the Assignors
(jointly and severally) in the Assigned IP, including the right to sue and claim and retain damages, an account of profits and other remedies
for infringement of and/or wrongful interferences with the Assigned IP, all whether or not such all rights, powers, liberties and immunities
arose before the Effective Date;

and the Assignee accepts such assignment (the **Assignment**).

**2.2** **Acknowledgement and Clarification** 

The Assignor acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of Section 2.1 above is to assign to RPT all the Assigned IP to the fullest extent necessary
to effect full and exclusive ownership in RPT of the Assigned IP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as a result of the operation of Section 2.1, as at the Effective Date, the Assignor does not and will
not own any Assigned IP.

**2.3** **Formalizing the Assignment of Assigned IP** 

The Assignor agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) execute all such documents and do all such acts at RPT's expense that are reasonably necessary to
formalize the Assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) execute any documents required to record on patents registers the assignment from the Assignor to RPT
of the Assigned Patents and other registrable Intellectual Property Rights comprised in the Assigned IP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take such other steps as are reasonably within his capacity, and as are reasonably requested RPT at the
RPT's expense, to record and perfect such assignment, and register the Assigned IP in the name of RPT.

3. Payment for Assignment

**3.1** **Issue of shares** 

Within thirty (30) days of the Effective Date, RPT shall issue to NanoMab HKG RPT ordinary shares equivalent to half a million United States dollars (US $0.5M) based on the seven (7) day volume weighted average price (VWAP) of RPT shares as at date on which the shares will be issued.

**3.2** **Shares Certificates** 

RPT will issue to NanoMab HKG share certificates evidencing validly issued, fully-paid ordinary RPT shares to represent an ownership interest of the shares to be issued under this Agreement. All shares will be subject to twelve (12) months escrow (lock up) or as otherwise required by the ASX and during such time period may not be resold within except pursuant to an available exemption under section 708 of the Australian Corporations Act 2001(Cth).

4. Effect of Assignment on the License Agreement

**4.1** **Continuing Provisions** 

The parties respective rights and obligations set out in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 2 (Development and Commercialization Efforts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 3.3 (First Right of Refusal);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 4 (Payments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 5 (Reports, Audits and Financial Terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 6 (Licensee Covenants); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Section 9 (Representations and Warranties) through Section 13 (General) but not Section 11.4,

of the License Agreement, all to the extent that that as at the Effective Date are not discharged, will continue to be of force and effect. Otherwise, subject to Section 4.2 below, all the other terms and conditions of the License Agreement are hereby terminated and of no force or effect.

**4.2** **Provisions being Amended** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph 4.2(b) below, Section 7 (Intellectual Property) of the License Agreement is hereby
of no further force or effect. From the Effective Date, RPT shall be solely responsible for and have the care and conduct of all the Assigned
Patent and all patent applications and other forms of registrable protection for all the Assigned Compositions and the Assigned Products,
including the sole right and responsibility to communicate with and instruct patent counsel with respect to all the foregoing Intellectual
Property Rights. RPT's only obligation with respect to the Assigned IP shall be to (i) keep the Assignor generally updated on the
progress of patent prosecution; and (ii) give reasonable consideration to the comments and requests of the Assignor or its patent counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sections 7.1.3 (Notify of Infringement) and Sections 7.1.4 and 7.1.5 (Infringement Proceedings) of the
License Agreement shall remain in full force and effect, except that: (i) RPT shall be entitled in its sole discretion to commence or
withhold from commencing litigation and/or other court or judicial proceedings, and (ii) RPT must indemnify the Assignor and keep and
hold them harmless from and against liabilities, claims, suits, and expenses, including reasonable attorneys' fees (collectively, **Losses**), arising out of such litigation or other court or judicial proceedings except to the extent that such Losses result from:
(i) the material breach of any term, representation or warranty made by the Assignor under the Licensee Agreement, or (ii) the Assignor's
negligence, willful misconduct or failure to comply with applicable law.

5. Warranties

Each of the Assignors represents and warrants to RPT Assignee that, as at the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has full legal capacity and power to enter into this Agreement and to carry out the transactions that
this Agreement contemplates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all corporate action has been taken that is necessary or desirable to authorise their entry into this
Agreement and the carrying out of the transactions that this Agreement contemplates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement constitutes legal, valid and binding obligations, enforceable against it in accordance
with its terms, subject to any necessary stamping or registration.

6. Indemnity

Each of the Assignors shall defend, indemnify and hold harmless RPT, its officers, directors, shareholders, employees and agents (**Indemnitees**) from and against any and all third party liabilities, claims, suits, and expenses, including reasonable attorneys' fees (collectively, **Losses**), arising out of or are in any way attributable to a breach of any representation or warranty made by that Assignor under Section 5 or elsewhere under this Agreement, or (iii) the negligence, willful misconduct or failure to comply with applicable law by that Assignor. The indemnity in this Section 6 are subject to the condition that RPT shall forthwith notify the Assignor on being notified or otherwise made aware of a liability, claim, suit, action or expense and that the Assignor defend and control any proceedings with RPT being permitted to participate at its own expense (unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the Assignor shall pay for RPT's counsel); provided, that, the Assignor may not settle the liability, claim, suit, action or expense, or otherwise admit fault of RPT or consent to any judgment, without the written consent of RPT, such consent not to be unreasonably withheld. Notwithstanding the foregoing, no delay in the notification of the existence of any claim of Loss shall cause a failure to comply with this Section 6 as long as such delay shall not have materially impaired the rights of the Assignor.

7. General

**7.1** **Entire understanding** 

This Agreement contains the entire understanding between the parties concerning the subject matter of this Agreement and supersedes all prior communications between the parties.

**7.2** **No adverse construction** 

This Agreement is not to be construed to the disadvantage of a party because that party was responsible for its preparation.

**7.3** **No Variation** 

This Agreement cannot be amended or varied except in writing signed by the parties.

**7.4** **Governing law and jurisdiction** 

This Agreement is governed by and must be construed in accordance with the laws in force in the State of Victoria, Australia. The parties submit to the exclusive jurisdiction of the courts of that State and the Commonwealth of Australia in respect of all matters arising out of or relating to this Agreement, its performance or subject matter.

**7.5** **Counterparts** 

If this Agreement consists of a number of signed counterparts, each is an original and all of the counterparts together constitute the same document.

**7.6** **Severability** 

Any provision of this Agreement which is invalid in any jurisdiction must, in relation to that jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be read down to the minimum extent necessary to achieve its validity, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be severed from this Agreement in any other case,

without invalidating or affecting the remaining provisions of this Agreement or the validity of that provision in any other jurisdiction.

**Executed as an Agreement:**

---

| | | | |
|:---|:---|:---|:---|
| **NanoMab Technology Limited** | **NanoMab Technology Limited** | **Radiopharm Theranostics Limited** | **Radiopharm Theranostics Limited** |
| By: | /s/ Hong-Hoi Ting | By: | /s/ Paul Hopper |
| Name: | Hong-Hoi Ting | Name: | Paul Hopper |
| Title: | Executive Director | Title: | Director |
| By: | /s/ Henry Ho | By: | /s/ Phillip Hains |
| Name: | Henry Ho | Name: | Phillip Hains |
| Title: | Executive Director | Title: | Company Secretary |
| **NanoMab Technology (UK) Limited** | **NanoMab Technology (UK) Limited** |  |  |
| By: | /s/ Hong-Hoi Ting |  |  |
| Name: | Hong-Hoi Ting |  |  |
| Title: | Executive Director |  |  |

---

## Exhibit 4.10

**Exhibit 4.10**

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF MARKING SUCH INFORMATION WITH BRACKETS ("[\*\*\*]") BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

Execution Copy

**EXCLUSIVE LICENSE AGREEMENT**

**THIS EXCLUSIVE LICENSE AGREEMENT** is made on 13 July 2021 (**Effective Date**), by and between and between**:**

**TRIMT GmbH** of Carl-Eschebach-Str. 7, 01454 Radeberg, Germany (**TRIMT**)

**Radiopharm Theranostics Limited**, ACN: 647877889 of Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053 (**Licensee** or **RPT**)

**- each a "Party" or together the "Parties" -**

**BACKGROUND**

A. TRIMT is the exclusive licensee of the Licensed IP (defined below) pursuant to a license agreement dated
2 April 2021 between Bayerische Patentallianz GmbH (**BayPat**) and TRIMT (**Head License**). Registered owner of the Licensed IP
is the Technical University Munich.

B. The Parties wish for RPT to: (i) acquire from TRIMT a license to the Licensed IP, and (ii) develop and
commercialize Licensed Compositions, in accordance with the terms and conditions of this Agreement.

**The Parties hereby agree as follows:**

**ARTICLE 1: DEFINITIONS AND TERM**

1.1 **Definitions**. In this Agreement:

"**Affiliate**" of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with such Party. For purposes of this Section 1.1, "control" means (i) the direct or indirect ownership of 50 percent or more of the voting shares or other voting interests or interests in profits, or (ii) the ability to otherwise control or direct the decisions of board of directors or equivalent governing body thereof.

"**Business Day**" means any day, other than a Saturday, Sunday or day on which commercial banks located in Sydney Australia or Munich, Germany, are authorized or required by law or regulation to close.

"**Commercially Reasonable Efforts**" means that the Licensee makes at least those commercially reasonable efforts, respectively, employs means that a biotech or pharmaceutical company in comparable position with the Licensee would carry out, respectively employ for a pharmaceutical or diagnostics product with a similar market potential and a similar development stage as any Licensed Product , while all relevant circumstances (e.g. the relative safety and effectiveness of the Licensed Product) taking into account.

"**Confidential Information**" means: (i) all information and materials (of whatever kind and in whatever form or medium) disclosed by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement, whether prior to or during the Term of this Agreement and whether provided orally, electronically, visually, or in writing; provided, that, all such information and materials initially disclosed in writing or electronically shall be clearly marked as "CONFIDENTIAL" and all such materials and information initially disclosed orally shall be reduced to writing and marked as "CONFIDENTIAL" within ten (10) days following the date of initial oral disclosure, together with all materials and information which, according to the reasonable assessment of a prudent businessman, should be kept secret due to its nature; (ii) all copies of the information and materials described in (i) above; and (iii) the existence and each of the terms and conditions of this Agreement; provided, further, that Confidential Information shall not include information and materials to the extent a Party can demonstrate through its contemporaneous written records that such information and materials are or have been:

(a) known to the receiving Party, or in the public domain, at the time of its receipt by the receiving Party,
or which thereafter becomes part of the public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality
under this Agreement;

(b) received by the receiving Party without an obligation of confidentiality from a Third Party having the
right to disclose without restrictions such information;

(c) independently developed by the receiving Party without use of or reference to Confidential Information
disclosed by the other Party; or

(d) released from the restrictions set forth in this Agreement by the express prior written consent of the
disclosing Party.

"**Control(s)**" or "**Controlled**" means the possession by a Party, as of the Effective Date, of rights sufficient to effect the grant of rights set forth in this Agreement without violating the terms of any agreement with any Third Party.

"**Covers**" or "**Covered by**" means, with reference to a particular Licensed Product that the manufacture, use, sale, offering for sale, performance, or importation of such Licensed Product would, but for ownership of, or a license granted under this Agreement to, the relevant Patent Right, infringe a Valid Claim which shall be considered separately with respect to each country in the Territory.

"**Dispute**" means any controversy, claim or legal proceeding arising out of or relating to this Agreement, or the interpretation, breach, termination, or invalidity thereof.

"**Distributor**" means any individual or legal entity, which is authorized and/or contracted by Licensee or an Affiliate of Licensee to sell Licensed Products to Third Parties or to distribute them in any other manner commercially for the first time, provided that: (i) a Sublicensee is not a Distributor, and (ii) non-affiliated vendors, who acquire a Licensed Product from Licensee or an Affiliate of Licensee for purposes of subsequent re-sale are not Distributors in the sense of this License Agreement, if the legal relationship with Licensee or the Affiliate of Licensee exhausts itself in a pure buyer-seller-relationship without further obligations.

"**Field**" means all diagnostic applications of the Licensed Composition 68Ga-Trivehexin and all radiotherapeutic applications of the other Licensed Compositions as defined below.

"**First Commercial Sale**" means the first sale in an arm's length transaction of a Licensed Product to the first Third Party in exchange for cash or some equivalent after Marketing Approval of such products has been granted in the respective country, excluding registration samples, compassionate use and use in clinical trials.

"**IND**" means an Investigational New Drug application accepted by the United States Food and Drug Administration.

"**Indication**" means a separate and distinct disease or medical condition in humans which a Licensed Product is intended to treat or prevent.

"**Know-How**" means copies of the technical information Controlled by TRIMT and relating to the Patent Rights consisting of :

(a) published pre-clinical data for the Licensed Compositions, unpublished data that will be collected in
the course of further development by the Parties under a sponsored research agreement (if any);

(b) results of the GLP conform toxicology study (extended single dose) to be performed by the Parties under
the sponsored research agreement (if any);

(c) the documentation (CMC/DMF) for the Trivehexin precursor for radio-labelling originating from GMP production
– if a manufacture agreement is concluded between the Parties;

(d) related information and data that TRIMT generates in the course of exercising its own development of Licensed
Products in accordance with Section 3.7.

"**License Year**" means each calendar year during the Term of this Agreement; except that the first License Year shall commence on the Effective Date and end on December 31 of the calendar year in which the Effective Date occurs.

"**Licensed Composition**" means:

(a) for diagnostic purposes: 68Ga-TRIVEHEXIN and its precursor;

(b) for therapeutic uses: any radiotherapeutic application of any peptides and other compositions disclosed
in the Patent Rights that use 177Lu, 225Ac, 213Bi, 90Y and/or the predominantly alpha, beta or auger emitting radioactive isotopes that
have a currently known or expected therapeutic use in radiotherapy listed in **Annex 1** to this Agreement,

whether used in isolation or in combination.

"**Licensed Product**" means a product (including kits, component sets or components thereof, regardless of concentration or formulation) incorporating a Licensed Composition and that (i) is Covered by a Valid Claim, or (ii) contains any substance the manufacture, use, offer for sale or sale of which is Covered by a Valid Claim.

**"Licensed IP"** means all intellectual property rights in the Patent Rights and the Know-How.

"**Marketing Approval**" means all approvals, licenses, registrations or authorizations of any federal, state or local Regulatory Authority, department, bureau or other governmental entity, including, without limitation, pricing and reimbursement approvals, necessary for the manufacturing, use, storage, import, transport, distribution, marketing and sale of the applicable Licensed Products in a country or regulatory jurisdiction.

"**Net Sales**" means the total gross amount invoiced and received by Licensee, its Affiliates or a Distributor on the sale, lease, provision, or other disposition of the applicable Licensed Products to Third Parties, less the following items, as determined from the books and records of Licensee, or its Affiliates or Distributors, insofar as such deductions are actually incurred and listed individually on the invoice:

(a) insurance, handling and transportation charges if actually invoiced and specifically related to the sales
of Licensed Products;

(b) amounts repaid, credited or allowed for rejection, return or recall;

(c) sales or other excise taxes or other governmental charges levied on or measured by the invoiced amount
(including, without limitation, value added taxes) that are specifically related to the sales of Licensed Products;

(d) customs and import duties or charges that are specifically related to the sales of Licensed Products;
and

(e) normal and customary trade and quantity discounts (including chargebacks and allowances) and any normal
and customary rebates which relate to the applicable Licensed Products.

The Net Sales shall be calculated only once for each Licensed Product sold, i.e. upon the first sale (or any other initial disposal) of the respective Licensed Product by the Licensee, an Affiliate of Licensee or a Distributor to a Third Party. Further, cost-free transfers of industry standard quantities of Licensed Product for promotional purposes shall not be deemed a sale of such Licensed Product that gives rise to Net Sales for purposes of this definition.

**"Patent Rights**" means: (i) PCT/EP2021/056424 claiming priority from provisional patent application Cyclic peptides and their conjugates for ad-dressing alpha-v-beta-6-integrin in vivo", application no. EP 20 162 699.1, filed on March 12th, 2020 and the; (ii) patents, patent applications, continuations, divisional applications, foreign equivalents and supplementary protection certificates that claim the same priority date as and deriving from the foregoing; (iii) continuations-in-part applications that repeat a substantial portion of any of the foregoing applications; (iv) letters patent or the equivalent issued on any of the foregoing applications throughout the world; and (v) amendments, extensions, renewals, reissues, and re-examinations of any of the foregoing. Notwithstanding the foregoing, "Patent Rights" shall only include any continuations-in-part application to the extent that claims in such continuations-in-part application are supported in the specification of the parent application, unless otherwise mutually agreed to in writing by the Parties to this Agreement. Except as may otherwise be agreed in a separate writing, Patent Rights explicitly exclude any and all patents or patent applications based on research conducted by TRIMT or its Affiliates after the Effective Date.

"**Person**" means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited liability company, business association, firm, joint venture or governmental agency or authority.

"**Phase 1 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in a small group of people for the first time to evaluate its safety, determine a safe dosage range, and identify side effects in patients as described in 21 C.F.R. § 312.21(a); or a similar clinical study in a country other than the United States.

"**Phase 2 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in humans designed with the principal purpose of determining initial efficacy and dosing of such Licensed Product in patients for the Indication(s) being studied as described in 21 C.F.R. § 312.21(b); or a similar clinical study in a country other than the United States.

"**Phase 3 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in humans of the efficacy and safety of such Licensed Product, which is prospectively designed to demonstrate statistically whether such Licensed Product is effective and safe for use in a manner sufficient to file an application to obtain Marketing Approval to market and sell that Licensed Product in the United States Indication being investigated by the study, as described in 21 C.F.R. § 312.21(c), or which is actually used to file an application to obtain Marketing Approval for such Licensed Product; or similar clinical study in a country other than the United States.

"**Regulatory Authority**" means, with respect to any country or jurisdiction, any court, agency, department, authority or other instrumentality of any international, multinational or supra-national, national, regional, province, state, county, city or other political subdivision having responsibility for granting Marketing Approvals in such country or jurisdiction, including the Federal Food and Drug Administration in the United States, the European Medicines Agency in the European Union, and the Ministry of Health, Labour and Welfare in Japan.

"**Share**" means a fully paid ordinary share issued in the capital of the Licensee.

"**Sublicensee**" means any Affiliate of Licensee or Third Party which enters into an agreement with Licensee involving the grant to such Affiliate or Third Party of any rights under the license granted to Licensee pursuant to this Agreement.

"**Sublicense Revenues**" means all consideration, in whatever form, due from a Sublicensee in return for the grant of a sublicense of any of Licensee's rights hereunder (including but not limited to upfront payments, milestone payments, technology access fees, option fees, royalties, etc.), but excluding consideration in the form of: (i) payments or reimbursement for documented sponsored research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including reasonable margin for overhead), (ii) payments or reimbursement of reasonable patent expenses for the Patent Rights actually incurred or paid by Licensee and not otherwise reimbursed, or payment of patent expenses required to by paid by Licensee hereunder, (iii) payments for the purchase of equity in Licensee at the fair market value of such equity, and (iv) payments recognized as Net Sales under this Agreement for which a royalty is payable to TRIMT. By way of clarification, the principal amount of any loan or other extension of credit provided to Licensee or an Affiliate of Licensee in connection with the grant of a sublicense by Licensee that is other than an arm's-length credit relationship shall be deemed to constitute "Sublicense Revenues."

"**Territory**" means United States, Japan, China, Hong Kong and Australia.

"**Third Party**" means a Person that is neither a Party to this Agreement nor an Affiliate of a Party.

"**Valid Claim**" means a claim of a pending patent application or an issued and unexpired patent included in the Patent Rights in a particular jurisdiction, which claim has not, in such jurisdiction been finally rejected or been declared invalid or cancelled by the patent office or a court of competent jurisdiction in a decision that is no longer subject to appeal as a matter of right.

1.2 **Term and Expiry**. The term of this Agreement (the **Term**) shall commence on the Effective Date
and, notwithstanding any other provision of this Agreement, unless sooner terminated by mutual agreement or pursuant to any other provision
of this Agreement, this Agreement shall expire, on a country-by-country and Licensed Product-by-Licensed Product basis at the later of
(i) the fifth (5th) year after the last to expire Patent Right ;or (ii) 5 years after expiring of any exclusivity (e.g. Data/Market Exclusivity
under Section 505 of the US Federal Foods, Drug and Cosmetic Act (as or amended) and similar provisions) , or price, or reimbursement
protection (e.g. orphan drug exclusivity in the US); or (iii) 10 years after the First Commercial Sale of a Licensed Product in the respective
country (the **Expiration**).

**ARTICLE 2: DEVELOPMENT AND COMMERCIALIZATION EFFORTS**

2.1 **Condition**. Notwithstanding anything to the contrary in this Agreement, neither Party will have
any obligation or liability to the other Party under this Agreement and neither Party hereunder will be entitled to exercise or practice
any of the rights granted to it hereunder until such time that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee receives written documentation that Licensor is entitled to grant the rights hereunder to the
Licensee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee will have raised and received AU$15M by way of an equity investment or a convertible note (under
exclusion of any loans) with which Licensee can develop the Licensed Products and paid the first upfront (Section 4.1(a))
within 100 days after signature of this Agreement. If Licensee has not provided written confirmation for the availability of the funds
of AU$15M with which Licensee can develop the Licensed Products within 100 days after signature of this Agreement or has not paid the
first upfront (Section 4.1(a)) within 100 days after
signature of this Agreement, this Agreement shall automatically terminate and all rights
granted hereunder to Licensee (and any potentially granted sublicenses) shall lapse.

Once the above conditions are attained, the Parties' respective rights and obligations hereunder shall be of full force and effect.

2.2 **Development and Commercialization Responsibilities**. Licensee shall have the sole right and control
over, all of its development, manufacturing and commercialization activities (including all regulatory activities) with respect to Licensed
Products in the Field and in the Territory.

2.3 **Transfer of Know How**. TRIMT shall, promptly following the date the conditions under Section 2.1
have been attained, provide with and transfer to Licensee copies of all the Know-How in its possession at the Effective Date and, with
respect to Know-How that is not in TRIMT possession or control as at the Effective Date TRIMT's obligation under this Section 2.3
shall be continuing throughout the term of this Agreement.

2.4 **Delivery of Material.** Promptly following the date the conditions under Section 2.1 have been attained,
TRIMT will deliver to RPT 50 % of all non-GMP inventory of Licensed Product in its possession or control at the Effective Date (**Material**).
TRIMT shall not assume any warranty or liability for the fitness for any purpose, exploitability or non- infringement of any Third Party
rights by such non-GMP inventory of Licensed Product. The Material shall be delivered at Licensee's costs and "as is".

2.5 **Licensee Diligence**. Licensee shall exercise Commercially Reasonable Efforts to develop and commercialize
Licensed Products. In addition, Licensee shall ensure that the following milestones for Licensed Products for diagnostic use are met by
the respective dates:

Milestone 1: first patient in Phase 3 Clinical Trial for diagnostic use of 68Ga TRIVEHEXIN 4 years after signature of this Agreement; and

Milestone 2: FDA Approval for diagnostic use of 68Ga TRIVEHEXIN 7 years after signature of this Agreement,

provided that reasonable delays (of up to 12 months for each of the above specified milestones) that result from circumstances beyond Licensee's control and that Licensee can reasonably evidence with written documentation will be forgiven.

2.6 **Governance**. TRIMT and Licensee shall each designate one individual to serve as the main point of
contact for communications related to development and commercialization of Licensed Products under this Agreement (each a "**Designated Representative** "). Each Party may replace its Designated Representative at any time upon prior notice to the other Party.

2.7 **Exchange of Information**. Licensee shall keep TRIMT reasonably informed as to progress in the development
and commercialization of the technology licensed hereunder. Without limiting the foregoing, on or before January 15 and July 15 of each
year during the Term of this Agreement, Licensee shall provide to TRIMT a written report setting forth, in reasonable
detail, its activities and achievements with respect to the development and commercialization of the technology licensed hereunder during
the preceding six months.

**ARTICLE 3: LICENSE GRANT**

3.1 **Grant of Rights**. Subject to the terms and conditions of this Agreement including Sections 3.3,
3.4 and 3.5, TRIMT hereby grants to Licensee an exclusive royalty-bearing right
and license under the Licensed IP to make, have made, develop, use, offer for sale, sell, and otherwise commercialize in any manner whatsoever
the Licensed Products in the Field in the Territory. TRIMT will not grant any right or license to any Third Party which is not consistent
with the license granted hereunder. For the avoidance of doubt, any other applications of the Licensed IP are not included in the license
(e.g. bimodal probes, targeted non-radioactive avb6 therapeutics, etc.).

3.2 **Research License.** Subject to the terms and conditions of this Agreement, including Sections 3.3,
3.4 and 3.5, TRIMT hereby grants to Licensee a non-exclusive, cost-free right
and license under the Licensed IP for non-commercial research purposes in the Field in the Territory to use the following radionuclides,
which, according to their emission characteristics, are not primarily suitable for radiotherapy, for the sole purpose of generating additional
data that might be required in the course of the development and/or regulatory approval of a radiotherapeutic agent:

● C-11

● Cu-64

● F-18

● Ga-67, Ga-68

● I-123, I-124, I-125, I-131

● In-111

● Sc-43, Sc-44

● Tc-99m

● Tl-201

● Zr-89

This research license is not transferable and is sublicensable only in connection with a sublicense to the license granted under Section 3.1 and, for the avoidance of doubt, comprises no commercial use of the Licensed IP whatsoever; especially not for, developing, offering for sale, sell or otherwise commercialize in any manner whatsoever any products or services.

3.3 **Reservation of Rights.** TRIMT reserves the rights under the Licensed IP to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and have made TRIVEHEXIN anywhere in the world; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make and have made, develop, use, offer for sale, sell, and otherwise commercialize in any manner whatsoever
the Licensed Products in the Field outside the Territory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make and have made, develop, use, offer for sale, sell, and otherwise commercialize in any manner whatsoever
the Licensed IP outside of the Field anywhere in the world. For
the avoidance of doubt, any other application than the application described in Section 3.1 of the Licensed
Technology by TRIMT or a sublicensee of TRIMT shall not be restricted.

3.4 **Research and Teaching**: The Technical University Munich and the inventors of the Patent Rights retain
the irrevocable, non-expiring, non-commercial and non-exclusive right to use the Licensed IP for the purpose of research and teaching.

3.5 **Publications**. The Licensee recognizes the right of the inventors of the Patent Rights to disclose
the inventions which are subject matter of the Patent Rights, Patent Rights and Know-How/Materials in the context of their teaching and
research activity as well as the general duty of the Technical University Munich to publish the nature, subject matter, and results of
the research work carried out by the University in respect to the inventions, Patent Rights and Know-How, including all future research
work and results related to the Patent Rights.

3.6 **Sublicensing**. Licensee shall not be entitled to grant any sublicenses to Affiliates or Third Parties
before the conditions under Section 2.1 have been attained and Licensee has paid the first upfront in accordance with Section 4.1 a).
After the conditions have been attained and Licensee has paid the first upfront, Licensee shall be entitled to grant sublicenses to Affiliates
and Third Parties provided that any licensor shall be responsible for the compliance of its sublicensee with the provisions of this Agreement
and that the respective sublicense complies with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) terms and conditions of any sublicense agreement shall be consistent with this Agreement and the scope
of the rights granted to each such sublicense shall not exceed the scope of rights granted to Licensee hereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sublicense depends on the existence of the Head License and of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any sublicense is concluded on terms that would be offered to any arm's length Third Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sublicensee agrees that its licensor discloses the sublicense agreement to its licensors and ultimately
to BayPat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reservation of irrevocable, fully paid-up rights of the BayPat, the Technical University Munich and the
inventors of the Patent Rights to use the inventions, the Patent Rights and the Know-How/Material in the future for non-commercial research
and educational purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) payment of earned royalties on Net Sales by any sublicensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) product development and commercialization diligence milestones if the Sublicense is exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provision of periodic reports as specified in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) standard audit rights exercisable by the licensor as specified in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) indemnification of the TRIMT Indemnities (as defined in Section 10.2) to the extent legally permissible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) disclaimer on behalf of the BayPat, the Technical University Munich, the inventors of the Patent Rights
and of TRIMT of all warranties, including validity, enforceability and non-infringement of the Patent Rights and Know-How/Material, as
specified in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) limitation of liability of TRIMT, BayPat, the Technical University Munich, the inventors to direct damages
only and , as far as legally possible, only for gross negligence and willful acts and omissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) prohibition on the use of the names, logos and trademarks of BayPat, Technical University Munich and TRIMT
as specified in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) maintenance of general liability insurance as is standard for the business of the sublicensee at its various
stages of development and commercialization, naming TRIMT, BayPat and the Technical University Munich as additional insureds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) obligation of sublicensee to comply with all applicable laws, including export control laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) granting of further sublicenses is subject to the compliance of such further sublicense with (i) through
(xvi).

3.7 **Improvements**. TRIMT shall keep Licensee appraised of its research and development activities relating
to the Licensed Technology and will provide to the Licensee an opportunity to acquire rights to additional intellectual property being
developed by TRIMT within 4 years after the signature of this Agreement, which is an improvement to the Licensed Patents being licensed
to Licensee hereunder (**Additional IP**), within the Field and for the Territory. TRIMT undertakes to Licensee that it shall not offer
Additional IP within the Field and for the Territory to any Third Party unless and until such time that it will have fully informed Licensee
of the nature of the Additional IP and will have afforded to the Licensee an opportunity for: (i) at least two (2) months to perform due
diligence in relation to the Additional IP, and (ii) at least two (2) months to negotiate the terms for acquiring a license to the Additional
IP.

3.8 **License to TRIMT**. Subject to the terms and conditions of this Agreement, Licensee hereby grants
to TRIMT an exclusive fully paid-up license to intellectual property that it generates in the course of exercising its rights hereunder
with the right to make, have made, use and develop the Licensed Compositions outside the Territory, with the right to sub- license such
intellectual property to Third Parties in multiple tiers.

**ARTICLE 4: PAYMENTS**

4.1 **Up-Front Payment**. In consideration for the rights granted hereunder, Licensee shall pay to TRIMT,:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a one-time non-refundable license fee in the amount of five million US dollars (US $5,000,000) within
one hundred (100) days after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a one-time non-refundable license fee of in the amount of five million US dollars (US $5,000,000) within
fourteen (14) Business Days on the latter of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Licensee listing on the Australian Stock Exchange and offering its shares to the public by way of
an initial public offering (IPO); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 30 June 2022,

which shall be payable by way of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. three million US dollars (US $3,000,000) in cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. two million US dollars (US $2,000,000) in Licensee's ordinary shares, in such amount that shall be based on the price by which
the Licensee's shares fixed at the initial offering. If the IPO has not taken place by 30 June 2022, these two million US dollars
(US $2,000,000) shall be paid in cash, and not in shares.

4.2 **Share Issue.** Licensee will issue to TRIMT share certificates evidencing validly issued, fully-paid
Shares to represent an ownership interest of the shares described in paragraph (b)(ii)(B) of Section 4.1.
All shares will be subject to twelve (12) months escrow (lock up) or as otherwise required by the ASX and during such time period
may not be resold within except pursuant to an available exemption under section 708 of the Australian Corporations Act.

4.3 **Development Milestone Payments**. Within thirty (30) days after the occurrence of each Development
Milestone Event, whether achieved by Licensee, an Affiliate of Licensee or a Sublicensee or a sub-Sublicensee, set forth below with respect
to each Licensed Product, Licensee shall pay TRIMT the amount indicated below:

---

| | |
|:---|:---|
| **Development Milestone Event** | &nbsp;&nbsp;**Amount Due** |
| &nbsp;&nbsp;*Diagnostic Milestones* | &nbsp;&nbsp;*Diagnostic Milestones* |
| 1. Commencement of a Phase 3 diagnostic clinical trial for (68Ga- TRIVEHEXIN) | &nbsp;&nbsp;USD $2M |
| 2. Any Marketing Approval in the Territory other than in Australia (68Ga-TRIVEHEXIN) for marketing a diagnostic application | &nbsp;&nbsp;USD $3M |
| &nbsp;&nbsp;*Therapeutic Milestones* | &nbsp;&nbsp;*Therapeutic Milestones* |
| 3. Last patient-in Phase 1 (Therapeutic) | &nbsp;&nbsp;USD $5M |
| 4. First patient-in Phase 2 (Therapeutic) | &nbsp;&nbsp;USD $10M |
| 5. Last patient-in Phase 2 (Therapeutic) | &nbsp;&nbsp;USD $10M |
| 6. First patient-in Phase 3 (Therapeutic) | &nbsp;&nbsp;USD $15M |
| 7. Last patient-in Phase 3 (Therapeutic) | &nbsp;&nbsp;USD $15M |
| 8. Any Marketing Approval in the Territory other than in Australia (Therapeutic) | &nbsp;&nbsp;USD $30M |

---

4.4 **Milestone payments – qualifications**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 With respect to the milestones, if a milestone is attained before attaining any prior Development Milestone
Event, then Licensee shall also pay the amount due for occurrence of all previous Development Milestone Events that had not previously
been paid upon attaining the later milestone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 For clarity, each Development Milestone will be paid once for each Licensed Product.

4.5 **Royalties**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 **Base Royalties**. Subject to Subsections 4.5.2, and 4.6
below, Licensee shall pay to TRIMT or its designee royalties in an amount equal to [\*\*\*] of the Net Sales of Licensed Products. These
royalties shall be paid for the Term; provided that the royalty rate shall be reduced by 75% if a certain Licensed Product is not Covered
by a Valid Claim of the Patent Right or an exclusivity or price or reimbursement protection (Section 1.2) in
the respective country of the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 **Minimum Annual Royalty**. Beginning in the third year following the first FDA Marketing Approval
for a Licensed Product, if the aggregate royalties paid by Licensee under Section 4.5.1, as adjusted by Section
4.6, in any License Year cumulatively amounts to less than three hundred thousand
US dollars (USD $300,000, the **Minimum Annual Royalty**), Licensee shall pay to TRIMT on or before February 28 following the end of
such License Year the difference between the Minimum Annual Royalty and the aggregate royalty paid by Licensee for such year under Section
4.5.1, as adjusted by Section 4.6. Between the first FDA Marketing Approval and
the beginning of the third year following the Marketing Approval the Minimum Annual Royalty shall be one hundred thousand US dollars (USD
$100,000). Licensee shall be entitled to set off against the amount payable under Section 4.5.2 all amounts
paid under Section 4.5.1 for the respective License Year.

4.6 **Royalty Offsets**. Where Licensee enters into an agreement with a Third Party in order to obtain
a license or right under a patent, know-how or other intellectual property owned or controlled by that Third Party in the absence of which
Licensee will not be lawfully entitled to commercialize the Patent Rights, Licensee shall , if the aggregate royalty rates of any and
all royalties payable to such Third Party licensors when combined with the royalty rate payable to TRIMT exceeds eight percent (8%) in
the case of Net Sales of the applicable Licensed Product, have the right with respect to any period for which royalties and minimum fees
under Section 4.5 are due (i.e., a License Year) to set off up to fifty percent (50%) of the amount of royalties paid to such Third Party
within such accounting period form royalties due under this Section 4.5, but in any event, TRIMT shall receive at least fifty percent
(50%) of the royalties and minimum fees payable hereunder.

4.7 **Sublicense Revenues**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 *Timing*. Licensee shall pay to TRIMT the applicable percentage of all Sublicense Revenues under
Section 4.7.2 within thirty (30) days of the end of the calendar quarter in which the Sublicense Revenue is
received from the relevant Sublicensee. If Sublicense Revenues are not in cash or cash equivalents, the percentage share payable to TRIMT
pursuant to this Section 4.7 shall be due, in TRIMT's sole discretion, either in kind or in its cash
equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 *Quantum.* If the sublicense grant to the Sublicensee occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the Licensee submitting an IND for a therapeutic Licensed Product, then Licensee shall pay to
TRIMT [\*\*\*] of all Sublicense Revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior to dosing of the first patient in a Phase 3 Clinical Trial related to a therapeutic Licensed Product,
then Licensee shall pay to TRIMT [\*\*\*] of all Sublicense Revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after dosing of the first patient in a Phase 3 Clinical Trial related to a therapeutic Licensed Product,
then Licensee shall pay to TRIMT [\*\*\*] of all Sublicense Revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for a diagnostic Licensed Product, then Licensee shall pay to TRIMT [\*\*\*] of all Sublicense Revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 *Clarification*. In a sublicense with multiple candidates, the development status of the most advanced
candidate or product in the sublicense determines the applicable timing of the sublicense grant under this Section 4.7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.4 *Milestones*: For the avoidance of doubt, if a Sublicensee achieves a milestone as described in Section
4.3, TRIMT shall receive the share indicated in this Section 4.7.2, but at least the amounts indicated in
Section 4.3 above.

4.8 **Timing of Royalty Payments**. Royalty payments due under Section 4.5,
above, shall be paid annually within sixty (60) days following the end of each License Year until the first License Year in which aggregate
Royalties under Section 4.5.1 reach US $1 million. Thereafter, all royalty payments due under Section 4.5
shall be paid in quarterly installments, within sixty (60) days following the end of each calendar quarter.

4.9 **Single Royalty**. Only a single royalty payment shall be due and payable on Net Sales of a Licensed
Product regardless if such Licensed Product is Covered by more than one Valid Claim.

**ARTICLE 5: REPORTS, AUDITS AND FINANCIAL TERMS**

5.1 **Royalty Reports**. Within sixty (60) days after the end of License Year or, as the case may be, each
calendar quarter in which a royalty payment under ARTICLE 4 is required to be
made, Licensee shall send to TRIMT a report of Net Sales of the Licensed Products , which report sets
forth for such License Year or calendar quarter the following information, on a Licensed Product-by-Licensed Product and country-by-country
basis: (i) total Net Sales achieved by the Licensee, Licensee's Affiliates and Distributors and Sub-Licensees, (ii) total gross
sales of Licensed Products, (iii) the quantity of each Licensed Products sold and for which payment was received, (iv) names and addresses
of customers – whereby Licensee may anonymize such by using a unique customer number – and invoice data, (v) the achieved
Sublicense Revenues as well as the resulting payments therefrom, (vi) the exchange rate used to convert Net Sales from the currency in
which they are earned to United States dollars; and (vii) the total royalty payments due.

5.2 **Additional Financial Terms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 **Currency**. The currency for payments to be made under this Agreement shall be United States dollars,
unless expressly specified to the contrary herein. Net Sales outside of the United States shall be first determined in the currency in
which they are earned and shall then be converted into an amount in United States dollars. All currency conversions shall use the conversion
rate reported by Reuters, Ltd. On the last Business Day of the calendar quarter for which such payment is being determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 **Payment Method**. Payment shall be effected by means of wire transfer to an account identified by
TRIMT. Any applicable VAT or similar taxes or levies shall be paid additionally by Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 **Late Payments.** In case of late payment, the respective amounts shall bear interest from the due
date at a rate of eight (8) percent p.a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 **Withholding of Taxes**. Licensee shall withhold on TRIMT's behalf any and all withholding or
similar tax payable on TRIMT's income levied on account of any payment to be made to TRIMT under this Agreement, and Licensee shall
be entitled to deduct such amount from the amounts payable hereunder and shall pay such withholding amount to the competent tax authorities.
Licensee shall promptly transmit to TRIMT an official tax certificate or other evidence for such withholding and all documents sufficient
to TRIMT to claim such payment of taxes. Each Party shall provide the other Party with reasonable assistance to reduce and eliminate tax
withholding or similar obligations in respect of any payments made to TRIMT hereunder and to enable the recovery of withholding taxes,
indirect taxes or similar obligations resulting from payments made by the Licensee under this Agreement.

5.3 **Accounts and Audit**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 **Records**. Licensee shall keep accurate books of account containing the particulars of its Net Sales
and the calculation of royalties. Such books and records must be maintained available for examination in accordance with this Section
5.3.1 for five (5) calendar years after the end of the calendar year to which they pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 **Appointment of Auditor**. TRIMT may appoint an internationally- recognized independent accounting
firm reasonably acceptable to Licensee to inspect the relevant books of account of Licensee
to verify any reports or statements provided, or amounts paid or invoiced (as appropriate), by Licensee. Licensee shall be entitled to
require the auditor to be subject to a written duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 **Procedures for Audit**. TRIMT may exercise its right to have Licensee's relevant records examined
only during the five (5) year period during which Licensee is required to maintain records, no more than once in any calendar year. Licensee
is required to make records available for inspection only during regular business hours, only at such place or places where such records
are customarily kept, and only upon receipt of at least thirty (30) days advance notice from TRIMT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 **Audit Report**. The independent accountant will be instructed to provide to TRIMT an audit report
containing only its conclusions and methodology regarding the audit, and specifying whether the amounts paid were correct and, if incorrect,
the amount of any underpayment or overpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 **Underpayment and Overpayment**. After review of the auditor's report: (i) if there is an uncontested
underpayment by Licensee for all of the periods covered by such auditor's report, then Licensee shall pay to TRIMT the full amount
of that uncontested underpayment, and (ii) if there is an uncontested overpayment for such periods, then TRIMT shall provide to Licensee
a credit against future payments (such credit equal to the full amount of that overpayment), or, if Licensee is not obligated to make
any future payments, then TRIMT shall pay to Licensee the full amount of that overpayment. Contested amounts are subject to dispute resolution
under ARTICLE 12. If the total amount of any such underpayment (as agreed to by
Licensee or as determined under ARTICLE 12) exceeds five percent (5%) of the amount
previously paid by Licensee for the period subject to audit, then Licensee shall pay the reasonable costs for the audit. Otherwise, all
costs of the audit shall be paid by TRIMT.

**ARTICLE 6: ARTICLE 6: LICENSEE COVENANTS**

Licensee covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in conducting activities contemplated under this Agreement, Licensee shall comply in all respects with
all applicable laws and regulations including, without limitation, those related to the manufacture, use, labeling importation and marketing
of Licensed Products and all applicable export control laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee has not been convicted of a criminal offense related to health care, is not currently debarred,
excluded or otherwise ineligible for participation in federally funded health care programs and has not arranged or contracted (by employment
or otherwise) with any employee, contractor, or agent that it knew or should have known are excluded from participation in any federal
health care program, and will not knowingly arrange or contract with any such individuals or entities during the Term of this Agreement.
Licensee agrees to: (i) notify TRIMT in writing immediately
of any threatened, proposed or actual conviction relating to health care, of any threatened, proposed or actual debarment or exclusion
from participation in funded programs, of Licensee or any officer or director of Licensee, and (ii) refrain from knowingly employing or
contracting with individuals or entities excluded from participation in a federally funded health care program.

**ARTICLE 7: INTELLECTUAL PROPERTY; PATENT PROSECUTION, MAINTENANCE AND ENFORCEMENT.**

7.1 **Patent Prosecution, Maintenance and Enforcement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 TRIMT shall be responsible for the preparation, filing, prosecution, and maintenance of all Patent Rights
in the Territory. TRIMT will timely provide Licensee with copies of all relevant documentation relating to such prosecution and Licensee
shall keep such information confidential. Subject to BayPat's rights under the Head License, TRIMT's counsel shall take instructions
only from TRIMT. In addition, TRIMT shall instruct the patent counsel prosecuting Patent Rights to (i) copy Licensee on patent prosecution
documents that are received from or filed with the United States Patent and Trademark Office and foreign equivalent; (ii) provide Licensee
with copies of draft submissions to the USPTO prior to filing; and (iii) give reasonable consideration to the comments and requests of
Licensee or its patent counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Subject to BayPat's rights under the Head License, TRIMT will not unreasonably refuse to amend any
patent application in Patent Rights to include claims reasonably requested by Licensee to protect the products contemplated to be sold
by Licensee under this Agreement. On a country-by-country and patent-by-patent basis, Licensee may elect to exclude any patent or patent
application in Patent Rights in any country of the Territory upon sixty (60) days advance written notice to TRIMT. Such notice shall relieve
Licensee from the obligation to pay for future patent costs but shall not relieve Licensee from responsibility to pay patent costs incurred
prior to the expiration of the sixty (60) day notice period. Such U.S. or foreign patent application or patent shall thereupon cease to
be a Patent Right hereunder, Licensee shall have no further rights therein and TRIMT shall be free to license its rights to that particular
U.S. or foreign patent application or patent to any other party on any terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Each Party shall promptly provide written notice to the other in the event it becomes aware of any actual
or probable infringement of any of the Patent Rights in or relevant to the Field by a Third Party or of any Third Party claim regarding
the enforceability or validity of any Patent Rights ()"**Infringement Notice** "). TRIMT shall be entitled to inform BayPat
and/or the Technical University Munich accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 If infringing activity has not been abated within ninety (90) days following the date the Infringement
Notice takes effect, then Licensee may, following consultation with TRIMT, in its sole discretion and at its sole expense, take action
against any alleged infringer of any Patent Right for which Licensee has exclusive rights under this Agreement.
TRIMT will consent to be joined to such proceedings if that is necessary to give to Licensee standing in such action. Any recovery obtained
by Licensee as the result of legal proceedings initiated and paid for by Licensee pursuant to this Section 7.1.4,
after deduction of Licensee's reasonable out-of-pocket expenses incurred in securing such recovery, shall be deemed to be Net Sales
of Licensed Products or, as appropriate Sublicense Revenue in the calendar quarter in which such recovery was received and royalties shall
be due and payable thereon accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 If TRIMT, BayPat or the Technical University Munich are involuntarily joined in a suit initiated by Licensee,
then the Licensee will pay any costs and expenses incurred by TRIMT, BayPat or the Technical University Munich arising out of such suit,
including but not limited to, reasonable legal fees of counsel that TRIMT, BayPat or the Technical University Munich select and retain
to represent them in the suit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 If any Third Party asserts claims against Licensee for the alleged infringement of an Third Party right
as a result of its use of the license in accordance with this Agreement, Licensee shall notify TRIMT without undue delay and shall give
TRIMT, BayPat and the Technical University Munich the opportunity to participate in any resulting legal dispute. The Technical University
Munich and BayPat are, however, not obliged to do so. For the avoidance of doubt, the costs and expenses for the legal defense shall be
borne by the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.7 If Licensee declines either to cause such infringement to cease (e.g. by settlement or injunction) or
to initiate and thereafter diligently maintain legal proceedings against the infringer other than as part of a mutually agreed upon bona
fide strategy, developed with the guidance of outside patent counsel, to preserve the Patent Rights, TRIMT, BayPat and/or Technical University
Munich may, in its sole discretion and at its sole expense, take action against such alleged infringer or in defense of any such Third
Party claim. Any recovery obtained by them as the result of any such legal proceedings shall be for the benefit of them only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8 If a Third Party challenges the enforceability or validity of the Patent Rights, the Parties will discuss
possible defense measures involving BayPat and Technical University Munich. BayPat and Technical University Munich are entitled, but not
obliged to defend any Patent Right, unless Licensee bears all the cost in connection with such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9 Any infringement or challenge of the validity of a Patent Right by a Third Party shall leave the duty
of the Licensee to make the payments in accordance with ARTICLE 4 unaffected.

7.2 **Payment of TRIMT Patent Expenses**. After the Effective Date, TRIMT shall provide to Licensee a semi-annual
invoice and reasonably detailed documentation with respect to TRIMT's out-of-pocket expenses incurred with respect to prosecution
and maintenance of the Patent Rights for the previous year. Licensee shall reimburse TRIMT for one-hundred percent (100%) of such expenses
within thirty (30) days after receipt of such invoice and documentation.

7.3 **Marking**. Licensee shall mark all Licensed Products in such a matter as to conform with the patent
laws of the country to which such Licensed Products are shipped or in which such products are sold.

**ARTICLE 8: ARTICLE 8: TERM AND TERMINATION**

8.1 **Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 **Termination of the Head License.** This Agreement shall automatically terminate with the termination
of the Head License; provided that in case of an material breach of the Head License by TRIMT that results in the legally effective termination
of the Head License, Licensee shall be entitled to request the conclusion of a contract directly with BayPat for the granting of rights
to use the Patent Rights in an extent and on terms and conditions equivalent to the rights granted to the Licensee under this Agreement,
but on terms and conditions not less favorable for BayPat than compared to the Head License, provided, however, that the Licensee is in
no event in material breach of his obligations under this Agreement. The right to request the conclusion of such agreement must be exercised
within 3 (three) months upon Licensee's knowledge of the termination of the Head License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 **Material Breach**. Either Party may terminate this Agreement prior to its Expiration for any material
breach by the other Party, provided, that, the Party seeking to terminate shall have first given the breaching Party notice of such material
breach (**Breach Notice**) with reasonable particulars of the material breach, and the Party receiving the Breach Notice failed to
cure that material breach within thirty (30) days after the date of receipt of the Breach Notice. Any direct or indirect challenge of
the validity of a Patent Right and any non-payment of the payments as described in ARTICLE
4 shall be deemed a material breach of Licensee in the sense of this Section 8.1.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 **Bankruptcy**. TRIMT shall have the right to terminate this Agreement prior to its Expiration upon
notice to Licensee, in the event that: (i) Licensee seeks protection of any bankruptcy or insolvency law other than with the prior consent
of TRIMT, or (ii) a proceeding in bankruptcy or insolvency is filed by or against Licensee and not withdrawn, removed or vacated within
120 days of such filing, or there is adjudication by a court of competent jurisdiction that Licensee is bankrupt or insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 **Termination at Will by Licensee**. Licensee shall have the right to terminate this Agreement prior
to its Expiration upon notice to TRIMT without cause, effective no fewer than ninety (90) days following the date of such notice, but
only after Licensee has paid the first and second upfront in accordance with Section 4.1.

8.2 **Effect of Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Upon any termination of this Agreement pursuant to Section 8.1 (but for clarity,
not in the case of its Expiration), all rights and licenses granted to Licensee under ARTICLE
3, shall immediately terminate on and as of the effective date of termination as provided
in Section 8.1, except that Licensee shall have the right to continue to sell Licensed Products manufactured
prior to the effective date of such termination until the sooner of: (i) one hundred and eighty (180) days after the effective date of
termination, or (ii) the exhaustion of Licensee's inventory of Licensed Products; provided that (x) such right to sell-off any Licensed
Products shall not apply if the termination of this Agreement was the consequence of the termination of the Head License agreement; (y)
this Agreement was terminated due to a material breach or bankruptcy of Licensee; or (z) this Agreement was terminated at will by Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 Upon termination of this Agreement pursuant to Section 8.1 (but for clarity,
not in the case of its Expiration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall promptly return to the other Party all relevant records and materials in its possession
or control containing or comprising the other Party's Confidential Information and to which the Party does not retain rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee shall discontinue making any representation regarding its status as a licensee of TRIMT for Licensed
Products. Subject to Section 8.2.1, above, Licensee shall cease conducting any
activities with respect to the marketing, promotion, sale or distribution of Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Termination of this Agreement through any means and for any reason pursuant to Section 8.1
(but for clarity, not in the case of its Expiration), shall not relieve the Parties of any obligation accruing prior thereto, including
the payment of all sums due and payable, and shall be without prejudice to the rights and remedies of either Party with respect to any
antecedent breach of any of the provisions of this Agreement.

8.3 **Survival**. Section 3.8, ARTICLE 5, Sections 7.2, 8.2, 8.3, 10.1, 10.2, 10.3, 10.5, ARTICLES 11,
12, 13, shall survive termination of this Agreement for any reason.

**ARTICLE 9: ARTICLE 9: REPRESENTATIONS AND WARRANTIES**

9.1 **Mutual Representations and Warranties**. TRIMT and Licensee each represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the right and authority to enter into this Agreement and all action required to be taken on its
behalf, its officers, directors, partners and stockholders necessary for the authorization, execution, and delivery of this Agreement
and, the performance of all of its obligations hereunder, and this Agreement, when executed and delivered, will constitute valid and legally
binding obligations of such Party. enforceable in accordance with its terms, subject to: (i) laws limiting the availability of specific
performance, injunctive relief, and other equitable remedies; and (ii) bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or other similar laws now or hereafter in effect generally relating
to or affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has read this Agreement, with assistance from its counsel of choice. It understands all of this Agreement's
terms. It has been given a reasonable amount of time to consider the contents of this Agreement before each Party executed it. It agrees
that it is executing this Agreement voluntarily with full knowledge of this Agreement's legal significance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has made such investigation of all matters pertaining to this Agreement that it deems necessary, and
does not rely on any statement, promise, or representation, whether oral or written, with respect to such matters other than those expressly
set forth herein. It agrees that it is not relying in any manner on any statement, promise, representation or understanding, whether oral,
written or implied, made by any Party, not specifically set forth in this Agreement.

9.2 **Representations and Warranties of TRIMT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 TRIMT represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the legal capacity and the full legal right to grant to Licensee all the rights granted hereunder
and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the terms and conditions of this Agreement have been agreed by BayPat, the licensor under the Head License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it performed its own due diligence in relation to the Head License and the rights granted thereunder and
is satisfied that the rights granted to it under the Head License are of full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 TRIMT does not assume any liability, and does not provide any warranty or representation for the exploitability,
the fitness for any purpose, the patentability and the confidential nature of any Licensed IP and for the non-infringement of any Third
Party right by the use of the Licensed IP as contemplated under this Agreement.

9.3 **Representations and Warranties of Licensee** 

Licensee represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the legal capacity and the full legal right to perform its obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it performed its own diligence in relation to the Head License and the rights granted thereunder to TRIMT
and is satisfied that this Agreement is consistent with the terms and conditions of the Head License.

**ARTICLE 10: ARTICLE 10: INDEMNIFICATION**

10.1 **Indemnification by Licensee**. Licensee shall defend, indemnify and hold harmless TRIMT, its Affiliates,
and their respective officers, directors, shareholders, employees and agents and the Technical University of Munich and BayPat and their
respective officers, directors, shareholders, employees, agents and the inventors of the Patent Rights ()"**TRIMT Indemnitees** ")
upon first demand from and against any and all Third Party liabilities, claims, suits, and expenses, including reasonable attorneys'
fees (collectively, "**Losses** "), arising out of or are in any way attributable to: (i) the material breach of any representation
or warranty made by Licensee under this Agreement, (ii) the research, development, marketing, approval, manufacture, packaging, labeling,
handling, storage, transportation, use, distribution, promotion, marketing or sale of Licensed Products by or on behalf of Licensee, any
of its Affiliates or a Sublicensee or any other exercise of rights under this Agreement or pursuant to any sublicense (including, but
not limited to claims for product liability), or (iii) the negligence, willful misconduct or failure to comply with applicable law by
a Licensee, an Affiliate of Licensee, or a Sublicensee. The TRIMT Indemnitees shall be entitled to enforce this clause directly against
Licensee.

10.2 **Indemnification by TRIMT**. TRIMT shall defend, indemnify and hold harmless Licensee, its Affiliates,
and their respective officers, directors, shareholders, employees and agents ()"**Licensee Indemnitees**") from and against
any and all Third Party liabilities, claims, suits, and expenses, including reasonable attorneys' fees (collectively, "**Losses** "),
arising out of or are in any way attributable to: (i) the material breach of any representation or warranty made by TRIMT under this Agreement,
(ii) the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution,
promotion, marketing or sale of Licensed Products by or on behalf of TRIMT, any of its Affiliates or other (third party) licensees, or
(ii) the negligence, willful misconduct or failure to comply with applicable law by TRIMT or an Affiliate of TRIMT or a third party licensee
of TRIMT. The Licensee Indemnitees shall be entitled to enforce this clause directly against TRIMT.

10.3 **Procedure**. The indemnities set forth in this ARTICLE
10 are subject to the condition that the party seeking the indemnity shall forthwith notify the indemnifying Party on being notified
or otherwise made aware of a liability, claim, suit, action or expense and that the indemnifying Party defend and control any proceedings
with the other party being permitted to participate at its own expense (unless there shall be a conflict of interest which would prevent
representation by joint counsel, in which event the indemnifying Party shall pay for the other party's counsel); provided, that,
the indemnifying Party may not settle the liability, claim, suit, action or expense, or otherwise admit fault of the other party or consent
to any judgment, without the written consent of the other party (such consent not to be unreasonably withheld). Notwithstanding the foregoing,
no delay in the notification of the existence of any claim of Loss shall cause a failure to comply with this Section 10.3
as long as such delay shall not have materially impaired the rights of the indemnifying Party.

10.4 **Insurance**. Licensee shall take out with a reputable insurance company, and maintain, adequate insurance
cover, including product, professional, and public liability insurance and insurance against all loss of and damage to property (whether
real, personal or intellectual) and injuries to persons (including death) naming BayPat,Technical University Munich and TRIMT
as additional insureds. Licensee shall make its insurance policy and renewal receipts available to the other Party on request from time
to time. Licensee shall ensure that such insurance continues in force throughout the term of this Agreement and until at least 3 years
after the last sale or supply of any Licensed Product by it or any of its Affiliates or its or their respective sub-licensees.

10.5 **Limitation.** Except for cases of willful acts or omissions or gross negligence and notwithstanding
anything contained in this Agreement to the contrary, and except in relation to the payment obligations under ARTICLE
7, the indemnification obligations under sections 10.1 and 10.2 and any breach
of ARTICLE 11 (i) in no event shall either Party be liable to the other Party
for any loss of profits, costs of procuring substitute goods, lost business or enhanced damages for intellectual property infringement
or for any special, punitive, consequential, indirect, or incidental damages, whether based upon breach of warranty, breach of contract,
negligence, strict liability in tort or any other legal theory, and (ii) with the exception of Licensee's liability to make the
payments under ARTICLE 4, in no event shall either
Party be liable to the other for an aggregate amount in excess of two-thirds of the total consideration paid to TRIMT hereunder.

**ARTICLE 11: ARTICLE 11: CONFIDENTIALITY**

11.1 **Confidential Information**. During the Term of this Agreement and for fifteen (15) years thereafter
without regard to the means of termination each Party shall not use, for any purpose other than the purpose contemplated by this Agreement,
or reveal or disclose the other Party's Confidential Information to any Third Party. The Parties shall take reasonable measures
to assure that no unauthorized use or disclosure is made by others to whom access to such information is granted.

11.2 **Certain Obligations**. During the Term and for a period of fifteen (15) years thereafter, Licensee,
with respect to TRIMT Confidential Information, and TRIMT, with respect to Licensee Confidential Information, agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to use such Confidential Information only for the purposes contemplated under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to treat such Confidential Information as it would its own proprietary information which in no event shall
be less than a reasonable standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take reasonable precautions to prevent the disclosure of such Confidential Information to a Third Party
without written consent of the other Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to only disclose such Confidential Information to those employees, agents and Third Parties who have a
need to know such Confidential Information for the purposes set forth herein and who are subject to obligations of confidentiality no
less restrictive than those set forth herein.

For the avoidance of doubt, TRIMT shall be entitled to provide any Confidential Information of Licensee to BayPat as far as this is necessary to comply with its obligations under the Head License.

11.3 **Termination**. Upon termination of this Agreement pursuant to Section 8.1
(but for clarity, not in the case of its Expiration), and upon the request of the disclosing Party, the receiving Party shall promptly
return to the disclosing Party or destroy all copies of Confidential Information received from such Party, and shall return or destroy,
and document the destruction of, all summaries, abstracts, extracts, or other documents which contain any Confidential Information of
the other Party in any form, except that each Party shall be permitted to retain a copy (or copies, as necessary) of such Confidential
Information for archival purposes or to enforce or verify compliance with this Agreement, or as required by any applicable law or regulation.

11.4 **Publicity**. Neither Party shall make, or procure or permit the making of, any announcement which
relates to this Agreement or the matters contained in it, or make any use of the name, logos or trademarks of the other Party, the Technical
University Munich or BayPat in connection with this Agreement, without the prior written approval of the other Party, except to the extent
required by law or any public body with appropriate jurisdiction. Notwithstanding the foregoing, each Party shall be entitled to announce
or otherwise make public the existence of this Agreement and its subject matter, provided that the commercial terms of this Agreement
shall not be disclosed without the prior written consent of the other Party.

**ARTICLE 12: ARTICLE 12: DISPUTE RESOLUTION**

12.1 All Disputes shall be first referred to the managing director of TRIMT and the managing director or CEO
of Licensee for resolution, prior to proceeding under the other provisions of this ARTICLE
12. A Dispute shall be referred to such executives upon one Party (the "**Initiating Party**") providing the other
Party (the "**Responding Party**") with notice that such Dispute exists ()"**Dispute Notice** "), together
with a written statement describing the Dispute with reasonable specificity and proposing a resolution to such Dispute that the Initiating
Party is willing to accept, if any. The Parties shall engage in good faith efforts to negotiate a resolution to resolve the Dispute for
the following thirty (30) days (the "**Resolution Period** "). In the event, that such Dispute is not resolved during the
Resolution Period, either Party shall be entitled to initiate arbitration. All disputes arising out of or in connection with this Agreement
shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by three arbitrators appointed in accordance
with the said Rules. Venue of arbitration shall be London, UK, language of arbitration shall be English.

**ARTICLE 13: ARTICLE 13: GENERAL**

13.1 **Assignment and Delegation**. Except as expressly provided in this Section 13.1,
neither this Agreement nor any right or obligation hereunder shall be assignable in whole or in part, whether by operation of law, or
otherwise by Licensee without the prior written consent of TRIMT. In the event, Licensee intends to assign this Agreement to a Person
that succeeds to all or substantially all of Licensee's business or assets, whether by sale, merger,
operation of law or otherwise, TRIMT's consent shall not be unreasonably withheld.

13.2 **Entire Agreement**. This Agreement contains the entire agreement between the Parties relating to
the subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this Agreement.

13.3 **Amendments**. Changes and additional provisions to this Agreement shall be binding on the Parties
only if agreed upon in writing and signed by the Parties.

13.4 **Applicable Law**. This Agreement and any dispute or claim (including non- contractual disputes or
claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with
the law of England and Wales without regard to principles of conflicts of law that would result in the application of the law of another
jurisdiction.

13.5 **Force Majeure**. If the performance of this Agreement or any obligations hereunder is prevented,
restricted or interfered with by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts
of God, war, terrorism, or a similar occurrence or condition beyond the reasonable control of the Parties, the Party so affected shall,
upon giving prompt notice to the other Parties, be excused from such performance during such prevention, restriction or interference,
and any failure or delay resulting therefrom shall not be considered a breach of this Agreement.

13.6 **Severability**. The Parties do not intend to violate any applicable laws. However, if any sentence,
paragraph, clause or combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence,
paragraph, clause or combination of the same shall be deleted and the remainder of this Agreement shall remain binding, and the invalid
or unenforceable provision shall be replaced by the Parties by a valid and enforceable provision which comes closest to the economic purpose
of the replaced provision. This applies accordingly to any lacuna.

13.7 **Notices**. All notices, requests, demands, and other communications relating to this Agreement shall
be in writing in the English language and shall be delivered in person or by delivery service or international courier with package tracing
capability. Notices shall be sent via a service which provides traceability of packages and signature confirmation and shall be deemed
to have been given on the date actually received. Notices shall be sent as follows:

Notices to TRIMT: with a copy to:

Notices to Licensee:

Either Party may change its address for notices or facsimile number at any time by sending notice to the other Party.

13.8 **Independent Contractor**. Nothing herein shall create any association, partnership, joint venture,
fiduciary duty or the relation of principal and agent between the Parties hereto, it being understood that each Party is acting as an
independent contractor, and neither Party shall have the authority to bind the other or the other's representatives in any way.

13.9 **Waiver**. No delay on the part of either Party hereto in exercising any power or right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any power or right hereunder preclude other or further
exercise thereof or the exercise of any other power or right. No waiver of this Agreement or any provision hereof shall be enforceable
against any Party hereto unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the
one event.

13.10 **Interpretation**. This Agreement has been prepared jointly and no rule of strict construction shall
be applied against either Party. In this Agreement, the singular shall include the plural and vice versa and the word "including"
shall be deemed to be followed by the phrase "without limitation." The section headings contained in this Agreement are inserted
for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

13.11 **Counterparts**. This Agreement may be executed in counterparts, each of which together shall constitute
one and the same Agreement. For purposes of executing this agreement, a facsimile copy or an emailed PDF or an electronically signed version
(e.g. via AdobeSign, DocuSign) of this Agreement, including the signature pages, will be deemed an original.

13.12 **Third Party Rights**. Unless it expressly states otherwise, this Agreement does not give rise to
any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. The rights of the Parties to
rescind or vary this Agreement are not subject to the consent of any other person.

[*Signature page to follow.*]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **TRIMT GmbH** | **TRIMT GmbH** | **Radiopharm Theranostics Limited** | **Radiopharm Theranostics Limited** |
| By: | /s/ Jakub Simecek | By: | /s/ Paul Hopper |
| Name | Dr. Jakub Simecek | Name | Paul A. Hopper |
| Title | Managing Partner | Title | Executive Chairman |

---

**Annex 1**

**List of Isotopes**

---

| | | | |
|:---|:---|:---|:---|
| **Alpha's** |  |  |  |
| ● | Ac-225, Ac-227 | ● | Fr-221 |
| ● | Am-241 | ● | Np-237 |
| ● | At-211, At-215, At-217, At-218 | ● | Pa-231 |
| ● | Bi-211, Bi-212, Bi-213 | ● | Ra-223, Ra-224, Ra-226 |
| ● | Cf-249, Cf-252 | ● | Rn-218, Rn-219, Rn-220, Rn-226 |
| ● | Cm-244, Cm-245, Cm-248 | ● | Th-227, Th228, Th-229, Th-230, Th-232 |
| **Beta's** |  |  |  |
| ● | Ar-39, Ar-42 | ● | Pd-107 |
| ● | Be-10 | ● | Pm-147 |
| ● | Bi-210 | ● | Pr-143, Pr-145 |
| ● | Bk-249 | ● | Re-186, Re-187, Re-188 |
| ● | C-14 | ● | Ru-106 |
| ● | Ca-45 | ● | S-35 |
| ● | Cd-113, Cd-113m | ● | Sc-46, Sc-47, Sc-48 |
| ● | Cs-135 | ● | Se-79 |
| ● | Cu-66, Cu-67 | ● | Si-32 |
| ● | Er-169 | ● | Sm-151 |
| ● | I-131 | ● | Sn-121, Sn-123 |
| ● | In-115 | ● | Sr-89, Sr-90 |
| ● | Kr-85, Kr-85 | ● | Te-127 |
| ● | Lu-177 | ● | Tm-171 |
| ● | Ni-63, Ni-66 | ● | W-188 |
| ● | P-32, P-33 | ● | Y-90, Y-91 |
| ● | Pb-209 |  |  |
| **Auger Electrons** | **Auger Electrons** |  |  |
| ● | Br-80m | ● | Sb-119 |
| ● | Hg-197, Hg-197m | ● | Sn-117m |
| ● | Nb-90 | ● | Tb-161 |
| ● | Pt-191, Pt-193m, Pt-195m | ● | Tl-201 |

---

## Exhibit 4.11

**Exhibit 4.11**

*Execution Version*

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF MARKING SUCH INFORMATION WITH BRACKETS ("[\*\*\*]") BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**DATED 5 September 2021**

**DIAPROST AB**

**FREDAX AB**

**-and-**

**RADIOPHARM THERANOSTICS LIMITED**

**LICENCE AGREEMENT**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS AND INTERPRETATION** | **DEFINITIONS AND INTERPRETATION** | **1** |
| **2.** | **LICENCE AND SUBLICENCE GRANT** | **LICENCE AND SUBLICENCE GRANT** | **7** |
| **3.** | **RESPONSIBILITIES, DEVELOPMENT AND MANUFACTURING** | **RESPONSIBILITIES, DEVELOPMENT AND MANUFACTURING** | **9** |
| **4.** | **CONSIDERATION** | **CONSIDERATION** | **11** |
| **5.** | **PATENT PROSECUTION, MAINTENANCE AND INFRINGEMENT** | **PATENT PROSECUTION, MAINTENANCE AND INFRINGEMENT** | **13** |
| **6.** | **CONFIDENTIALITY** | **CONFIDENTIALITY** | **15** |
| **7.** | **RECORDS, AUDIT AND REPORTING** | **RECORDS, AUDIT AND REPORTING** | **16** |
| **8.** | **WARRANTIES AND INDEMNITY** | **WARRANTIES AND INDEMNITY** | **17** |
| **9.** | **LIMITATION AND EXCLUSION OF LIABILITY** | **LIMITATION AND EXCLUSION OF LIABILITY** | **19** |
| **10.** | **TERM** | **TERM** | **19** |
| **11.** | **MISCELLANEOUS** | **MISCELLANEOUS** | **22** |
| **12.** | **GOVERNING LAW AND DISPUTE RESOLUTION** | **GOVERNING LAW AND DISPUTE RESOLUTION** | **24** |
| **SCHEDULE 1** | **SCHEDULE 1** | **SCHEDULE 1** | **28** |
|  | Patent Rights | Patent Rights | 28 |
|  | 1. | Licensed Patents | 28 |
|  | 2. | Sublicensed Patents | 29 |

---

i

**THIS AGREEMENT** is made on **5 September 2021** (the "**Effective Date**").

**BETWEEN**

1. Diaprost AB, a Swedish corporation with principal offices located at Medicon Village Scheelevägen
2, Lund, Sweden ()"**Diaprost** ");

2. Fredax AB, a Swedish corporation with principal offices located at Medicon Village Scheelevägen 2,
Lund, Sweden ()"**Fredax** "); and

3. RadioPharm Theranostics Limited, an Australian corporation with ACN 647877889 and principal offices located
at Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053 ()"**RPT** "),

together the "**Parties**" and each a "**Party**".

**INTRODUCTION**

**A.** Whereas (a) Fredax is the sole owner of the Licensed Patents (as defined below) and (b) Diaprost holds a licence from Memorial Sloan
Kettering Cancer Center, a New York not-for- profit corporation with principal offices at 1275 York Avenue, New York, NY 10065 ()"**MSK** ")
to the Sublicensed Patents (as defined below) pursuant to a licence agreement between Diaprost and MSK dated 10 July 2020 (the "**MSK Licence** ");

**B.** Whereas Fredax wishes to grant to RPT, and RPT wishes to accept the grant of, a licence to the Licensed Patents;

**C.** Whereas Diaprost wishes to grant to RPT, and RPT wishes to accept the grant of, a sublicence to the Sublicensed Patents (subject to
the terms of the MSK Licence);

**D.** Whereas as at the Effective Date, RPT has raised in excess of $AU15M;

**E.** Now, therefore, the Parties wish to enter into the transactions described above on the terms set out herein.

**AGREED TERMS**

1. DEFINITIONS AND INTERPRETATION

1.1 **Definitions**.

Unless otherwise specifically provided in this Agreement, the following terms shall have the following meanings:

"**Academic and Research Purposes**" means, with respect to MSK, any research purposes and care of patients of MSK, its Affiliates, its network facilities, and clinical trial sites that may participate with MSK in a multicenter clinical trial, and the ability to permit others at academic, government, and not-for-profit institutions to use the Sublicensed Patents solely in the course of research or clinical trials being conducted jointly with MSK.

"**Affiliate**" means with respect to any person, any corporation, company, partnership, joint venture or other entity, which directly or indirectly: (a) Controls, is Controlled by or is under common Control with the specified entity; or (b) both (i) owns, is owned by, or is under common ownership with the specified entity, in whole or in part, and (ii) conducts business under a trade identifier of the specified entity, with the authorization of the specified entity. For purposes of this definition, "**Control**" of an entity means the direct or indirect ownership or control of at least fifty percent (50%) of the right to direct or cause the direction of the policies and management of such person or entity, whether by the ownership of stock, by contract or otherwise. In any jurisdiction where 50% control is not permitted by applicable law, the "greater than 50%" threshold shall be deemed satisfied by the possession of substantially the maximum percentage allowable in such jurisdiction. With regard to MSK, "Affiliate" shall include, without limitation, Sloan-Kettering Institute for Cancer Research and the Memorial Hospital for Cancer and Allied Diseases.

"**Applicable Law**" means any and all laws, rules and regulations, including any rules, guidance, guidelines and requirements of any regulatory authorities.

"**Business Day**" means a day (other than Saturday, Sunday or any public or national holiday) on which commercial banks located in Stockholm and Sydney conduct a full range of banking services.

"**Commercially Reasonable Efforts**" means with respect to RPT's development or commercialisation of the Licensed Products, the committing of all financial and other resources needed to carry out such activities and the carrying out of such activities in a sustained and diligent manner, and, without limiting the foregoing, making no less effort and committing no less resources than those commonly used by RPT or, if greater, a company of similar size and with similar resources to RPT, when applied to products at a similar stage of development, life cycle and potential to the Licensed Products being developed.

"**Confidential Information**" means all confidential or proprietary information disclosed by one Party to another Party relating to and in the performance of this Agreement, including methods or manufacture or use, formulations, clinical data, test results, and research and development plans, whether in oral, graphic, electronic, or any other media or form.

"**Disclosing Party**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Confidential Information of Fredax or Diaprost received by RPT, Fredax or Diaprost (as
applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Confidential Information of RPT received by Fredax or Diaprost (as applicable), RPT.

"**Dispute**" has the meaning set out in Clause 12.2.

"**Dispute Notice**" has the meaning set out in Clause 12.2.2.

"**Effective Date**" has the meaning given to it on page 3 of this Agreement.

"**First Tranche Upfront**" has the meaning set out in Clause 4.1.1.

"**Improvements**" means, other than Improvement Patents, any and all improvements, modifications or enhancements to the Licensed Products, the Licensed Patents and their Related Data or the Sublicensed Patents and their Related Data (as the case may be) conceived, invented, created, developed or reduced to practice by or on behalf of RPT following the Effective Date.

"**Improvement Patents**" means any patents or patent applications which generically or specifically claim inventions relating to, or generically or specifically claim inventions that are improvements, modifications or enhancements of, the Licensed Patents or their Related Data or the Sublicensed Patents or their Related Data, which are developed by RPT, its Affiliates or Sublicensees, or to which such party otherwise has the right to grant licences.

"**Indemnitee**" has the meaning set out in Clause 8.5.

"**Initial Public Offering**" means the admission to trading or listing of any or all of the shares or securities representing those shares of RPT or any holding company of RPT on any stock or securities exchange anywhere in the world.

"**Licensed Patents**" means all patent rights represented by or issuing from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the U.S. and non-U.S. patents and patent applications listed in Schedule 1, Part A, or which arise from
work under the Lund MTA and are owned or become owned by Diaprost or Fredax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all patent applications filed in any jurisdiction corresponding to or claiming priority from the patents
and/or patent applications referred to in the foregoing clause (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all divisionals, continuations and continuations-in-part of the patent applications referred to in the
foregoing clauses (a) and (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all patents issuing from the patent applications referred to in the foregoing clauses (a), (b) and (c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all reissues, re-examination certificates, registrations, confirmations, extensions, substitutions, renewals
and supplementary protection certificates of the patent and/or patent applications referred to in the foregoing clauses (a), (b), (c)
and (d); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all foreign counterparts of the patents and patent applications referred to in the foregoing clauses (a),
(b), (c), (d) and (e).

"Licensed Products" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any product or material comprising a composition of matter (i) covered by a Valid Claim of the Licensed
Patents or Sublicensed Patents, (ii) made by a process covered by a Valid Claim of the Licensed Patents or Sublicensed Patents or the
Licensed Patents' or Sublicensed Patents' Related Data, (iii) used in a manner that is covered by a Valid Claim of the Licensed
Patents or Sublicensed Patents or made, developed, used in accordance with or incorporates the Licensed Patents' or Sublicensed
Patents' Related Data, or (iv) the making, use, sale, offer to sell, or importation of which would, but for the licence granted
herein, infringe one or more Valid Claim of the Licensed Patents or Sublicensed Patents, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any process (i) covered by a Valid Claim of the Licensed Patents or Sublicensed Patents or made, developed,
used in accordance with or incorporates the Licensed Patents' or Sublicensed Patents' Related Data, or (ii) the use of which
would, but for the licence granted herein, infringe one or more Valid Claim of the Licensed Patents or Sublicensed Patents.

"**Lund MTA**" means the Material Transfer Agreement dated 20 September 2019 between Diaprost and Lund University, Sweden relating to the 5A10 antibody.

"**Milestone Event**" means each of the events identified as a milestone event in Clause 4.2.

"**Milestone Payment**" means each of the payments identified as a milestone payment in Clause 4.2.

"**MSK Licence**" has the meaning set out above.

"**MSK MTA**" means the Material Transfer Agreement dated 21 October 2016, as amended on 28 September 2017 and 13 August 2019 between Diaprost and Memorial Sloan Kettering Cancer Center, relating to humanised antibodies specifically targeting "free" PSA.

"**NDA**" means an application for approval to market a product commercially such as the New Drug Application filed pursuant to the requirements of the FDA, as more fully defined in 21 CFR.§ 314.3 et seq, or a Biologics License Application filed pursuant to the requirements of the FDA, as more fully defined in 21 CFR § 601, or a marketing authorisation application filed pursuant to the requirements of European Directive 2001/ 83/ EC, or any equivalent or similar application filed with any other competent authority in any country or region anywhere in the world, together, in each case, with all additions, deletions or supplements thereto.

"**Patent Rights**" means the rights to the Licensed Patents and Sublicensed Patents as granted under this Agreement.

"**Pivotal Study**" means a human clinical trial of a product that satisfies the requirements of 21 C.F.R. § 312.21(c) and is a registration trial designed to establish statistically significant efficacy and safety of such product for the purpose of enabling the preparation and submission of application for an NDA.

"**Receiving Party**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to Confidential Information of RPT received by Fredax or Diaprost, Fredax or Diaprost (as
applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to Confidential Information of Fredax or Diaprost (as applicable) received by RPT, RPT.

"**Records**" has the meaning set out in Clause 7.1.

"**Related Data**" means, with respect to the Licensed Patents or Sublicensed Patents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pre-clinical data for the Licensed Patents or Sublicensed Patents including ADME and toxicology and diagnostic
efficacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proof-of-concept data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) know-how, if any, relating to the manufacture of Licensed Products,

and, for clarity, includes all such data and know-how as described in paragraphs (a), (b) and (c) of this definition that was generated under The MTAs or any of them and was disclosed to Diaprost by way of reports or otherwise in accordance with The MTAs.

"**Second Tranche Upfront**" has the meaning set out in Clause 4.1.2.

"**Senior Executive**" means, in the case of Diaprost, the Chief Executive Officer, and in the case of RPT, Chief Executive Officer.

"**Sublicence**" has the meaning set out in Clause 2.3.

"**Sublicensee**" has the meaning set out in Clause 2.3.

"**Sublicensed Patents**" means all patent rights represented by or issuing from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the U.S. and non-U.S. patents and patent applications listed in Schedule 1, Part B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all patent applications filed in any jurisdiction corresponding to or claiming priority from the patents
and/or patent applications referred to in the foregoing clause (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all divisionals, continuations and continuations-in-part of the patent applications referred to in the
foregoing clauses (a) and (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all patents issuing from the patent applications referred to in the foregoing clauses (a), (b) and (c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all reissues, re-examination certificates, registrations, confirmations, extensions, substitutions, renewals
and supplementary protection certificates of the patent and/or patent applications referred to in the foregoing clauses (a), (b), (c)
and (d); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all foreign counterparts of the patents and patent applications referred to in the foregoing clauses (a),
(b), (c), (d) and (e).

"**Sublicensed Products**" means those Licensed Products that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any product or material comprising a composition of matter (i) covered by a Valid Claim of the Sublicensed
Patents, (ii) made by a process covered by a Valid Claim of the Sublicensed Patents or the Sublicensed Patents' Related Data, (iii)
used in a manner that is covered by a Valid Claim of the Sublicensed Patents or made, developed, used in accordance with or incorporates
the Sublicensed Patents' Related Data, or (iv) the making, use, sale, offer to sell, or importation of which would, but for the
sublicence granted herein, infringe one or more Valid Claim of the Sublicensed Patents, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any process (i) covered by a Valid Claim of the Sublicensed Patents or made, developed, used in accordance
with or incorporates the Sublicensed Patents' Related Data, or (ii) the use of which would, but for the sublicence granted herein,
infringe one or more Valid Claim of the Sublicensed Patents.

"**Term**" has the meaning set out in Clause 10.1.

"**The MTAs**" means the Washington MTA, the Lund MTA and the MSK MTA collectively. "**Third Party**" means any person other than Fredax, Diaprost or RPT.

"**Third Tranche Upfront**" has the meaning set out in Clause 4.1.3.

"**Valid Claim**" means an issued and unexpired claim or a pending claim within the Patent Rights, that shall not have been irretrievably withdrawn, abandoned, cancelled, or disclaimed, nor been held invalid or unenforceable by a court or other appropriate agency of competent jurisdiction in an unappealable decision; provided, however, that a pending claim within the Patent Rights that is pending for more than ten (10) years shall not be considered a Valid Claim for purposes of this Agreement unless and until a patent with respect to such application issues with such claim.

"**Washington MTA**" means the Material Transfer Agreement dated 28 August 2019 between Diaprost and The Washington University of St. Louis, Missouri USA relating to the 5A10 antibody.

1.2 **Interpretation**.

1.2.1 Capitalised terms shall have the meaning as set out in Clause 1.1.

1.2.2 Any reference in this Agreement to a statute or regulation is to be construed as a reference to that statute
or regulation as amended, extended or re-enacted from time to time, and it includes any subordinate legislation from time to time in force
made under it.

1.2.3 Unless the context otherwise requires, in this Agreement, words in the singular include the plural and
words in the plural include the singular.

1.2.4 The headings in this Agreement are for ease of reference only; they do not affect its interpretation or
construction.

1.2.5 The rule known as the *ejusdem generis* rule does not apply to this Agreement. Accordingly, general
words introduced by the word "other" will not be given a restrictive meaning because they are preceded by words indicating
a particular class of acts, matters or things. The word "or" shall be interpreted inclusively ("and/or").

1.2.6 Any words in this Agreement following the expressions including, include, in particular, or any similar
expression, are merely illustrative and do not limit the sense of the words, description, definition, phrase or expression preceding those
expressions.

1.2.7 In this Agreement a "person" includes a natural person, a corporate or an unincorporated body,
or any governmental authority or a division or operating group of any of the foregoing or any other
entity or organization (in each case, whether or not it has a separate legal personality).

1.2.8 References to "this Agreement" or any other agreement, deed or instrument is a reference to
this Agreement or, as the case may be, the relevant agreement, deed or instrument as amended, supplemented, replaced or novated from time
to time.

1.2.9 References to "Clauses" and "Schedules" are to clauses of, and schedules to, this
Agreement.

1.2.10 References to a "day" shall mean a period of 24 hours running from midnight to midnight and
reference to any time or date shall, save where otherwise expressly stated to the contrary, be a reference to the time or date (as the
case may be) in Stockholm, Sweden;

1.2.11 The words "include" and "including" shall not limit the generality of any preceding
words or be construed as being limited to the same class as any preceding words where a wider construction is possible;.

1.2.12 References to "written" or "writing" shall include all data in written form whether
represented in hand-written, facsimile, printed, electronic or other format (including e-mail).

1.2.13 The Schedules form part of this Agreement and shall have the same force and effect as if expressly set
out in the body of this Agreement, and any reference to this Agreement shall include the Schedules.

1.2.14 If any provisions of the Schedules at any time conflict with any of the other provisions of this Agreement
(not contained in the Schedules), the provisions of this Agreement (not contained in the Schedules) shall prevail.

Upon RPT discharging an obligation under this Agreement, it shall thereby have discharged that obligation towards each of the parties hereto (Diaprost and Fredax) and RPT shall not have any obligation to again discharge that same obligation.

2. LICENCE AND SUBLICENCE GRANT

2.1 **Licence Grant.** As at the Effective Date Fredax hereby grants to RPT, subject to the terms of the
Lund MTA, MSK MTA and Washington MTA, an exclusive, worldwide, sublicensable (on the terms as set out in Clause 2.3) licence during the
Term under the Licensed Patents and their Related Data, for all diagnostic and therapeutic uses.

2.2 **Sublicence Grant**. As at the Effective Date Diaprost hereby grants to RPT, subject to the terms
of the MSK Licence, Lund MTA, MSK MTA and Washington MTA, an exclusive, worldwide, sublicensable (on the terms as set out in Clause 2.3)
sublicence during the Term under the Sublicensed Patents and all their Related Data, to research, develop, make, use, sell, offer for
sale, and import Licensed Products for all diagnostic and therapeutic uses.

2.3 **Sublicensing and sub-sublicensing**. RPT may grant sublicences (through multiple tiers) under the
licence granted under the Licensed Patents in Clause 2.1 and sub-sublicences (through multiple tiers) under the sublicence granted under
the Sublicensed Patents in Clause 2.2 (each
such first tier sublicence or sub-sublicence, a "**Sublicence** "), in each case to Third Parties (each such Third Party
to a Sublicence, a "**Sublicensee** "), without the prior consent of Fredax or Diaprost, provided that:

2.3.1 all Sublicences are entered into on an arms' length basis, are consistent with the terms of this
Agreement and bind the Sublicensees to provisions of this Agreement that by their terms are capable of performance by a Sublicensee, including
the restrictions, limitations and obligations of Clauses 2, 3, 4.3, 5.3, 6, 7 and 8.5;

2.3.2 MSK is stipulated as a Third Party beneficiary in the terms of any Sublicence granted under the Sublicensed
Patents;

2.3.3 Diaprost is given a true and accurate copy of all Sublicences within thirty (30) days of it being entered
into;

2.3.4 RPT remains responsible for the acts and omissions of all Sublicensees and shall be liable to Fredax in
respect of Sublicences for Licensed Patents, and Diaprost and MSK in respect of Sublicences for Sublicensed Patents, for any acts and
omissions of each Sublicensee which would amount to a breach of this Agreement to the same extent as if such acts and omissions had been
done by RPT itself; and

2.3.5 each Sublicence shall expire no later than the expiry or termination of this Agreement, and, with respect
to Sublicensed Patents, no later than the termination or expiry of the MSK Licence, if earlier than the expiry or termination of this
Agreement.

The foregoing and all terms applicable to Sublicensees in this Agreement shall apply to all Sublicensees granting any subsequent tiers of sublicences to sub-sublicensees (and all such sub-sublicensees granting further tiers), and RPT shall remain responsible for the acts and omissions of all such further tiers of sublicensees and shall be liable to Fredax in respect of Sublicences for Licensed Patents, and Diaprost and MSK in respect of Sublicences for Sublicensed Patents, for any acts and omissions of all such further tiers of sublicensees which would amount to a breach of this Agreement to the same extent as if such acts and omissions had been done by RPT itself.

2.4 **Reservation of rights**. The sublicence grant in Clause 2.2 is subject to:

2.4.1 MSK being a Third Party beneficiary to this Agreement, to the extent this Agreement is in relation to
Sublicensed Patents or Sublicensed Products;

2.4.2 the right of MSK to use the Sublicensed Patents for Academic and Research Purposes;

2.4.3 the right of MSK to publish or present any scientific findings from research related to the Sublicensed
Patents and clinical use of Sublicensed Products;

2.4.4 the rights of the United States pursuant to 35 U.S.C. § 200 et seq., and implementing regulations
and agreements; and

2.4.5 the reservation by MSK of all rights with respect to Sublicensed Patents not expressly granted in this
Agreement. The sublicence granted in Clause 2.2 shall not be construed to confer any rights upon RPT by implication, estoppel or otherwise,
and it is understood that practice of the full
scope of the Sublicensed Patents may not be possible absent the grant of a licence to patents not included in the Sublicensed Patents.

2.5 **Technology transfer**. RPT acknowledges that, other than providing RPT with an electronic copy of
the Related Data, Fredax and Diaprost will have no obligation to undertake a technology transfer to RPT in respect of the Licensed Patents
or their Related Data or the Sublicensed Patents or their Related Data.

2.6 **Export Laws**. Notwithstanding Clause 2.5, RPT understands that MSK is subject to United States laws
and regulations controlling the export of technical data, computer software, laboratory prototypes and other commodities (including the
Arms Export Control Act, as amended and the Export Administration Act of 1979), and that its ability to license the Sublicensed Patents
to Diaprost, and subsequently Diaprost's grant of a sublicence to RPT, are contingent on compliance with applicable United States
export laws and regulations. The transfer of certain technical data and commodities may require a licence from the cognizant agency of
the United States Government and/or written assurances by RPT that RPT shall not export data or commodities to certain foreign countries
without prior approval of such agency. Each of Diaprost and MSK neither represents that a licence shall not be required nor that, if required,
it shall be issued.

2.7 **MSK MTA**. Following the Effective Date and at RPT's request, the parties will work in good
faith to arrange for novation of the MSK MTA from Diaprost to RPT.

3. RESPONSIBILITIES, DEVELOPMENT AND MANUFACTURING

3.1 **Responsibility**.

3.1.1 As at the Effective Date, RPT has the sole responsibility for the research, development, manufacture,
sale or any other exploitation of Licensed Products and shall be solely responsible, at its sole cost and expense, for securing any necessary
governmental or regulatory approvals for development, manufacture, and sale of Licensed Products.

3.1.2 RPT shall in all respects conduct its activities under this Agreement, and shall cause its Affiliates
and Sublicensees to conduct their activities under this Agreement and the relevant Sublicence, in full compliance with all Applicable
Laws.

3.2 **Diligence**.

3.2.1 <u>Initial Public Offering</u>. RPT shall commit all financial and other resources needed to complete
an Initial Public Offering before 31 December 2021. For clarity, provided RPT commits all financial and other resources needed to complete
an Initial Public Offering before 31 December 2021, RPT shall not be in breach of this clause 3.2.1, if an Initial Public Offering does
not occur before 31 December 2021 (which could be a result of unfavourable capital market conditions).

3.2.2 <u>Commercialisation</u>. From the Effective Date, RPT shall use Commercially Reasonable Efforts to develop
and commercialise the Licensed Products. Without limiting the foregoing, from the Effective Date, RPT shall pursue the development and
commercialisation of the Licensed Products in a professional manner and shall employ all reasonably required expertise
to do so, including by using Commercially Reasonable Efforts to bring Licensed Products to market through a commercially reasonable program
for exploitation of the Licensed Patents (and their Related Data) and the Sublicensed Patents (and their Related Data). If Licensed Products
are developed and approved, RPT shall continue active, diligent marketing efforts to exploit such Licensed Products.

3.2.3 <u>Specific Diligence Obligations</u>. Without limiting Clause 3.2.2, RPT shall achieve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Milestone Event outlined in Milestone Number 1 in any country in the Territory by December 31 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Milestone Event outlined in Milestone Number 2 by 30 September 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Milestone Event outlined in Milestone Number 3 by 30 September 2027.

RPT may request in writing that Diaprost consent to revise the date by which each of the milestones described in paragraphs (a), (b) and (c) ought to be attained (Deadline Date) if supported by evidence of technical difficulties or delays in pre-clinical, clinical studies or regulatory processes that are outside of RPT's reasonable control, including, but not limited to, any delay that would result (a) from emerging safety issues causing the clinical program to be put on hold by a regulatory agency or sponsor and/or mandate before further preclinical works be conducted, (b) from a poor pharmacokinetic or pharmacodynamic profile or efficacy in man that would require further formulation or preclinical development to be conducted, (c) from any administrative issues in preclinical or clinical trial conduct (e.g. contract research or manufacturing organization failing to deliver work in due time, delays in patient recruitments), or (d) from preclinical or clinical findings requiring further investigations to be conducted. Diaprost will discuss any such request in good faith and will not unreasonably deny a request for appropriate extension provided that sufficient objective evidence of the nature set forth above is provided.

If RPT fails to achieve the Milestone Events in (a), (b) or (c) above by, or on, the corresponding dates listed above, it may nonetheless elect to make the corresponding Milestone Payment. If RPT does not make such payment, by, or on, the corresponding dates listed above, and Diaprost does not agree to extend the timeframe for the relevant Milestone Event in (a), (b), or (c) above by the dates on which they are due, Diaprost may terminate this Agreement in its entirety in respect of all Parties immediately on written notice to RPT.

3.3 **Manufacture in the US**. RPT shall, to the extent required by Applicable Law, substantially manufacture
in the United States any Licensed Product to be sold in the United States.

3.4 **Marking**. To the extent required by Applicable Law, or if the failure to mark would reduce the rights
of MSK, Diaprost or Fredax (as applicable) to enforce the Licensed Patents or Sublicensed Patents against infringers, RPT shall mark,
and shall cause its Affiliates and Sublicensees to mark, any Licensed Products with the appropriate Patent Rights.

4. CONSIDERATION

4.1 **Upfront Payments**.

4.1.1 Within (or on or before) fourteen (14) Business Days of the Effective Date RPT shall pay to Diaprost a
non-refundable and non-deductible amount of one million United States Dollars (USD$1,00,000) (the "**First Tranche Upfront** ").

4.1.2 At the earlier of: (a) the date that is ninety (90) Business Days following the Effective Date; and (b)
the date that is fourteen (14) Business Days after the date that RPT undergoes an Initial Public Offering, RPT shall pay to Diaprost a
non-refundable and non-deductible amount of three million United States Dollars (USD$3,000,000) (the "**Second Tranche Upfront** ").

4.1.3 At the earlier of: (a) 31 January 2022; and (b) the date that is fourteen (14) Business Days after the
date that RPT undergoes an Initial Public Offering, RPT shall pay to Diaprost a non- refundable and non-deductible amount of three million
United States Dollars (USD$3,000,000) (the "**Third Tranche Upfront** ").

4.2 **Milestone Payments**.

4.2.1 RPT shall pay to Diaprost the following non-refundable and non-deductible Milestone Payments within thirty
(30) Business Days after first achievement of the corresponding Milestone Event by any Licensed Product:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Milestone <br> Number** | **Milestone Event** | **Milestone Payment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | Notice of allowance of Investigational New Drug application (Therapeutic) | Three million United States Dollars ($3000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | Upon the dosing of the final patient in a Phase 1 clinical trial (Therapeutic) | Five million United States Dollars ($5000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | Upon the dosing of the first patient in a Phase 2 clinical trial (Therapeutic) | Eleven million United States Dollars ($11000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | Upon the dosing of the first patient in a Phase 2B clinical trial (Therapeutic) | Eleven million United States Dollars ($11000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | Upon the dosing of the first patient in a Pivotal Study (Therapeutic) | Fifteen million United States Dollars ($15000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | Upon the dosing of the final patient in a Pivotal Study (Therapeutic) | Fifteen million United States Dollars ($15000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | Upon submission to the United States Food and Drug Administration ("FDA") for approval (Therapeutic) | Seven million United States Dollars ($7000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | Upon FDA approval (Therapeutic) | Twenty-five million United States Dollars ($25000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | Upon European Medicines Agency ("EMA") approval (Therapeutic) | Ten million United States Dollars ($10000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | Upon Japan's Pharmaceuticals and Medical Devices Agency ("PMDA") approval (Therapeutic) | Five million United States Dollars ($5000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | Upon approval for a second indication (Therapeutic) at the first of the FDA, EMA or PMDA (Therapeutic)<br> For clarity, a second indication excludes label extension such as from a stage 4 cancer to a stage 3 of the same cancer | Ten million United States Dollars ($10000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. | Upon diagnostic approval at the first of the FDA, EMA or PMDA | Five million United States Dollars ($5000000) |

---

4.2.2 If any Licensed Product achieves any of Milestone Numbers 7, 8, 9 or 10 without achieving Milestone Numbers
5 or 6, both of Milestone Numbers 5 and 6 shall be payable by RPT upon such Licensed Product achieving any of Milestone Numbers 7, 8,
9 or 10. Each of the payments described in the table in Clause 4.2.1 shall be payable only once under this Agreement.

4.2.3 RPT shall notify Diaprost in writing promptly of the achievement of each Milestone Event (whether by RPT,
an Affiliate of RPT, a Sublicensee or otherwise, including by any person for or on behalf of any of the foregoing), and in any event within
fifteen (15) Business Days. In the event that, notwithstanding the fact that RPT has not provided Diaprost such a notice, Diaprost believes
that any such Milestone Event has been achieved, it shall so notify RPT in writing and the Parties shall promptly meet and discuss in
good faith whether such Milestone Event has been achieved. Any dispute under this Clause 4.2 regarding whether or not a Milestone Event
has been achieved shall be subject to resolution in accordance with Clause 12.2.

4.2.4 For the avoidance of doubt, any Milestone Event may be achieved by any Licensed Product so that, for example,
if Licensed Product A achieves Milestone Number 1 before Licensed Product B achieves Milestone Number 1, but Licensed Product B goes on
to achieve Milestone Number 2 before Licensed Product A achieves Milestone Number 2, then Milestone Number 2 shall be payable by RPT upon
Licensed Product B having achieved Milestone Number 2.

4.3 **Sublicensing and Sub-sublicensing Payments**.

4.3.1 Upon the entering into by RPT or a Sublicensee of a sublicence, RPT shall pay to Diaprost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*] of all revenue received by RPT or the Sublicensee pursuant to such sublicence (including any
 upfront payments, royalties, milestones or other compensation in whatever form), if such sublicence is entered into before notice of allowance of Investigational
New Drug application or clearance of an IND;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*] of all revenue received by RPT or the Sublicensee pursuant to such sublicence (including any upfront
payments, royalties, milestones or other compensation in whatever form), if such sublicence is entered into after notice of allowance
of Investigational New Drug application but before the dosing of the final patient in a Phase 2 clinical trial; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*] of all revenue received by RPT or the Sublicensee pursuant to such Sublicence (including any upfront
payments, royalties, milestones or other compensation in whatever form), if such Sublicence is entered into after the dosing of the final
patient in a Phase 2 clinical trial.

4.4 **Taxes**.

4.4.1 4.4.1 Where any sums due to be paid to Diaprost hereunder are subject to withholding or similar tax payable
on Diaprost's income, the Parties shall use reasonable efforts to do such acts and things and to sign such documents as will enable
them to take advantage of any applicable double taxation agreement or treaty. In the event there is no applicable double taxation agreement
or treaty, or if an applicable double taxation agreement or treaty reduces but does not eliminate such withholding or similar tax. RPT
shall pay such amount to the appropriate government authority and shall be entitled to set off that amount from the amounts transferred
to Diaprost under this Section 4. RPT shall secure and send to Diaprost the best available evidence of such payment sufficient to enable
Diaprost to obtain a deduction for such withheld taxes or obtain a refund thereof.

5. PATENT PROSECUTION, MAINTENANCE AND INFRINGEMENT

5.1 **Prosecution and Maintenance**.

5.1.1 <u>Licensed Patents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RPT shall diligently prosecute and maintain the Licensed Patents at its sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding RPT's obligations in Clause 5.1.1(a), in the event that RPT does not intend to prosecute
or maintain the Licensed Patents, it shall provide Diaprost with written notice. Following such notification Fredax may, at its option,
exercise the rights of RPT in Clause 5.1.1(a).

5.1.2 <u>Sublicensed Patents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MSK shall prosecute and maintain the Sublicensed Patents in the United States and any other jurisdiction
of MSK's choice, using counsel of MSK's choice. If RPT wishes MSK to prosecute and maintain the Sublicensed Patents in any
other jurisdiction, RPT shall inform Diaprost who shall request MSK to prosecute and maintain such Sublicensed Patents in such jurisdictions
as RPT requests. Subject to RPT receiving the documents described in paragraph (c) below, RPT shall reimburse MSK for the costs and expenses
incurred following the Effective Date of all prosecution and maintenance of the Sublicensed Patents anywhere in the world,
subject to RPT receiving appropriate invoices or similar documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If RPT does not wish to bear the costs of filing patent applications in jurisdictions other than the United
States in which MSK wishes to obtain patent protection, RPT shall inform Diaprost who shall inform MSK. Upon RPT so informing Diaprost
the sublicence granted under Clause 2.2 shall exclude the jurisdictions in which RPT has informed Diaprost that it does not wish to bear
the prosecution and maintenance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent provided to Diaprost by MSK, Diaprost shall provide RPT with copies of all relevant patent
prosecution documentation so that RPT may be informed on the continuing prosecution of Sublicensed Patents. In addition, at RPT's
reasonable request, Diaprost shall use commercially reasonable efforts to facilitate communication between RPT and MSK, and submit requests
to MSK, for the purposes of RPT receiving additional patent prosecution and maintenance documentation in relation to the Sublicensed Patents.
All information received by RPT pursuant to this Clause 5.1.2 shall be deemed the Confidential Information of Diaprost and maintained
in accordance with Clause 6.

5.2 **Patent Enforcement**.

5.2.1 <u>Monitoring</u>. RPT shall use commercially reasonable efforts to monitor Third Party infringement of
the Patent Rights. RPT shall keep Diaprost and MSK (MSK, solely to the extent such Third Party infringement is with respect to Sublicensed
Patents) timely informed if it becomes aware of any such Third Party infringement.

5.2.2 <u>Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RPT shall initiate, defend and manage any adversarial legal proceedings relating to the Patent Rights
(including without limitation any declaratory judgment action, patent infringement action or opposition), at its sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent needed for standing, Diaprost and RPT agree that Diaprost will be joined to any adversarial
legal proceedings relating to the Patent Rights, and Diaprost will ask MSK to be joined if necessary for the Sublicensed Patents, in each
case if requested by RPT, and at RPT's sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding RPT's obligations in Clause 5.2.2(a), in the event that RPT does not intend to initiate,
defend and manage any adversarial legal proceedings relating to the Patent Rights it shall provide Diaprost with written notice. Following
such notification Fredax may, at its option, exercise the rights of RPT in Clause 5.2.2(a) with respect to Licensed Patents and MSK may,
at its option, exercise the rights of RPT in Clause 5.2.2(a) with respect to Sublicensed Patents.

5.2.3 <u>Costs and Recoveries</u>. All costs of any action by either Party to enforce, or to defend against
a challenge to, the Patent Rights shall be borne by RPT, which shall keep any sums recovered or obtained in connection therewith (whether
as damages, reasonable royalties, licence fees, or otherwise in judgment or settlement derived therefrom), except that in the case of actions commenced
by RPT in respect of Sublicensed Patents, RPT shall transmit 15% of the excess of such sums over such costs to MSK if in relation to Sublicensed
Patents, and 15% of the excess of such sums over such costs to Diaprost if in relation to Licensed Patents.

5.2.4 <u>Third Party Patents</u>. In the event RPT is sued for patent infringement or, threatened with such
suit, it shall promptly notify Diaprost and MSK (MSK, solely to the extent such infringement or threatened infringement is with respect
to Sublicensed Patents). In any such action, RPT shall be fully responsible for all its costs, including expenses, judgments and settlements.

5.3 **Patent Challenges**. RPT shall not challenge the validity or enforceability of any claim within the
Patent Rights and shall cause its Affiliates and Sublicensees, to refrain from doing so. In addition to all other rights and remedies
available to Fredax, Diaprost or MSK for any breach of this provision by RPT, its Affiliates or Sublicensees, in the event that any such
challenge to a Licensed Patent or Sublicensed Patent is not successful then RPT shall remit to Fredax, Diaprost or MSK (as applicable)
all costs and expenses, including but limited to attorney's fees, incurred by Fredax, Diaprost or MSK (as applicable) as a result
of such challenge.

6. CONFIDENTIALITY

6.1 **Obligations of confidentiality**. The Parties acknowledge that in the performance of this Agreement
RPT may have access to Confidential Information of Diaprost and Fredax, and Fredax and Diaprost may have access to Confidential Information
of RPT. Subject to Clause

6.2 and Clause 6.3, the Receiving Party undertakes during the Term and for five (5) years thereafter:

6.2.1 except as expressly permitted under this Agreement, or by written consent of the Disclosing Party, not
to disclose to any Third Party any Confidential Information of the Disclosing Party;

6.2.2 not to use any Confidential Information of the Disclosing Party for any purpose, other than the legitimate
purposes of this Agreement;

6.2.3 to disclose the Confidential Information of the Disclosing Party only to those who have a need to know
it in connection with the Agreement; and

6.2.4 safeguard the Confidential Information of the Disclosing Party with the same care normally afforded to
confidential information in the possession, custody or control of the Receiving Party but no less than reasonable standard of care.

6.3 **Confidential Information**. The obligations under Clause 6.1 shall not apply with respect to Confidential
Information which:

6.3.1 can be demonstrated to have been in the public domain prior to the date of the disclosure;

6.3.2 enters the public domain through no fault of the Receiving Party;

6.3.3 was already known to the Receiving Party at the time of disclosure as evidenced by written records in
the possession of the Receiving Party prior to such time;

6.3.4 is subsequently received by the Receiving Party in good faith from a Third Party without breaching any
confidential obligation between the Third Party and the Disclosing Party;

6.3.5 was independently developed, as established by tangible evidence, by the Receiving Party without reference
to information or material provided by the Disclosing Party; or

6.3.6 is required to be disclosed for compliance with court orders, statutes or regulations or audits for compliance
with such regulatory requirements, provided that prior to any such disclosure to the extent reasonably practicable, the Party from whom
disclosure is sought shall promptly notify the other Party and shall afford such other Party the opportunity to challenge or otherwise
lawfully seek limits upon such disclosure of Confidential Information.

6.4 **Permitted Disclosures**. Fredax and Diaprost acknowledge that RPT may have certain reporting and
disclosure requirements to the Australian Stock Exchange in connection with an Initial Public Offering. Fredax and Diaprost acknowledge
that RPT may make announcements to the Australian Stock Exchange regarding the progress of the development of Licensed Products and any
other matter relating to RPT's activities, to the extent required to comply with the Australian Stock Exchange's rules. RPT
shall inform Fredax and Diaprost as to what public announcements Fredax and Diaprost cannot make in order to allow RPT to be within its
obligations to the Australian Stock Exchange, and Fredax and Diaprost agree to refrain from making such announcements.

7. RECORDS, AUDIT AND REPORTING

7.1 **Records**. RPT shall keep, and shall require its Affiliates and Sublicensees to keep, full, true
and accurate books and records of account containing all particulars that may be necessary for the purpose of showing the amounts payable
to Fredax, Diaprost and MSK hereunder ()"**Records** "). The Records shall be maintained for a period of no less than five
(5) years following the period to which they pertain.

7.2 **Audit**.

7.2.1 For the duration of the Term Fredax, Diaprost and MSK, or any of their agents, shall have the right upon
reasonable written notice to inspect the Records for the purpose of verifying RPT's compliance with the payment terms of this Agreement.
Such inspections shall be during normal working hours of RPT.

7.2.2 Should such inspection lead to the discovery of a discrepancy greater than five percent (5%) or fifty
thousand dollars ($50,000) in reporting to Fredax's, Diaprost's or MSK's detriment, for any twelve (12) month period,
RPT shall pay the full cost of such audit plus interest as provided for late payments.

7.3 **Reports**.

7.3.1 RPT shall, following the Effective Date, provide Diaprost (and MSK to the extent in relation to Sublicensed
Products), within thirty (30) Business Days of 1 January 2022 and each subsequent year, a report outlining: (a) its business plan in relation
to the commercialisation of the Licensed Patents (and their Related Data) and Sublicensed Patents (and their Related Data); (b) a development
plan containing all updates and status information on RPT's business, research and development progress, including projections of
activity anticipated for the next reporting year to the extent that it relates to the exercise of RPT's rights hereunder; and (c)
its program of development for obtaining all necessary governmental or regulatory approvals for the development manufacture and sale of
Licensed Products.

7.3.2 Upon notification from Diaprost or MSK, RPT shall attend a meeting with Diaprost or MSK (as applicable)
to discuss the reports provided pursuant to Clause 7.3.1. The meeting forum, whether in person or electronic communication or otherwise,
shall be mutually agreed between the parties.

7.4 **Inspection**. If RPT is the subject of a demand, notice, inquiry, or inspection report by a governmental
authority or certification agency in relation to any Licensed Product that (a) by its terms directs or contemplates, or may reasonably
be expected to require or relate to, suspension or cessation of manufacturing, sale, development, or marketing of Licensed Products efforts,
(b) concerns a recall or potential recall of Licensed Products, (c) concerns a loss of life or material issue of safety, or (d) may reasonably
be expected to prevent RPT's compliance with its diligence obligations, then RPT shall provide a copy to Diaprost (and to MSK solely
to the extent in relation to Sublicensed Products) without undue delay and keep Diaprost (and MSK solely to the extent in relation to
Sublicensed Products) reasonably apprised of its response.

8. WARRANTIES AND INDEMNITY

8.1 **Mutual warranties.** RPT hereby represents, warrants and covenants to each of Fredax and Diaprost,
and each of Fredax and Diaprost hereby represents, warrants and covenants to RPT, that as of the Effective Date:

8.1.1 it is duly organised and validly existing under the laws of the jurisdiction in which it is established;

8.1.2 it has the power and authority to enter into this Agreement and perform its obligations hereunder and
has taken all necessary action on its part required to authorise the execution and delivery of this Agreement and the performance of its
obligations hereunder;

8.1.3 this Agreement has been duly executed and delivered by it, and constitutes legal, valid, and binding obligations
of such Party that are enforceable against it in accordance with the terms hereof; and

8.1.4 as of the Effective Date, to its knowledge, the execution and performance of its obligations under this
Agreement does not conflict with, cause a default under, or violate any existing contractual obligation that may be owed by it to any
Third Party.

8.2 **RPT warranties**. RPT hereby represents, warrants and covenants to each of Fredax and Diaprost that
during the Term Licensed Products shall be manufactured in all material respects in accordance with applicable federal, state and local
laws, rules and regulations, including, without limitation
and where applicable, in all material respects in accordance with all applicable rules and regulations of the FDA or other applicable
regulatory body.

8.3 **Fredax and Diaprost warranties**. Fredax and Diaprost hereby represent, warrant and covenant to RPT
that, to the best of their knowledge all Project Inventions (as defined under the Lund MTA) under the Lund MTA have been assigned to Fredax,
and Lund University has not filed, and does not have any intention to file, any patent applications on the Project Inventions.

8.4 **Disclaimer of Warranties**. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, EACH OF RPT,
FREDAX AND DIAPROST MAKE NO REPRESENTATIONS, NO WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF FITNESS
FOR A PARTICULAR PURPOSE, MERCHANTABILITY, VALIDITY OF PATENT RIGHTS OR RELATED DATA, CLAIMS ISSUED OR PENDING OR THAT THE MANUFACTURE,
SALE OR USE OF THE LICENSED PRODUCTS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER PROPRIETARY RIGHTS.

8.5 **Indemnification**.

8.5.1 <u>Indemnity</u>. RPT hereby agrees to indemnify, defend and hold harmless (and cause its Sublicensees
to so indemnify, defend and hold harmless) each of Fredax, Diaprost and MSK and their respective trustees, directors, officers, medical
and professional staff, employees, students, and agents and their respective successors, heirs, and assigns (each an "**Indemnitee** "),
against all Third Party claims and expenses (including legal expenses and reasonable attorney's fees) arising out of: (i) the death
of or injury to any person or persons, (ii) any damage to property, (iii) any infringement or misappropriation of intellectual property,
(iv) any other claim, proceeding, demand, expense and liability of any kind whatsoever, in each case resulting from the production, manufacture,
sale, use, lease, consumption, or advertisement of Licensed Products hereunder by RPT, its Affiliates or Sublicensees or (v) a breach
by RPT of any of its representations, warranties or obligations under this Agreement.

8.5.2 <u>Insurance</u>. RPT shall obtain and carry in full force and effect general liability insurance that
shall protect RPT, Fredax, Diaprost and MSK in regards to events covered by Clause 8.5.1. Such insurance shall be written by a reputable
insurance company in Sweden, shall list Fredax, Diaprost and MSK as additional named insureds thereunder, shall be endorsed to include
liability coverage, and shall require thirty (30) days written notice to be given to Fredax, Diaprost and MSK prior to any cancellation
or material change thereof. The limits of such insurance shall not be less than two million dollars ($2,000,000) per occurrence with an
annual aggregate of three million dollars ($3,000,000) for personal injury, death or property damage; provided that if and when RPT commences
clinical trials with respect to a Licensed Product, RPT shall increase the insurance amount to cover clinical trial risk. RPT shall provide
Fredax, Diaprost and MSK with Certificates of Insurance evidencing the same and provide Fredax, Diaprost and MSK with prior written notice
of any material change in or cancellation of such insurance.

9. LIMITATION AND EXCLUSION OF LIABILITY

9.1 Nothing in this Agreement limits or excludes any Party's liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of RPT, the indemnity provided under Clause 8.5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) death or personal injury resulting from negligence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any fraud or for any sort of other liability which, by law, cannot be limited or excluded.

9.2 Subject to Clause 9.1, a Party shall not have any liability to the other Party, whether in contract, tort
(including negligence), breach of statutory duty, or otherwise, for any loss of profit, or for any indirect or consequential loss arising
under or in connection with this Agreement.

9.3 RPT acknowledges and accepts that MSK shall have no liability to RPT under this Agreement.

10. TERM

10.1 **Duration.** This Agreement shall come into effect on the Effective Date and shall continue unless
terminated in accordance with this Clause 10, until the later of: (a) five (5) years following the date of the last-to-expire Patent Right
that includes a Valid Claim; and (b) the achievement of all Milestone Events and subsequent payment of all Milestone Payments (the "**Term** ").

10.2 **Early termination.** 

10.2.1 The sublicence granted under Clause 2.2 shall immediately terminate in its entirety upon the expiry or
termination of the MSK Licence. Such termination shall not prejudice the ability of RPT to enter into a direct sublicence with MSK under
the Sublicensed Patents.

10.2.2 Without prejudice to Diaprost's right to terminate pursuant to Clause 10.2.4(a), Diaprost may terminate
this Agreement in its entirety in respect of all Parties by delivering to RPT seven (7) days' written notice to RPT if Diaprost
has not received from RPT the First Tranche Upfront, the Second Tranche Upfront or the Third Tranche Upfront payments by or on 31 January
2022, provided that such termination shall not be effective if the relevant unpaid amount is received by Diaprost within the five (5)
days following its written notice.

10.2.3 Diaprost may terminate this Agreement in its entirety in respect of all Parties pursuant to Clause 3.2.3.

10.2.4 Diaprost may terminate this Agreement in its entirety in respect of all Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if RPT commits a material or persistent breach of this Agreement, by giving thirty (30) days' written
notice to RPT, notifying RPT of its intention to terminate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately upon written notice, if RPT becomes insolvent, or if an order is made or a resolution is passed
for its winding up (except voluntarily for the purpose of solvent amalgamation or reconstruction),
or if an administrator, administrative receiver or receiver is appointed over the whole or any part of RPT's assets, or if RPT makes
any arrangement with its creditors.

10.2.5 RPT may terminate this Agreement in its entirety in respect of all Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if Fredax or Diaprost commit a material or persistent breach of this Agreement, by giving thirty (30)
days' written notice to Fredax and Diaprost, notifying Fredax and Diaprost of its intention to terminate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately upon written notice, if Fredax or Diaprost becomes insolvent, or if an order is made or a
resolution is passed for its winding up (except voluntarily for the purpose of solvent amalgamation or reconstruction), or if an administrator,
administrative receiver or receiver is appointed over the whole or any part of Fredax's or Diaprost's assets, or if Fredax
or Diaprost makes any arrangement with its creditors.

10.2.6 From 1 February 2022, RPT may terminate this Agreement in its entirety in respect of all Parties upon
delivering to Diaprost ninety (90) days' written notice to such effect.

10.3 **Consequences of termination or expiry.** 

10.3.1 Upon expiry of the Term pursuant to Clause 10.1 or termination of this Agreement pursuant to Clause 10.2.2,
Clause 10.2.3, Clause 10.2.4, Clause 10.2.5 or Clause 10.2.6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the licence granted under Clause 2.1 and the sublicence granted under Clause 2.2 shall immediately terminate
in their entirety and all rights thereunder shall revert to Fredax and Diaprost, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the written request of RPT in respect of Fredax or Diaprost, and Fredax or Diaprost in respect of
RPT, the non-requesting Party shall either, at the requesting Party's election: (a) promptly delete or destroy all copies of Confidential
Information in the possession of the non-requesting Party and confirm such destruction in writing to the requesting Party; or (b) promptly
deliver to the requesting Party, at the non-requesting Party's sole cost and expense, all copies of Confidential Information in
the possession of the non-requesting Party; provided, however, the non-requesting Party shall be permitted to retain one copy of such
Confidential Information for the sole purpose of performing any continuing obligations or exercising any rights granted under this Agreement
or for archival purposes. Notwithstanding the foregoing, the non-requesting Party also shall be permitted to retain such additional copies
of or any computer records or files containing such Confidential Information that have been created solely by the non-requesting Party's
automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with the non-requesting Party's
standard archiving and back-up procedures, but not for any other use or purpose. All Confidential Information shall continue to be subject
to the terms of this Agreement for the period set out in Clause 6.

10.4 If expiry or termination of this Agreement occurs prior to the first dosing of a patient in any Phase
2 clinical trial:

10.4.1 Diaprost shall have the option, exercisable following such expiry or termination, to have RPT transfer
to Diaprost any and all data, know-how, patents, regulatory consents, information, records and Improvements owned or controlled by RPT,
its Affiliates or Sublicensees relating to the Licensed Products, Licensed Patents, Sublicensed Patents or Related Data, which shall after
such expiry or termination be the exclusive property and Confidential Information of Diaprost, and Diaprost shall cover the costs of such
transfer, but will not be obliged to make any additional payment for these rights; and

10.4.2 Diaprost shall have the option, exercisable following such expiry or termination, to have RPT grant Diaprost
an exclusive, royalty-bearing, perpetual, sublicensable (through multiple tiers) licence under any and all Improvement Patents for any
and all uses. If Diaprost exercises such option to receive an exclusive licence, the exclusive licence shall be granted on the following
terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in consideration of the exclusive license of rights by RPT to Diaprost, Diaprost shall pay to RPT a royalty
rate of two percent (2%) of the total invoiced price for a product claiming an Improvement Patent sold by Diaprost on an arm's length
basis to third parties of Diaprost less discounts or credits of any kind, amounts paid for transportation, insurance or shipping and any
and all taxes, import duties or other payments required by law paid in connection with such sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) RPT shall transfer to Diaprost any and all data, know-how, patents, regulatory consents, information and
records owned or controlled by RPT, its Affiliates or Sublicensees relating to the Improvement Patents, which shall after such expiry
or termination be the exclusive property and Confidential Information of Diaprost, and Diaprost shall cover the costs of such transfer,
but will not be obliged to make any additional payment for such transfer.

For the avoidance of doubt, such exclusive licence shall be granted and be fully effective, without the need for additional documentation or agreement on further terms, as of the date Diaprost exercises its option. However, RPT shall (at Diaprost's sole cost and expense) duly execute and deliver, or cause to be duly executed and delivered, such instruments and do and cause to be done such acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary under, or as Diaprost may reasonably request in connection with, or to carry out more effectively the purpose of, or to better assure and confirm unto Diaprost its rights under, the foregoing provisions and the transfer of the Improvement Patents to Diaprost.

10.5 Upon expiry of this Agreement or termination of this Agreement the following Clauses shall continue in
force: Clauses 1, 6, 8, 9, 10.3, 10.4, 10.5, 10.6, 11 and 12.

10.6 Expiry or termination of this Agreement shall not affect any rights, remedies, obligations or liabilities
of a Party or MSK that have accrued up to the date of expiry or termination, including the right to claim damages in respect of any breach
of this Agreement which existed at or before the date of expiry or termination.

10.7 **Transfer of the MSK Licence to RPT**.

10.7.1 Following the payment of Milestone Payment 3, and at Diaprost's option, Diaprost and RPT shall promptly
enter into a novation agreement with MSK under which RPT shall accept all the rights and obligations of Diaprost as from the date of such
completion of any Phase 2 clinical trial. For the avoidance of doubt and to ensure that RPT does not pay sublicensing fees twice, upon
such novation, RPT's obligations to make payments (including the Milestone Payments and relevant sublicensing revenue payable pursuant
to Clause 4.3) to Diaprost and Fredax under this Agreement shall continue in full force and effect, provided however that any sums paid
by RPT directly to MSK representing a fifteen (15%) or any other share of sublicensing income paid by RPT to MSK under Article 5.1 of
the novated MSK Licence may be offset against the corresponding revenue share payment due from RPT to Diaprost under Clause 4.3, on a
dollar for dollar basis.

11. MISCELLANEOUS

11.1 **Use of Names**. RPT shall not use the name of Fredax, Diaprost or MSK, nor of any of Fredax's,
Diaprost's or MSK's employees, nor any adaptation thereof, in any press release, advertising, promotional or sales literature
without prior written consent obtained from Fredax, Diaprost or MSK (as applicable). If RPT wishes to issue a press release it must be
submitted for the review of MSK (solely to the extent it involves Sublicensed Patents or Sublicensed Products) and Diaprost at least eight
(8) Business Days before the planned publication date. During and after the Term of this Agreement, RPT shall not utilize or register
any trademark, service mark, tradename, or other trade identifier of Fredax, Diaprost or MSK, or that contains (in whole or in part) or
is confusingly similar to the foregoing, or is a translation of any of the foregoing, without the prior express written consent of Fredax,
Diaprost or MSK (as applicable). Fredax, Diaprost and MSK may use RPT's name in any conflict of interest disclosure statement without
prior written approval.

11.2 **Assignment and other dealings.** RPT may not assign, transfer, mortgage, charge, sub- contract, declare
a trust over or deal in any other manner with any or all of its rights and obligations under this Agreement without the prior written
consent of Fredax and Diaprost, not to be unreasonably withheld, conditioned or delayed.

**11.3** **Notices.** 

11.3.1 All notices given under this Agreement must be in writing and be delivered to the postal address or email
address for notices of the intended recipient set out below or to such other postal address or email address as may from time to time
be designated by notice given in accordance with this clause 11.3.

11.3.2 Fredax's representative for the purpose of notices shall until further notice be:

The CEO, Diaprost Ab, Medicon Village, 223 81 Lund, Sweden

11.3.3 Diaprost's representative for the purpose of notices shall until further notice be:

The CEO, Diaprost Ab, Medicon Village, 223 81 Lund, Sweden

11.3.4 MSK's representative for the purpose of notices shall until further notice be: Memorial Sloan Kettering Cancer Centre,
Office of Technology Department. If by mail: 1275 York Ave, Box 524, New York, NY 10065. If by courier: 600 Third Avenue, 16th floor,
New York, NY 10016

11.3.5 RPT's representative for the purpose of notices shall until further notice be:

The CEO, Radiopharm Theranostics Limited, 62 Lygon St, Carlton South, VIC, 3053 Melbourne Australia

11.4 **No partnership or joint venture**. Nothing in this Agreement shall create, imply or evidence any
partnership or joint venture between the Parties or the relationship between them of principal and agent.

11.5 **Entire agreement**. This Agreement constitutes the entire and only agreement between the Parties
in relation to its subject matter and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations
and understandings between them, whether written or oral, relating to its subject matter. Each Party acknowledges that in entering into
this Agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether
made innocently or negligently) that is not set out in this Agreement.

11.6 **Variation**. Any variation to this Agreement must be in writing and signed by an authorised signatory
for each Party.

11.7 **Third Party rights**. MSK is a Third Party beneficiary to this Agreement. No other person who is
not a Party to this Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Agreement.

11.8 **Severance.** If any one or more clauses or sub-clauses of this Agreement would result in this Agreement
being prohibited pursuant to any Applicable Law then it or they shall be deemed to be omitted. The Parties shall uphold the remainder
of this Agreement, and shall negotiate an amendment which, as far as legally feasible, maintains the economic balance between the Parties.

11.9 **Counterparts**. This Agreement may be executed in any number of counterparts, each of which when
executed will constitute an original of this Agreement, but all counterparts will together constitute the same agreement. No counterpart
will be effective until each Party has executed at least one counterpart. Transmission of the executed signature page of a counterpart
of this Agreement by fax or e-mail (in PDF, JPEG or other image format), shall take effect as delivery of an executed counterpart of this
Agreement. If either method of delivery is adopted, without prejudice to the validity of the Agreement thus made, the transmitting Party
shall provide the other Party with a complete copy of a counterpart of this Agreement duly executed by the transmitting Party as soon
as reasonably practicable thereafter.

11.10 **Rights and remedies.** Except as expressly provided in this Agreement, the rights and remedies provided
under this Agreement are in addition to, and not exclusive of, any rights or remedies provided by law.

11.11 **Waiver.** A waiver of any right or remedy under this Agreement or by law is only effective if given
in writing and shall not be deemed a waiver of any subsequent breach or default. A failure or delay
by a Party to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other
right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or partial exercise
of any right or remedy provided under this Agreement or by law shall prevent or restrict the further exercise of that or any other right
or remedy.

11.12 **Language.** This Agreement is drafted in the English language. If this Agreement is translated into
any other language, the English language version shall prevail. Any notice given under or in connection with this Agreement shall be in
the English language. All other documents provided under or in connection with this Agreement shall be in the English language, or accompanied
by a certified English translation. If such document is translated into any other language, the English language version shall prevail.

11.13 **Further assurance.** At its own expense, each Party shall, and shall use all reasonable endeavours
to procure that any necessary Third Party shall, promptly execute and deliver such documents and perform such acts as may reasonably be
required for the purpose of giving full effect to this Agreement.

12. GOVERNING LAW AND DISPUTE RESOLUTION

12.1 **Governing law.** This Agreement and any dispute, controversy or claim, between one Party and another
Party, of any nature whatsoever arising out of or in connection with it (including non-contractual disputes or claims) or its subject
matter or formation, including any question regarding its existence, validity, or termination (each, a "**Dispute**") shall
be governed by and construed in accordance with the law of England and Wales.

12.2 **Dispute Resolution.** 

12.2.1 If a Dispute arises then the Parties to such Dispute shall follow the procedure set out in this Clause
12.2. 12.2.2 A Party shall give to the other Party written notice of the Dispute, setting out its nature and full particulars
(a *"* **Dispute Notice** *"*), together with relevant supporting documents. On service of such notice, the Parties
agree to use good faith efforts to resolve amicably among themselves the Dispute.

12.2.3 If the Parties are unable to resolve the Dispute under clause 12.2.2 within fourteen (14) days of the
date of service of the Dispute Notice, the dispute shall be referred to Senior Executives of the relevant Parties for their discussion
and resolution. The Parties may agree to mediation of the dispute prior to the arbitration contemplated in Clause 12.2.5.

12.2.4 If a Dispute is not resolved within thirty (30) days of the date of the Dispute Notice (or such later
date as may be agreed in writing by the Parties), the Dispute shall finally be resolved in accordance with Clause 12.2.5.

12.2.5 The Parties agree that all Disputes shall be finally resolved through binding arbitration conducted in
Stockholm, Sweden at the Arbitration Institute of the Stockholm Chamber of Commerce pursuant to the rules of the International Chamber
of Commerce and this Clause 12.2.5. The
arbitration shall be governed by and construed in accordance with the law of England and Wales. The arbitration shall be conducted by
three (3) arbitrators. Within thirty (30) days after the initiation of the arbitration, the Parties will together nominate the persons
to act as the arbitrators. If the Parties cannot together agree on the persons to be named as the arbitrators within such thirty (30)
day period, the ICC will make the necessary appointment for such arbitrators (in accordance with the terms of this Agreement). The arbitration
proceedings and all communications with respect thereto will be in English. Any written evidence originally in another language will be
submitted in English translation accompanied by the original or a true copy thereof. The arbitrator shall have the power to decide all
matters in dispute, including any questions of whether or not such matters are subject to arbitration hereunder. The decisions of the
arbitrators, including any arbitral award, shall be final and binding on the Parties and shall not be subject to appeal. Application may
be made to any competent court for juridical acceptance of any decision or arbitral award of the arbitrators and order of enforcement.
Each Party shall bear its own costs and expenses (including lawyers' fees and expert or consulting fees) incurred in connection
with the arbitration. The Parties shall equally share the arbitrators' fees and any other administrative costs and expenses associated
with the arbitration. Notwithstanding the foregoing, any party may seek interim or provisional relief or measures in any applicable courts
and tribunals that may be necessary to protect the rights of a Party pending the establishment of the arbitration panel or pending the
arbitration tribunal's determination of the merits of the controversy.

[SIGNATURE PAGE FOLLOWS.]

**IN WITNESS of this Agreement**, the Parties have executed this Agreement through their duly authorized representatives as of the Effective Date.

---

| |
|:---|
| SIGNED for and on behalf of Diaprost |
| /s/ Johan Drott |
| Name: Johan Drott |
| Title: CEO |

---

**IN WITNESS of this Agreement**, the Parties have executed this Agreement through their duly authorized representatives as of the Effective Date.

---

| |
|:---|
| SIGNED for and on behalf of Fredax |
| /s/ Johan Drott |
| Name: Johan Drott |
| Title: CEO |

---

**IN WITNESS of this Agreement**, the Parties have executed this Agreement through their duly authorized representatives as of the Effective Date.

---

| |
|:---|
| SIGNED for and on behalf of Radiopharm<br> Theranostics Limited |
| /s/ Paul Hopper |
| Name: Paul Hopper |
| Title: Exec Chair. |

---

CONFIDENTIAL

**SCHEDULE 1**

**Patent Rights**

1. Licensed Patents

 

*Title:* *Antibody polypeptides and uses thereof*

 

*Applicant:* *Fredax AB*

 

*Inventors:* *Amanda Thuy Tran, Cecilia Ann-Christin Malmborg Hager, Urpo Juhani Lamminmäki, Anders Axelsson, Kjell Sjöström, Sven-Erik Strand*

 

*Priority:* *GB – 1517550.8 filed on 5 October 2015, GB – 1519105.9 filed on 29 October 2015*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Filing date** | &nbsp;&nbsp;**Application No (Publication No) *<br> Grant No*** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp; **Expiry Date<br> (projected)** |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;AU2016334715 <br> (AU2016334715 A1) | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;BR112018006820.9<br> (BR112018006820 A2) | &nbsp;&nbsp;Pending |  |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;CA2998818<br> (CA2998818 A1) | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;CN201680059166.8 <br> (CN108136013) | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;European Patent Office | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;EP16778330.7 <br> (EP3359189 A1) | &nbsp;&nbsp;Allowed | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;European Patent Office (1st divisional) | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;EP21173910.7 | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;HK19101041.6 <br> (HK1258674 A1) | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;258189 | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;JP2018-536343 <br> (JP2018531045 A) | &nbsp;&nbsp;Confirmed will be allowed | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Korea | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;KR2018-7012299 <br> (KR20180053756 A) | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;MX/a/2018/004071 <br> (MX2018004071 A) | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;Russia | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;RU2018115734 <br> (RU2018115734 A3) | &nbsp;&nbsp;Confirmed will be allowed | &nbsp;&nbsp;04/10/2036 |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;US 15/761260<br> (US 2018/273634 A1) | &nbsp;&nbsp;Pending |  |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;04/10/2016 | &nbsp;&nbsp;2018/02019 | &nbsp;&nbsp;Pending | &nbsp;&nbsp;04/10/2036 |

---

CONFIDENTIAL

2. Sublicensed Patents

SK2011-066-01, US, 61/551,195

SK2011-066-02, PC, PCT/US2012/061982

SK2011-066-03, US, 14/353,989, PCT/US2012/061982 [Abandoned]

SK2011-066-04, JP, 2014539018, 6181059, PCT/US2012/061982

SK2011-066-05, CA, 2853705, PCT/US2012/061982

SK2011-066-06, AU, 2012328679, 2012328679, PCT/US2012/061982

SK2011-066-07, EP, 12844178.9, 2771688, PCT/US2012/061982

SK2011-066-08, CN, 201280063852.4, ZL 201280063852.4, PCT/US2012/061982

SK2011-066-09, CN, 201611095752.6, PCT/US2012/061982

SK2011-066-10, JP, 2016-231469, PCT/US2012/061982

SK2011-066-11, DE, 12844178.9, 2771688, PCT/US2012/061982

SK2011-066-12, FR, 12844178.9, 2771688, PCT/US2012/061982

SK2011-066-13, GB, 12844178.9, 2771688, PCT/US2012/061982

SK2011-066-14, US, 16/430,041, PCT/US2012/061982

## Exhibit 4.12

**Exhibit 4.12**

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF MARKING SUCH INFORMATION WITH BRACKETS ("[\*\*\*]") BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**EXCLUSIVE LICENSE AGREEMENT**

**THIS LICENCE AGREEMENT** is made on the day of last signature on this Agreement ("**Effective Date**")

**BETWEEN**

**CANCER RESEARCH TECHNOLOGY LIMITED** a company registered in England and Wales under number 1626049 with registered office at 2 Redman Place, London, E20 1JQ, England (**CRT** / **Licensor**); and

**RADIOPHARM THERANOSTICS LIMITED**, ACN: 647877889 of Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053 Australia of the other part, (**Licensee** / **RPT**).

**INTRODUCTION**

(A) CRT is an oncology focused technology transfer and development company, which is wholly owned by CRUK
(as defined below) and is responsible for the management and exploitation of the results derived from research funded by CRUK.

(B) The Licensee wishes to acquire a licence under the Licensed Intellectual Property for the development
and commercialisation of the Licensed Products in the Field and in the Territory.

(C) The Licensor is willing to grant, and the Licensee is willing to take, such a licence on the terms of
this Agreement.

**AGREED TERMS**

**The Parties hereby agree as follows:**

 **ARTICLE 1: DEFINITIONS AND TERM**

1.1 **Definitions**. In this Agreement:

"**Affiliate**" of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with such Party. For purposes of this Section 1.1, "control" means (i) the direct or indirect ownership of 50 percent or more of the voting shares or other voting interests or interests in profits, or (ii) the ability to otherwise control or direct the decisions of board of directors or equivalent governing body thereof.

"**Business Day**" means any day, other than a Saturday, Sunday or day on which commercial banks located in Sydney Australia or London, UK, are authorized or required by law or regulation to close.

"**Commercially Reasonable Efforts**" means the efforts and resources commonly used by a company of a similar size and with similar resources to the Licensee (or, where applicable, its Sublicensee) for a product at a similar stage in its life cycle, taking into consideration its safety, efficacy, patent or other proprietary position, and all other relevant factors.

"**Confidential Information**" means: any information in tangible or non-tangible form (including oral disclosure), and/or physical items or materials relating to 18F-flouripivalate Positron Emission Tomography including but not limited to Know-How, Licensed IP, data, formulae, Development Plan, results of experimentation, knowledge chemical and biological structures and functions, inventions, techniques, research and development plans, business strategies, proposed terms for a further agreement, software, third party relationships, products and other technical or business information (whether or not marked as confidential) which is obtained by one party from another party hereunder or any of its representatives. Information in a compilation or a compilation of information may be Confidential Information notwithstanding some or all elements of the Confidential Information are in the public domain, provided that Confidential Information shall not include information and materials to the extent a Party can demonstrate through its contemporaneous written records that such information and materials are or have been:

(a) known to the receiving Party, or in the public domain, at the time of its receipt by a Party, or which
thereafter becomes part of the public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality
under this Agreement;

(b) received without an obligation of confidentiality from a Third Party having the right to disclose without
restrictions such information;

(c) independently developed by the receiving Party without use of or reference to Confidential Information
disclosed by the other Party; or

(d) released from the restrictions set forth in this Agreement by the express prior written consent of the
disclosing Party.

"**Covers**" or "**Covered by**" means, with reference to a particular Licensed Product that the manufacture, use, sale, offering for sale, performance, or importation of such Licensed Product would, but for ownership of, or a license granted under this Agreement to, the Licensed Patent infringe a Valid Claim which shall be considered separately with respect to each country in the Territory.

**"CRUK"** means Cancer Research UK, a charity and company registered in England and Wales with registered charity number 1089464 and registered company number 4325234 of 2 Redman Place, London, E20 1JQ, England and any successor organisation thereto.

**"Development Plan"** means the Key Milestones and corresponding time within which to attain the Key Milestones as set out in Schedule 1 as this may be amended from time to time in accordance with this Agreement.

"**Dispute**" means any controversy, claim or legal proceeding arising out of or relating to this Agreement, or the interpretation, breach, termination, or invalidity thereof.

"**Expert**" means a suitably qualified independent expert appointed by agreement between the Parties. However, in the event that the Parties are unable to reach agreement within fifteen (15) Business Days of either Party seeking in writing to the other to appoint such expert, each Party shall submit two (2) names to the President for the time being of the Association of the British Pharmaceutical Industry (or any successor body thereto), who shall select an individual from the names submitted.

"**Field**" means the diagnosis, imaging, prevention and treatment of any disease, state or condition.

"**Future Patents**" means patent applications claiming an invention that is conceived by or on behalf of the Licensee and that uses the Licensed Know-How in whole or part.

"**IND**" means an Investigational New Drug application filed with the United States Food and Drug Administration or the equivalent application or filing filed with any equivalent Regulatory Authority outside the United States of America (including any supranational agency such as the European Medicines Agency) necessary to commence human clinical trials in such jurisdiction.

"**Indication**" means, for each Licensed Product, a use for which a separate regulatory authorisation is, or would be, required for the marketing of such product, excluding: (i) label extension such as from a stage 4 cancer to a stage 3 of the same cancer, and (ii) different sub-categories of the same cancer type.

**'Intellectual Property'** means any form of intellectual property right including any Patent, Know-How, copyright, database right and design right including applications for such rights.

"**Know-How**" means unpatented technical information which is not in the public domain including information comprising or relating to concepts, discoveries, data, designs, formulae and ideas.

"**Licensed Know-How**" means Know-How in existence on the Effective Date that relates to the Licensed Patents (if any) which the Licensor is legally entitled to license to the Licensee under this Agreement, excluding information that is already disclosed in the Application and which Application has been published anywhere in the Territory.

"**License Year**" means each calendar year during the Term of this Agreement; except that the first License Year shall commence on the Effective Date and end on December 31 of the calendar year in which the Effective Date occurs.

**"Licensed Patents**" means PCT patent application titled "Labelled carboxylic acids and their uses in molecular imaging", No. PCT/GB2014/051405 filed on 8 May 2014 (the **Application**), and all:

(a) patents issuing thereon including and all

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) European patent No. EP2994169;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) United States patent No. US10,213,516; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) United States patent No. US10,821,194: 8 May 2034

(b) patent applications, continuations, divisional applications, and foreign equivalents that claim the same
priority date as the Application;

(c) continuations-in-part applications that repeat a substantial portion of any of the Application;

(d) letters patent or the equivalent issued on the Application throughout the world;

(e) amendments, extensions, renewals, reissues, and re-examinations of any of the foregoing; and

(f) the Future Patents.

"**Licensed Product**" means a product (including kits, component sets or components thereof, regardless of concentration or formulation) that (i) which falls within the scope of one or more Valid Claims of any of the Licensed Patents and/or Future Patents in the relevant country or territory; and/or (ii) is developed using or which incorporates any part of the Licensed IP.

**"Licensed IP"** means all intellectual property rights in the Licensed Patents, the Future Patents and Licensed Know-How.

"**Marketing Approval**" means all approvals, licenses, registrations or authorizations of any federal, state or local Regulatory Authority, department, bureau or other governmental entity, including, without limitation, pricing and reimbursement approvals, necessary for the manufacturing, use, storage, import, transport, distribution, marketing and sale of the applicable Licensed Products in a country or regulatory jurisdiction.

**"Major Markets"** means United Kingdom, United States of America and the EU.

"**Net Sales**" means the total gross amount invoiced and received by Licensee, or its Affiliates or Sublicensees on the sale, lease, provision, or other disposition of the applicable Licensed Products to Third Parties (and for clarity excluding documented sponsored research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including reasonable margin for overhead)), less the following items, as determined from the books and records of Licensee, or its Affiliates:

(a) insurance, handling and transportation charges actually invoiced;

(b) amounts repaid, credited or allowed for rejection, return or recall;

(c) sales or other excise taxes or other governmental charges levied on or measured by the invoiced amount
(including, without limitation, value added taxes);

(d) brokerage, customs and import duties or charges; and

(e) normal and customary trade and quantity discounts (including chargebacks and allowances) and rebates which
relate to the applicable Licensed Products.

For clarity, transfer of Licensed Products between or among Licensee and its Affiliates shall be excluded from the computation of Net Sales, except in those instances in which the purchaser is also the end-user of the Licensed Product. Further, transfers of reasonable quantities of Licensed Product by Licensee or any of its Affiliates to a Third Party that is not a Sublicensee for use in the development of such Licensed Product (and not for resale) and transfers of industry standard quantities of Licensed Product for promotional purposes shall not be deemed a sale of such Licensed Product that gives rise to Net Sales for purposes of this definition. For purposes of this definition, the Licensed Product shall be considered "sold" and "deductions" allowed when recorded as invoiced in the Licensee's, its Affiliate's or Sublicensee's financial statements prepared in accordance with the relevant accounting standards.

'**Patent**' means any patent application or patent, including any extension, reissue, division, continuation, continuation-in-part or re-examination of any such application or patent, and any patent of addition or Supplementary Protection Certificate or similar rights based on any such application or patent;

"**Person**" means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited liability company, business association, firm, joint venture or governmental agency or authority.

"**Phase 1 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in a small group of people for the first time to evaluate its safety, determine a safe dosage range, and identify side effects in patients as described in 21 C.F.R. § 312.21(a); or a similar clinical study in a country other than the United States.

"**Phase 2 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in humans designed with the principal purpose of determining initial efficacy and dosing of such Licensed Product in the United States being investigated by the study, as described in 21 C.F.R. § 312.21(b); or a similar clinical study in a country other than the United States.

"**Phase 3 Clinical Trial**" means, as to a specific Licensed Product, a clinical study in humans of the efficacy and safety of such Licensed Product, which is prospectively designed to demonstrate statistically whether such Licensed Product is effective and safe for use in a manner sufficient to file an application to obtain Marketing Approval to market and sell that Licensed Product in the United States being investigated by the study, as described in 21 C.F.R. § 312.21(c), or which is actually used to file an application to obtain Marketing Approval for such Licensed Product; or similar clinical study in a country other than the United States.

**"Progress Report"** means a detailed written report produced by the Licensee in respect of: (i) the progress of development of Licensed Products against the current Development Plan; (ii) the progress of any applications to Regulatory Authority; and (iii) the progress of and plans for marketing and sale of Licensed Products.

**"Quarter"** means any of the three-monthly periods commencing on the first day of any of the months of January, April, July, and October in any year and "**Quarterly**" has a corresponding meaning.

"**Regulatory Authorisations**" means all authorisations, approvals, clearances, and licences of a Regulatory Authority that may be required in any country of the Territory prior to commercial sale of the relevant Licensed Product in the Field, including any necessary variations thereto.

"**Regulatory Authority**" means, with respect to any country or jurisdiction, any court, agency, department, authority or other instrumentality of any international, multinational or supra-national, national, regional, province, state, county, city or other political subdivision having responsibility for granting Marketing Approvals in such country or jurisdiction, including but not limited to the Federal Food and Drug Administration in the United States, the European Medicines Agency in the European Union, and the Ministry of Health, Labour and Welfare in Japan.

"**Restricted Person**" means any person who:

(i) is involved in any of the following businesses: alcohol production, gambling, pornography, tobacco production,
or arms manufacturing; and/or

(ii) has a poor public image resulting from business practices, such as poor environmental conduct, a poor
health and safety record, or a poor human rights record, which may reasonably be expected to be detrimental to the brand or reputation
of the Licensor and/or CRUK; and/or

(iii) is involved in any activities which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are incompatible with the promotion of science, technology, business and medicine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have the potential to compromise CRT and/or CRUK status as a charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may reasonably be expected to adversely impact Licensor's ability to obtain research funding in
furtherance of its charitable objects (being to provide the highest specialised instruction and the most advanced training, education,
research and scholarship in science, technology, business and medicine, especially in their application to industry, and in pursuant of
these objects to act in cooperation with other bodies).

"**Sponsored Research Agreement**" means the sponsored research agreement as referred to in Section 1.4.

"**Sublicensee**" means any Affiliate of Licensee or Third Party which enters into an agreement with Licensee involving the grant to such Affiliate or Third Party of any rights under the license granted to Licensee pursuant to this Agreement.

"**Sublicence Revenues**" means any monies or non-monetary consideration receivable from time to time by the Licensee in respect of any sublicence granted by the Licensee under this Agreement or in consideration of the grant of the right to acquire such a sublicence, including option fees, licence issue fees or other up-front payments, annual licence fees, milestone or other lump sum payments which are attributable to the grant of the rights in question or any other sums that the Licensee may realise from the launch of a Licensed Product (including any prize or other award made by a Regulatory Authority), all of which excluding consideration in the form of:

(a) royalties received by Licensee and calculated under Sections 4.5 and 4.6 wholly as a function of sales
of Licensed Products;

(b) payments or reimbursement for documented sponsored research and/or development activities, valued at the
actual direct cost of such activities on a fully burdened basis (including reasonable margin for overhead); and

(c) milestone payments received by Licensee for which Licensee makes corresponding milestone payments to Licensor
pursuant to Sections 4.2, but only in such amounts specified in Sections 4.3 (for clarity, all milestone payment amounts received by Licensee
in excess of the amounts actually paid to Licensor or outside scope of milestones under Sections 4.2 shall be considered Sublicence Revenues).

In the case of non-monetary Sublicence Revenue, the value shall be assessed at the date of receipt of the same by the Licensee or, at the option of the Licensor, at the date the non-monetary consideration is realised as monetary and in the absence of agreement by the Parties, the value shall be determined by the Expert.

'**Supplementary Protection Certificate**" means a right based on a patent pursuant to which the holder of the right is entitled to exclude third parties from using, making, having made, selling or otherwise disposing or offering to dispose of, importing or keeping the product to which the right relates, such as supplementary protection certificates in Europe, and any similar right anywhere in the world.

"**Territory**" means world-wide.

"**Third Party**" means a Person that is neither a Party to this Agreement nor an Affiliate of a Party.

"**Valid Claim**" means a claim of a pending patent application or an issued and unexpired patent included in the Licensed Patents and/or Future Patents in a particular jurisdiction, which claim has not, in such jurisdiction been finally rejected or been declared invalid or cancelled by the patent office or a court of competent jurisdiction in a decision that is no longer subject to appeal as a matter of right.

1.2 **Interpretation.** In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reference to the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reference
to "termination" includes "termination by expiry";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to "products" (including "medicinal
products") shall include products whether in investigational or approved form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference
to "persons" includes unincorporated and incorporated persons in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the words "include", "including" and
"in particular" are to be construed as being by way of illustration or emphasis only and are not to be construed so as to
limit the generality of any words preceding them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
headings to sections and to schedules are to be ignored in construing this Agreement.

1.3 **Term and Expiry**. The term of this Agreement (the **Term**) shall commence on the Effective
Date and, subject to the provisions for termination herein, this Agreement shall expire, on a country-by- country and Licensed Product-by-Licensed
Product on the latter of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
date on which all Valid Claims covering the Licensed Products are expired, finally revoked, withdrawn, abandoned or finally disallowed,
in each case, without the possibility of appeal or refiling of the claim, and expiry of the fifth (5th) year after the last to expire
patents or 5 years after expiring of any exclusivity, or price, reimbursement protection; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ten (10) years after the first commercial sale of a Licensed
Product.

1.4 **Sponsored Research Agreement.** Separately and independent of the contemplated license agreement,
the parties will enter into a sponsored research agreement pursuant to which Licensee will fund research at Imperial Innovations Limited
and/or CRT in an amount to be agreed and for a term to be agreed, which research scope and related terms, including IP rights arising
from the funded research, will be negotiated in good faith between the parties after the Effective Date.

**ARTICLE 2: DEVELOPMENT AND COMMERCIALIZATION EFFORTS**

2.1 **Development and Commercialization Responsibilities**. Subject to paragraph (a), the Licensee
will comply with the current Development Plan including all timeframes set out in the Development Plan. Licensee shall have the sole right
and control over, all of its development, manufacturing and commercialization activities (including all regulatory activities) with respect
to Licensed Products in the Field and in the Territory. Licensee will update the Development Plan and provide a copy of the same to the
Licensor at least once every six (6) months. The format of such updated Development Plan shall be no less detailed than, and consistent
with the format of, the version annexed at Schedule 1 at the Effective Date, unless agreed otherwise by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee may request in writing that Licensor consent to revise
the applicable time within which to attain a Key Milestone if supported by evidence of technical difficulties or delays in pre-clinical,
clinical studies or regulatory processes that are outside of Licensee's reasonable control, including, but not limited to, any delay
that would result (a) from emerging safety issues causing the clinical program to be put on hold by a regulatory agency or sponsor and/or
mandate before further preclinical works be conducted, (b) from a poor pharmacokinetic or pharmacodynamic profile or efficacy in man that
would require further formulation or preclinical development to be conducted, (c) from any administrative issues in preclinical or clinical
trial conduct (e.g. contract research or manufacturing organization failing to deliver work in due time, delays in patient recruitments),
or (d) from preclinical or clinical findings requiring further investigations to be conducted. The parties will discuss any such request
in good faith and Licensor will not unreasonably deny a request for appropriate extension provided that sufficient objective evidence
of the nature set forth above is provided.

2.2 **Transfer of Licensed Know-How**. Licensor
shall, promptly following the Effective Date, provide copies of all the Licensed Know-How in its possession or control as at the Effective
Date and, with respect to Licensed Know-How that is not in Licensor possession or control as at the Effective Date Licensor's obligation
under this Section 2.2 shall be continuing throughout the term of this Agreement.

2.3 **Licensee Diligence**. Licensee shall exercise of such efforts and commitment of such resources
by Licensee, including financial resources, directly or through one or more Sublicensees, in a diligent manner consistent with organizations
in the pharmaceutical industry for a comparable development or commercialization program at a similar stage of development or commercialization.
Without limiting the foregoing, Licensee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adhere
to the Development Plan. The Licensee shall update the Development Plan not less frequently than once in every twelve (12) months and
provide a copy to the Licensor for comment and acting reasonably properly take into account any comments received in a timely manner
from the Licensor and then finalise the updated Development Plan and issue a copy to the Licensor as soon as practicable. The finalised
version shall stand as the 'Development Plan' to succeed the previous version for the purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) develop Licensed Products for use in the Field;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) develop
at least one Licensed Product with an oncology application suitable for use in human clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pursue regulatory authorization for Licensed Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) introduce
Licensed Product into commercial market as soon as practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pursue market penetration in the field for Licensed Products
in Major Markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make each Licensed Product available throughout the United
Kingdom at an affordable price within six months of launching such Licensed Product in any other country in the Territory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without
prejudice to the generality of the foregoing, develop and commercialise in each of the Major Markets at least one Licensed Product with
an application in an oncology Indication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maximise Net Sales and/or Sublicensee Revenue.

2.4 **Progress Report**. Licensee shall (a) provide Licensor with a Progress Report at least once
every twelve (12) months; (b) at Licensor's request, meet with the Licensor (by teleconference if a face- to-face meeting is not
practical) to discuss the content of a particular Progress Report; (c) provide such additional information as Licensor reasonably requests
from time to time (including without limitation how Licensee will fund further development).

2.5 **Reasonable Delay**. If the Licensee is
unable to comply with any of the obligations specified in Section 2.3, the Licensee shall give the Licensor written notice thereof (a **Delay Notice**), including in such notice reasonable documentary evidence supporting such notice and a plan to address such non-compliance.
The Licensee shall not be in default hereunder if a failure to comply resulted from the circumstances contemplated by this Section 2.5,
which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delays resulting from emerging safety issues that cause the Phase I Trial, the Phase II Trial,
or the Phase III Trial of the Licensed Product in question to be put on hold by the relevant regulatory authority or the sponsor, or that
mandate further pre-clinical works to be conducted on the Licensed Product in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) technical difficulties caused by a poor pharmacokinetic or pharmacodynamic profile or efficacy
in man that requires further formulation or pre-clinical works to be conducted on the Licensed Product in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) delays in patient recruitment to the Phase I Trial, the Phase II Trial or the Phase III Trial
of the Licensed Product in question; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) delays resulting from clinical findings that require further investigations (not including the
further investigations agreed in the Development Plan) to be conducted on the Licensed Product.

2.6 **Condition Precedent.** Notwithstanding
anything else in this Agreement, this Agreement shall be conditional on and shall not come into force until such time as the initial
fund raising condition precedent ()"**Initial Funding**") as set out in Section 2.7 below has been satisfied and the Sponsored
Research Agreement has been executed within 180 days of the Effective Date or Licensor agrees in writing to waive the Initial Funding
condition precedent or any unfulfilled condition precedent as appropriate.

2.7 **Initial Funding.** The Licensee will use Commercially Reasonable Efforts to raise monies from
investors as described as Initial Funding in Schedule 2 to discharge its obligations under this Agreement (including pursuant to Article
2 and Article 4). If the condition precedent for the Initial Funding has not been satisfied and if dedicated funds to progress the agreed
Development Plan have not been allocated within 180 days of the Effective Date, then the Licensor may at any time after the 180 days period
terminate this Agreement with immediate effect by giving written notice to the Licensee.

2.8 The Licensee will keep the Licensor reasonably apprised of progress with such fundraising activities
as envisaged under Schedule 2. Further, the Licensee shall assure that all regulations, rules and laws governing such fundraising are
complied with and that such funds will only be used in the furtherance of the Licensee's corporate purpose and business plan.

**ARTICLE 3: LICENSE GRANT**

3.1 **Grant of Rights**. Subject to the terms and conditions of this Agreement including Section **Error! Reference source not found.**, Licensor hereby grants to Licensee an exclusive royalty-bearing right and license under the
Licensed IP to make, have made, develop, use, offer for sale, sell, and otherwise commercialize in any manner whatsoever the Licensed
Products in the Field, in the Territory. Subject to Section 3.2 below, during the term of this Agreement, Licensor will not grant any
right or license to any person to make, have made, use, offer for sale, sell, perform, and/or import or otherwise commercialize in any
manner whatsoever any Licensed Product. The Licensee shall not do or procure or purport to authorise the doing of any act within the scope
of the Licensed IP other than as permitted in this Agreement. No licence to use any Licensed IP is granted to the Licensee, any Sublicensee
or Affiliate or implied except the rights expressly granted in this Agreement.

3.2 **Qualification**. The Licensor reserves
for itself and for Imperial College Innovations, CRUK and their respective employees, students and other researchers, the perpetual,
irrevocable, non- exclusive, royalty-free, fully paid-up, worldwide right to use the Licensed IP for the purposes of teaching and carrying
out research and development, including granting sublicences to other not- for-profit organizations for the same purposes.

3.3 **Sublicensing**. Licensee shall be entitled to grant sublicenses to Affiliates and Third Parties
provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior
to grant it informs the Licensor in writing of the terms of any sublicence proposed to be entered into and the identity of the proposed
Sublicensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the provisions of Section Error! Reference source
not found., such sublicence shall be on arm's length reflecting the market value of the rights granted and commercial terms consistent
with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
sublicence shall be in writing and include obligations of confidentiality on the Sublicensee which are no less onerous than the obligations
of confidentiality on the Licensee under this Agreement, and shall include provisions giving the Licensor the right to enforce such obligations
against the Sublicensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Licensee has determined, based on reasonable enquiries
that the Sublicensee is not a Restricted Person, and the provisions of the sublicence must provide that it shall terminate automatically
and immediately in the event that the Sublicensee becomes a Restricted Person at any time during the term of the sublicence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as soon as reasonably possible, and in any event within 30
days after the grant of any sublicence (and any amendment that may be made to it from time to time), the Licensee shall provide to the
Licensor a true copy of it, provided that this paragraph (e) shall not apply to sublicences that are granted to subcontractors of the
Licensee for the sole purpose of allowing such subcontractors to carry out development or manufacturing services for the Licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such
sublicence may provide for the grant of further tiers (i.e. sub-sublicences) only, provided that in each case all of the requirements
of this Section Error! Reference source not found. shall apply to all such further tiers of sublicences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
sublicence granted by the Licensee shall be expressed to terminate automatically on the termination of this Agreement for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Licensee shall be responsible for any act or omission
of the Sublicensee that, if it were the act or omission of the Licensee would be a breach of this Agreement, as if the act or omission
had been that of the Licensee under this Agreement, and the Licensee shall indemnify the Licensor and the other Indemnified Parties against
any losses, damages, costs, fees, claims and expenses which are awarded against, or suffered by, the Licensor or any other of the Indemnified
Parties as a result of any such act or omission of the Sublicensee.

3.4 **Publication**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything else in this Agreement, the Licensor
shall be entitled to publish or authorise the publication of the existing and future results of its research work (or the research work
of the institutes it funds) relating to the Licensed IP provided that the procedure set out below in Section 3.5(b) is followed. It is
acknowledged that publication may occur through submission of a paper to a peer reviewed journal, presentation at a symposium or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In each case a copy of the abstract or manuscript or presentation
that is intended for publication shall be provided to the Licensee at least thirty (30) days prior to its intended submission for publication.
The Licensee shall within thirty (30) days of receiving the manuscript or presentation be entitled to require the Licensor to delay publication
where the Licensee reasonably considers such delay necessary for commercial reasons, including for the protection of an intended patent
application. The delay in publication shall be for such time period as the Licensee reasonably requests but in any event publication may
not be delayed by the Licensee beyond ninety (90) days from first submission of the abstract, manuscript or presentation to the Licensee
under this Section 3.5(b).

**ARTICLE 4: PAYMENTS**

4.1 **Up-Front Payment**. Licensee shall pay
to the Licensor a one-time license fee in the amount of one hundred and eighty thousand Great British Pounds (£180,000) within
fourteen (14) Business Days after the Effective Date.

4.2 **Annual Fee**. Within thirty (30) days of the first, second, third and fourth anniversary of
the Effective Date, Licensee shall pay to the Licensor ten thousand Great British Pounds (£9,000). Within thirty (30) days of the
fifth and each subsequent anniversary of the Effective Date and until the calendar year in which the first commercial sale of a Licensed
Product occurs, Licensee shall pay to the Licensor eighteen thousand Great British Pounds (£18,000).

4.3 **Development Milestone Payments**. Within thirty (30) days after the occurrence of each Development
Milestone Event set forth below (whether attained by the Licensee or a Sublicensee), Licensee shall pay Licensor the amount indicated
below:

---

| | |
|:---|:---|
| **Development Milestone Event** | **Amount Due** |
| *Diagnostic Milestones, applicable to each diagnostic Licensed Product, each considered separately* | *Diagnostic Milestones, applicable to each diagnostic Licensed Product, each considered separately* |
| 1. Commencement of a Phase I clinical trial for each of the first indications | £45k |
| 2. Commencement of a Phase II clinical trial for each of the first 3 Indications | £225k |
| 3. Commencement of a Phase III clinical trial for each of the first 3 Indications | £630k |
| 4. Grant of US Regulatory Approval (e.g. PMA, 510(k)): | £900k |
| 5. Grant of EU (or UK) Regulatory Approval: | £450k |
| 6. First commercial sale | £900k |
| 7. Aggregate Net Sales worldwide exceeding £10M | £630k |
| 8. Aggregate Net Sales worldwide exceeding £50M | £3.15M |
| *Therapeutic Milestones, applicable to each therapeutic Licensed Product, each considered separately* | *Therapeutic Milestones, applicable to each therapeutic Licensed Product, each considered separately* |
| 1. Clearing IND in the United States or any country in the Territory | £90k |
| 2. Commencement of a Phase I clinical trial for each of the first Indication | £225k |
| 3. Commencement of a Phase II clinical trial for each of the first 3 Indications | £630k |
| 4. Commencement of a Phase III clinical trial for each of the first 3 Indications | £1.8M |
| 5. Grant of US Regulatory Approval | £3.6M |
| 6. Grant of MA in EU or UK | £1.8M |
| 7. First commercial sale | £4.5M |
| 8. Aggregate Net Sales worldwide exceeding £100M | £2.7M |
| 9. Aggregate Net Sales worldwide exceeding £500M | £13.5M |

---

4.4 **Milestone payments – Clarifications**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each milestone will be paid once unless expressly specified
in the table in Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
a milestone is attained, but one or more milestones earlier in the sequence set out in the tables above have not at that time been attained
then nevertheless those earlier milestones shall be deemed to have been attained and the corresponding payments shall be deemed to have
become due and payable at the same time as the later milestone is attained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the Licensor does not receive payment of any sums due
to it by the due date, interest shall accrue both before and after any judgement on the sum due and owing to the Licensor at the rate
equivalent to an annual rate of four percent (4%) over the then current base rate of NatWest Bank Plc, calculated on a daily basis, until
the full amount is paid to the Licensor, without prejudice to the Licensor's right to receive payment on the due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All costs of transmission and currency conversion shall be
borne by the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Licensee shall notify the Licensor in writing of the occurrence
of any milestone event within thirty (30) days of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A milestone payment will not be payable where the Licensee
ceased development and does not attain the milestone for which payment is due upon attaining that milestone.

4.5 **Royalties – Covered by a Valid Claim.** Subject to Sections 4.7, 4.8 and 4.10 and in
countries where Licensed Products are Covered by a Valid Claim, Licensee shall pay to Licensor or its designee royalties in an amount
equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for Diagnostic Products, each considered separately, [\*\*\*]
of the first fifty million Great British Pounds (£50M) of Licensee's Net Sales of Licensed Products, and [\*\*\*] of Licensee's
Net Sales of Licensed Products in excess of the first fifty million Great British Pounds (£50M); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for Therapeutic Products, each considered separately, [\*\*\*]
of the first five hundred million Great British Pounds (£500M) per annum of Licensee's Net Sales of Licensed Products and
[\*\*\*] of Licensee's Net Sales of Licensed Products in excess of the first five hundred million Great British Pounds (£500M).

4.6 **Royalties – Not Covered by a Valid Claim.** Subject to Sections 4.7, 4.8 and 4.10 and
in countries where Licensed Products are not Covered by a Valid Claim, Licensee shall pay to Licensor or its designee royalties in an
amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for Diagnostic Products, each considered separately, [\*\*\*]
of the Licensee's Net Sales of Licensed Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (b) for Therapeutic Products, each considered separately, [\*\*\*]
of the Licensee's Net Sales of Licensed Products.

PROVIDED THAT, for as long as there is no Competing Product for the Licensed Product in such countries, the royalty rates specified in paragraphs (a) and (b) of this Section 4.6 shall be doubled.

For the purpose of this Section 4.6, Competing Product means in relation to a Licensed Product, a product that is a radiopharmaceutical product or otherwise has the same mode of action and Indication as the Licensed Product or is directly substitutable for the Licensed Product.

4.7 **Royalty Offsets**. If it is necessary to pay to a Third Party (whether in the form of a royalty
or otherwise) for the right granted to the Licensee under a formal written licence agreement to make, have made, use, sell, offer for
sale or import a specific Licensed Product in a given jurisdiction without which licence the Licensed Product could not be used, sold,
offered for sale, or imported then the Licensee shall be entitled to an abatement of the royalties payable by the Licensee under Sections
4.5 and 4.6 above. The amount of the abatement shall be 50% of the amount of royalties actually and unconditionally paid to the Third
Party licensors provided always that in any circumstances shall the total amount payable to the Licensor under Sections 4.5 and 4.6 will
not be reduced by more than 50% in aggregate for all abatements that are claimed by the Licensee pursuant to this section.

4.8 **Sublicence Revenues**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Timing*.
Licensee shall pay to Licensor the applicable percentage of all Sublicence Revenues under Section (b) within thirty (30) days of the
end of the Quarter in which the Sublicence Revenue is received from the relevant Sublicensee. If Sublicence Revenues are not in cash,
then the Licensee shall notify the Licensor and the Parties shall discuss and acting reasonably agree if the Licensee will either accept
the payment of Sublicence Revenues in kind or fair market value of the item as of the date of receipt by the Licensee or at a later date
when the in kind Sublicence Revenues liquidates to its monetary value. For the avoidance of doubt, the percentage share payable to Licensor
pursuant to this Section 4.8 shall be due as and when, in Licensor's sole discretion, acting reasonably and either in kind or in
its cash equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Quantum.* If the sublicense grant to the Sublicensee
occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. prior to the Licensee dosing the last patient in a Phase I trial related to the most advanced Licensed
Product, then Licensee shall pay to Licensor [\*\*\*] of all Sublicence Revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. prior recruiting the first patient in a Phase II Clinical Trial related to the most advanced Licensed
Product, then Licensee shall pay to Licensor [\*\*\*] of all Sublicence Revenues; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. prior to recruiting the first patient in a Phase III Clinical Trial related to the most advanced
Licensed Product, then Licensee shall pay to Licensor [\*\*\*] of all Sublicence Revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Clarification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In a sublicense with multiple candidates, the development status of the most advanced Licensed Product
candidate in the sublicense determines the applicable timing of the sublicense grant under this Section (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the avoidance of doubt and consistent with the definition of "Sublicensing Revenue",
the Licensee's obligation to pay Licensor under this Section 4.8 applies to all Licensed Products.

4.9 **Timing of Royalty Payments**. Royalty payments due under Section 4.5 and/or 4.6, above, shall
be paid annually within sixty (60) days following the end of each License Year until the first License Year in which aggregate Royalties
under Section 4.5 and 4.6 combined reach US $0.5 million. Thereafter, all royalty payments due under Section 4.5 and/or 4.6 shall be paid
in Quarterly installments, within sixty (60) days following the end of each Quarter.

4.10 **Single Royalty**. No more than one royalty payment shall be due and payable on Net Sales
of a Licensed Product regardless if such Licensed Product is Covered by more than one Valid Claim.

**ARTICLE 5: REPORTS, AUDITS AND FINANCIAL TERMS**

5.1 **Royalty Reports**. Within thirty (30) days after the end of each Quarter, the Licensee shall
send to the Licensor a written statement detailing in respect of that Quarter in which a royalty payment under Section 4 is required to
be made (including a nil report if appropriate) on a Licensed Product- by-Licensed Product and country-by-country basis: (i) any milestone
events achieved by it or any Sublicensee and any milestone payments which became due to the Licensor; (ii) total Net Sales, including
a breakdown of deductions made (iii) total gross sales of Licensed Products, (iv) the quantity of each Licensed Products sold or otherwise
disposed of by the Licensee or any Sublicensees or their Affiliates in each country in the Territory; (v) the exchange rate used to convert
Net Sales from the currency in which they are earned to GBP; (vi) for each sublicence, details of each item of Sublicence Revenue received
by the Licensee during that Quarter and the Sublicence Revenue payable to the Licensor thereon; and (vii) the total royalty payments due
in respect of that Quarter.

5.2 **Additional Financial Terms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Payment Method**. Payment shall be effected by means
of wire transfer to an account identified by Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Withholding of Taxes**. Provided that it is required
to do so by applicable law and subject to Licensee providing Licensor with a valid withholding tax certificate, Licensee shall withhold
on Licensor's behalf any and all withholding tax payable on Licensor's income levied on account of any payment received by
Licensor under this Agreement, and Licensee shall be entitled to deduct such amount from the amounts payable hereunder. The Licensee shall
give reasonable assistance to the Licensor to claim exemption from or (if that is not possible) a credit for the deduction or withholding
under any applicable double taxation or similar agreement from time to time in force, and shall promptly give the Licensor proper evidence
as to the deduction or withholding and payment over of the tax deducted or withheld.

5.3 **Accounts and Audit**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Records**.
Licensee shall keep accurate books of account containing the particulars of its Net Sales and the calculation of royalties. Such books
and records must be maintained available for examination in accordance with this Section 5.3(a) throughout this Agreement and for six
(6) calendar years after the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Appointment of Auditor**. Licensor may appoint an independent
accounting firm reasonably acceptable to Licensee to inspect the relevant books of account of Licensee to verify any reports or statements
provided, or amounts paid or invoiced (as appropriate), by Licensee. Licensee shall be entitled to require the auditor to be subject to
a written duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Procedures for Audit**. Licensor may exercise its right
to have Licensee's relevant records examined only during the two (2) year period during which Licensee is required to maintain records,
no more than once in any calendar year. Licensee is required to make records available for inspection only during regular business hours,
only at such place or places where such records are customarily kept, and only upon receipt of at least thirty (30) days advance notice
from Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Audit Report**. The independent accountant will be instructed
to provide to Licensor an audit report containing only its conclusions and methodology regarding the audit, and specifying whether the
amounts paid were correct and, if incorrect, the amount of any underpayment or overpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Underpayment and Overpayment**. After review of the auditor's
report: (i) if there is an uncontested underpayment by Licensee for all of the periods covered by such auditor's report, then Licensee
shall pay to Licensor the full amount of that uncontested underpayment, and (ii) if there is an uncontested overpayment for such periods,
then Licensor shall provide to Licensee a credit against future payments (such credit equal to the full amount of that overpayment), or,
if Licensee is not obligated to make any future payments, then Licensor shall pay to Licensee the full amount of that overpayment. Contested
amounts are subject to dispute resolution under ARTICLE 11. If the total amount of any such underpayment (as agreed to by Licensee or
as determined under ARTICLE 11) exceeds five percent (5%) of the amount previously paid by Licensee for the period subject to audit, then
Licensee shall pay the reasonable costs for the audit. Otherwise, all costs of the audit shall be paid by Licensor.

**ARTICLE 6: INTELLECTUAL PROPERTY; PATENT PROSECUTION, MAINTENANCE AND ENFORCEMENT.**

6.1 **Patent Prosecution, Maintenance and Enforcement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The ownership of the Licensed Patents and the Future Patents
shall (as between the Parties) at all times remain vested solely in the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From
the Effective Date, Licensee shall be responsible for the preparation, filing, prosecution, and maintenance of all Licensed Patents and
Future Patents and will timely provide to Licensor copies of all relevant documentation relating to such prosecution and Licensee shall
otherwise keep such information confidential. Licensee's counsel shall take instructions only from Licensee and such patent counsel
shall be instructed to (i) copy Licensor on patent prosecution documents that are received from or filed with the United States Patent
and Trademark Office and foreign equivalent; (ii) provide Licensor with copies of draft submissions to the USPTO prior to filing; and
(iii) give reasonable consideration to the comments and requests of Licensor or its patent counsel. All patents and patent applications
in Licensed Patents and Future Patents, to the extent assignable in whole or in part to Licensor, shall be assigned to Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Licensee shall keep Licensor reasonably informed in writing
as to the prosecution and/or maintenance status of the Licensed Patents and Future Patents and shall promptly provide Licensor with a
copy of all submissions made to or responses received from the relevant patent offices and all correspondence to and responses received
from the relevant patent agent in relation to the Licensed Patents and Future Patents in each applicable country of the Territory. The
Licensee shall notify Licensor at least two (2) month prior to any restriction of scope of any of the Licensed Patents and Future Patents.
Licensee will not unreasonably refuse to amend any patent application in Licensed Patents and Future Patents to include claims reasonably
requested by Licensor to protect the products contemplated to be sold by Licensee under this Agreement. On a country-by-country and patent-by-patent
basis, Licensee may elect to surrender any patent or patent application in Licensed Patents and/or Future Patents in any country upon
sixty (60) days advance written notice to Licensor. Such notice shall relieve Licensee from the obligation to manage the prosecution and
maintenance of the patent to which its notice relates or to pay for Future Patent costs but shall not relieve Licensee from responsibility
to pay patent costs incurred prior to the expiration of the sixty (60) day notice period. Such U.S. or foreign patent application or patent
shall thereupon cease to be a Licensed Patent hereunder, Licensee shall have no further rights therein and Licensor shall be free to license
its rights to that particular U.S. or foreign patent application or patent to any other party on any terms. Licensor shall have the right
to take over the prosecution and maintenance of any Licensed Patent that Licensee proposes to surrender by giving written notice to Licensee
within the said 60 days notice period. Licensee shall procure that its patent counsel transfers to Licensor all of its patent files that
relate to the Licensed Patent in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party shall promptly provide written notice to the other
in the event it becomes aware of any actual or probable infringement of any of the Licensed Patents and/or Future Patents in or relevant
to the Field or of any Third Party claim regarding the enforceability or validity of any Licensed Patents and/or Future Patents ()"**Infringement Notice** "). Licensee shall, in cooperation with Licensor, use reasonable efforts to terminate infringement without litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If infringing activity has not been abated within ninety (90)
days following the date the Infringement Notice takes effect, then Licensee may, following consultation with Licensor, in its sole discretion
and at its sole expense, take action against any alleged infringer or in defense of any such claim with respect to any Patent Right for
which Licensee has exclusive rights under this Agreement. Licensor will consent to be joined to such proceedings if that is necessary
to give to Licensee standing in such action. Any recovery obtained by Licensee as the result of legal proceedings initiated and paid for
by Licensee pursuant to this Section 6.1(e), after deduction of Licensee's reasonable out-of-pocket expenses incurred in securing
such recovery, shall be deemed to be Net Sales of Licensed Products or, as appropriate Sublicence Revenue in the Quarter in which such
recovery was received and royalties shall be due and payable thereon accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If Licensor is joined in a suit initiated by Licensee, then
the Licensee will pay any costs incurred by Licensor arising out of such suit, including but not limited to, reasonable legal fees of
counsel that Licensor selects and retains to represent it in the suit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If Licensee declines either to cause such infringement to
cease (e.g. by settlement or injunction) or to initiate and thereafter diligently maintain legal proceedings against the infringer other
than as part of a mutually agreed upon bona fide strategy, developed with the guidance of outside patent counsel, to preserve the Licensed
Patents, Licensor may, in its sole discretion and at its sole expense, take action against such alleged infringer or in defense of any
such Third Party claim. Any recovery obtained by Licensor as the result of any such legal proceedings shall be for the benefit of Licensor
only.

6.2 **Payment of Patent Expenses**. After the Effective Date, the Licensee shall bear all the costs
and expenses in relation to the prosecution and maintenance of the Licensed Patents incurred since filing the priority application and
which as regards costs that have already been incurred and paid by Licensor will be payable: (i) in two equal tranches, the first of which
will be paid within six (6) months of the Effective Date, and the second of which will be paid within twelve (12) months of the Effective
Date, and (ii) subject to Licensor issuing to Licensee appropriate invoices and other reasonable documentary evidence in support of the
amounts payable under this Section 6.2.

 **ARTICLE 7: TERM AND TERMINATION**

7.1 **Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Material Breach**. Either Party may terminate this Agreement
prior to its expiry for any material breach by the other Party, provided, that, the Party seeking to terminate shall have first given
the breaching Party notice of such material breach (**Breach Notice**) with reasonable particulars of the material breach, and the
Party receiving the Breach Notice failed to cure that material breach within sixty (60) days after the date of receipt of the Breach Notice;
provided, that, if the breaching Party responds to the Breach Notice by providing a Dispute Notice pursuant to ARTICLE 11 to the Party
seeking to terminate within ten (10) days after the date of receipt of the Breach Notice, the Party alleging the material breach may not
terminate this Agreement until completion of the Resolution Period pursuant to ARTICLE 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Bankruptcy**. Licensor shall have the right to terminate
this Agreement prior to its expiry upon notice to Licensee, in the event that: (i) Licensee seeks protection of any bankruptcy or insolvency
law other than with the prior consent of Licensor, or (ii) a proceeding in bankruptcy or insolvency is filed by or against Licensee and
not withdrawn, removed or vacated within 120 days of such filing, or there is adjudication by a court of competent jurisdiction that Licensee
is bankrupt or insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Termination at Will by Licensee.** Licensee shall have the right to terminate this Agreement prior to its expiry upon notice to Licensor without
cause, effective no fewer than ninety (90) days following the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Termination by Licensor.** Licensor may terminate this Agreement: with immediate effect by giving written notice to Licensee if (i) Licensee becomes
Affiliated with a Restricted Person or if Licensee or/and Affiliate of Licensee enters into a business relationship with a Restricted
Person at any time, or (ii) If the condition precedent for the Initial Funding has not been satisfied within 180 days of the Effective
Date; upon thirty (30) days written notice to the Licensee if the Licensee: (iii) suspends or discontinues, other than for scientific,
regulatory or technical reasons, the development (including prosecuting applications for Regulatory Approval) of Licensed Products for
a period of more than six (6) months in any period of twelve months; or (iv) ceases to be able to finance the work under the Development
Plan as the costs of that work fall due and, in the reasonable opinion of the Licensor, there is no reasonable prospect that the Licensee
will be able to raise the necessary financing within a reasonable period of time, not to exceed nine (9) months; or (v) ceases to carry
on business in the Field or notifies the Licensor in writing that it intends to do so.

7.2 **Effect of Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon any termination of this Agreement pursuant to Section
7.1 (but for clarity, not in the case of its expiry or for Licensor's breach), all rights and licenses granted to Licensee under
ARTICLE 3, shall immediately terminate on and as of the effective date of termination as provided in Section 7.1 and the Licensee shall
(and shall procure that its Sublicensees and Affiliates shall) immediately cease to use and exploit the Licensed IP in any way, either
directly or indirectly, except that Licensee shall have the right to continue to sell Licensed Products manufactured prior to the effective
date of such termination until the sooner of: (i) one hundred and eighty (180) days after the effective date of termination, or (ii) the
exhaustion of Licensee's then existing inventory of Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of this Agreement pursuant to Section 7.1
(but for clarity, not in the case of its expiration or for Licensor's breach):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Licensee shall discontinue making any representation regarding its status as a licensee of Licensor
for Licensed Products. Subject to Section 7.2(a), above, Licensee shall cease conducting any activities with respect to the marketing,
promotion, sale or distribution of Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Licensee shall exclusively assign the Future Patents to the Licensor absolutely and free of encumbrances.
The ownership and management of the assigned Future Patents under this Section 7.2(b)(ii) will be discussed between the Licensor in good
faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Licensee hereby grants to the Licensor an exclusive, perpetual, irrevocable, free of charge,
worldwide licence to research, develop make, have made, market, use and exploit products and services falling within the scope of the
Intellectual Property generated by the Licensee in the course of exercising its rights under this Agreement ()"**Arising IP** ").
The Licensee shall within one (1) month of the date of termination of this Agreement disclose to the Licensor and to no-one else the Know-How
and materials generated by the Licensee in the course of exercising its rights under this Agreement and details of all Intellectual Property
falling within the scope of this subsection 7.2(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Licensor shall be solely responsible for the prosecution and maintenance of all Patents comprised
within Arising IP. The Licensee shall within one (1) month of the date of termination of this Agreement transfer to the Licensor (or Licensor's
nominee) all Arising IP, and all any documents and information within the Licensee's control relating to the filing and prosecution
of any Patents comprised in Arising IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All sublicences shall terminate, provided that the Licensor may contemporaneously with the termination
require Licensee to transfer all or at Licensor's discretion selected sublicences to the Licensor or to an entity nominated by the
Licensor. Licensee shall cooperate in good faith with the Licensor as regards any transfer requested by the Licensor including facilitating
the negotiation and entry into of one or more novation agreements or assignments as requested by the Licensor at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Licensee shall, at Licensor's request, transfer to the Licensor (or its nominee) as
soon as practicable any Regulatory Authorisations, price approvals and other permits and applications relating to Licensed Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Licensee shall, within fourteen (14) days of notice of termination of this Agreement provide
the Licensor with a final written statement detailing, in respect of the time elapsed since the last Progress Report under Section 2.4,
the matters set out in Section 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination of this Agreement pursuant to Section 7.1,
each Party shall promptly return to the other Party all relevant records and materials in its possession or control containing or comprising
the other Party's Confidential Information and to which the Party does not retain rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination of this Agreement through any means and for any
reason pursuant to Section 7.1 (but for clarity, not in the case of its expiry), shall not relieve the Parties of any obligation accruing
prior thereto, including the payment of all sums due and payable, and shall be without prejudice to the rights and remedies of either
Party with respect to any antecedent breach of any of the provisions of this Agreement. For clarity, payment of royalties and all other
sums to Licensor shall become due and payable to Licensor immediately upon notice of termination of this Agreement.

7.3 **Survival**. Sections 5.3, 7.2, 8, 9, 10, 11, 12 shall survive termination of this Agreement
for any reason.

 **ARTICLE 8: REPRESENTATIONS AND WARRANTIES**

8.1 **Mutual Representations and Warranties**. Licensor and Licensee each represents and warrants
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the right and authority to enter into this Agreement
and all action required to be taken on its behalf, its officers, directors, partners and stockholders necessary for the authorization,
execution, and delivery of this Agreement and, the performance of all of its obligations hereunder, and this Agreement, when executed
and delivered, will constitute valid and legally binding obligations of such Party, enforceable in accordance with its terms, subject
to: (i) laws limiting the availability of specific performance, injunctive relief, and other equitable remedies; and (ii) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws now or hereafter in effect generally relating to or
affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has read this Agreement, with assistance from its counsel
of choice. It understands all of this Agreement's terms. It has been given a reasonable amount of time to consider the contents
of this Agreement before each Party executed it. It agrees that it is executing this Agreement voluntarily with full knowledge of this
Agreement's legal significance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has made such investigation of all matters pertaining to
this Agreement that it deems necessary, and does not rely on any statement, promise, or representation, whether oral or written, with
respect to such matters other than those expressly set forth herein. It agrees that it is not relying in any manner on any statement,
promise, representation or understanding, whether oral, written or implied, made by any Party, not specifically set forth in this Agreement.
It acknowledges that, after the Effective Date, it may discover facts different from or in addition to those which it now knows or believes
to be true. Nevertheless, it agrees that this Agreement shall be and remain in full force and effect in all respects, notwithstanding
such different or additional facts.

8.2 **Representations and Warranties of Licensor**. Licensor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the legal capacity and the full legal right to grant
to Licensee all the rights granted hereunder and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as far as it is aware it has good title in and to the Licensed
Patents which is supported by documentation in relation to the chain of title from the inventors of the Licensed Patents; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As far as it aware by entering into this Agreement, Licensor
will not breach any of the terms or conditions of any agreement with any third party.

8.3 Save as expressly set out at Section 8.2, Licensor does not give any warranty, representation or
undertaking in relation to the Licensed IP, including any warranty, representation or undertaking:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to the efficacy, usefulness, completeness or accuracy of
the Licensed IP; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that it owns all necessary property and other rights in the
Licensed IP; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any of the Licensed Patents is or will be valid or subsisting
or that any of the applications within the Licensed Patents will proceed to grant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that the use of any Licensed IP, including without limitation
any invention claimed in a Licensed Patent, or the exercise of any rights granted under this Agreement will not infringe the intellectual
property or other rights of any other person.

8.4 The Licensor's aggregate liability for breach of one or more of the warranties in this Section
8 shall be limited to fifty thousand pounds (£50,000).

**ARTICLE 9: INDEMNIFICATION**

9.1 **Indemnification by Licensee**. Licensee shall defend, indemnify and hold harmless Licensor,
CRUK, its Affiliates, and their respective officers, directors, shareholders, employees and agents ()"**Licensor Indemnitees** ")
from and against any and all third party liabilities , claims, suits, and expenses, including reasonable attorneys' fees (collectively,
" **Losses** "), arising out of or are in any way attributable to: (i) the material breach of any representation or warranty
made by Licensee under this Agreement, (ii) the research, development, marketing, approval, manufacture, packaging, labeling, handling,
storage, transportation, use, distribution, promotion, marketing or sale of Licensed Products by or on behalf of Licensee, any of its
Affiliates or a Sublicensee or any other exercise of rights under this Agreement or pursuant to any sublicense, or (iii) the negligence,
willful misconduct or failure to comply with applicable law by a Licensee, an Affiliate of Licensee, or a Sublicensee, or (iv) the exercise
of the rights granted in Article 3 by the Licensee or a Sublicensee or the actions of any Affiliate of any of them in relation to the
Licensed Product.

9.2 **Procedure**. The indemnities set forth in this ARTICLE 9 are subject to the condition that
the Party seeking the indemnity shall forthwith notify the indemnifying Party on being notified or otherwise made aware of a liability,
claim, suit, action or expense and that the indemnifying Party defend and control any proceedings with the other Party being permitted
to participate at its own expense (unless there shall be a conflict of interest which would prevent representation by joint counsel, in
which event the indemnifying Party shall pay for the other Party's counsel); provided, that, the indemnifying Party may not settle
the liability, claim, suit, action or expense, or otherwise admit fault of the other Party or consent to any judgment, without the written
consent of the other Party (such consent not to be unreasonably withheld). Notwithstanding the foregoing, no delay in the notification
of the existence of any claim of Loss shall cause a failure to comply with this Section 9.2 as long as such delay shall not have materially
impaired the rights of the indemnifying Party.

9.3 **Insurance**. Licensee shall take out with a reputable insurance company, and maintain, adequate
insurance cover, including product, professional, and public liability insurance and insurance against all loss of and damage to property
(whether real, personal or intellectual) and injuries to persons (including death). Licensee shall make its insurance policy and renewal
receipts available to Licensor on request from time to time. Licensee shall ensure that such insurance continues in force throughout the
term of this Agreement and until at least 3 years after the last sale or supply of any Licensed Product by it or any of its Affiliates
or its or their respective Sublicensees.

9.4 **Limitation.** Notwithstanding anything contained in this Agreement to the contrary, except
in relation to the indemnification obligations under section 9.1 and any breach of ARTICLE 10 (i) in no event shall either party be liable
to the other party for any special, punitive, consequential, indirect, or incidental damages (including loss of profits, costs of procuring
substitute goods, lost business or enhanced damages for intellectual property infringement) whether based upon breach of warranty, breach
of contract, negligence, strict liability in tort or any other legal theory, and (ii) in no event shall Licensor and/or CRUK be liable
to Licensee for an aggregate amount in excess of one hundred thousand pounds sterling (£100,000) for any and all claims.

**ARTICLE 10: CONFIDENTIALITY**

10.1 **Confidential Information**. During the Term of this Agreement and for five (5) years thereafter
without regard to the means of termination each party shall not use, for any purpose other than the purpose contemplated by this Agreement,
or reveal or disclose the other party's Confidential Information to any Third Party. Without limiting the foregoing, Licensor shall
not use, for any purpose other than the purpose contemplated by this Agreement, or reveal or disclose to any Third Party Licensee's
Confidential Information. The Parties shall take reasonable measures to assure that no unauthorized use or disclosure is made by others
to whom access to such information is granted.

10.2 **Exceptions**. Notwithstanding the foregoing, a Party may use and disclose Confidential Information
of the other Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was, prior to its receipt by the receiving party from the
disclosing party, in the possession of the receiving party without any obligations of confidence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is subsequently disclosed to the receiving party, without
any obligations of confidence, by a third party who is entitled to disclose it without breaching any confidentiality obligations to the
disclosing party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is or becomes generally available to the public through no
fault of the receiving party or its Affiliates or Sublicensees or its or their representatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (d) is independently developed by or on behalf of the receiving
party, as evidenced by written records, without reference to the Confidential Information of the disclosing party.

10.3 **Certain Obligations**. During the Term and for a period of five (5) years thereafter, Licensee,
with respect to Licensor Confidential Information, and Licensor, with respect to Licensee Confidential Information, agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to use such Confidential Information only for the purposes
contemplated under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to treat such Confidential Information as it would its own
proprietary information which in no event shall be less than a reasonable standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take reasonable precautions to prevent the disclosure of
such Confidential Information to a Third Party without written consent of the other Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to only disclose such Confidential Information to those employees,
agents and Third Parties who have a need to know such Confidential Information for the purposes set forth herein and who are subject to
obligations of confidentiality no less restrictive than those set forth herein.

10.4 **Termination**. Upon termination of this Agreement pursuant to Section 7.1 (but for clarity,
not in the case of its Expiration), and upon the request of the disclosing Party, the receiving Party shall promptly return to the disclosing
Party or destroy all copies of Confidential Information received from such Party, and shall return or destroy, and document the destruction
of, all summaries, abstracts, extracts, or other documents which contain any Confidential Information of the other Party in any form,
except that each Party shall be permitted to retain a copy (or copies, as necessary) of such Confidential Information for archival purposes
or to enforce or verify compliance with this Agreement, or as required by any applicable law or regulation.

10.5 **Publicity**. Neither Party shall make, or procure or permit the making of, any announcement
which relates to this Agreement or the matters contained in it, or make any use of the name, logos or trade marks of the other Party (including
in the case where the other is CRT, that of CRUK) in connection with this Agreement, without the prior written approval of the other Party
(such approval not to be unreasonably withheld or delayed), except to the extent required by law or any public body with appropriate jurisdiction.
Notwithstanding the foregoing, each Party shall be entitled to announce or otherwise make public the existence of this Agreement and its
subject matter, provided that the commercial terms of this Agreement shall not be disclosed without the prior written consent of the other
Party.

**ARTICLE 11: DISPUTE RESOLUTION**

11.1 All Disputes shall be first referred to the Chief Business Officer for CRT and to the Chief Executive
Officer of Licensee for resolution, prior to proceeding under the other provisions of this ARTICLE 11. A Dispute shall be referred to
such executives upon one Party (the "**Initiating Party**") providing the other Party (the "**Responding Party** ")
with notice that such Dispute exists ()"**Dispute Notice** "), together with a written statement describing the Dispute with
reasonable specificity and proposing a resolution to such Dispute that the Initiating Party is willing to accept, if any. Within ten (10)
days after having received such statement and proposed resolution, if any, the Responding Party shall respond with a written statement
that provides additional information, if any, regarding such Dispute, and proposes a resolution to such Dispute that the Responding Party
is willing to accept, if any. If not otherwise resolved, the Parties shall engage in good faith efforts to negotiate a resolution to resolve
the Dispute for the following fifteen (15) days (the "**Resolution Period** "). In the event that such Dispute is not resolved
during the Resolution Period, either Party shall be entitled to request that the Parties convene for a non-binding mediation in accordance
with the WIPO mediation rules ("Mediation") within 30 days of the date of so requesting. If, within seven (7) days of either
Party requesting Mediation within such 30-day period, the Parties agree that the matter in question would be assisted by Mediation, the
Parties shall appoint an experienced and suitably qualified (single) mediator by mutual agreement within a further fourteen (14) day period
or, failing which, the mediator shall be appointed by the WIPO Arbitration and Mediation Center. If each Party has agreed to convene for
the Mediation, each Party shall: (i) cooperate fully with the mediator and provide such assistance as is necessary to enable the mediator
to discharge his/her duties; and (ii) bear its own costs in connection with the Mediation, and the fees and expenses of the mediator will
be paid by the Parties in equal proportions unless otherwise determined by the mediator.

**ARTICLE 12: GENERAL**

12.1 **Assignment and Delegation**. Except as expressly provided in this Section 12.1, neither this
Agreement nor any right or obligation hereunder shall be assignable in whole or in part, whether by operation of law, or otherwise by
Licensee without the prior written consent of Licensor, except that Licensee may assign or transfer its rights and obligations under this
Agreement to a Person that succeeds to all or substantially all of Licensee's business or assets, whether by sale, merger, operation
of law or otherwise

12.2 **Entire Agreement**. This Agreement contains the entire agreement between the Parties relating
to the subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this
Agreement.

12.3 **Amendments**. Changes and additional provisions to this Agreement shall be binding on the
Parties only if agreed upon in writing and signed by the Parties.

12.4 **Applicable Law**. Law and jurisdiction. This Agreement (and any dispute or claim relating
to it or its subject matter, its enforceability or its termination (including non-contractual claims)) shall be governed by and construed
in accordance with English law and shall be subject to the exclusive jurisdiction of the English courts to which the Parties hereby irrevocably
submit, except that a Party may seek an interim injunction in any court of competent jurisdiction.

12.5 **Force Majeure**. If the performance of this Agreement or any obligations hereunder is prevented,
restricted or interfered with by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, pandemic,
acts of God, war, terrorism, or a similar occurrence or condition beyond the reasonable control of the Parties, the Party so affected
shall, upon giving prompt notice to the other Parties, be excused from such performance during such prevention, restriction or interference,
and any failure or delay resulting therefrom shall not be considered a breach of this Agreement, provided that lack of funds shall not
be interpreted as a cause beyond the reasonable control of that Party.

12.6 **Severability**. The Parties do not intend to violate any public policy or statutory common
law. However, if any sentence, paragraph, section or combination of this Agreement is in violation of any law or is found to be otherwise
unenforceable, such sentence, paragraph, section or combination of the same shall be deleted and the remainder of this Agreement shall
remain binding, provided, that, such deletion does not alter the basic purpose and structure of this Agreement.

12.7 **Notices**. All notices, requests, demands, and other communications relating to this Agreement
shall be in writing in the English language and shall be delivered in person or by delivery service or international courier with package
tracing capability. Notices shall be sent via a service which provides traceability of packages and signature confirmation and shall be
deemed to have been given on the date actually received. Notices shall be sent as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices to Licensor: | &nbsp;&nbsp;with a copy to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices to Licensee: | &nbsp;&nbsp;with a copy to: |

---

Either Party may change its address for notices or facsimile number at any time by sending notice to the other Party.

12.8 **Independent Contractor**. Nothing herein shall create any association, partnership, joint
venture, fiduciary duty or the relation of principal and agent between the Parties hereto, it being understood that each Party is acting
as an independent contractor, and neither Party shall have the authority to bind the other or the other's representatives in any
way.

12.9 **Waiver**. No delay on the part of either Party hereto in exercising any power or right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any power or right hereunder preclude other or further
exercise thereof or the exercise of any other power or right. No waiver of this Agreement or any provision hereof shall be enforceable
against any Party hereto unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the
one event.

12.10 **Interpretation**. This Agreement has been prepared jointly and no rule of strict construction
shall be applied against either Party. In this Agreement, the singular shall include the plural and vice versa and the word "including"
shall be deemed to be followed by the phrase "without limitation." The section headings contained in this Agreement are inserted
for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

12.11 **Counterparts**. This Agreement may be executed in counterparts, each of which together shall
constitute one and the same Agreement. For purposes of executing this agreement, a facsimile copy or an emailed PDF of this Agreement,
including the signature pages, will be deemed an original.

[*Signature page to follow.*]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement by their duly authorized representatives.

---

| | | |
|:---|:---|:---|
| **Cancer Research Technology Limited** | **Cancer Research Technology Limited** | **Radiopharm Theranostics Limited** |
| By: | /s/ Tony Hickson | By: |
| Name | Tony Hickson | Name |
| Title: | Chief Business Officer | Title: |

---

**Schedule 1**

**Development Plan on the Effective Date**

**Key Milestones**

Predicated on Eric Aboagye's delivery of therapeutic candidate in 2Q22

The vicissitudes inherent in dx and tx development, that cause delays by reason of e.g. recruitment difficulties, AEs and manufacturing technical difficulties will be accounted for in the timelines

**DX Milestones**

---

| | |
|:---|:---|
| cGMP production of precursor initiation | 3Q22 |
| GLP Tox initiation | 2Q23 |
| Validation of personalized dosimetry | 4Q23 |
| Ph 3 Initiated | 2Q24 |

---

**TX Milestones**

---

| | |
|:---|:---|
| cGMP manufacturing of precursor Initiated | 4Q22 |
| GLP toxicology study Initiated | 3Q23 |
| IND/IPMD - approval | 2Q24 |
| Ph 1 Initiated | 2Q24 |
| Ph 2 Initiated | 4Q26 |
| Ph 3 Initiated | 2Q29 |

---

**Key Activities**

&nbsp;&nbsp;&nbsp;&nbsp;1. Professor Aboagye produces an iodo-pivalate. Exactly how is not yet precisely known, hence the "sponsored research agreement".
Or, if it's not technically possible to produce iodo-pivalate exactly, then a similar compound that is still a substrate for fatty
acid synthetase. Regardless, design specifications require that the test article can be labeled with (non-radioactive) Iodine-127 for
nonclinical toxicology, I-123 for SPECT-CT imaging, I-131 for therapy plus imaging, and I- 125 for autoradiography (and maybe some therapeutic
effect, too!)

&nbsp;&nbsp;&nbsp;&nbsp;2. His lab conducts enough nonclinical studies to convince all concerned that we have a viable composition of matter worth testing.

&nbsp;&nbsp;&nbsp;&nbsp;3. RPT will pay to have his method of synthesis translated to an industrial setting that can produce cGMP material.

&nbsp;&nbsp;&nbsp;&nbsp;4. RAT will pay for the for-registration quality studies of the compound. We can start in healthy volunteers under ARSAC and ERC/EERB
guidance (that complies with EUR ATOM 2013 guidelines). Just a quick look at biodistribution in a very few healthy volunteers and then
we can move to a traditional Phase 1a multicenter single ascending dose trial.

&nbsp;&nbsp;&nbsp;&nbsp;5. If the iodo-pivalate survives its futility hurdles by showing it can deliver potentially therapeutic doses of radiation (maybe 60
Gray) before inducing tox-limiting adverse events (probably on bone marrow) then will move to re-tooling with an Astetine-211 version
of the test article.

**Schedule 2**

**Fundraising Plan**

The Licensee's fundraising plan comprises:

1. An initial pre-IPO financing which raised AU$20M.

2. An IPO on the Australian ASX to raise an additional AU$50M to be raised by 180 days from the Effective Date.

## Exhibit 4.13

**Exhibit 4.13**

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF MARKING SUCH INFORMATION WITH BRACKETS ("[\*\*\*]") BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**SUBLICENSE AGREEMENT**

**NeoIndicate LLC – Radiopharm Theranostics Limited**

This Sublicense Agreement (hereinafter "Agreement") entered into as of this 7th day of June, 2022 ("Effective Date") by and between **NeoIndicate LLC**, an Ohio limited liability company, having a principal place of business at 52275 Griggs Rd., Wellington, OH 44090 ("NeoIndicate" or "Licensee") and Radiopharm Theranostics Limited, an Australian corporation, having a principal place of business at Suite 1, Level 3, 62 Lygon St, Carlton South, VIC, 3053 Australia ("RAD" or "Sublicensee").

***WITNESSETH***

 ****

***WHEREAS***, pursuant to the terms of a License Agreement entered into between Case Western Reserve University, an Ohio non-profit corporation ("CWRU") and NeoIndicate on June 6, 2022 (the "CWRU 2022 License"), CWRU has provided a right and license to NeoIndicate to use the Licensed Technology (as defined below);

WHEREAS, under the terms of the License Agreement, NeoIndicate is permitted to sublicense the Licensed Technology; and

WHEREAS, NeoIndicate wishes to grant to Sublicensee, and Sublicensee wishes to obtain, a sublicense to use the Licensed Technology on or in connection with the Licensed Products (as defined below) in the Territory (as defined below).

***NOW THEREFORE***, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the parties agree as follows:

1. DEFINITIONS

1.2 The term "Clinical Trial" shall mean the use of a Licensed Product(s) in human subjects in accordance with 21 C.F.R. Part 312.

1.3 The term "Copyrights" shall mean CWRU's copyrights in the Licensed Technology.

1.4 The term "Cumulative Aggregate Gross Sales" shall mean the total Revenues received from the manufacture, use or Disposition of Licensed Products. Cumulative Aggregate Gross Sales shall be calculated inclusive of any gross sales recorded under the sublicense.

1.5 The term "Derivative" shall mean intellectual property developed by Licensee and/or Sublicensee, which includes, or is based in whole or in part on, the Licensed Technology, including, but not limited to Licensee-created and/or Sublicensee-created modifications or enhancements. Licensee and/or Sublicensee shall be entitled to establish all proprietary rights for itself in the intellectual property represented by Derivatives (but not the Licensed Technology incorporated therein which is not itself a Derivative), whether in the nature of trade secrets, copyrights, patent applications, patents or other rights, provided (a) that Derivatives shall be considered Licensed Technology and subject to the terms of this Agreement, including but not limited to, Royalties, and Field of Use, and (b) Derivatives may not be made, used, or disposed of prior to the end of the Term, unless the License granted under 2.1 of this Agreement is then in effect. CWRU, and any non-profit health care institutions affiliated with CWRU, shall have the right to use Derivatives for research, educational, academic and administrative purposes. If this Agreement terminates or is terminated before the term specified in Section 3 all right, title, and interest in Derivatives shall be transferred to CWRU.

1.6 The term "Diagnostic Licensed Product" shall mean any product, service and/or process which constitutes, is based on, incorporates or utilizes, wholly or in part, Licensed Technology, any and all Derivatives and/or any and all Biological Materials and is used to diagnose or monitor human disease.

1.7 The term "Dispose" or "Disposition" shall mean the sale, lease or other transfer of Licensed Product(s).

1.8 The term "Dollar", "U.S. Dollar" and "U.S. $" shall mean lawful money of the United States of America.

1.9 The term "Exploratory IND" or "eIND" shall mean an exploratory investigational new drug application submitted to the FDA under 21 CFR Part 312.

1.10 The term "FDA" shall mean the U.S. Food & Drug Administration or equivalent outside the U.S.

1.11 The term "First Commercial Sale" shall mean, with respect to any Licensed Product, the first sale for which revenue has been recognized by NeoIndicate (or its affiliates or sublicensees) for the purpose of determining either Gross Sales or Net Sales for use or consumption by the general public of such Licensed Product in any country in the Territory after all required Regulatory Approvals have been granted in such country.

1.12 The term "Field of Use" shall mean use of PTPmu radionuclides for imaging and treatment of brain cancer.

1.13 The term "Fiscal Quarter" or "Quarter" shall refer to the normal quarterly accounting periods of Licensee; if Licensee does not have normal quarterly accounting periods, then "Fiscal Quarters" shall mean the calendar three months periods commencing with January of each year.

1.14 The term "Foreign Equivalent" shall mean the performance or occurrence of activities in non-U.S. jurisdictions similar to the performance or occurrence of activities in the United States covered by the terms "Clinical Trial," "Initiate Phase I Clinical Trial," "Phase II Clinical Trial," "Initiate Phase II Clinical Trial," "Phase III Clinical Trial," "Initiate Phase III Clinical Trial," "IND" and "Regulatory Approval," as each such term is defined in this Article.

1.15 The term "Gross Sales" shall mean the overall sales.

1.16 The term "IND" shall mean an Investigational New Drug application submitted to the FDA under 21 C.F.R. Part 312 or equivalent outside the U.S.

1.17 The term "Initiate Phase I Clinical Trial" shall mean the date a human subject is first enrolled in a Phase I Clinical Trial.

1.18 The term "Initiate Phase II Clinical Trial" shall mean the date a human subject is first enrolled in a Phase II Clinical Trial.

1.19 The term "Initiate Phase III Clinical Trial" shall mean the date a human subject is first enrolled in a Phase III Clinical Trial.

1.20 The term "Launch" shall mean the same as Product Launch.

1.21 The term "Licensed Product" or "Product" shall mean any product, service and/or process which constitutes, is based on, incorporates or utilizes, wholly or in part, Licensed Technology, any and all Derivatives and/or any and all Biological Materials.

1.22 The term "Licensed Technology" or "Technology" shall mean (i) the technology described in Attachment A on an "as is" basis on the Effective Date; (ii) the trade secrets, know-how, design architecture and the software and algorithm related to the technology described in Attachment A, including related code and related Copyrights, on an "as is" basis on the Effective Date; (iii) any claims issuing on Patents covering the foregoing parts i or ii; (iv) Derivatives; and (v) Biological Materials.

1.23 The term "Licensee" shall mean NeoIndicate LLC and its independent contractors. The term "Sublicensee" shall mean Radiopharm Theranostics Limited.

1.24 The term "Market Exclusivity Period" shall mean any exclusive marketing rights granted by the FDA or another regulatory agency, considered on a country by country basis in the Territory for a specified period based on Regulatory Approval of a Licensed Product, including but not limited to exclusive marketing rights as may be granted under New Product Exclusivity, Orphan Drug Exclusivity and/or Pediatric Exclusivity.

1.25 The term "Net Sales" shall mean the total Revenues received from the manufacture, use or Disposition of Licensed Products, less the total of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. discounts allowed in amounts customary in the trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. sales tariffs, duties and/or taxes imposed on the Licensed Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. outbound transportation prepaid or allowed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. amounts allowed or credited on returns.

No deduction shall be made for commissions paid to individuals (whether independent sales agents or persons regularly employed by Licensee).

For clarity, Net Sales shall not include any transfers of supplies of Licensed Product for Licensee and/or Sublicensee's use in clinical trials, preclinical studies or other research or development activities solely related to the Licensed Products. Notwithstanding the foregoing, any payment or compensation resulting from transfers of supplies of Licensed Products for use in clinical trials or preclinical studies in combination with any Third Party product or service will be considered Net Sales and royalties shall be calculated and paid pursuant to this Agreement.

1.26 The term "New Product Exclusivity" shall mean and refer to any exclusivity granted by (i) the FDA pursuant to § 505(c)(3)(E) or § 505(j)(5)(F) of the FDC Act or § 351(k) of the PHS Act or (ii) any equivalent exclusivity granted by the applicable government agencies authorized to grant Market Exclusivity in a country or territory.

1.27 The term "Optional Fields of Use" shall mean use of PTPmu radionuclides for imaging and treatment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) breast cancer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) ovarian cancer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) prostate cancer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) lung cancer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) skin cancer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) any other cancer types not listed in 1.27 a-e.

1.28 The term "Orphan Drug Exclusivity" shall mean and refer to any exclusivity granted by the FDA to the sponsor of a marketing application for a designated orphan drug in the rare disease or condition for which the drug was designated, or for select indications or uses within the rare disease or condition for which the orphan drug was designated pursuant to 21 C.F.R. § 316.31 or any equivalent exclusivity granted by the applicable government agencies authorized to grant Market Exclusivity in a country or territory.

1.29 The term "Patent(s)" shall mean any patent, continuation, continuation-in-part, divisional, or reissue in the U.S.A. or in any other country, which issues to CWRU and is based on intellectual property in existence at the date of the signing of this Agreement on Attachment A or which issues to NeoIndicate and constitutes a Derivative.

1.30 The term "Pediatric Exclusivity" shall mean and refer to any exclusivity granted by the FDA for pediatric studies pursuant to § 505A of the FDC Act or any equivalent exclusivity granted by the applicable government agencies authorized to grant Market Exclusivity in a country or territory.

1.31 The term "Phase I Clinical Trial" shall mean a Clinical Trial of a Licensed Product in which human subjects are exposed to or treated with such Licensed Product primarily for the purpose of evaluating safety and tolerability.

1.32 The term "Phase II Clinical Trial" shall mean a Clinical Trial either (i) designed to provide a preliminary evaluation of the activity or effectiveness, common short-term side effects, risks, or other characteristics of a Licensed Product for particular indications; or (ii) as otherwise indicated as being a Phase II Clinical Trial in its protocol.

1.33 The term "Phase III Clinical Trial" shall mean the agreement by the FDA and the Licensee that a Clinical Trial which the FDA and Licensee agree is "adequate and well-controlled" as those terms are defined in 21 C.F.R. § 314.126 in its design and conduct to demonstrate whether a Licensed Product(s) has sufficient safety and effectiveness as necessary for BLA Approval of such Licensed Product(s).

1.34 The term "Prime Rate" shall mean the interest rate per annum announced from time to time by Key Bank, Cleveland, Ohio, as its prime rate.

1.35 The term "Product Launch" shall mean the initial delivery to an end user of a Licensed Product(s) that is subject to, and in accordance with, a Regulatory Approval for such Licensed Product(s).

1.36 The term "Progeny" shall mean an unmodified descendant of Biological Material, such as virus from virus, cell from cell, or organism from organism, and any immediate or remote progeny of or descendant from organisms or cell lines containing the same genetic mutation(s) or lesion(s) as the Biological Material.

1.37 The term "Regulatory Approval" or "Approval(s)" shall mean FDA approval or Foreign Equivalent that is necessary for the commercial sale of a Licensed Product in the Field of Use in the applicable country or regulatory jurisdiction.

1.38 The term "Revenue" shall mean the U.S. Dollar value of all consideration realized by Licensee for the Disposition of Licensed Product(s).

1.39 The term "Royalties" shall mean Disposition royalties which are calculated as a percentage of Net Sales and will be payable by NeoIndicate to CWRU under the provisions of this Agreement.

1.40 The term "Sublicense Fees" shall mean any consideration due from Sublicensee relating to the sublicense, except that it shall not include the following: (i) royalties received by Sublicensee on sales of Licensed Products (instead, such sales will be included in Net Sales and NeoIndicate will be entitled to such royalties); (ii) payments for sponsored research and/or development activities valued at the actual direct cost of such activities on a fully burdened basis (including reasonable margin for overhead); (iii) payments of patent expenses; and (iv) fair market value equity purchases in Licensee.

1.41 The term "Therapeutic Licensed Product" shall mean any product, service and/or process which constitutes, is based on, incorporates or utilizes, wholly or in part, Licensed Technology, any and all Derivatives and/or any and all Biological Materials and is used to treat or cure human disease.

1.42 The term "Territory" shall mean the entire world.

1.43 The term "Third Party(ies)" shall mean any party other than Sublicensee, NeoIndicate or CWRU.

1.45 The term "Year" refers to contract years of the CWRU 2022 License, i.e., a 12-month period starting with the date (or anniversary) of the Effective Date of the CWRU 2022 License.

2. SUBLICENSE GRANT

2.1 NeoIndicate hereby grants to Sublicensee, and Sublicensee hereby accepts, an exclusive, world- wide, terminable (in accordance with this Agreement) right and license, with the right to grant sublicenses to use the Licensed Technology to make, have made, use and Dispose of Licensed Products and to create Derivatives and/or Biological Materials for the Field of Use.

2.2 (a) Sublicensee shall have the right to grant sublicenses as follows provided that the terms and conditions of any sublicense of Sublicensee's rights which may be permitted hereunder shall be consistent with this Agreement, in writing, contain terms that do not exceed the scope of rights granted under this Agreement, and Sublicensee shall be liable for any of its sublicensee's acts or omissions that would constitute a breach of this Agreement as if such action or inaction were that of Sublicensee: (i) for any second tier sublicense, the first tier sublicensee may grant sublicenses to (x) any Qualified Sublicensee without the prior written consent of CWRU and NeoIndicate, or (y) any other Third Party sublicensee with the prior written consent of CWRU and NeoIndicate (which consent shall not be unreasonably withheld, conditioned or delayed), and (ii) for any additional Third Party sublicensee, Sublicensee or another Third Party sublicensee may grant sublicenses only with the written consent of CWRU and NeoIndicate (which consent shall not be unreasonably withheld, conditioned or delayed); *provided*, that any sublicenses granted pursuant to any agreement entered into by or on behalf of Sublicensee or any permitted sublicensee with one or more Third Parties performing services or any other type of work on behalf of Sublicensee or such permitted sublicensee, including contract manufacturers, contract research organizations, academic researchers, distributors, contract sales organizations or any other entity or person providing research, manufacturing, distribution or other services (collectively, "Contractors") shall not be considered a sublicense for which Sublicensee or any permitted sublicensee will be required to obtain the prior consent of CWRU and NeoIndicate before entering into such agreement and shall not count toward the number of tiers granted under this Section 2.2, but clause (iii) of Section 2.2(b) shall apply to any agreement with any such Contractor. For purposes of this Section 2.2, the term "Qualified Sublicensee" shall mean a Third Party pharmaceutical company with a public market capitalization of $200 million or more. For private companies, the sublicensee will provide due diligence, financial information, and relevant information about the sublicense with respect to the potential second tier sublicensee and CWRU and NeoIndicate will review the information within ten (10) business days and provide a response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following terms shall apply to each sublicense granted by Sublicensee (or its permitted sublicensee) : (i) the sublicensee agrees to abide by and be subject to all the terms and provisions of this Agreement applicable to Sublicensee; (ii) notwithstanding the sublicense grant by Sublicensee (or a sublicensee), the sublicense terms may not circumvent the payment obligations to CWRU or NeoIndicate set forth in this Agreement and the economic return to CWRU and NeoIndicate from the Disposition of Licensed Products may not be less than the economic returns would be if such Disposition had been by Sublicensee; (iii) in the event any sublicensee (or any entity or person acting on its behalf) initiates any proceeding or otherwise asserts any claim challenging the validity or enforceability of any Patent in any court, administrative agency or other forum, Sublicensee shall, upon written request by CWRU and NeoIndicate, terminate forthwith the sublicense agreement with such sublicensee, and the sublicense agreement shall provide for such right of termination by Sublicensee; (iv) the sublicense agreement shall provide that, in the event of any inconsistency between the License agreement and this Agreement, the License Agreement shall control; (v) Sublicensee remains fully liable for the performance of its and its sublicensee's obligations hereunder; (vi) Sublicensee notifies CWRU and NeoIndicate of any proposed grant of a sublicense and provides to CWRU and NeoIndicate, upon request, a copy of any proposed sublicense agreement seven (7) business days prior to execution thereof; and (vii) no such sublicense or attempt to obtain a sublicensee shall relieve Sublicensee of its obligations under Section 4 hereof, nor relieve Sublicensee of its obligations to pay CWRU and NeoIndicate any and all sublicense fees, royalties and other payments due under the Agreement. In addition, sublicensee shall also provide CWRU and NeoIndicate with a copy of the executed sublicense within seven (7) days after its execution.

2.3 Sublicensee shall have for a period of forty-eight (48) months from the Effective Date of the CWRU 2022 License (the "Option Period") an exclusive option (the "Option") to extend the Field of Use to include one or more of the Optional Field(s) of Use listed in 1.27. The manner by which Sublicensee shall exercise of the Option shall be by delivering to Licensee written notice to such effect. Thereafter, for each Optional Field of Use elected after the Effective Date, the aforementioned Option Period for the remaining fields in 1.27 shall be extended by an additional twenty-four (24) months, for up to a period of time not to exceed ten (10) years from the Execution Date. During such Option Period, CWRU shall not negotiate a license to the Licensed Technology in the Optional Field(s) of Use with any Third Party.

2.4 Election. Once NeoIndicate has received notice from Sublicensee of an intent to extend the Field of Use, Licensee shall exercise the Option during the Option Period by delivering in one or more parts to CWRU: (i) written notice of the Optional Field(s) of Use which Licensee intends to incorporate into the Field of Use (the "Option Notice"), (ii) a completed and partially executed version of Appendix B for each Optional Field in question, and (iii) payment of a Fifty Thousand Dollar ($50,000) Option Exercise Fee for each Optional Field indicated in the Option Notice, Forty-Five Thousand Dollars ($45,000) of which will be provided to CWRU. Licensee and Sublicensee will thereafter be obligated to meet the milestones contained in the fully executed Election of Additional Fields of Use Amendment.

2.5 In addition to, and not in limitation of, the rights granted in Section 2.1, Neoindicate hereby grants to Sublicensee, and Sublicensee hereby accepts, an exclusive, world-wide right to use the Licensed Technology to conduct non-clinical research, including non-clinical research for educational purposes and for the purpose of exploring and evaluating the Optional Fields of Use during the Option Period.

2.6 CWRU, and any non-profit health care institutions affiliated with CWRU, shall have and Sublicensee grants to CWRU the perpetual, worldwide, irrevocable right to make, have made, use, and import, free of charge, any product or process, developed by Sublicensee which contains or is based on any of Licensed Technology, and/or Derivatives, for research (including but not limited to clinical research by itself or in conjunction with a healthcare institution), educational, academic, or administrative purposes.

2.7 No provision of this Agreement shall restrict CWRU's ability to conduct further research and development in the area of Licensed Technology or other areas.

2.8 All Licensed Products shall be manufactured, sold and performed by Sublicensee in compliance with all applicable governmental laws, rules and regulations. Sublicensee shall keep Neoindicate fully informed of, and shall move expeditiously to resolve, any complaint by a governmental body relevant to Licensed Products, except for complaints subject to the Section of this Agreement entitled "Infringement".

2.9 If Licensed Technology was supported under a United States Government funding agreement, then (a) the United States Government has been or will be granted licensing rights as required under the terms of those federal agreements, (b) all rights and requirements of the United States Government and others under Public Law 96-517, and Public Law 98-620, including but not limited to government purpose license, march-in rights, and obligations to provide materials to other researchers shall remain and shall in no way be affected by this Agreement and any right granted in this Agreement greater than that permitted under Public Law 96-517, or Public Law 98-620, shall be subject to modification as may be required to conform to the provisions of those statutes, and (c) products sold in the United States of America, embodying or produced through use of Licensed Technology, will be manufactured substantially in the United States of America, unless a waiver has been obtained from the federal funding agency under whose funding agreement the Licensed Technology was generated.

2.10 Retained Rights to the Licensed Technology. Notwithstanding the license granted in this Agreement, CWRU, and any non-profit health care institutions affiliated with CWRU, shall retain all rights to use the Licensed Technology for non-commercial research (including but not limited to clinical research by itself or in conjunction with a healthcare institution), educational, academic, or administrative purposes, even in the Field of Use.

2.11 Supply of Research Materials. Subject to a materials transfer and confidentiality agreement to be negotiated in good faith by the parties, Sublicensee will provide to Neoindicate and/or CWRU at the expense of Neoindicate and/or CWRU reasonable quantities of all research materials produced, or in the future developed, by the Sublicensee for the use by CWRU in a manner consistent with Section 2.10 above. CWRU shall not use such research materials in a manner detrimental to the Licensee's and/or Sublicensee's legitimate commercial interests in the Licensed Technology granted under this Agreement or transfer such research materials to any Third Party(ies) obtained under this Section 2.10 without the prior written consent of the Sublicensee. Commercializing or seeking to commercialize such research materials and their derivatives within the Field of Use shall be deemed "detrimental to the Licensee's and/or Sublicensee's commercial interests" within the intent of this Section.

2.12 Right of First Preference for CWRU-based Clinical Studies. Sublicensee will use commercially reasonable efforts to ensure that, under financial terms that are customary and reasonable and in accordance with the Sublicensee's standard clinical research terms, CWRU and its affiliated hospitals have, subject to applicable FDA and governmental regulations and policies pertaining to conflicts, a right of first preference in the United States: (i) to conduct the initial clinical study; (ii) to be included in all subsequent clinical studies of the Licensed Product(s); and (iii) to be the first centers to use the Licensed Product(s) as commercial products in the care of human patients. For clarity, the right of first preference under this Section 2.12 does not apply to clinical trials performed outside of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Licensee and Sublicensee shall offer CWRU the preference rights specified in Sections 2.12 (i) and 2.12 (iii) above before approaching any Third Party(ies). If the Licensee and Sublicensee and CWRU cannot agree on the financial terms associated with each such preference right within thirty (30) days of commencement of discussions, the Licensee shall have the right to negotiate with other Third Party(ies) regarding such initial clinical studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With the exception of the preference right specified in Section 2.12, none of the rights specified in Section 2.12 granted CWRU prohibit the Licensee and/or Sublicensee from negotiating with Third Party(ies) in connection with conducting clinical studies of the Licensed Product(s).

3. TERM OF THIS AGREEMENT

The term of this Agreement shall conclude at the end of twenty (20) years from the Effective Date of the CWRU 2022 License, or on the expiration date of the last-to-expire Patent listed on Attachment A, or on the expiration date of the last-to-expire Market Exclusivity period, whichever comes later (the "Term"), unless otherwise terminated pursuant to another provision of this Agreement.

4. DUE DILIGENCE

4.1 Sublicensee shall use good faith diligent and reasonable efforts to effect introduction of Licensed Technology into the commercial market as soon as possible; thereafter, until the termination of this Agreement, Sublicensee shall use commercially reasonable efforts to market and maintain reasonable availability of the Licensed Technology for distribution to, and use by, the public.

4.2 Sublicensee shall, at a minimum, achieve the following milestones ("Diligence Milestones"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Diagnostic Licensed Product Milestones

1) Within thirty (30) months of the Effective Date, Licensee shall submit an IND application to the FDA for a Diagnostic Licensed Product. Licensee shall provide CWRU with a copy of any IND applications with thirty (30) days of submission to the FDA.

2) Within thirty-six (36) months of the Effective Date, Licensee shall initiate a Phase I Clinical Trial (or Foreign Equivalent) of a Diagnostic Licensed Product.

3) Within sixty (60) months of the Effective Date, Licensee shall initiate Phase II Clinical Trials (or Foreign Equivalent) of a Diagnostic Licensed Product if necessary.

4) Within ninety-six (96) months of the Effective Date, Licensee shall initiate a Phase III Clinical Trial (or Foreign Equivalent) of a Diagnostic Licensed Product if necessary.

5) Within eleven (11) years of the Effective Date, Licensee shall submit an NDA or other marketing application (or Foreign Equivalent) of a Diagnostic Licensed Product. Licensee shall provide CWRU with a copy of the submission within (30) days of submission to the FDA.

6) On or before the sixth (6) month after receipt of NDA or other marketing application approval (or Foreign Equivalent), but no later than the twelfth (12th) year anniversary of the Effective Date, launch a Diagnostic Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Therapeutic Licensed Product Milestones

1) Within thirty (30) months of the Effective Date, Licensee shall submit an IND application to the FDA for a Therapeutic Licensed Product. Licensee shall provide CWRU with a copy of any IND applications with thirty (30) days of submission to the FDA.

2) Within thirty-six (36) months of the Effective Date, Licensee shall initiate a Phase I Clinical Trial (or Foreign Equivalent) of Therapeutic Licensed Product.

3) Within sixty (60) months of the Effective Date, Licensee shall initiate Phase II Clinical Trials (or Foreign Equivalent) of a Therapeutic Licensed Product.

4) Within ninety-six (96) months of the Effective Date, Licensee shall initiate a Phase III Clinical Trial (or Foreign Equivalent) of a Therapeutic Licensed Product.

5) Within eleven (11) years of the Effective Date, Licensee shall submit an NDA or other marketing application (or Foreign Equivalent) of a Therapeutic Licensed Product. Licensee shall provide CWRU with a copy of the submission within (30) days of submission to the FDA.

6) On or before the sixth (6) month after receipt of NDA or other marketing application approval (or Foreign Equivalent), but no later than the twelfth (12th) year anniversary of the Effective Date, launch a Therapeutic Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sublicensee shall have quarterly meetings with NeoIndicate and/or CWRU to provide updates on progress toward Sublicensee's Diligence Milestones, fundraising, and commercialization planning for Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sublicensee shall provide an annual written report providing updates on Sublicensee's progress toward completion of the Milestone(s) and other business development and commercialization progress of NeoIndicate toward a Licensed Product's commercialization.

Within thirty (30) days of completion of a Milestone, Licensee shall deliver written notice to CWRU indicating that such Milestone has been met.

4.3 Sublicensee's default in performance in accordance with Section 4 herein shall be grounds for NeoIndicate to terminate this Agreement pursuant to the Section entitled "Termination."

5. ROYALTIES OR PAYMENTS

5.1 Royalties payable by Sublicensee to NeoIndicate on Licensed Products shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For a Diagnostic Licensed Product: The royalty rate shall equal five percent (5%) of annual Net Sales prior to the expiration of the last to expire Patent and then two and a half percent (2.5%) of Net Sales thereafter during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For a Therapeutic Licensed Product: The royalty rate shall equal [\*\*\*] of annual Net Sales below One Hundred Million Dollars ($100,000,000.00), prior to the expiration of the last to expire Patent and then [\*\*\*] of Net Sales thereafter during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Royalty shall equal [\*\*\*] of annual Net Sales above One Hundred Million Dollars ($100,000,000.00) prior to the expiration of the last to expire Patent and [\*\*\*] of Net Sales thereafter during the Term.

5.2 Sublicensee shall pay NeoIndicate an upfront payment of [\*\*\*] within ten (10) days of the execution of this Agreement, and an additional payment of [\*\*\*] within ten (10) days of the issuance of the first patent in the U.S. or E.U. based on U.S Patent Application No. 16/608,021. For the avoidance of doubt, the payments referenced in this Section 5.2 shall not be considered Non Royalty Sublicensing Income ("NRSI") that NeoIndicate is required to pay a percentage of to CWRU.

5.3 Sublicensee shall pay Licensee an Annual License Maintenance Fee of [\*\*\*] per year beginning in 2023, and payable annually no later than March 31, until Licensee obtains Regulatory Approval of the Therapeutic Licensed Product.

5.4 Upon Licensee's receipt of Regulatory Approval for the Therapeutic Licensed Product, Sublicensee shall pay an Annual Minimum Royalty to Licensee of [\*\*\*] per year ("Annual Minimum Royalty"), payable annually following the second calendar year post Regulatory Approval for the Therapeutic Licensed Product. The Annual Minimum Royalty shall be credited against the Royalties payable in a Year.

5.5 Annual Minimum Royalty payments are to be adjusted by the cumulative percentage change in the CPI-W Consumer Price Index between the December preceding the Effective Date and the December preceding the date on which the payment in question is payable and subject to CWRU making such an adjustment under the CWRU 2022 License.

5.6 Sublicense Fees. Sublicensee shall pay to Licensee the following Sublicense Fees: (a) where an agreement by which sublicensee grants a license to the Licensed Technology becomes effective before Phase 2 Therapeutic: [\*\*\*], and (b) where an agreement by which sublicensee grants a license to the Licensed Technology becomes effective after Phase 2 Therapeutic: [\*\*\*].

5.7 Milestone Payment Amounts. The Sublicensee will make a one-time payment on a Licensed Product by Licensed Product basis to NeoIndicate within thirty (30) days of each occurrence of the achievement of a Milestone as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Diagnostic Licensed Product Milestone Payments:

---

| | |
|:---|:---|
| DIAGNOSTIC LICENSED PRODUCT(S) MILESTONE | MILESTONE PAYMENT AMOUNT |
| eIND or IND Diagnostic approval | $75000 |
| First dose of Diagnostic in Phase I anywhere in world | $75000 |
| First dose of Diagnostic in Phase II anywhere in world | $150000 |
| First dose of Diagnostic in Phase III anywhere in world | $300000 |
| US FDA Regulatory Approval Diagnostic | $1000000 |
| Outside of US Regulatory Approval Diagnostic | $500000 |
| Upon first reaching cumulative aggregate gross sales of <br>$25M Diagnostic | $750000 |
| Upon first reaching cumulative aggregate gross sales of <br>$100M Diagnostic | $3000000 |
| Upon first reaching cumulative aggregate gross sales of <br>$250M Diagnostic | $7500000 |
| Upon first reaching cumulative aggregate gross sales of <br>$500M Diagnostic | $15000000 |
| Upon first reaching cumulative aggregate gross sales of $1 <br>Billion Diagnostic | $30000000 |
| Upon first reaching cumulative aggregate gross sales of $2 <br>Billion Diagnostic | $60000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Therapeutic Licensed Product Milestone Payments:

---

| | |
|:---|:---|
| THERAPEUTIC LICENSED PRODUCT(S) MILESTONE | MILESTONE PAYMENT AMOUNT |
| eIND or IND approval of therapeutic | $100000 |
| First dosing Therapeutic of patients in Phase I anywhere in world | $100000 |
| First dosing Therapeutic of patients in Phase II anywhere in world | $200000 |
| First dosing Therapeutic of patients in Phase III anywhere in world | $500000 |
| US FDA Approval Therapeutic | $2000000 |
| Outside of US Regulatory Approval Therapeutic | $1000000 |
| Upon first reaching cumulative aggregate gross sales of $25M Therapeutic | $1000000 |
| Upon first reaching cumulative aggregate gross sales of $100M Therapeutic | $5000000 |
| Upon first reaching cumulative aggregate gross sales of $250M Therapeutic | $10000000 |
| Upon first reaching cumulative aggregate gross sales of $500M Therapeutic | $20000000 |
| Upon first reaching cumulative aggregate gross sales of $1 Billion Therapeutic | $40000000 |
| Upon first reaching cumulative aggregate gross sales of $2 Billion Therapeutic | $80000000 |

---

This Section shall be construed as requiring separate Milestone payments for each and every Licensed Product that is subject to a Clinical Trial, Regulatory Approval, and/or Product Launch and shall not be construed as limiting the number of times each Milestone can be achieved and for which payment is required. For example, $25,000 shall be paid to NeoIndicate for each Therapeutic Phase I Clinical Trial that is initiated. Notwithstanding the foregoing, in the event that a Phase I Clinical Trial must be re-done for the same Licensed Product, Sublicensee shall not owe NeoIndicate a second Milestone Payment.

5.8 Milestone Cure. If the Sublicensee fails to achieve any Diligence Milestone under Section 4.2, the Sublicensee has the right to cure such failure as provided under Section 11.2 of this Agreement. Upon expiration of the pertinent cure period, and in lieu of termination, NeoIndicate, at its sole option and upon sixty (60) days prior written notice, may convert the Sublicensee's exclusive sublicense under this Agreement into a non-exclusive sublicense and may grant non-exclusive sublicenses and other rights to the Licensed Technology to Third Parties, even in the Field of Use, whether such Third Parties are commercial entities, academic institutions or other persons.

5.9 Royalty if Sublicensee Challenges the Patent(s). Notwithstanding the above, should Sublicensee bring an action seeking to invalidate any Patent included in the Licensed Technology, Sublicensee will pay Royalties directly to NeoIndicate at the rate of [\*\*\*] of Net Sales during the pendency of such action. These Royalties shall not be refundable. Moreover, should the outcome of such action determine that any claim of a Patent(s) challenged by Sublicensee is both valid and infringed by a Licensed Product, Sublicensee will pay Royalties at the rate of [\*\*\*] of Net Sales thereafter. Further, during the pendency of any action seeking to invalidate any Patent(s) included in the Licensed Technology, Sublicensee shall not pay Royalties into any escrow or other similar account but shall continue to pay amounts due to NeoIndicate.

6. PAYMENT TERMS

6.1 Royalties shall be paid by Sublicensee to NeoIndicate, as defined in the Section entitled "Royalties" for each Fiscal Quarter during the Term within sixty (60) days of the end of such Fiscal Quarter, until this Agreement expires or is terminated in accordance with the terms of this Agreement, except that Sublicensee shall be entitled to pay the portion of the Royalties payable to CWRU under the CWRU 2022 License directly to CWRU. If this Agreement terminates before the end of a Fiscal Quarter, the payment for that terminal fractional portion of a Fiscal Quarter shall be made within ninety (90) days of the date of termination of this Agreement.

6.2 All payments hereunder shall be paid in U.S. Dollars and shall be made by wire transfer to NeoIndicate's account at Key Bank (account number provided as needed), or by Sublicensee's check sent in accordance with the Section entitled "Notices." And in the case of payments made to CWRU, to CWRU's account No. 010-104-2963, CWRU Ref. No. A2022- 16995 at Key Bank's Cleveland office, or by Licensee's check sent in accordance with the Section entitled "Notices".

6.3 All payments, including but not limited to Royalties, Annual License Maintenance Fees, Annual Minimum Royalties, Sublicensing Fees, and Milestone Payments payable hereunder which are overdue shall bear interest until paid at a rate equal to the Prime Rate in effect at the date such payments were due plus four percent (4%) per annum, but shall in no event exceed the maximum rate of interest permitted by applicable law. This provision for interest shall not be construed as a waiver of any rights CWRU or NeoIndicate has as a result of Sublicensee's failure to make timely payment of any amounts.

7. REPORTS AND AUDITS

7.1 Sublicensee shall report Quarterly to NeoIndicate its Net Sales and Revenues, which are subject to Royalty payments.

7.2 No later than sixty (60) days after June 30 of each calendar year, Sublicensee shall provide to NeoIndicate a written annual progress report ("Progress Report") describing progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and sales during the most recent twelve (12) month period ending June 30 and plans for the forthcoming year. If multiple Licensed Products are being developed, the Progress Report shall provide the information set forth above for each Licensed Product.

7.3 No later than thirty (30) days after the completion of a Diligence Milestone, Sublicensee shall provide to NeoIndicate a written report on the completion of said Diligence Milestone.

7.4 Sublicensee shall maintain accurate books and records such that the Royalties due and payable hereunder can be easily ascertained. Such books and records shall be maintained at Sublicensee's principal place of business and shall be available for inspection by NeoIndicate or its representatives during the normal business day upon not less than ten (10) days prior written notice, provided that NeoIndicate or its representatives agree to protect the confidentiality of the information as to the customers of Sublicensee.

7.5 Sublicensee shall make available Sublicensee's books and records for audit by an accounting firm or representative of NeoIndicate's selection upon reasonable advance notice and at a mutually agreed upon time, and Sublicensee agrees to cooperate fully in any such audit, provided that the auditors agree to protect the confidentiality of the information as to the customers of Sublicensee. Any such audit shall not be more frequent than annually. In the event that such audit determines that the amount of Royalties paid to Neoindicate was in error by more than five (5%) percent, Sublicensee shall pay the costs of the audit.

8. IMPROVEMENTS AND COLLABORATIONS

8.1 Discussion of technical matters with each other by the parties will not create any rights to ownership of patents, copyrights, mask work rights, trade secrets or other intellectual property rights in solutions to the problem developed solely by employees or agents of the other party hereto.

8.2 Sublicensee will own all of the right, title and interest (including patents, copyrights, mask work rights, trade secrets and any other intellectual property rights, but excluding Patents) in and to the results of the collaboration between the parties that are developed solely by Sublicensee employees or agents.

8.3 Licensee will own all of the right, title and interest (including patents, Patents, copyrights, mask work rights, trade secrets and any other intellectual property rights) in and to the results of the collaboration between the parties that are developed solely by Licensee employees or agents.

8.4 CWRU will own all of the right, title and interest (including patents, Patents, copyrights, mask work rights, trade secrets and any other intellectual property rights) in and to the results of the collaboration between the parties that are developed solely by CWRU employees or agents.

8.5 All intellectual property which results in Patents or Licensed Technology developed jointly by employees or agents of CWRU, Licensee, and Sublicensee, and which are not subject to another agreement such as a sponsored research agreement between CWRU and Licensee and/or Sublicensee, shall be owned by CWRU. Sublicensee may utilize such jointly developed property pursuant to the terms of this License Agreement. CWRU may issue licenses to others regarding such jointly developed property which result in Patents or Licensed Technology, with Licensee's and Sublicensee's consent, such consent not to be unreasonably withheld, as long as such licenses do not violate any exclusive license to Licensee or Option to extend the Field of Use then existing under the Section entitled "License Grant". If any other intellectual property is developed jointly by employees or agents of CWRU, Licensee, and Sublicensee which would not constitute a Patent or Licensed Technology and which are not subject to another agreement between CWRU and Licensee, CWRU, Licensee, and Sublicensee shall jointly own (without any duty to account to the other for profits) all right, title and interest (including patents, copyrights, mask work rights, trade secrets, and other intellectual property rights) therein, however, Sublicensee may not independently commercialize or issue any licenses to any Third Party relating to such joint intellectual property without the consent of CWRU or Licensee. If any patentable invention which would not constitute a Patent or Licensed Technology arises out of such joint development by employees or agents of CWRU, Licensee, and Sublicensee, CWRU, Licensee, and Sublicensee will engage in good faith efforts to mutually agree on whether and how to pursue patent, copyright or mask work protection of the invention in the U.S. and elsewhere.

8.6 Except as provided in this Section, nothing herein shall be deemed to grant any license or rights in any other technology in addition to the Licensed Technology.

9. PATENTS AND OTHER INTELLECTUAL PROPERTY

9.1 CWRU Property. Intellectual property rights to Licensed Technology such as Patent(s), patent(s), and Copyrights which may be obtainable will remain the property of CWRU, subject to the proprietary rights concerning Derivatives provided in Section 1.9. Trademarks existing on the Effective Date of this License Agreement belong to CWRU.

9.2 Sublicensee shall bear all patenting and other intellectual property protection costs for protection of Licensed Technology. Sublicensee will reimburse Licensee all past and future fees and expenses related to such patenting, within thirty (30) days of the receipt of each notification or bill, and in accordance with the payment plan in Section 9.5 below. Should Licensed Technology be further licensed to others by CWRU in other Fields of Use, then (a) the costs of such patenting and other intellectual property protection which are incurred after that point shall be pro-rated among all licenses in proportion to the number of licenses in effect at the time the costs are incurred and (b) the costs of patenting and other intellectual property protection that have been paid by Licensee or other entities which licensed the Licensed Technology after the Effective Date shall be pro-rated by the number of then existing licenses of Licensed Technology and Licensee shall be given a credit against future Royalties due under Section 5.1 for the portion of costs of patenting and other intellectual property protection which Licensee paid beyond its own pro-rata portion determined under the above pro-ration.

9.3 CWRU has applied for, and/or will apply for and prosecute Patent coverage, at Licensee and Sublicensee's expense, in any country if so requested by Licensee or Sublicensee, for any and all Patents listed in Attachment A, to the extent that such protection is reasonably obtainable. CWRU will provide Licensee and Sublicensee with copies of all pending filings and official correspondence pertaining to the Patents, in sufficient time for Licensee and Sublicensee to comment and recommend changes. CWRU and its attorneys and agents will give reasonable consideration to Licensee and Sublicensee's comments and recommendations.

9.4 CWRU may, at its option and sole discretion and at its own expense, pursue patent, copyright and/or trademark rights for Licensed Technology in any country for which coverage has not been requested by Licensee in accordance with Subsection 9.3 above. If Licensee does not reimburse CWRU for such fees within thirty (30) days of the receipt of each notification, then Licensee shall have no rights under any Patent in that country.

9.5 Sublicensee shall pay CWRU for all patent costs that CWRU incurred before the Effective Date that relate to the Licenced Technology, shall be by way of 3 equal annual instalments. The first payment is due within sixty (60) days of signing the Sublicense Agreement, but no later than ninety (90) days after the Effective Date.

9.6 Sublicensee shall not contest the validity of the Patents.

9.7 Notwithstanding anything to the contrary in this section 9, the manner by which Sublicensee must reimburse CWRU for all patent costs that CWRU incurred before the Effective Date that relate to the Licenced Technology, shall be by way of 3 equal annual instalments.

10. MARKINGS, TRADEMARKS AND TRADE NAMES

10.1 Sublicensee shall have included in all sales, marketing literature and invoices relating to Licensed Product, a statement to the effect that "this product or portions thereof is manufactured under license from Case Western Reserve University" and, if applicable, either "Patent Pending" or, if applicable, "U.S. Patent Number US .

10.2 Sublicensee shall have marked the appropriate portions of all Licensed Product with any applicable United States of America and foreign Patent numbers in accordance with the applicable laws of the countries in which the materials are intended to be used. Sublicensee shall neither register nor use any CWRU trademarks or trade names.

10.3 Sublicensee acknowledges that it does not have any rights or any title whatsoever in or to CWRU's technology, trade name or in or to any of CWRU's trademarks, except as provided under this Agreement. Any reference by Sublicensee to CWRU beyond the above may only be done with express written permission of CWRU's Executive Director for Technology Management.

11. TERMINATION

11.1 In the event that Sublicensee defaults in the payment in full of any amount required to be paid under this Agreement on the date such payment is due, in addition to utilizing any other legal and/or equitable remedies, NeoIndicate shall have the right by written notice to Sublicensee after such default either (i) to terminate the exclusivity, if any, of the license hereunder (by amending the word "exclusive" in the License Grant to read "non-exclusive") without any reduction in any of the payments due from Sublicensee or (ii) to terminate this Agreement. If NeoIndicate terminates this Agreement pursuant to this Section, Sublicensee shall still pay NeoIndicate any Annual Minimum Royalties due for the next Year thereafter, notwithstanding termination of Sublicensee's rights hereunder. In addition, and subject to Section 1.9, in the event of a termination under this Section, Sublicensee hereby grants to NeoIndicate a fully paid up, perpetual license to use any Sublicensee Patent(s) necessary to practice any Patent(s) for research, educational and/or administrative purposes.

11.2 In the event that either party to this Agreement defaults in the performance of any of its obligations hereunder (other than the defaults referred to in Section 4 (Due Diligence) and Section 11.1. (Termination), hereof) and fails to cure such default within thirty (30) days after written notice of such default from such other party, the other party shall have the right by written notice to the defaulting party within sixty (60) days after the expiration of such thirty (30) day period to terminate this Agreement.

11.3 Sublicensee may terminate this Agreement by giving sixty (60) days written notice to NeoIndicate. In the event that Sublicensee terminates this Agreement pursuant to this Section 11.3, Subicensee shall tender to NeoIndicate the termination fee of fifty thousand Dollars ($50,000), provided the Agreement is terminated for convenience, and shall further pay any amounts due up to the date of termination and owing to NeoIndicate pursuant to this Agreement upon such termination. If Sublicensee terminates this Agreement because the sublicensed Product did not (i) demonstrate safety in animal toxicology studies, or (ii) safety and/or efficacy in a Clinical Trial, in either case that would prohibit the Sublicensed Product from being approved for sale by the FDA or foreign equivalent, then Sublicensee shall not be obligated to pay any termination fee other than amounts previously owed to CWRU or NeoIndicate under this Agreement.

11.4 The termination of this Agreement shall not terminate (i) the obligation of Sublicensee to pay any amounts, which have accrued or which are otherwise to be paid by Sublicensee under the terms of this Agreement, or (ii) the obligations of Sublicensee under the Sections entitled "Reports and Audits," "Patents and Other Intellectual Property," "Termination," "Taxes," "Confidentiality and Trade Secrets," "Indemnification," "Insurance," "Dispute Resolution," and "Infringement" hereunder.

11.5 Upon termination of this Agreement, Sublicensee will immediately discontinue any further use of Licensed Technology and discontinue production of any Licensed Products.

12. TAXES

Sublicensee shall pay all taxes which may be assessed or levied on, or on account of, the Licensed Technology, Licensed Product made, used or Disposed of hereunder and all taxes (other than taxes imposed by the United States of America or the State of Ohio or jurisdictions within such State) levied on or on account of the amounts payable to, or for the account of, NeoIndicate under this Agreement.

13. NO WARRANTY

A. ALL LICENSED TECHNOLOGY, INFORMATION, MATERIALS, SERVICES, INTELLECTUAL PROPERTY OR OTHER PROPERTY OR
RIGHTS, GRANTED OR PROVIDED BY LICENSEE PURSUANT TO THIS AGREEMENT ("DELIVERABLES") ARE PROVIDED ON AN "AS IS"
BASIS. NEITHER CWRU NOR LICENSEE MAKE ANY WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED, AS TO ANY MATTER INCLUDING, BUT NOT LIMITED
TO, WARRANTY OF FITNESS FOR PARTICULAR PURPOSE, OR MERCHANTABILITY, EXCLUSIVITY OR RESULTS OBTAINED FROM USE. NEITHER CWRU NOR LICENSEE
MAKE ANY WARRANTY OF ANY KIND WITH RESPECT TO FREEDOM FROM PATENT, TRADEMARK, OR COPYRIGHT INFRINGEMENT, OR THEFT OF TRADE SECRETS AND
DOES NOT ASSUME ANY LIABILITY HEREUNDER FOR ANY INFRINGEMENT OF ANY PATENT, TRADEMARK, OR COPYRIGHT ARISING FROM THE USE OF DELIVERABLES.
SUBLICENSEE AGREES THAT IT WILL NOT MAKE ANY WARRANTY ON BEHALF OF CWRU OR LICENSEE, EXPRESSED OR IMPLIED, TO ANY ENTITY CONCERNING THE
APPLICATION OF OR THE RESULTS TO BE OBTAINED WITH DELIVERABLES.

B. IN NO EVENT SHALL CWRU OR LICENSEE BE LIABLE TO SUBLICENSEE OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT,
SPECIAL, OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS OR INABILITY TO USE SAID INTELLECTUAL PROPERTY OR ANY
APPLICATIONS AND DERIVATIONS THEREOF ARISING FROM OR RELATING THIS AGREEMENT AND THE LICENSED TECHNOLOGY ON ANY THEORY OF LIABILITY, WHETHER
IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, EVEN IF SUBLICENSEE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.

C. NEITHER CWRU'S NOR LICENSEE'S TOTAL LIABILITY UNDER THIS AGREEMENT OR FOR BREACH THEREOF,
WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR ANY OTHER LEGAL THEORY, SHALL EXCEED THE TOTAL AMOUNTS PAID TO LICENSEE
HEREUNDER. THE LIMITATIONS OF LIABILITY IN THIS SECTION 13 SHALL APPLY NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED
REMEDY.

14. COSTS

All costs and expenses incurred by Sublicensee in carrying out Sublicensee's obligations under this Agreement shall be paid by Sublicensee, and Sublicensee shall not be entitled to reimbursement from Royalties hereunder or otherwise therefor from CWRU. Sublicensee shall possess or obtain at its own expense all necessary licenses and permits and shall comply with all laws, ordinances, rules or regulations applicable to the exportation, use, and/or sale or transfer of the Licensed Product, Licensed Technology and/or Derivatives.

15. CONFIDENTIALITY AND TRADE SECRETS

15.1 "Confidential Information" shall mean any information relating to the Licensed Technology, the terms of this Agreement (as from time to time amended), Patents, copyrights, algorithms, and software covered by this Agreement or information disclosed to Sublicensee in connection with performance of this Agreement, provided that such information is marked "Confidential" or designated in writing as "Confidential" within thirty (30) days after disclosure to Sublicensee. All such information shall be Confidential Information, including information disclosed to Sublicensee prior to the date of this Agreement, unless such information (i) was already in Sublicensee's possession prior to the disclosure thereof by CWRU or NeoIndicate as provided in this Section 15.1; (ii) has been published or is published hereafter, unless such publication is a breach of this Agreement; (iii) is received by Sublicensee from a Third Party not under an obligation of confidentiality with respect thereto; or (iv) is independently developed by Sublicensee's employees who did not have access to Confidential Information. In the event that such information shall be established to have been known to Sublicensee prior to the disclosure thereof by CWRU or NeoIndicate by reference to any publication thereof by Sublicensee or by reference to any internal writing or other business record maintained by Sublicensee in the ordinary course of business, such information shall not be deemed to be Confidential Information for purposes of this Agreement following notification to CWRU or NeoIndicate of such fact.

15.2 Sublicensee shall maintain in confidence and shall not disclose to any person not a party hereto, nor shall Sublicensee use or exploit in any way without CWRU's or NeoIndicate's written agreement, any Confidential Information until three (3) years after the later of the date of the termination of this Agreement or the end of the term of the last to expire Patent, unless such information ceases to be Confidential Information prior to the end of such period through no fault of Sublicensee or Sublicensee and CWRU and/or NeoIndicate enter into an agreement authorizing same.

15.3 Sublicensee shall maintain with respect to such Confidential Information a standard of care which is no less than that standard which Sublicensee maintains to prevent the disclosure of its own most valuable confidential information but in no event shall Sublicensee exercise less than reasonable care to prevent the disclosure of Confidential Information by its employees or representatives.

15.4 Upon termination of this Agreement for any reason, Sublicensee agrees to return at once to CWRU or NeoIndicate, without copying, all originals and copies of all materials (other than this Agreement) containing any Confidential Information.

15.5 For purposes of this Section the term "CWRU" shall include inventors of the Licensed Technology and those working with or under them except that such persons do not have authority to execute an authorizing agreement under Section 15.2.

15.6 Notwithstanding anything to the contrary in this agreement, Licensee shall be entitled to publicly disclose information relating to this agreement, including its terms to the extent required by law including the rules of the Australian Stock Exchange. In advance of making any such disclosure, sublicensee shall consult with CWRU and NeoIndicate and take any comments into account to the extent permissible by law.

16. INDEMNIFICATION

Sublicensee hereby agrees to defend, indemnify and hold harmless NeoIndicate and its officers, employees, and agents, and CWRU, its trustees, officers, employees, attorneys and agents from any and all claims arising from or relating directly or indirectly to this Agreement (and any related damages, liabilities, costs, losses, expenses and/or attorney's fees), including but not limited to all claims or demands made against them arising out of or relating to Sublicensee's use of or conduct regarding Licensed Products, Licensed Technology, Deliverables or Derivatives, and (including but not limited to) any claims of product liability, personal injury, death, damage to property or violation of any laws or regulations.

17. INSURANCE

17.1 From the date immediately prior to initiating a Phase I Clinical Trial, continuing throughout the term of this Agreement and for a period of five (5) years thereafter, Sublicensee shall obtain and maintain, in full force and effect and at Sublicensee's sole cost and expense, one or more insurance policies providing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Commercial general liability insurance (including, without limitation any event, coverage and any necessary endorsements for products /completed operations, blanket broad form contractual liability as well as for clinical trials if any such trials are to be performed by or on behalf of Sublicensee) which provides, for each annual policy period, coverage and insurer's liability of no less than the minimum limits specified in the Section below for injury, death and property damage resulting from each occurrence during the policy period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Worker's compensation insurance in respect of all of Sublicensee's employees with limits of liability and coverage not less than statutory limits provided by the State of Ohio or other applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Automobile liability insurance to cover owned and non-owned automobiles.

17.2 Subject to the further provisions of this Section, the comprehensive commercial general liability coverage shall have the following minimum limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From the date immediately prior to initiating a Phase I Clinical Trial, Sublicensee shall obtain the following coverage: One Million Dollars ($1,000,000) each occurrence; Two Million Dollars ($2,000,000) general aggregate (other than product liability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) From the date immediately prior to initiating a Phase II Clinical Trial: Two Million Dollars ($2,000,000) each occurrence, Two Million Dollars ($2,000,000) general aggregate (other than product liability); Two Million Dollars ($2,000,000) product liability aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) From the date immediately prior to initiating a Phase III Clinical Trial: Three Million Dollars ($3,000,000) each occurrence, Three Million Dollars ($3,000,000) general aggregate (other than product liability); Three Million Dollars ($3,000,000) product liability aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Thirty (30) days immediately prior to the Product Launch of an FDA NDA-approved Licensed Product: Five Million Dollars ($5,000,000) each occurrence, Five Million ($5,000,000) general aggregate (other than product liability); Five Million Dollars ($5,000,000) product liability aggregate.

17.3 Either CWRU or NeoIndicate may periodically evaluate the adequacy of the minimum coverage of insurance and deductible limits specified in this Section 17. CWRU and NeoIndicate reserve the right to require Sublicensee to adjust the insurance coverage by modifying the types of required coverages, the limits and/or financial rating and/or the method of financial rating of Sublicensee's insurers as such changes are required of CWRU or NeoIndicate by its insurance carrier. CWRU and NeoIndicate shall provide Sublicensee with reasonable notice, contingent on CWRU or NeoIndicate receiving timely notice from its insurance carrier, of any proposed modification and, if so requested by Sublicensee, discuss any proposed modifications in good faith. Should any of the requirements of this Section 17 not be available in the insurance market at commercially reasonable rates or at all, the parties shall work together in good faith to achieve a commercially reasonable resolution thereof.

17.4 Each policy of insurance which Sublicensee is required to obtain hereunder shall (a) be with reputable and financially secure insurance carriers having at least an A rating (A rating or above by A.M. Best) and an A.M. Best Class Size of at least VIII, (b) list each of CWRU, its trustees, officers, employees, faculty, staff, students, agents and their respective successors, heirs and assigns as additional insured, (c) be endorsed to provide that the insurer waives all subrogation rights which the insurer otherwise has or could have against any additional insured, (d) be primary in respect of all additional insured, and (e) provide that the identified insurer will not cancel or fail to renew the identified insurance without giving CWRU or NeoIndicate at least 30 days' prior written notice thereof.

17.5 Within thirty (30) days following the Effective Date, and thereafter no later than the day on which any such policy of insurance is renewed or replaced, Sublicensee shall provide NeoIndicate and CWRU with a Certificate of Insurance from each such insurer which evidences compliance by Sublicensee with its obligations hereunder. Upon reasonable request of NeoIndicate or CWRU, Sublicensee shall provide NeoIndicate and CWRU with a copy of the policy, status of claims and claims history respecting any of the insurance required to be maintained by Sublicensee hereunder.

17.6 For the avoidance of doubt, the minimum insurance coverage and limits set forth in this Agreement do not constitute a limitation on Sublicensee's liability or obligations to indemnify or defend NeoIndicate or CWRU and any other additional insured under this Agreement.

18. BREACH

No acquiescence in any breach of this Agreement by either party shall operate to excuse any subsequent or prior breach.

19. PRIOR AGREEMENT

Except for the option agreement and any confidential disclosure agreement executed by the parties, this Agreement supersedes all previous agreements relating to the subject matter hereof, whether oral or in a writing, and constitutes the entire agreement of the parties hereto and shall not be amended or altered in any respect except in a writing executed by the parties.

20. INTERPRETATION

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Ohio, United States of America, without regard to conflict of law principles.

21. DISPUTE RESOLUTION

The parties consent to the exclusive jurisdiction of the courts of Cuyahoga County, Ohio to resolve any and all disputes relating to this Agreement. Sublicensee hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Waives any objection which it may have at any time to the laying of venue of any lawsuit relating to the Agreement being brought in any court located in Cuyahoga County, Ohio, waives any claim that any such lawsuit has been brought in an inconvenient forum, and waives any right to object, with respect to any lawsuit brought in any such court, that such court does not have jurisdiction over Sublicensee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consents and agrees to service of any summons, complaint or other legal process in any lawsuit by registered or certified mail, postage prepaid, to Sublicensee at the address for notices described in the Section entitled "Notices" hereof, and consents and agrees that such service shall constitute in every respect valid and effective service (but nothing herein shall affect the validity or effectiveness of process served in any other manner permitted by law).

22. INFRINGEMENT

22.1 Subject to Section 22.2, CWRU shall have the sole right to initiate, control, defend and/or settle any proceedings involving the validity, enforceability or infringement of any Patent(s) when in its sole judgment such action may be necessary, proper, and justified.

22.2 Upon written notice to NeoIndicate, Sublicensee may ask Licensee to request that CWRU take steps to stop a Third Party who is selling a product that does or will compete with a Product sold or being developed by Licensee or any of its affiliates (but not a sublicensee, or sublicensee affiliate) ("Third Party Infringer") from infringing an issued patent falling within the definition of Patent(s) by providing CWRU with written evidence demonstrating prima facie infringement of specific claims of such Patent. Licensee shall have the right to initiate legal proceedings against any such Third-Party Infringer in its own name and at Licensee's sole expense, unless CWRU, not later than ninety (90) days after receipt of such notice, either (i) causes such infringement to cease or (ii) initiates legal proceedings against the Third-Party Infringer. NeoIndicate shall cause CWRU to join in any proceedings commenced by Sublicensee if requested by Sublicensee and if such joinder is required for the purpose of Sublicensee's standing. Sublicensee may not take steps on its own to stop a Third Party Infringer. Any proposed disposition or settlement of a legal proceeding filed by Licensee to enforce any issued patent falling within the definition of Patent(s) against any Third-Party Infringer shall be subject to CWRU's prior written approval, which approval shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Licensee's rights under this Section 22.2 shall apply only to claims of Patent(s) that are exclusively licensed to Licensee under this Agreement and only in the Field of Use and territory which are exclusively licensed to Licensee under this Agreement.

22.3 Any recovery, whether by way of settlement or judgment, from a third party pursuant to a legal proceeding initiated in accordance with Section 22.2 shall first be used to reimburse the party initiating such legal proceedings for its actual fees, costs and expenses incurred in connection with such proceeding. The balance of such recovery, after deduction of all documented legal fees, shall be deemed to be NRSI in accordance with this Agreement and the Licensee's obligations under Section 5 shall apply to such NRSI, on which divided seventy-five percent (75%) to the party that initiated the legal proceeding and twenty- five percent (25%) to the other party.

22.4 In the event a party initiates or defends a legal proceeding concerning any Patent pursuant to Section 22, the other party shall cooperate fully with and supply all assistance reasonably requested by the party initiating such proceeding, including without limitation, joining the proceeding as a party if requested (at the initiating party's sole cost). Subject to Section 22.2, the party that institutes any legal proceeding concerning any Patent pursuant to Section 22 shall have sole control of that proceeding.

22.5 Notwithstanding the pendency of any infringement (or other) claim or action by or against Licensee, Licensee shall have no right to terminate or suspend (or escrow) payment of any amounts required to be paid to CWRU pursuant to this Agreement.

23. NOTICES

Any notice under any of the provisions of this Agreement shall be deemed given when deposited in the mail, postage prepaid, registered or certified first class mail and addressed to the applicable party at the address stated on the signature page hereof, or such other address as such party shall specify for itself by like notice to other party. Each party shall transmit to the other a facsimile copy of each such notice promptly after such deposit in the mail.

24. ASSIGNMENT

Sublicensee shall neither assign nor transfer this Agreement or any interest herein without the prior written consent of CWRU and NeoIndicate.

25. HEADINGS

The section headings contained in this Agreement are set forth for the convenience of the parties only, do not form a part of this Agreement and are not to be considered a part hereof for the purpose of construction or interpretation hereof, or otherwise.

26. EXPORT CONTROLS

It is understood that CWRU is subject to United States laws and regulations controlling the export of technical data, computer software, laboratory prototypes and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979), and that its obligations hereunder are contingent on compliance with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the cognizant agency of the United States Government and/or written assurances by Sublicensee that Sublicensee shall not export data or commodities to certain foreign countries without prior approval of such agency. CWRU and NeoIndicate neither represents that a license shall not be required nor that, if required, it shall be issued.

27. NO THIRD PARTY BENEFICIARY

Notwithstanding any other provision of this Agreement, no entity shall be considered a third party beneficiary of this Agreement.

28. BINDING AGREEMENT

Sublicensee shall not attempt to invalidate or contest the validity of this Agreement.

*(The Balance Of This Page Intentionally Left Blank – Signature Page To Follow)*

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed in duplicate counterparts, each of which shall be deemed to constitute an original, effective as of the date first above written.

The undersigned verify subject to the penalties of Section 2921.13 of the Ohio Revised Code relating to unsworn falsification to authorities that they have the authority to bind to this Agreement the party on behalf of which they are executing below.

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| | | | |
|:---|:---|:---|:---|
| SUBLICENSEE | SUBLICENSEE | NEOINDICATE | NEOINDICATE |
| By: | /s/ Riccardo Canevari | By: | /s/ Ted Gastineau |

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| | | | |
|:---|:---|:---|:---|
| Name: | Riccardo Canevari | Name: | Ted Gastineau |
| Title: | CEO & Managing Director | Title: | Chief Executive Officer |
| Date: | 6/8/2022 | Date: | 6/6/2022 |
| Address for Notices: | Address for Notices: | Address for Notices: | Address for Notices: |
| Attention: | | | |
| Fax: | | | |

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**Attachment A**

**Description of Licensed Technology**

CWRU invention disclosure #2008-1534, entitled, "Molecular Imaging of invading glioma cells using a peptide-based probe for the cell surface receptor PTPmu," US 9,415,122 B2; 16/365,166; and any patents, patent applications and all related foreign applications, continuations, continuations-in-part and divisional applications filings derived from this disclosure.

CWRU invention disclosure #2008-1585, entitled, "Targeting the PTPmu receptor protein tyrosine phosphatase as a molecular therapeutic for glioblastoma and prostate cancer," US 8,686,112 B2; US 10,238,757; and any patents, patent applications and all related foreign applications, continuations, continuations-in-part and divisional applications filings derived from this disclosure.

CWRU invention disclosure #2017-3258, entitled, "Novel Agents for Molecular Imaging of PTPµ" US Application 16/608,021 and EPO 18791941.0 and any patents, patent applications and all related foreign applications, continuations, continuations-in-part and divisional applications filings derived from this disclosure.

CWRU invention disclosure #2021-3850, entitled, "New molecular imaging agents for the PTPmu Biomarker," 63/062,053; PCT/US21/53867 and any patents, patent applications and all related foreign applications, continuations, continuations-in-part and divisional applications filings derived from this disclosure.

Attachment B

OPTION NOTICE AND

ELECTION OF ADDITIONAL FIELDS OF USE AMENDMENT

This Option Notice and Election of Additional Fields of Use Amendment (this "Election Amendment") is made this<u> </u> day of<u> </u> 20<u> </u>("Election Amendment Effective Date"), by and between Case Western Reserve University, an Ohio non-profit corporation, having a principal place of business at 10900 Euclid Avenue, Cleveland, Ohio 44106-7219 ("CWRU") and NeoIndicate, LLC, an Ohio limited liability company, having a principal place of business at 52275 Griggs Rd., Wellington, OH 44090 ("COMPANY").

WITNESSETH

WHEREAS, CWRU and COMPANY entered into that certain License Agreement dated to be effective as of the 6th day of June, 2022 (the "License Agreement");

WHEREAS, pursuant to the terms of the License Agreement, COMPANY may opt to elect additional Fields of Use subsequent to the initial Field of Use by providing timely written amendment and payment of an Option Exercise Fee;

NOW THEREFORE, in consideration of the foregoing and the mutual covenants contained herein and intending to be legally bound hereby, the parties agree as follows:

1. COMPANY hereby tenders notice of its desire to add the additional Optional Field of Use of shall mean use of PTPmu peptide radionuclides for imaging and treatment of<u> </u> (insert Field) by providing written notice and by payment of the requisite Option Exercise Fee.

2. The requisite Option Exercise Fee has been paid or is being paid contemporaneously with the delivery of this Election Amendment.

3. COMPANY hereby agrees to the following Diligence Milestones in the additional Field of Use. Such Milestones timeline to start from the date of the Election Amendment Effective Date.

3.1 Diagnostic Licensed Product Milestones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Within thirty (30) months of the Election Amendment Effective Date, Licensee shall submit an IND application
to the FDA for a Diagnostic Licensed Product. Licensee shall provide NeoIndicate and CWRU with a copy of any IND applications with thirty
(30) days of submission to the FDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Within thirty-six (36) months of the Election Amendment Effective Date, Licensee shall initiate a Phase
I Clinical Trial (or Foreign Equivalent) of a Diagnostic Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Within sixty (60) months of the Election Amendment Effective Date, Licensee shall initiate Phase II Clinical
Trials (or Foreign Equivalent) of a Diagnostic Licensed Product if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Within ninety-six (96) months of the Election Amendment Effective Date, Licensee shall initiate a Phase
III Clinical Trial (or Foreign Equivalent) of a Diagnostic Licensed Product if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Within eleven (11) years of the Election Amendment Effective Date, Licensee shall submit an NDA or other
marketing application (or Foreign Equivalent) of a Diagnostic Licensed Product. Licensee shall provide NeoIndicate and CWRU with a copy
of the submission within (30) days of submission to the FDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. On or before the sixth (6) month after receipt of NDA or other marketing application approval (or Foreign
Equivalent), but no later than the twelfth (12th) year anniversary of the Election Amendment Effective Date, launch a Diagnostic Licensed
Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Within thirty (30) days of completion of a Milestone, Licensee shall deliver written notice to NeoIndicate
and CWRU indicating that such Milestone has been met.

3.2 Therapeutic Licensed Product Milestones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Within thirty (30) months of the Election Amendment Effective Date, Licensee shall submit an IND application
to the FDA for a Therapeutic Licensed Product. Licensee shall provide NeoIndicate and CWRU with a copy of any IND applications with thirty
(30) days of submission to the FDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Within thirty-six (36) months of the Election Amendment Effective Date, Licensee shall initiate a Phase
I Clinical Trial (or Foreign Equivalent) of Therapeutic Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Within sixty (60) months of the Election Amendment Effective Date, Licensee shall initiate Phase II Clinical
Trials (or Foreign Equivalent) of a Therapeutic Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Within ninety-six (96) months of the Election Amendment Effective Date, Licensee shall initiate a Phase
III Clinical Trial (or Foreign Equivalent) of a Therapeutic Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Within eleven (11) years of the Election Amendment Effective Date, Licensee shall submit an NDA or other
marketing application (or Foreign Equivalent) of a Therapeutic Licensed Product. Licensee shall provide NeoIndicate and CWRU with a copy
of the submission within thirty (30) days of submission to the FDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. On or before the sixth (6) month after receipt of NDA or other marketing application approval (or Foreign
Equivalent), but no later than the twelfth (12th) year anniversary of the Election Amendment Effective Date, launch a Therapeutic Licensed
Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Within thirty (30) days of completion of a Milestone, Licensee shall deliver written notice to NeoIndicate
and CWRU indicating that such Milestone has been met.

3.3 Licensee shall have quarterly meetings with NeoIndicate to provide updates on progress toward Diligence milestones, fundraising, and commercialization planning for Licensed Products.

3.4 Licensee shall provide an annual written report providing updates on Licensee's progress toward completion of the Milestone(s) and other business development and commercialization progress of the Company toward a Licensed Product's commercialization.

4. This document constitutes a properly completed Election of Additional Field of Use Amendment, which transitions an Optional Field of Use to a Field of Use.

5. Except as modified herein, all of the terms and conditions of the License Agreement, as amended, shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed in duplicate counterparts, each of which shall be deemed to constitute an original, effective as of the date first above written.

COMPANY

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| By: |
| Name: |
| Title: |
| Date: |
| By: |
| Name: |
| Title: |
| Date: |

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| | | |
|:---|:---|:---|
| Address for Notices: | Address for Notices: | Address for Notices: |
| Attention: | Executive Director Technology |  |
|  | Management |  |
| Fax: | |  |

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## Exhibit 4.14

**<u>Exhibit 4.14</u>**

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY MEANS OF MARKING SUCH<br> INFORMATION WITH BRACKETS ("[\*\*\*]") BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT <br> MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**<u>EXCLUSIVE LICENSE AGREEMENT</u>**

This exclusive license agreement ("**Agreement**") is made effective this 22nd day of March, 2022 ("**Effective Date**"), by and between **The Regents of the University of California**, a California public corporation, having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, CA 94607-5200 ("**The Regents**"), acting through The Technology Development Group of the University of California, Los Angeles ("**UCLA**"), located at 10889 Wilshire Boulevard, Suite 920, Los Angeles, CA 90095-7191, and **Radiopharm Theranostics Limited.** ("**Licensee**"), having a principal place of business at 101/50 McLachlan Avenue, Rushcutters Bay 2011 NSW, Australia.

**RECITALS**

**WHEREAS**, The Regents own certain rights in the Patent Rights which claim invention(s) arising out of the laboratory of Robert Damoiseaux, PhD, and others in the course of research at UCLA;

**WHEREAS**, Licensee is a "small entity" as defined in 37 CFR 1.27(a)(2) for the purposes of determining whether The Regents is eligible for reduced patent fees;

**WHEREAS**, as part of its public mission to bring products to the marketplace, The Regents uses good faith efforts to enable underserved communities, which have limited access to adequate quantities of medical innovations arising from UCLA's laboratories, to have affordable access to these innovative products; and

**WHEREAS**, Licensee desires a license to the Patent Rights and The Regents is willing to grant such license pursuant to the provisions herein below.

**NOW, THEREFORE**, in consideration of the mutual promises contained herein and for other good and sufficient consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

As used in this Agreement, the following terms, whether used in the singular or plural, will have the following meanings:

**1.1** "**Affiliate**" means any entity which, directly or indirectly, Controls Licensee, is Controlled by Licensee, or is under common Control with Licensee. "**Control**" means (i) having the actual, present capacity to elect a majority of the directors, or the power to direct greater than fifty percent (50%) of the voting rights entitled to elect directors, of such entity; or (ii) in any country where the local law will not permit foreign equity participation of a majority, the ownership or control (directly or indirectly) of the maximum percentage of such outstanding stock or voting rights permitted by local law. For clarity, an entity will be deemed an Affiliate of Licensee solely for the term during which it satisfies the foregoing definition.

**1.2** "**Field of Use**" consists of all fields of use including all therapeutic applications and uses (the "**Therapeutics Field**"), and all diagnostic and imaging applications and uses (the "**Imaging Field**").

**1.3** "**First Commercial Sale**" or "**FCS**" means the first sale of any Licensed Product by Licensee or a Sublicensee triggering payment of an Earned Royalty pursuant to this Agreement, following approval of its marketing by the appropriate governmental agency for the country in which the sale is to be made. When governmental approval is not required, "First Commercial Sale" means the first sale of any Licensed Product by Licensee or a Sublicensee triggering payment of an Earned Royalty pursuant to this Agreement.

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**1.4** "**Imaging Research Field**" means all applications and uses in imaging studies solely for purposes of pre-clinical development and clinical trials.

**1.5** "**Licensed Product**" means any product that comprises an antibody conjugated to a radioisotope (or any service provided using such product) to the extent that the manufacture, use, sale, offer for sale, importation, lease, disposition or provision of such product or service would, absent the license granted hereunder, constitute infringement (including direct, contributory or inducement) of any Valid Claims of the Patent Rights.

**1.6** "**Licensed Territory**" means all territories where Patent Rights exist or may come to exist.

**1.7** "**Major Territory**" means any and all of the United States of America, any member state of the European Patent Convention, Canada, Australia and Japan.

**1.8** "**Net Sales**" means the total amount invoiced or otherwise charged (including fair market value of any non-cash consideration) by Licensee or Sublicensee on account of the sale, lease, provision, transfer, or other disposition of a Licensed Product to a customer, after deduction of the following in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") to the extent itemized in applicable invoices, and not otherwise reimbursed, and allowed: insurance, handling and any shipping costs, allowances because of returned rejected, or recalled products, or sales or other excise taxes or other governmental charges levied on or measured by the invoiced amount (including, without limitation, value added taxes to the extent that such tax is incurred and not reimbursed, refunded, or credited under a tax authority), brokerage, customs and import duties or charges and normal and customary trade and quantity discounts (including chargebacks and allowances) and rebates that are for the applicable Licensed Products. If Licensee or Sublicensee makes any sales to any third party in a transaction in a given country that is not an arms'-length transaction, or is transferred to a third party without charge or at a discount, then Net Sales means the gross amount normally charged to other customers in arm's length transactions less the allowable deductions set forth above. In the case of transfers of Licensed Products between any of Licensee, Sublicensees, or their respective Affiliates for subsequent sale, lease or other transfer, then Net Sales will be the greater of the total amount invoiced or otherwise charged (including fair market value of any non-cash consideration) (i) for the transfer of the Licensed Products between Licensee, Sublicensees or Affiliates, as applicable, or (ii) for any subsequent sale of such Licensed Products in an arms'-length transaction.

**1.9** "**Patent Action**" means the preparation, filing, prosecution and maintenance of patent applications and patents in the Patent Rights, including reexaminations, interferences, oppositions, inventorship related matters, and any other ex parte or inter partes matters (e.g., inter partes review petitions) originating or conducted in a patent office.

**1.10** "**Patent Rights**" means The Regents' interest in: (i) the patents and patent applications expressly identified in **Appendix A** and their foreign counterparts; (ii) any patent applications claiming priority to those identified in subpart (i) above such as utility filings, divisionals, continuations and continuations-in-part (but with respect to continuations and continuations-in-part solely to the extent of those claims that are both entirely supported by the specification and entitled to the priority date of any patent application or patent identified in subpart (i) above); and (iii) any patents issuing from any patent application identified in subparts (i)-(ii), including reissues, reexaminations, and substitutions, as well as any applicable patent extensions or term adjustments, and supplementary protection certificates ("SPCs").

**1.11** "**Sublicensing Income**" means any consideration (including, without limitation, any licensing or optioning fees, or license maintenance fees, or milestone payments, and fair market value of any non-cash consideration) received by, or payable to, Licensee from any Sublicensee, under or on account of a Sublicense. Sublicensing Income excludes earned royalty payments but only to the extent such royalty payments are calculated using the same sales that generated payment of an Earned Royalty to The Regents pursuant to Section 4.3.

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**1.12** "**Valid Claim**" means any pending or issued claim in the Patent Rights that has not irrevocably: (i) expired; been disclaimed, cancelled or superseded, or if cancelled or superseded, has not been reinstated; and (iii) been revoked, held invalid, or otherwise declared unenforceable or not allowable by a tribunal or patent authority of competent jurisdiction over such claim in such country, in all cases from which no further appeal has or may be taken.

2. GRANT

**2.1 License.** Subject to the limitations and other terms and conditions set forth in this Agreement, including the limitations outlined in Section 2.2 below, The Regents grants to Licensee an exclusive license under the Valid Claims of the Patent Rights to make, use, sell, offer for sale and import Licensed Products in the Licensed Territory and Field of Use, provided that in addition to the right that The Regents has to grant licenses under the Patent Rights to other companies to make, use, sell, offer for sale and import products and services that are not Licensed Products (as such term is defined herein), The Regents shall have the right to grant licenses to other companies under the Patent Rights to make and use (but not to market or sell) Licensed Products (as such term is defined herein) in the Imaging Research Field.

The licenses granted to Licensee hereunder will automatically extend to Licensee's Affiliates, but only during the period such entity satisfies the definition of Affiliate. As a licensee of Patent Rights under this Agreement, Affiliates will have all of the same rights and obligations, financial and otherwise, that Licensee has under this Agreement. Acts, omissions and liabilities of an Affiliate are considered to be those of Licensee under this Agreement and Licensee is responsible and liable for all such acts, omissions and liabilities, including without limitation payment to The Regents of royalties or other consideration due to The Regents hereunder.

For clarity, the rights granted pursuant to this Agreement pertain solely to the Patent Rights; if Licensee desires any right or license from The Regents to use any information and/or tangible material associated with such Patent Rights (e.g., data, protocols, tangible materials, etc.), the parties may negotiate and either amend this Agreement, or enter into a separate agreement, to the extent such rights are available at the time of Licensee's request.

**2.2 License Conditions.** The license granted in Section 2.1 is subject to the following: The Regents expressly reserves the right (i) for itself and other nonprofit and academic research institutions to use Patent Rights and associated technology for educational and research purposes (including clinical research and research sponsored by commercial entities) and to publish their respective results, and (ii) for the University of California ("**UC**") to offer and perform clinical diagnostic and prognostic services for patients in the UC healthcare system.

3. SUBLICENSES

**3.1 Permitted Sublicensing.** The Regents also grants to Licensee the right to sublicense to third parties (up to a maximum of three tiers) the rights licensed to Licensee hereunder so long as Licensee's rights remain exclusive (each, a "**Sublicense**" and each such third party that receives a Sublicense "**Sublicensee**"). All Sublicenses must be in writing and will be subject to, and contain terms consistent with, the terms in this Agreement, including, without limitation, the provisions contained in Articles 2.3 (License Conditions), 3 (Sublicenses), 4.4 (Validity Challenge), 7 (Books and Records), 9 (Use of Names and Trademarks), 10 (Limited Warranty and Liability), 11 (Patent Marking), 12 (Patent Infringement), 14 (Indemnification), 18 (Compliance with Laws), etc. For clarity, Licensee will be obligated to pay Earned Royalties on its Sublicensees' Net Sales irrespective of whether its Sublicensees pay royalties to Licensee. For the purposes of this Agreement, the operations of all Sublicensees will be deemed to be the operations of Licensee, for which Licensee will be responsible and liable. Licensee must provide The Regents with a copy of each Sublicense issued, including any agreements and amendments executed in relation thereto, within thirty (30) days of its execution. Upon termination of this Agreement, all Sublicenses will likewise terminate. Sublicensees will not be deemed to constitute third party beneficiaries under this Agreement.

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4. CONSIDERATION

**4.1 License Fee.** In partial consideration for the License, Licensee will pay to The Regents a license issue fee of **one hundred thousand dollars ($100,000)** within thirty (30) days of the Effective Date. This fee is non-refundable and is not an advance against royalties.

**4.2 License Maintenance Fee.** Licensee must pay to The Regents the license maintenance fee of **five thousand dollars ($5,000)** ("**License Maintenance Fee**") on the Second Anniversary of the Effective Date and each anniversary thereafter until Licensee or a Sublicensee commences selling Licensed Products and commences paying Minimum Royalties hereunder. License Maintenance Fees are non-refundable and are not an advance against royalties.

**4.3 Earned Royalty.** Licensee must pay to The Regents an earned royalty of [\*\*\*] of Net Sales (each an "**Earned Royalty**"). All Earned Royalties under this Agreement will be computed for, and paid within thirty (30) days of the end of, each quarter ending March 31st, June 30th, September 30th, and December 31st of each calendar year (wherein the sale will be deemed to have occurred upon the earliest of the following (as applicable): (a) the transfer of title to or shipment of, or the provision to a customer of, a Licensed Product (b) the provision of an invoice with respect to a Licensed Product, or (c) receipt of payment for, such Licensed Product.

If Licensee is obligated to pay a non-Affiliate third party (other than The Regents) royalties on net sales ("**Third Party Royalty**") in consideration for patent rights owned or controlled by such non-Affiliate third party without a license to which Licensee would necessarily infringe such third party patent rights in the practice of the Patent Rights, then Licensee will have the right, upon Licensee's execution of a license with such third party for such third party patent rights, to credit thirty-three percent (33%) of any earned royalty payment made to such third party in any given year in consideration for such third party patent rights, against the royalty due The Regents under this Agreement, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On an ongoing basis, and prior to reduction of any royalty due The Regents under this Agreement for a given calendar quarter, Licensee first provides written evidence to The Regents of Licensee's royalty obligations to such third party for such calendar quarter demonstrating that such royalty obligation is in consideration for patent rights owned or controlled by such non-Affiliate third party without a license to which Licensee would necessarily infringe such third party patent rights in the manufacture, use, import, offer for sale, or sell of a Licensed Product; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In no event shall royalties or other amounts due to The Regents under this Agreement in any reporting period be so reduced to less than fifty percent (50%) of the amount that would otherwise be due The Regents under this Agreement.

If the Licensed Product is sold by Licensee or a Sublicensee as a component of another product such as a kit, composition of matter or other combination product (each of the foregoing products that contain a Licensed Product as a component a "**Combination Product**"), Licensee shall pay The Regents a royalty on such sales by Licensee or Sublicensee(s) of such Combination Product by treating such Combination Products as a Licensed Product and the royalty due The Regents on sales of such Licensed Product shall be calculated in accordance with the royalty provision set forth herein.

**4.4 Validity Challenge.** If Licensee or a Sublicensee, itself or through a third party, institutes any proceeding that contests the validity of any Patent Right during the term of this Agreement, Licensee agrees to pay to The Regents, directly and not into any escrow or other account, all royalties and other amounts due in view of Licensee's and its Sublicensees' activities under this Agreement during the period of challenge and the entirety of The Regents' legal (including attorney) fees and costs incurred during such proceeding. Should the outcome of such contest determine that any challenged patent claim is valid, Licensee (or its Sublicensee, as applicable) will thereafter, and for the remaining term of this Agreement, pay a royalty rate of three (3) times the royalty rate specified above.

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**4.5 Minimum Annual Royalty.** Licensee must pay to The Regents the following minimum annual royalties ("**Minimum Annual Royalties**") on or before February 28 of each calendar year ("**CY**") following the calendar year in which Licensee achieves a First Commercial Sale and continuing for the remaining term of this Agreement thereafter. The Minimum Annual Royalty will be credited against the Earned Royalty due and owing with respect to Net Sales made during the calendar year in which such Minimum Annual Royalties were paid.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Calendar Years after FCS** | &nbsp;&nbsp;**Minimum Annual Royalty** |
| &nbsp;&nbsp;First | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Second | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Third and Fourth | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;Fifth And Each Subsequent Year | &nbsp;&nbsp;[\*\*\*] |

---

**4.6 Sublicensing Income.** Licensee will pay to The Regents a percentage (as defined in this Section 4.6 below) of all Sublicensing Income within thirty (30) days of receipt thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. [\*\*\*] of all Sublicensing Income received with respect to any Sublicenses executed prior to the first
human patient being dosed with a Licensed Product in a first phase 1 clinical trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. [\*\*\*] of all Sublicensing Income received with respect to any Sublicenses executed concurrently with or
after the first human patient is dosed in a first phase 1 clinical trial of a Licensed Product but before the first patient is dosed with
a Licensed Product in a first phase 2 clinical trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. [\*\*\*] of all Sublicensing Income received with respect to any Sublicenses executed concurrently with or
after the first human patient is dosed in a first phase 2 clinical trial of a Licensed Product, but before the first patient is dosed
with a Licensed Product in a first phase 3 clinical trial of a Licensed Product; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. [\*\*\*] of all Sublicensing Income received with respect to any Sublicenses executed concurrently with or
after the first human patient is dosed with a Licensed Product in a first phase 3 clinical trial.

Sublicensing Income may not be prorated when the Patent Rights are bundled with other intellectual property, without The Regents' prior written consent. For the avoidance of doubt, all payments and consideration that Licensee or a Sublicensee receives as a result of its exercise of its rights to the Patent Rights will be accounted for by Licensee either in the form of an Earned Royalty under Section 4.3 or as Sublicensing Income under this Section 4.6.

**4.7 Milestone Payments.** For each Licensed Product, Licensee must make the following payments ("**Milestone Payments**") to The Regents within thirty (30) days of achieving the Development Milestone indicated below. For purposes of clarity such Milestone Payments are due from Licensee irrespective of whether the associated Development Milestone listed below was reached by Licensee itself or by a Sublicensee or by a third party acting on behalf of Licensee or a Sublicensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **One hundred thousand US dollars ($100,000)** upon enrolling the first patient in a phase II clinical
trial of a Licensed Product being developed in the Therapeutics Field.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Two hundred and fifty thousand US dollars ($250,000)** upon enrolling the first patient in a phase
III clinical trial of a Licensed Product being developed in the Therapeutics Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Two million and five hundred thousand US dollars ($2,500,000)** upon receiving FDA approval for a
Licensed Product being developed in the Therapeutics Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Two million US dollars ($2,000,000)** upon receiving EMA approval for a Licensed Product being developed
in the Therapeutics Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **One million US dollars ($1,000,000)** upon achieving a First Commercial Sale of a Licensed Product
in the Therapeutics Field.

Solely for purposes of this milestone payment provision, two products will be deemed to be two different Licensed Products if such products (i) have been approved by the FDA to treat different diseases or are in clinical trials to assess their efficacy in treating different diseases and/or (ii) comprise or consist of different active pharmaceutical ingredients. Different stages of cancer within the same organ (e.g. stage 4 prostate cancer and stage 3 prostate cancer) are not "different diseases".

When cumulative Net Sales of all Licensed Products reach the amounts set forth below, Licensee will make the following milestone payments within thirty (30) days of reaching such cumulative Net Sales threshold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **One million five hundred thousand US dollars ($1,500,000)** when cumulative Net Sales of all Licensed
Products reaches fifty million dollars ($50,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. **Five million US dollars ($5,000,000)** when cumulative Net Sales of all Licensed Products reaches
two hundred and fifty million dollars ($250,000,000).

**4.8 Payment Terms.** All consideration due The Regents will be payable and will be made in United States dollars by check payable to "The Regents of the University of California" or by wire transfer to an account designated by The Regents, provided The Regents may assign its interest in any consideration it is to receive pursuant to this Agreement to another entity. Licensee is responsible for all bank or other transfer charges. When Licensed Products are sold for monies other than United States dollars, the Earned Royalties and other consideration will first be determined in the foreign currency of the country in which such Licensed Products were sold and then converted into equivalent United States dollars. The exchange rate will be the average exchange rate quoted in the *Wall Street Journal* during the last thirty (30) days of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Taxes.** Sublicensing Income, Earned Royalties, and other consideration accrued in any country outside the United States may not be reduced by any taxes, fees or other charges imposed by the government of such country except to the extent expressly provided for in Sections 1.8 (Net Sales) and 1.11 (Sublicensing Income).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Interest.** In the event that monies are not received by The Regents when due, Licensee will pay to The Regents interest at a rate of ten percent (10%) simple interest per annum. Such interest will be calculated from the date payment was due until actually received by The Regents. Such accrual of interest will be in addition to and not in lieu of, enforcement of any other rights of The Regents due to such late payment.

5. COMMERCIAL DILIGENCE

**5.1 Development of Licensed Products.** Licensee, upon execution of this Agreement, will diligently proceed with the development, manufacture and sale of Licensed Products in quantities sufficient to meet the market demands therefor and will diligently market the same after execution of this Agreement. Licensee or a Sublicensee will obtain all necessary governmental approvals in each country where Licensed Products are manufactured, used, sold, offered for sale or imported.

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**5.2 Development Milestones.** On or before the dates indicated below (which unless indicated below are relative to the Effective Date), Licensee will achieve each of the following development milestones with respect to a Licensed Product ("**Development Milestones**"). If Licensee fails to achieve a Development Milestone by the deadline set forth below, then The Regents has the right and option, at its sole discretion, to either terminate this Agreement or reduce Licensee's exclusive license to a nonexclusive license, under the terms set forth in Section 8 (LIFE OF THIS AGREEMENT). This right, if exercised by The Regents, supersedes the rights granted in Section 2 (GRANT):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **General Diligence:** Licensee will meet the following Development Milestones with respect to a Licensed Product. All dates below are relative to the license Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Complete in vivo pre-clinical toxicity, in vivo PK, and in vivo biodistribution studies within **two (2) years**.

Licensee may extend the deadline to meet the General Diligence Development Milestone in six (6) month increments, but not more than twice, by making a Ten Thousand Dollar ($10,000) payment to The Regents for each such milestone extension (each such milestone extension a "**Paid Milestone Extension**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Imaging Field Diligence:** Licensee will meet the following Development Milestones with respect to a Licensed Product in the Imaging Field. All dates below are relative to the license Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) File an IND with FDA within **three (3) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Enroll the first patient in a clinical trial within **four (4) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Achieve a First Commercial Sale within **ten (10) years**.

Licensee may extend the deadline to meet any of these Development Milestones in the Imaging Field by six (6) month increments, but not more than twice for each Development Milestone and not more than three (3) years in total across all Development Milestones in the Imaging Field, by making a Ten Thousand Dollar ($10,000) payment to The Regents for each such milestone extension (each such milestone extension a "**Paid Milestone Extension**"). In the event of any extension, the deadlines to meet any later occurring Development Milestones in the Imaging Field will be similarly extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Therapeutics Field Diligence:** Licensee will meet the following Development Milestones with respect to a Licensed Product in the Therapeutics Field. All dates below are relative to the license Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) File an IND with the FDA within **four (4) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Enroll the first patient in a phase I clinical trial within **five (5) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Enroll the first patient in a phase II clinical trial within **seven (7) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Enroll the first patient in a phase III clinical trial within **nine (9) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Obtain an approved NDA or BLA from the FDA within **ten (10) years**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Achieve a First Commercial Sale within **eleven (11) years**.

Licensee may extend the deadline to meet any of these Development Milestones in the Therapeutics Field in six (6) month increments, but not more than twice for each Development Milestone and not more than three (3) years in total across all Development Milestones in the Therapeutics Field, by making a Ten Thousand Dollar ($10,000) payment to The Regents for each such milestone extension (each such milestone extension a "**Paid Milestone Extension**"). In the event of any extension, the deadlines to meet any later occurring Development Milestones in the Therapeutics Field will be similarly extended.

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If after obtaining the maximum number of Paid Milestone Extensions the completion of any of the Development Milestones is delayed beyond the corresponding deadline set forth in this Agreement (taking into account the Paid Milestone Extensions set forth above) on account of either a (a) Regulatory Delay or (b) Clinical Trial Failure Delay (collectively, "**Excused Delays**"), upon a written request by Licensee to The Regents setting forth the basis for the Excused Delay and providing copies to The Regents of documents and correspondence from the FDA or EMA that set forth the basis for Licensee's assertion that an Excused Delay exists, The Regents shall execute an amendment to this Agreement to extend such Development Milestone and all subsequent Development Milestones (such amendment the "**Clinical/Regulatory Delay Amendment**"). Any documents and correspondence provided in support of a reason for an Excused Delay shall be treated as Licensee's Confidential Information.

The duration of the Development Milestone extension(s) set forth in the Clinical/Regulatory Delay Amendment shall be reasonably related to the cause and effect of the Excused Delay as determined by good faith negotiation between The Regents and Licensee after The Regents has had an opportunity to review all such relevant documentation. In no event shall The Regents have any obligation to allow Licensee to extend the deadline for meeting such Development Milestone by more than two (2) years (in addition to the extensions taken under the Paid Milestone Extensions).

**5.3 Affordable Access Plan**. Within three (3) months of receiving FDA or EMA approval of a Licensed Product, Licensee will provide The Regents with either (a) an Affordable Access Plan (defined below), or (b) a written explanation as to why such an Affordable Access Plan is not needed or infeasible. In the case of (b), Licensee agrees to discuss such reasoning with The Regents in good faith within one (1) month thereafter ("**Initial Discussion**") and, if following such Initial Discussion The Regents concludes an Affordable Access Plan is reasonable and desired, to provide an Affordable Access Plan to The Regents within three (3) months of such Initial Discussion. The "**Affordable Access Plan**" will include the following --to the extent such Plan includes confidential information, Licensee will also provide a non-confidential version or statement of such Plan that The Regents can make available to third parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A specified set of low-and middle-income countries (as defined by the World Bank, and collectively referred
to as "**LMICs**") in which the Licensee does not intend to commercialize the Licensed Products (the "**Non-Commercialized Territory** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Licensee's and/or its Sublicensees' plans (including strategies and timelines) reasonably
intended to support affordable access in LMICs and Non-Commercialized Territories, such as through licensing or partnerships including
with non-profit organizations.

Within thirty (30) days of The Regents' request (but no more often than once annually), Licensee agrees to confer with The Regents to review Licensee's progress, and to consider in good faith any reasonable modifications suggested by The Regents, with respect to its Affordable Access Plan ("**Progress Discussions**"). For clarity, while The Regents may invite a designated entity to join either the Initial and/or Progress Discussions under this Section 5.3, such discussions will at all times be made subject to the confidentiality obligations set forth in Section 19 (Confidentiality).

6. PROGRESS AND ROYALTY REPORTS

**6.1 Progress and Royalty Reports.** Beginning on **September 30, 2022**, and continuing semiannually thereafter, Licensee will complete the progress report form attached to this Agreement as **Appendix C**. Beginning with the First Commercial Sale and continuing for the life of this Agreement, Licensee will make quarterly royalty reports and pay such amounts to The Regents within thirty (30) days of February 28, May 31, August 31 and November 30 of each year. Each royalty report will cover Licensee's most recently completed calendar quarter and will contain at least the information identified in the Royalty Report attached hereto as **Appendix D**.

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7. BOOKS AND RECORDS

**7.1 Accounting.** Licensee must keep, and will cause its Sublicensees to keep, accurate financial and development books and records showing all Licensed Products in development, manufactured, used, sold, leased, transferred, provided, or otherwise disposed of, and any other records necessary to affirm compliance with the terms of this Agreement. Books and records must be preserved for at least six (6) years from the date of the royalty payment to which they pertain.

**7.2 Auditing.** Books and records kept in accordance with Section 7.1 must be open to inspection by representatives or agents of The Regents at reasonable times and at a U.S. location. The Regents will bear the fees and expenses of examination but if an error in royalties of more than five percent (5%) of the total royalties due for any year is discovered in any examination then Licensee will bear the fees and expenses of that examination and will remit such underpayment to The Regents within thirty (30) days of the examination results.

8. LIFE OF THIS AGREEMENT

**8.1 Term.** Unless otherwise terminated by operation of law, Section 8.2 (Bankruptcy), or by acts of the parties in accordance with the terms of this Agreement, this Agreement will remain in effect from the Effective Date until the expiration or abandonment of the last of the Patent Rights licensed hereunder. The termination or expiration of this Agreement will not relieve Licensee of its obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with Section 4 (Consideration). If this Agreement terminates prior to the natural expiration of the Agreement, Licensee will provide written certification that it has ceased all use of the Patent Rights, as well as any products and results incorporating and/or made through the use of the Patent Rights.

**8.2 Bankruptcy.** In the event of a bankruptcy or insolvency, assignment of this Agreement is only permitted to a party that can provide adequate assurance of future performance, including diligent development and sales of Licensed Product.

**8.3 Surviving Provisions.** Any termination or expiration of this Agreement will not affect the rights and obligations set forth in at least the following Sections, as well as any other provisions which by their nature would be reasonably expected to survive termination: Sections 1 (Definitions); 7 (Books and Records); 8.6 (Grant Back); 9 (Use of Names and Trademarks); 10 (Limited Warranty and Liability); 14 (Indemnification); 17 (Governing Law); and 19 (Confidentiality).

**8.4 Termination by The Regents.** If Licensee fails to perform or violates any term of this Agreement or fails to timely pay any amount when due, or after the date of First Commercial Sale fails to sell Licensed Products for more than four (4) continuous calendar quarters then The Regents may give written notice of default ("**Notice of Default**") to Licensee. If Licensee fails to repair the default within sixty (60) days of the effective date of Notice of Default, The Regents may terminate this Agreement and its licenses by a second written notice ("**Notice of Termination**"). If a Notice of Termination is sent to Licensee, this Agreement will automatically terminate on the effective date of that notice.

**8.5 Termination by Licensee.** Licensee may terminate this Agreement at any time by providing a notice of termination to The Regents with a statement explaining the reason for termination and confirming it has abandoned the commercialization of Licensed Products, which termination will be effective sixty (60) days from the date such termination notice is sent by Licensee.

**8.6 Grant Back.** Upon termination of this Agreement by either of the parties, Licensee will grant The Regents a non-exclusive, irrevocable, perpetual, fully paid-up, sublicensable, worldwide license to all inventions, products, materials, methods, processes, techniques, know-how, data and information discovered or developed in the course of or arising from Licensee's development and commercialization of the Patent Rights ("**Developments**") under this Agreement to the extent such a license may lawfully be granted.

Page **9** *of **21***

9. USE OF NAMES AND TRADEMARKS

**9.1 Use of Name.** Nothing contained in this Agreement will be construed as conferring any right to either party to use in advertising, publicity or other promotional activities any name, trade name, trademark or other designation of the other party (including a contraction, abbreviation or simulation of any of the foregoing). The Regents may list Licensee's name as a licensee of technology from The Regents without further identifying the technology. Unless required by law or unless the required authorizations are obtained (contact for more information), the use by Licensee of the name "The Regents of the University of California" or the name of any campus of the University of California in advertising, publicity or other promotional activities is expressly prohibited.

10. DISCLAIMER OF WARRANTIES AND LIMITATION OF LIABILITIES

**10.1** Except as expressly set forth in this Agreement, this license and the associated Patent Rights and Licensed Products are provided by The Regents **WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE REGENTS MAKES NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY THAT USE OR COMMERCIALIZATION OF THE PATENT RIGHTS OR LICENSED PRODUCTS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS**.

This Agreement does not express or imply (a) a warranty or representation as to the validity, enforceability, or scope of any Patent Rights; (b) a warranty or representation that anything made, used, sold, offered for sale, imported or otherwise exploited under any license granted in this Agreement is or will be free from infringement of patents, copyrights, or other rights of third parties; (c) an obligation on behalf of The Regents to bring or prosecute actions or suits against third parties for patent infringement; (d) by implication, estoppel or otherwise, any grant of any license or other rights under any patents or other rights of The Regents other than Patent Rights, regardless of whether such patents or other rights are dominant or subordinate to Patent Rights; or (e) any obligation for The Regents to furnish (i) any advancements, developments, or other improvements to the Patent Rights which are not entitled to the priority dates of Patent Rights, or (ii) any know-how, technology or information not provided in the Patent Rights.

**10.2 THE REGENTS WILL NOT BE LIABLE FOR ANY LOST PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF THE REGENTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE REGENTS WILL NOT BE LIABLE FOR ANY DIRECT DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, JOINT VENTURES, OR AFFILIATES ARISING OUT OF OR RELATED TO PATENT RIGHTS TO THE EXTENT ASSIGNED OR LICENSED BY THE REGENTS' INVENTORS TO THIRD PARTIES.**

11. PATENT FILING, PROSECUTION AND MAINTENANCE

**11.1 Ownership and Prosecution.** The Patent Rights will be held in the name of The Regents and obtained with counsel of The Regents' choice. The Regents will instruct its outside counsel to provide Licensee copies of all correspondence filed with and received in relation to the Patent Rights from the applicable patent office (e.g., patent applications, office actions, office action responses, etc.) during the term of the Agreement. Licensee will hold such information confidential and use such information provided by The Regents or its counsel only for the purpose of advancing the Patent Rights. While The Regents will control all Patent Actions and all decisions with respect to Patent Actions, it will work closely with Licensee to incorporate any reasonable comments or suggestions provided by Licensee with respect thereto, e.g., to amend any patent application under the Patent Rights to include claims reasonably requested by Licensee to protect the products contemplated to be sold by Licensee under this Agreement. Licensee has the right to provide instructions regarding Patent Actions via a written request to The Regents thirty (30) days prior to the deadline set by the patent office in the territory such Patent Action is to take place (a "**Patent Prosecution Request**").

Page **10** *of **21***

**11.2 Past & Ongoing Patent Costs.** Licensee will bear all out-of-pocket costs incurred by The Regents for Patent Actions ("**Patent Costs**"). Licensee must reimburse to The Regents Patent Costs incurred prior to the term of this Agreement ("**Past Patent Costs**") within thirty (30) days of Licensee's receipt of an invoice from The Regents. As of February 17, 2022, these Past Patent Costs are approximately **Twenty Thousand Four Hundred and Fifty Three US Dollars ($20,453)**. With respect to Patent Costs incurred during the term of this Agreement ("**Ongoing Patent Costs**"), such Ongoing Patent Costs will be directly billed to Licensee by The Regents' patent counsel; to the extent the parties have not already entered into a direct billing agreement, then concurrently with execution of this Agreement Licensee, The Regents and The Regents' patent counsel will enter into a direct billing agreement. At The Regents' sole discretion, rather than requiring Licensee to pay such amounts pursuant to a direct billing agreement, The Regents may (1) bill Licensee for Ongoing Patent Costs after such amounts are incurred, in which case payment will be due to The Regents within thirty (30) days of Licensee's receipt of an invoice from The Regents, or (2) require Licensee to pay in advance The Regents' patent counsel's estimated costs for undertaking Patent Actions that occur during the term of this Agreement before The Regents authorizes its patent counsel to proceed ("**Advanced Payment**").

**11.3 Obligations, Termination & Rights.** Licensee may terminate its license with respect to any or all of Patent Rights by providing written notice to The Regents ("**Patent Termination Notice**"). Termination of Licensee's obligations with respect to such patent application or patent will be effective ninety (90) days after receipt of such Patent Termination Notice by The Regents. In addition, if Licensee fails to timely (i) provide a Patent Prosecution Request pursuant to Section 11.1, or (ii) pay for any Patent Costs as required by Section 11.2 (including as required per the terms of a direct billing agreement), then such failure will be deemed to be an election by Licensee not to secure the applicable patent application(s) and patent(s) and The Regents will have the right to immediately terminate this Agreement with respect to the applicable patent application(s) and patent(s) (i.e., Licensee will not have the right to cure such breach pursuant to Section 8.4), unless such failure to pay is with respect to Past Patent Costs owed in which case Licensee will have the right to cure such breach pursuant to Section 8.4. For the avoidance of doubt immediately effective upon such termination, Licensee will have no further right or license to such patent applications and patents and Licensee will remain liable for any Patent Costs incurred prior to such termination with respect to such patent applications and patents.

**11.4 Licensee's Patent Filings.** Licensee agrees to disclose to The Regents any patent application Licensee intends to file naming a UCLA employee as an inventor prior to filing.

**11.5 Patent Extensions:** Licensee will apply for an extension of the term of any patent included within the Patent Rights, if appropriate, under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts. Licensee will prepare all documents and The Regents agrees to execute the documents and to take additional action as Licensee reasonably requests in connection therewith. Licensee will be liable for all costs relating to such application.

12. PATENT MARKING

**12.1** Licensee will mark all Licensed Products or their containers in accordance with the appropriate patent number reference(s) in compliance with the requirements of 35 U.S.C. § 287.

13. PATENT INFRINGEMENT

**13.1 Infringement Notice.** In the event either party learns of infringement of potential commercial significance of any Patent Right, such party will provide the other party with written notice, including evidence of such infringement, if available ("**Infringement Notice**"). Licensee will not notify such infringer regarding such potential infringement until receiving The Regents' written permission. For the avoidance of doubt, if Licensee breaches the foregoing restriction and a declaratory judgment action is filed by such infringer against The Regents, then Licensee will reimburse The Regents for The Regents' out of pocket costs in defending the Patent Rights as a result of such declaratory judgment. Both The Regents and Licensee will use their diligent efforts to cooperate with each other to terminate such infringement without litigation.

Page **11** *of **21***

**13.2 Licensee-Initiated Suit and The Regents' Joinder.** If infringing activity of potential commercial significance by the infringer has not been abated within ninety (90) days following the date the Infringement Notice takes effect, then so long as Licensee's license under Section 2.1 remains exclusive and such infringement falls within the scope of the license granted to Licensee pursuant to this Agreement, Licensee may institute suit for patent infringement against the infringer. The Regents may voluntarily join such suit but may not otherwise commence suit against the infringer for the acts of infringement that are the subject of Licensee's suit or any judgment rendered in that suit. Licensee may not join The Regents as a party in a suit initiated by Licensee without The Regents' prior written consent. If The Regents joins a suit initiated by Licensee, then Licensee will pay any costs incurred by The Regents arising out of such suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it in the suit.

Licensee may not join The Regents as a party in a suit initiated by Licensee without The Regents' prior written consent. If The Regents refuses to join a suit instituted by Licensee in a Major Territory despite being deemed a necessary party by a court of competent jurisdiction in such Major Territory, all payments due The Regents under this Agreement (except those pertaining to patent cost reimbursement), including all royalties (but only to the extent of royalties due on sales that took place in such Major Territory), milestones and other payments, shall be reduced by fifty percent (50%) for so long as the infringement by the third party continues unabated in such Major Territory but only to the extent that such infringement in such Major Territory materially and adversely affects the business of Licensee in such Major Territory relating to the Licensed Products.

**13.3 The Regents-Initiated Suit.** If, within a hundred and twenty (120) days following the date the Infringement Notice takes effect, infringing activity of potential commercial significance by the infringer has not been abated and if Licensee has not brought suit against the infringer, then The Regents may institute suit for patent infringement against the infringer. If The Regents institutes such suit, then Licensee may not join such suit without The Regents' consent and may not thereafter commence suit against the infringer for the acts of infringement that are the subject of The Regents' suit or any judgment rendered in that suit.

**13.4 Cooperation.** Any litigation proceedings will be controlled by the party bringing the suit, except that The Regents may be represented by counsel of its choice in any suit brought by Licensee. The Regents and Licensee agree to be bound by all final and non-appealable determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this Section 13 (Patent Infringement). Any agreement made by Licensee for purposes of settling litigation or other dispute will comply with the requirements of Section 3 (Sublicenses) of this Agreement.

**13.5 Costs & Recovery.** Each party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated the suit (unless such suit is being jointly prosecuted by the parties, in which case the parties will agree in advance of initiating the suit how they will share in such expenses). Any recovery or settlement received in connection with any suit will first be shared by The Regents and Licensee equally to cover any litigation costs each incurred and next will be paid to The Regents or Licensee to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by Licensee, The Regents will receive twenty-five percent (25%) of any recovery in excess of litigation costs and Licensee will receive the remaining seventy-five percent (75%). In any suit initiated by The Regents, one hundred percent (100%) of any recovery in excess of litigation costs will belong to The Regents. Notwithstanding the foregoing, if Licensee joins such suit at The Regents' request or is involuntarily joined, The Regents will receive seventy-five percent (75%) of any recovery and Licensee will receive the remaining twenty-five percent (25%).

Page **12** *of **21***

&nbsp;&nbsp;&nbsp;&nbsp;14. INDEMNIFICATION

**14.1 Indemnification.** Licensee will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, the inventors of the Patent Rights, and the sponsors of the research that led to the invention claimed by the Patent Rights, and their respective employers, and the officers, employees and agents of any of the foregoing (each an "**Indemnitee**"), against any and all claims, suits, losses, damage, costs, fees and expenses resulting from, or arising out of, the exercise of this license or any Sublicense. This indemnification will include, but not be limited to, any product liability. If the Indemnitee believes that there will be a conflict of interest or it will not otherwise be adequately represented by counsel chosen by Licensee to defend the Indemnitee in accordance with this Section 14.1 (Indemnification), then the Indemnitee may retain counsel of its choice to represent it and Licensee will pay all expenses for such representation.

**14.2 Insurance.** Licensee, at its sole cost and expense, will insure its activities in connection with any work performed hereunder and will obtain, keep in force, and maintain the following insurance: Commercial Form General Liability Insurance (contractual liability included) with limits as follows:

**Each Occurrence:** $5,000,000;

**Products/Completed Operations Aggregate:** $10,000,000;

**Personal and Advertising Injury:** $5,000,000;

**General Aggregate (commercial form only):** $10,000,000; and

**Worker's Compensation** (as legally required in the jurisdiction in which Licensee is doing business).

If the above insurance is written on a claims-made form, it must continue for three (3) years following termination or expiration of this Agreement. The insurance must have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement. The coverage and limits above will not in any way limit Licensee's liability under Section 14.1 (Indemnification). During the time in which Licensee, or any entity acting on Licensee's behalf, has patients enrolled in a clinical trial of a Licensed Product, Licensee will also insure against all liabilities, damages, losses, injuries, complaints and/or claims arising from such clinical trial, including but not limited to claims that arise from malpractice and/or negligence, for an amount not less than $5,000,000 per occurrence and $10,000,000 in the aggregate.

**14.3 Certificates; Notification.** Upon the execution of this Agreement, Licensee will furnish The Regents with certificates of insurance evidencing compliance with all requirements. Such certificates will indicate The Regents as an additional insured(s) under the coverage described above in Section 14.2 (Insurance) and include a provision that the coverage will be primary and will not participate with, nor will be excess over, any valid and collectable insurance or program of self-insurance maintained by The Regents. The Regents will promptly notify Licensee in writing of any claim or suit brought against The Regents for which The Regents intends to invoke the provisions of this Section 14 (Indemnification). Licensee will keep The Regents informed of its defense of any claims pursuant to this Section 14 (Indemnification). Licensee will provide The Regents written notice if such insurance levels are reduced or cancelled.

15. NOTICES

**15.1** Any notice or payment hereunder will be deemed to have been properly given when sent in writing in English to the respective address below and will be deemed effective on the date of delivery if delivered in person; the date of mailing if mailed by first-class certified mail, postage paid; or if sent via email, when the recipient acknowledges having received that email, provided that automated replies and "read receipts" will not be considered acknowledgement of receipt.

In the case of Licensee:

For The Regents:

All Advanced Payments due under this Agreement must be sent via wire transfer as follows. In order to ensure that funds are properly credited to your account, please reference invoice number or UC Control Number on all wire transfers.

Page **13** *of **21***

**15.2 Licensee Contact Information:** Licensee must furnish to The Regents the completed licensee contact information form attached hereto as **Appendix B** concurrent to execution of this Agreement and incorporated herein by this reference, showing the contacts responsible for (i) Progress Reports, (ii) Patent Prosecution, and (iii) Financial Obligations.

16. ASSIGNABILITY

**16.1** This Agreement is binding upon, and will inure to the benefit of, The Regents, its successors and assigns. Licensee may assign or transfer this Agreement only with the prior written consent of The Regents. The prior written consent of The Regents will not be required if the assignment or transfer of this Agreement is in conjunction with a bona fide arms' length transaction involving a merger or the transfer of all or substantially all of the capital stock or business of Licensee to which this license relates, so long as Licensee is in good standing with its obligations under this Agreement and The Regents is legally, contractually, and, per its policies, able to enter into an agreement with such assignee or transferee.

**16.2** In any assignment or transfer of this Agreement, the conditions (i)-(iii) below will be timely met. Any attempted assignment by Licensee other than in accordance with this Section will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide The Regents written notice identifying the proposed acquirer's or successor entity's
name and contact information at least thirty (30) days prior to any such assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide The Regents with a written agreement signed by the proposed acquirer or successor entity agreeing
to be bound by all of the provisions of this Agreement, as well as assume all responsibilities and liabilities that arose under this Agreement
prior to the effective date of the proposed assignment, as if such acquirer or successor entity were the original Licensee within thirty
(30) days after any such assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) within thirty (30) days of such assignment, pay to The Regents an assignment fee equal to **fifteen percent (15%)** of the aggregate proceeds received and receivable for such assignment from the acquirer or successor entity by Licensee and/or
its equity holders.

17. GOVERNING LAWS AND VENUE

**17.1 Choice of Law & Venue: THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA**, excluding any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted particular provisions of this Agreement, but the scope and validity of any patent or patent application will be governed by the applicable laws of the country of such patent or patent application. Any legal action brought by the parties hereto relating to this Agreement will be conducted in Los Angeles, California.

18. COMPLIANCE WITH LAWS

**18.1** If this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any governmental agency, Licensee will assume all legal obligations to do so. Licensee will notify The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval requirement. Licensee will make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or approval process.

Page **14** *of **21***

**18.2** Licensee agrees to comply with all applicable international, national, state, regional and local laws and regulations in performing its obligations hereunder and in its use, manufacture, sale or import of the Licensed Products. Licensee will observe all applicable United States and foreign laws with respect to the transfer or provision of Licensed Products and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. Licensee agrees to manufacture and use Licensed Products in compliance with applicable government importation laws and regulations of a particular country for Licensed Products made outside the particular country in which such Licensed Products are used, sold or otherwise exploited.

19. CONFIDENTIALITY

**19.1** Licensee and The Regents will treat and maintain the other party's confidential information, including the negotiated terms of this Agreement, patent prosecution related information, any progress reports and royalty reports and any Sublicense issued pursuant to this Agreement ("**Confidential Information**") in confidence using at least the same degree of care as the receiving party uses to protect its own confidential information of a like nature from the date of disclosure until five (5) years after the termination or expiration of this Agreement. Confidential Information can be written, oral, or both.

**19.2** Licensee and The Regents may disclose Confidential Information to their employees, agents, consultants, contractors, and co-owners (as applicable) and, in the case of Licensee, its Sublicensees, provided that such parties are bound by a like duty of confidentiality as that found in this Section 19 (Confidentiality). Notwithstanding anything to the contrary contained in this Agreement, The Regents may release this Agreement, including any terms contained herein and information regarding payments or other income received in connection with this Agreement to the inventors, senior administrative officials employed by The Regents and individual Regents upon their request, provided such individuals are informed of the confidential nature of such information. In addition, notwithstanding anything to the contrary in this Agreement, if a third party inquires whether a license to Patent Rights is available, then The Regents may disclose the existence of this Agreement and its scope of the license granted hereunder.

**19.3** Nothing contained herein will restrict or impair, in any way, the right of Licensee or The Regents to use or disclose any Confidential Information that: (a) recipient can demonstrate by written records was previously known to it prior to its disclosure by the disclosing party; (b) recipient can demonstrate by written records is now, or becomes in the future, public knowledge other than through acts or omissions of recipient; (c) recipient can demonstrate by written records was obtained lawfully and without restrictions on the recipient from sources independent of the disclosing party; and (d) The Regents is required to disclose pursuant to the California Public Records Act or other applicable law.

**19.4** Licensee or The Regents also may disclose Confidential Information that is required to be disclosed (i) to a governmental entity or agency in connection with seeking any governmental or regulatory approval, according to the rules of the Australian Stock Exchange, governmental audit, or other governmental contractual requirement or (ii) by law, e.g., California Public Records Act, provided that the recipient uses reasonable efforts to give the party owning the Confidential Information sufficient notice of such required disclosure to allow the party owning the Confidential Information reasonable opportunity to object to, and to take legal action to prevent, such disclosure. Nothing in this Agreement will be construed to prevent The Regents from reporting de-identified raw terms of this Agreement as part of a larger database.

**19.5** Upon termination of this Agreement, Licensee and The Regents will destroy or return any of the disclosing party's Confidential Information in its possession within fifteen (15) days following the termination of this Agreement and provide each other with prompt written notice that such Confidential Information has been returned or destroyed. Each party may, however, retain one copy of such Confidential Information for archival purposes in non-working files. For clarity, any Developments provided by Licensee pursuant to Section 8.6 will be deemed upon termination of this Agreement to constitute The Regents' Confidential Information.

Page **15** *of **21***

20. MISCELLANEOUS

**20.1 Entire & Binding Agreement.** This Agreement, which includes the attached Appendices A (Patent Rights), B (Licensee Contact Information), C (Progress Report Template), and D (Royalty Statement) embodies the entire understanding of the parties and supersedes all previous communications, representations or understandings, either oral or written, between the parties relating to the subject matter hereof. This Agreement is not binding on the parties until it has been signed below on behalf of each party and is then effective as of the Effective Date. No amendment or modification of this Agreement is valid or binding on the parties unless made in writing and signed on behalf of each party. In case any of the provisions contained in this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement and such unenforceable provision will be modified so that it is valid, legal, and enforceable and, to the fullest extent possible, reflects the intention of the parties.

**20.2 Headings.** The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

**20.3 Waiver.** No waiver by either party of any breach or default of any of the agreements contained herein will be deemed a waiver as to any subsequent and/or similar breach or default.

**20.4 Independent Contractors.** In performing their respective duties under this Agreement, each of the parties will be operating as an independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture between the parties hereto, or be construed to evidence the intention of the parties to establish any such relationship. Neither party will have the power to bind the other party or incur obligations on the other party's behalf without the other party's prior written consent.

**20.5 Counterparts.** This Agreement may be executed in one or more counterparts, each of which together will constitute one and the same Agreement. For purposes of executing this Agreement, a facsimile (including a PDF image delivered via email) copy of this Agreement, including the signature pages, will be deemed an original. The parties agree that neither party will have any rights to challenge the use or authenticity of a counterpart of this Agreement based solely on that its signature, or the signature of the other party, on such counterpart is not an original signature.

Page **16** *of **21***

**IN WITNESS WHEREOF**, both The Regents and Licensee have executed this Agreement by their respective and duly authorized officers on the day and year written.

---

| | | | |
|:---|:---|:---|:---|
| **RADIOPHARM THERANOSTICS, LIMITED** | **RADIOPHARM THERANOSTICS, LIMITED** | **THE REGENTS OF THE UNIVERSITY OF CALIFORNIA** | **THE REGENTS OF THE UNIVERSITY OF CALIFORNIA** |
| By: | /s/ Riccardo Canevari | By: | /s/ Mark Wisniewski |
| Name: | Riccardo Canevari | Name: | Mark Wisniewski |
| Title: | CEO | Title: | Sr. Vice Pres. Of Business Development BioPharmaceuticals |

---

Date:   Date:   <br>Email for execution:  

---

| | |
|:---|:---|
| **THE REGENTS OF THE UNIVERSITY OF CALIFORNIA** | **THE REGENTS OF THE UNIVERSITY OF CALIFORNIA** |
| By: | /s/ Amir Naiberg |
| Name: | Amir Naiberg |
| Title: | AVC, Technology Development Group |
| Date: |  |

---

Page **17** *of **21***

**<u>APPENDIX A</u>**

**PATENT RIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tech ID** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**File Date** | &nbsp;&nbsp;**Serial No.** | &nbsp;&nbsp;**Patent No.** |
| &nbsp;&nbsp;2020-790-1 | &nbsp;&nbsp; IMMUNOTHERANOSTIC AGENT TARGETING MESENCHYMAL STEM CELL-DERIVED CANCER CELLS AND MESENCHYMAL STEM CELL ASSOCIATED<br> DISEASE | &nbsp;&nbsp;UNITED STATES OF AMERICA | &nbsp;&nbsp;4/1/2020 | &nbsp;&nbsp;63/003,598 |  |
| &nbsp;&nbsp;2020-790-2 | &nbsp;&nbsp; IMMUNOTHERANOSTIC AGENT TARGETING MESENCHYMAL STEM CELL-DERIVED CANCER CELLS AND MESENCHYMAL STEM CELL ASSOCIATED<br> DISEASE | &nbsp;&nbsp;PATENT COOPERATION TREATY | &nbsp;&nbsp;3/31/2021 | &nbsp;&nbsp;PCT/US21/25054 |  |

---

---

| | | |
|:---|:---|:---|
| \* | **PLEASE** | **NOTE: Data matches TDG's database as of 2/17/22** |

---

Page **18** *of **21***

**<u>APPENDIX B</u>**

**LICENSEE CONTACT INFORMATION**

Page **19** *of **21***

**<u>APPENDIX C</u>**

**SEMI-ANNUAL PROGRESS REPORT**

**PLEASE RETURN THIS FORM TO:** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Licensee Name\*\*** |  | &nbsp;&nbsp;**UC Control No.** | &nbsp;&nbsp;**202X-XX-XXXX** |
| &nbsp;&nbsp;**Completed By** | &nbsp;&nbsp; **Name:**<br> **Title:**<br> **Email:** | &nbsp;&nbsp;**Reporting Period** | &nbsp;&nbsp;**Insert, e.g., "Q1 & Q2 FY2020"** |

---

**1. Please summarize your progress toward development and commercialization of the Patent Rights and Licensed Products, including work completed during this reporting period, any anticipated events or milestones, key scientific discoveries, publications, market plans for introducing Licensed Products, etc.** In lieu of typing out a response here, you may attach any materials you have prepared for other purposes if these materials adequately capture this information (indicate below if you have attached any such materials). If applicable pursuant to Section 5 of the Agreement, please also provide status of implementation of the Affordable Access Plan.

**2. Have you, an Affiliate, or a Sublicensee had a First Commercial Sale? If so, when?**

**3. Identify whether any of the Development Milestones in Section 5.2 of your Agreement have been achieved:**

---

| | | |
|:---|:---|:---|
|  <br> **Development Milestone:** | **Achieved?** | **If Yes, provide date achieved;**<br> **If No, estimated date of completion:** |
|  | **☐** **Yes ☐ No** | |
|  | **☐** **Yes ☐ No** | |
|  | **☐** **Yes ☐ No** | |
|  | **☐** **Yes ☐ No** | |
|  | **☐** **Yes ☐ No** | |

---

**4. Identify whether any Milestone Payment obligations in Section 4.7 of your Agreement have been triggered:**

---

| | | |
|:---|:---|:---|
|  <br> **Milestone Payment obligation from Section 4.7:** | **Triggered?** | **If Yes, insert date Milestone**<br> **Payment was paid** |
|  | **☐** **Yes ☐ No** |  |
|  | **☐** **Yes ☐ No** |  |
|  | **☐** **Yes ☐ No** |  |
|  | **☐** **Yes ☐ No** |  |
|  | **☐** **Yes ☐ No** |  |

---

**5. Please list below all agreements (sublicenses, partnerships, joint ventures, collaborations, etc.) pursuant to which you, an Affiliate or a Sublicensee <u>have granted any license, option, or other rights to the Patent Rights</u>. If none, insert "None." If yes, please provide a copy of such agreement with this Progress Report.**

**6. Please provide the following information:**

---

| |
|:---|
|  **Total gross proceeds raised to date from sale of equity securities** |
| **Total amount expended to date in the development and commercialization of Licensed Products** |
| **Current total # of employees (necessary info for patent filing purposes)** |

---

Page **20** *of **21***

**<u>APPENDIX D</u>**

**ROYALTY STATEMENT**

---

| | | |
|:---|:---|:---|
| **UC Control No:** |  | &nbsp;&nbsp;**Product Name/Code(s)** |
| **Licensee Name:** | &nbsp;&nbsp; **[Company Name]** | &nbsp;&nbsp; **[Company Name]** |
| **Licensee Phone No:** |  |  |
| **Licensee Email Address:** |  | &nbsp;&nbsp;**Quarter Covered:** |

---

**\*\*In addition, Licensee must indicate any Sublicensing Income due to The Regents, as well as the method used to calculate Total Earned Royalties, including any exchange rate applied.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Product Name** | &nbsp;&nbsp; **Number of Units**<br> **Sold** | &nbsp;&nbsp;**Unit Selling <br> Price (US $)** | &nbsp;&nbsp; **Net Sales (US**<br> **$)** | &nbsp;&nbsp;**Royalty Rate (%)** | &nbsp;&nbsp;**Total Earned Royalties (US $)** |

---

---

| | |
|:---|:---|
|  | **Total Royalties Earned:** |
|  | **Less Minimum Annual Royalty:** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(If Applicable)* |
|  | **Balance Due The REGENTS:** |
| **Prepared By:** |  |

---

 *page **21** of **21***

## Exhibit 4.15

**Exhibit 4.15**

**CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT WAS OMITTED BY**

**MEANS OF MARKING SUCH INFORMATION WITH BRACKETS ("[\*\*\*]")**

**BECAUSE THE IDENTIFIED CONFIDENTIAL INFORMATION IS NOT**

**MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE**

**OR CONFIDENTIAL**

![](ex4-15_001.jpg)

C/- The CFO Solution <br> PO Box 655, Carlton South

Victoria 3053

11<sup>th</sup> February 2021

Dear Mr Hopper

**Appointment as Executive Chairman**

This letter outlines the terms on which Kilinwata Investments Pty Ltd as trustee for the Life Science Portfolio Managers Trust (**Kilinwata**) has agreed to make available the services of Paul Hopper to act as the Executive Chairman of Radiopharm Theranostics Limited (**Company**) with effect immediately.

**Appointment**

Kilinwata agrees to make available the services of Paul Hopper to act as the Executive Chairman of the Company, and the Company appoints Paul Hopper to act as the Executive Chairman of the Company with effect immediately.

1. Paul Hopper's appointment will cease on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr Hopper ceasing to be a director of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company giving Kilinwata twelve months' notice of the termination of Paul Hopper's appointment.

**Duties**

2. Kilinwata agrees to ensure that in his capacity as the Executive Chairman of the Company, Paul Hopper
will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. report to, and take instructions from, the board of directors
of the Company (**Board**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be responsible for review and implementation of the strategic direction of the
Company and its subsidiaries (**Group**), subject to the overall control of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assume and exercise such other powers and perform such other duties from time to
time vested in or assigned to Paul Hopper by the Board and in so doing will comply in all respects with the reasonable and lawful orders
and directions given or made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) well and faithfully serve the Company and every other member of the Group and use
his best endeavours to promote their interest and welfare and develop and extend their business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless absent through illness or involuntary injury, or subject to the approval
of the Company to the contrary, devote sufficient of his time and attention to the business of the Company and other members of the Group
during the normal working hours as required by the Board and at such other times as may be reasonably necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide the Board with information and reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to the business and affairs of the Company and the Group as the Board may reasonably request from
time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) generally, so as to keep the Company fully informed of all material developments in, or relevant to,
the Company's and the Group's affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) comply with the Company's policies and procedures generally, as established
and amended by the Company from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in providing services pursuant to this letter agreement, comply with the *Corporations Act 2001* (Cth), the ASX Listing Rules and the constitution of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) perform such services for the other members of the Group and, without further remuneration
unless otherwise agreed, accept such offices in such members of the Group as the Board may from time to time reasonably require.

**Remuneration**

3. In consideration for acting as the Executive Chairman of the Company, the Company
will pay Kilinwata a fee of $20,833 per month in arrears (exclusive of any good and services tax) (**Fee**)representing a base annual
consulting fee of A$250,000.

4. Payment of the Fee will commence from the date of raising the Series A Convertible
Note

5. An annual bonus representing 33% of the base consulting fee will be paid to Kilinwata
subject to meeting mutually agreed performance targets. Such targets to be agreed within 30 days of the IPO.

6. The consulting fee will be reviewed annually.

7. Upon IPO, Kilinwata or its nominee will be entitled to a quantity of options with
details to be agreed, with reference to the allocation to the Non-Executive Directors' option package.

8. If the Term expires on a day that is not the first day of a month, the Fee for the
incomplete month will be pro-rated accordingly.

9. The Fee is inclusive of all other director's fees otherwise payable to Paul
Hopper during the Term.

10. In respect of Paul Hopper, Kilinwata must satisfied their statutory compliance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Kilinwata's obligations regarding Paul Hopper are not recoverable by Kilinwata
from the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· except as otherwise provided in this letter agreement, Kilinwata is responsible
for all costs and expenses incurred in the performance of the obligations of Kilinwata and Paul Hopper under this letter agreement.

12. Should any governmental authority consider the relationship between the Company
and Paul Hopper to be one of employer and employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Kilinwata will indemnify the Company and each other Group company from and against
all expenses, losses, damages, penalties and costs (on a solicitor and own client basis and whether incurred by or awarded against the
Company) that the Company or other Group companies may sustain or incur as a result, whether directly or indirectly, of any failure by
the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pay salaries and wages, annual leave, sick leave, long service leave or any other
benefit to which Paul Hopper may be entitled under any contract of service with the Company under any award, statute or common law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pay taxes and duties in respect of the remuneration and benefits referred to in paragraph (a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· maintain adequate insurance in respect of workers' compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company may immediately deduct from the Fee any amounts it is required by law to deduct, including
tax.

13. The Company will pay for or reimburse Kilinwata for reasonable business class travel,
hotel accommodation, meals, ground transport, telephone and internet and out-of- pocket expenses incurred by Paul Hopper as the Executive
Chairman of the Company subject to Kilinwata providing the appropriate receipts and tax invoices.

**Other roles**

14. The Company acknowledges that Paul Hopper is a director and shareholder of Kilinwata Investments Pty Ltd as trustee of the Life Science Portfolio Managers Trust [\*\*\*].

15. In addition to being the Executive Chairman of the Company, Paul Hopper
also holds the following positions as at the date of this letter agreement (**Additional Roles**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Director and shareholder of Kilinwata Investments Pty Ltd as trustee of the Life Science Portfolio Managers
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Executive Chairman of Imugene Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. [\*\*\*] ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. [\*\*\*] ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. [\*\*\*] ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. [\*\*\*] ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. [\*\*\*] ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Executive Chairman of Chimeric Therapeutics Limited; [\*\*\*]

16. Without otherwise limiting Paul Hopper's duties as a director of the Company,
the Company acknowledges that Paul Hopper is under no obligation to present to the Company potential corporate acquisition opportunities
that come to attention of Kilinwata or Paul Hopper in the course of Paul Hopper carrying out an Additional Role

17. Kilinwata must ensure that Paul Hopper notifies the
Board if Kilinwata or Paul Hopper foresee any areas of actual or potential conflict arising between
Paul Hopper's duties as a director of the Company (including his duties under
this letter agreement) and Paul Hopper's duties in performing an Additional Role.

**Intellectual property**

18. In clauses 19-23:

**Intellectual Property Rights** means all intellectual property rights, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) patents, copyright, rights in circuit layouts, registered designs, trade marks and any right to have
confidential information kept confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any application or right to apply for registration of any rights referred to paragraph (a),

**Moral Rights** means the following rights in respect of any Intellectual Property Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right of integrity of authorship (that is, not to have a work subjected to derogatory treatment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right of attribution of authorship of a work; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right not to have authorship of a work falsely attributed,

19. Kilinwata assigns to the Company, and must ensure that Paul Hopper assigns to the
Company, all existing and future Intellectual Property Rights.

20. Kilinwata unconditionally waives, and must ensure that Paul Hopper unconditionally

Hopper, either alone or with others, in the course of or in connection with providing services to the Company.

21. Kilinwata unconditionally consents to any act or omission by the Company in relation
to all works made, or to be made, by Kilinwata or Paul Hopper (either alone or with others) in the course of providing services to the
Company either on their own account or in collaboration with others, which may otherwise be an infringement of the Moral Rights of Kilinwata
or Paul Hopper.

22. Kilinwata must disclose, and must ensure Paul Hopper discloses, all Intellectual
Property Rights to the Company.

23. Kilinwata must do, and must ensure Paul Hopper must do, all things reasonably requested
by the Company to enable the Company to exploit and assure further the rights assigned, and consents given, under this clauses 19-22.

**Confidential information**

24. In clauses 25-27:

**Confidential Information means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all confidential information including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) trade secrets and confidential know-how; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) financial, accounting, marketing and technical information, customer and supplier lists, know-how, technology,
operating procedures, price lists, data bases, source codes and methodologies,

of which Kilinwata or Paul Hopper become aware or generate in the course of, or in connection with, (including confidential information belonging to a third party) providing services to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copies, notes and records based on or incorporating the information referred to in paragraph (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of this letter agreement,

but does not include any information that was public knowledge when this letter agreement was signed or became so at a later date (other than as a result of a breach of confidentiality by, or involving, Kilinwata or Paul Hopper).

25. Kilinwata must, and must ensure that Paul Hopper must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep the Confidential Information confidential, except where disclosure is permitted under clause 26;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take whatever measures are reasonably necessary to preserve such confidentiality, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) complying with all security measures established to safeguard Confidential Information from access
or unauthorised use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keeping Confidential Information under the control of Kilinwata and Paul Hopper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not removing Confidential Information from the Company's premises without prior approval of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) immediately notifying the Company if Kilinwata or Paul Hopper suspects or becomes aware Confidential
Information is being used, copied or disclosed without authorisation.

26. Kilinwata and Paul Hopper may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) only use Confidential Information for the sole purpose of providing services to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disclose Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) only to persons who have signed an agreement to keep the Confidential Information in a form approved
by the Company and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) have a need to know the Confidential Information (and only to the extent that each has a need to know);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) been approved by the Company; or

which is or becomes part of the public domain otherwise than by a breach of confidentiality by Kilinwata or Paul Hopper; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Kilinwata or Paul Hopper are required by law to disclose.

27. Kilinwata must provide, and must ensure that Paul Hopper provides, assistance reasonably
requested by the Company in relation to any proceedings any Group company may take against any person for unauthorised use, copying or
disclosure of Confidential Information.

**GST**

28. If a party makes a supply under or in connection with this letter agreement in
respect of which GST is payable, the consideration for the supply but for the application of this clause 28 (**GST exclusive consideration**)
is increased by an amount equal to the GST exclusive consideration multiplied by the rate of GST prevailing at the time the supply is
made.

29. If a party must reimburse or indemnify another party for a loss, cost or expense,
the amount to be reimbursed or indemnified is first reduced by any input tax credit the other party is entitled to for the loss, cost
or expense, and then increased in accordance with clause 28.

30. A party need not make a payment for a taxable supply made under or in connection
with this letter agreement until it receives a tax invoice for the supply to which the payment relates.

31. In clauses 28-30, a word or expression defined in the *A New Tax System (Goods and Services Tax) Act 1999* (Cth) has the meaning given to it in that Act.

**Relationship**

32. Kilinwata is engaged as an independent contractor. This letter agreement is not
intended to create, or provide evidence of, an employment relationship, partnership, agency or joint venture.

**Governing law and jurisdiction**

33. This letter agreement is governed by the law of the State of NSW and each Party
irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of the State of NSW.

Please indicate your acceptance of the terms of this letter agreement by signing and returning a duplicate copy of this letter agreement.

Yours sincerely

---

| |
|:---|
| /s/ Phillip Hains |
| **Phillip Hains** |

---

**Director & Company Secretary**

---

| |
|:---|
| **Agreed and accepted** |
| /s/ Paul Hopper |
| Paul Hopper |
| Director |
| Kilinwata Investments Pty Ltd as trustee for the Life Science Portfolio Managers Trust |

---

## Exhibit 4.16

**Exhibit 4.16**

Letter of Engagement for

Radiopharm Theranostics Limited

In Relation To Proposal #CFO1507

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|:---|:---|
| Letter of Engagement in relation to <br> Proposal CFO1507 | ![](ex4-16_001.jpg) |

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**Contents**

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| | |
|:---|:---|
| INTRODUCTION | 3 |
| SCOPE | 4 |
| PREAMBLE | 7 |
| SCHEDULE OF SERVICES | 14 |
| CONFIRMATION | 17 |

---

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| Letter of Engagement in relation to <br> Proposal #CFO1507 | ![](ex4-16_001.jpg) |

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**INTRODUCTION**

Dear Paul Hopper,

We are pleased to accept the instruction to act as your accountant and we are writing to confirm the terms of our appointment and we accept you to be the Nominated Person for Radiopharm Theranostics Limited.

The purpose of this letter, is to set out our terms for carrying out the work and to clarify our respective responsibilities.

We are bound by the ethical guidelines of CAANZ, and accept instructions to act for you on the basis that we will act in accordance with those ethical guidelines. A copy of these guidelines can be viewed at our offices on request or at www.charteredaccountantsanz.com

**CLIENT CARE**

To ensure that we provide you with the best quality service we like to ensure that all our clients know who will be in charge of their affairs.

The principal in charge of your assignment will be Phillip Hains. Please feel free to contact us on +61 (0) 3 9824 5254 at any time, particularly if you have any queries on the service that is being provided, or have any queries on other services that may be of interest.

The person responsible for the day-to-day aspects of this assignment will be Christian Dal Cin. Please feel free to call on +61 3 9824 5254 at any time, particularly if you have any queries on specific aspects of the work that we are completing or need to provide us with further information.

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| Letter of Engagement in relation to <br> Proposal #CFO1507 | ![](ex4-16_001.jpg) |

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**SCOPE**

**WHO WE ARE ACTING FOR**

● We are acting for all directors of Radiopharm Theranostics Limited as required.

● Any change to the nominated person should be notified to us in writing and will not be effective until acknowledged by us in writing. By signing this engagement letter you confirm and warrant that the Nominated Person set out above is authorised to give instructions and information to us on your behalf and to receive our advice and work product on behalf of you.

● This engagement includes all of the services outlined in the Fees Section of your Proposal #CFO1507-v3

**PERIOD OF ENGAGEMENT**

This engagement covers the specific piece of work mutually agreed and as detailed above . We will not deal with any earlier work unless you specifically ask us to do so and we agree.

In conducting this engagement, information acquired by us in the course of completing this job is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law, or with your express consent.

**OUR RESPONSIBILITY TO YOU**

We have set out the agreed scope and objectives of your instructions within this letter of engagement. Any subsequent changes will be discussed with you and where appropriate a new letter of engagement will be agreed. We shall proceed on the basis of the instructions we have received from you and will rely on you to tell us as soon as possible if anything occurs which renders any information previously given to us as incorrect or inaccurate. We shall not be responsible for any failure to advise or comment on any matter that falls outside the specific scope of your instructions. We cannot accept any responsibility for any event, loss or situation unless it is one against which it is the expressed purpose of these instructions to provide protection.

**YOUR RESPONSIBILITY TO US**

The advice that we give can only be as good as the information on which it is based. In so far as that information is provided by you, or by third parties with your permission, your responsibility arises as soon as possible if any circumstances or facts alter, as any alteration may have a significant impact on the advice given. If the circumstances change therefore or your needs alter, advise us of the alteration as soon as possible in writing.

**STATUTORY RESPONSIBILITY**

● As directors of the company, you are required by statute to prepare accounts (financial statements) for each financial year, which give a true and fair view of the state of affairs of the company and of its profit or loss for that period. In preparing those accounts you must:

Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent.

Prepare the accounts on the going concern basis unless it is not appropriate to presume that the company will continue in business.

● You have engaged us to prepare the accounts on your behalf.

● It is your responsibility to keep proper accounting records that disclose with reasonable accuracy at any particular time the financial position of the company. It is also your responsibility to safeguard the assets of the company and for taking reasonable steps for the prevention of and detection of fraud and other irregularities with an appropriate system of internal controls.

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● You are responsible for determining whether, in respect of the year concerned, the company meets the conditions for exemption from an audit.

● You are also responsible for making available to us, as and when required, all the company's accounting records and all other relevant records and related information, including minutes of management and shareholders' meetings.

● You will also be responsible for:

Providing records of all receipts and payments of cash.

Providing records of invoices issued and received.

Reconciling balances with bank statements.

Providing details of the following: stocks and work in progress; fixed assets; amounts owing to suppliers; amounts owing by customers; and accruals and prepayments.

● Our work will not be an audit of the accounts. Accordingly we shall not seek any independent evidence to support the entries in the accounting records, or to prove the existence, ownership or valuation of assets or completeness of income, liabilities or disclosure in the accounts. Nor shall we assess the reasonableness of any estimates or judgements made in the preparation of the accounts. Consequently our work will not provide any assurance that the accounting records are free from material misstatement, irregularities or error.

● As part of our normal procedures we may request you to provide written confirmation of any oral information and explanations given to us during the course of our work.

● We have a professional duty to compile accounts that conform with generally accepted accounting principles. The accounts of a limited company are required to comply with the disclosure requirements of the Corporations Act 2001 and applicable accounting standards. Where we identify that the accounts do not conform to accepted accounting principles or standards, we will inform you and suggest amendments be put through the accounts before being published. We have a professional responsibility not to allow our name to be associated with accounts that may be misleading. In extreme cases, where this matter cannot be resolved, we will withdraw from the engagement and notify you in writing of the reasons.

● Should you instruct us to carry out any alternative report it will be necessary for us to issue a separate letter of engagement.

**OUR SERVICE TO YOU**

● We will not be carrying out any audit work as part of this assignment and accordingly will not verify the assets and liabilities of the company, nor the items of expenditure and income. To carry out an audit would entail additional work to comply with International Standards on Auditing so that we could report on the truth and fairness of the financial statements.

● Once we have issued our report we have no further direct responsibility in relation to the accounts for this piece of work. However, we expect that you will inform us of any material event occurring between the date of our report and that of the annual general meeting that may affect the accounts.

**OUR SERVICES**

● You may request that we provide other services from time to time. We will issue a separate letter of engagement and scope of work to be performed accordingly.

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| Letter of Engagement in relation to <br> Proposal #CFO1507 | ![](ex4-16_001.jpg) |

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● Because rules and regulations frequently change you must ask us to confirm any advice already given if a transaction is delayed or a similar transaction is to be undertaken.

**FEES**

Our fees will be charged in accordance with your fee schedule. Please review this to ensure you understand the basis of our charge and our payment terms. Our fees for all other work are based on time spent. We can provide you with an estimate for each assignment before it commences if you so wish. If it is necessary to carry out work outside the agreed work outlined in this letter it will involve additional fees. These fees will be computed on the basis of time spent by principals and our staff, and on the levels of skill and responsibility involved. A full list of the time spent and the charge out rates used is available on request.

Invoices are payable in full, due upon completion of work, and as per the above service schedule.

**LIMITATION OF LIABILITY**

● We specifically draw your attention to our standard terms and conditions that set out the basis on which we limit our liability to you and to others. You should read this in conjunction with our standard terms and conditions that exclude liability to third parties. These are important provisions which you should read and consider carefully.

● There are no third parties that we have agreed should be entitled to rely on the work done pursuant to this engagement letter.

**OWNERSHIP OF DOCUMENTS**

● All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records.

● Our engagement will result in the production of financial statements, tax returns and supporting documents in electronic format. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm.

● The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. The firm has also established dispute resolution processes.

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|:---|:---|
| Letter of Engagement in relation to <br> Proposal #CFO1507 | ![](ex4-16_001.jpg) |

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**PREAMBLE**

A. The Service Provider is engaged in the business of providing listed and unlisted companies finance, administrative and reporting services.

B. The Client is Radiopharm Theranostics Limited.

C. The Service Provider has from the Commencement Date set out above been engaged by the client to provide accounting support services to the Client for a period of 12 months.

D. The Service Provider and the Client wish to set out in writing the terms and conditions of such engagement of the Service Provider.

E. These terms and conditions set out the general terms under which we undertake our business. The specific conditions relating to particular assignments will be covered in your Engagement Letter and Fee Terms.

**1 – DURATION**

1.1) Subject to clauses 2.9 and 8, this agreement shall continue in force for a minimum period of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 12 months from the Commencement Date;

1.2) At or before the expiry of the period specified in clause 1.1, the Client may, in its absolute discretion, by notice in writing to the Service Provider, extend this agreement for a period to the 12 month anniversary of the Commencement Date.

1.3) If the Client provides notice pursuant to clause 1.2, this agreement may only be terminated by the Client prior to the expiry of the 12 month minimum period upon the payment of the standard monthly fees payable for the balance of the 12 month minimum period.

Thereafter this agreement shall remain in force from the expiry of the minimum 12-month period until terminated by the Client or the Service Provider by giving the other party 3 months' notice in writing or where the Client is terminating, the payment of 3 months' standard monthly fees in lieu of notice.'

**1A – WARRANTY BY SERVICE PROVIDER**

The Service Provider shall provide the Services competently, with due diligence and to a professional standard.

**2 – SERVICE FEE**

2.1) In consideration of the Service Provider providing the services identified in Item 2 of the Schedule ('Services') the Client agrees to pay the standard monthly fee set out at Item 1 of the Schedule.

Completion of the first 12 months of the term of this Agreement and at regular intervals thereafter the service fee may be reviewed, and the parties may re-negotiate the standard monthly fee.

2.2) The monthly standard fee is payable monthly in advance by direct debit from the bank account nominated by the Client, with the first monthly standard fee payable by the Client to the Service Provider on the Commencement Date and thereafter on the first day of each month.

2.3) Prior to commencing the Services, representatives of the Service Provider and the Client will meet to determine an estimate of the number of days of work per month that the Service Provider will be required in order to provide the Services. If, due to reasons beyond the Service Provider's control, this number of days work is exceeded in any month then the days in excess of the estimate will be treated as additional work outside the scope of the Services and will be charged in accordance with clause 2.4.

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2.4) If work outside of the scope of the Services is required, or if the Service Provider agrees to perform work outside the scope of the Services, the Service Provider will charge the Client a fee based on hourly rates set out in Item 3 of the Schedule for such additional work.

2.5) Any additional work will be invoiced by the Service Provider at such intervals as the Service Provider in its absolute discretion determines. Payment by the Client for such additional work carried out by the Service Provider is to be made within fourteen (14) days of the date of the invoice provided by the Service Provider to the Client.

2.6) In addition to fees, as set out above, the Service Provider will also charge the Client all reasonable direct out-of-pocket expenses incurred by the Service Provider (only if supported by valid receipts), provided that the Service Provider has obtained the prior approval of the Client before incurring any individual expense above $250 or aggregate expenses in excess of $500 in any month."

2.7) The standard monthly fee as set out in Item 1 of the Schedule and the hourly rates as set out in Item 3 of the Schedule will be increased by the Service Provider in accordance with the Consumer Price Index (CPI) twice a year in June and December and the Service Provider reserves the right to conduct further reviews of its fees as the Service Provider sees fit. The Service Provider will advise the Client of any variations in excess of the Consumer Price Index in writing as soon as practicable after they come into effect. There will be no CPI indexation during the first 12 months of the agreement (that is the first CPI charge will be between 12 and 18 months from commencement).

2.8) Interest will be charged on any unpaid fees at the rate fixed from time-to-time under section 2 of the Penalty Interest Rates Act 1983 (Vic), from the period beginning 14 days after payment is due until the fees are paid by the Client to the Service Provider.

2.9) The Service Provider has the right to withhold services or terminate this agreement should outstanding fees exceed 60 days, by providing 48 hours written notice.

2.10) If either the Service Provider or the Client terminates this Agreement pursuant to clause 2.9 or clause 8, the Service Provider is entitled to its fees accrued for time spent at the hourly rates set out at Item 3 of the Schedule, up to the termination date.

2.11) The Service Provider will not commence Services unless and until the standard monthly fee for the first month's services has been paid by the Client.

2.12) In the event that the Service Provider makes any claim to recover outstanding fees from the Client, the client shall indemnify the Service Provider for all legal costs incurred on a solicitor/client basis.

**3 – DUTY OF CLIENT TO PROVIDE REASONABLE ACCESS**

The Client agrees to provide the Service Provider, in a timely manner, reasonable access to all documents and other information that the Service Provider reasonably requires to complete the Services they have been engaged to provide to the Client.

**4 – ACKNOWLEDGMENT BY THE CLIENT**

The Client acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Service Provider relies upon the accuracy of the information provided by the Client to complete the services the Service Provider is engaged to provide;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Provider may from time to time be required to present its files relating to its engagement under this Agreement to the Institute of Chartered Accountants, in order to comply with its quality control review program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Service Provider may use client records belonging to the Client for the Service Provider's internal training purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Service Provider will not be liable or responsible for any adverse consequences that result from a failure of the Client to provide to the Service Provider accurate documents or other information reasonably required by the Service Provider in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It shall indemnify the Service Provider from and against any claims or demands suffered or incurred by the Service Provider in connection with any failure by the Client to provide to the Service Provider accurate documents or other information reasonably required by the Service Provider.

**5 – CONFIDENTIALITY AN INTELLECTUAL PROPERTY**

5.1) Subject to clause 4(b) the Service Provider undertakes that it shall not either during the term of this Agreement or at any time thereafter (except as required by law or for the proper performance of this agreement) use or disclose to any person confidential information of or relating to the Client or its subsidiaries or any person with whom contact has been made as a result of this Agreement or any trade or business secrets which become knowledge while appointed in any capacity hereunder and will use its best endeavours to prevent the use or disclosure of any such information by third parties.

5.2) Provided that all fees have been paid by the Client and the Client is not otherwise in breach of this Agreement, the Service Provider shall return any documents, manuals, notes, computer software or any other form of information and all other property belonging to the Client on termination of this Agreement.

5.3) The Client acknowledges that all documents, charts, spreadsheets or other material created in relation to the provision of the Services and provided to the Client by the Service Provider is for the benefit of the Client only and shall not be provided to any person other than the Client's officers, employees, agents and professional advisors without the express written permission of the Service Provider. The Service Provider accepts no responsibility to any third party for any material provided to a third party in contravention of this clause. The Client undertakes to inform its officers, employees, agents and professional advisors of the terms of this clause and ensure that those persons comply with this clause.

5.4) The Client acknowledges that the intellectual property in all documents, charts, spreadsheets or other material created in relation to the provision of the Services and provided to the Client by the Service Provider remains with the Service Provider and the Client shall not make use of or deal with any of that intellectual property without the prior consent of the Service Provider.

**6 – INDEMNITY AND RELEASE**

6.1) As a term of this Agreement, the Client agrees to indemnify the other party and to hold the Service Provider other party harmless from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) all actions, claims, demands or proceedings which may be instituted against; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all liabilities, losses, damages, costs and expenses (including reasonable legal costs and expenses) which may be suffered or incurred by the other party, in connection with or arising out of this Agreement.

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6.2) The indemnity set out in this clause 6 will extend to the costs of investigations, preparing of and defending any actions, claims, demands or proceedings and any threatened litigation whether or not the other party is a party to those actions, claims, demands, proceedings or threatened litigation. For the purposes of this clause, the other party includes all related bodies corporate and the other party's directors, employees and agents.

6.3) The Client agrees to indemnify and hold harmless the Service Provider, its affiliates, shareholders, officers, employees and agents from and against any loss, liability, claim, damage or expense, including reasonable attorneys' fees, arising out of or in connection with this Agreement or the Services of Service Provider hereunder, except to the extent such liability, claim or expense is attributable to a material breach of this Agreement by the Service Provider, or the negligence or the intentional misconduct of the Service Provider, its officers, directors, employees and agents.

6.4) The Service Provider agrees to indemnify Client, its officers, directors, employees and agents from any liability, claim or expense, including reasonable Attorneys' fees, arising out of or in connection with this Agreement to the extent that such liability, claim or expense is attributable to the negligence or intentional misconduct of the Service Provider in performing the Services under this Agreement.

6.5) The Service Provider affirms that they have current professional indemnity insurance.

6.6) The Client acknowledges and provides consent for The Service Provider to transfer Client Monies when due, including the transfer of monies within the Client group structure and any other entities which may be applicable over time. In accordance with APES 310 7.6 the Client consents to the Service Provider releasing the Client's information to the Auditor of client monies or the member's Professional Body.

**7 – ADDITIONAL SERVICES – PROVISION OF STAFF**

7.1) The Client agrees that it will not, without the express written consent of a Director of the Service Provider, either during the Agreement or for a period of 12 months following the termination of the Agreement, induce or attempt to induce any employees of the Service Provider to leave the employment of the Service Provider or take up employment elsewhere. Should the Client breach this clause the matter will be resolved pursuant to clause 7.2 of this agreement.

7.2) Should the instance as described in clause 7.1 occur, the Client agrees to be invoiced the higher amount of the following;

&nbsp;&nbsp;&nbsp;&nbsp;(a) 70% of the value of all invoices raised in the 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;(b) 70% of the value annualised invoices already invoiced;

&nbsp;&nbsp;&nbsp;&nbsp;(c) 50% of the employees end annual wage whilst at the Service
Provider;

Within 14 days of the invoices being raised the Client can execute and engage an immediately starting service agreement with the Service Provider in writing enabling the amount to be paid in 12 equal portions on monthly basis. Should the 14 day notice period expire, or the Client does not engage the Service Provider in fulfilling the service agreement, notice will be provided by the Service Provider in writing and this amount will be payable in 30 days from the date of the notice.

**8 – TERMINATION**

In addition to the rights to terminate this Agreement set out in clause 1 and clause 2.9 of this Agreement, either party may terminate this Agreement immediately by the giving of written notice to the other party in the event that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the other party becomes insolvent (as that term is defined by section 95A of the Corporations Act 2001;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the other party commits a breach of this Agreement, which breach is not capable of remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the other party commits a breach of this Agreement and fails to remedy such breach within 14 days of receiving a written notice setting out the nature of the breach and requiring that the breach be remedied.

**9 – NOTICES**

A notice to be given by a party to another party under this Agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) be in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be delivered to the address or email address of the recipient as set out in this Agreement or as varied by written notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) be in the English language.

**10 – GOODS AND SERVICES TAX (GST)**

In addition to the fees payable by the Client pursuant to this Agreement the Client must also pay any GST arising in respect of the provision of the services.

**11 – PRIVACY**

11.1) The Service Provider maintains a contact database in order to manage its dealings with its clients. The contact details of the Client held by the Service Provider have been obtained in the usual course of business dealings. Unless the Client advises the Service Provider otherwise, the Service Provider will continue to use the contact information regarding the Client in this way.

11.2) The Service Provider acknowledges that in providing its services to its customers, the Client has access to the personal information of its customers and is required to comply with the Privacy Act 1988 in relation to that personal information.

11.3) The Service Provider must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) keep confidential all personal information and not disclose it to any third party except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) as required by any court order or law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with the written consent of the Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) take all precautions necessary to prevent accidental disclosure of any personal information.

11.4) The Service Provider must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require all of his employees or contractors who may, in the course of the provision of the Services, have access to any personal information of the Client's customers or employees, to enter into a confidentiality deed in a form reasonably required by the Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not allow access to any personal information of the Client's customers or employees to any employee or contractor who has not yet entered into a confidentiality deed in accordance with clause 11.4(a).

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**12 – ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement of the parties in respect of the matters dealt with in this Agreement and supersedes all prior agreements, understandings, undertakings and negotiations in respect of the matters dealt with in this Agreement.

**13 – NO WAIVER**

No failure to exercise and no delay in exercising any right, power or remedy under this agreement will operate as a waiver. Nor will any single or partial exercise of any right, power or remedy preclude any other or further exercise of that or any other right, power or remedy.

**14 – SEVERABILITY**

A term or part of a term of this Agreement that is illegal or unenforceable may be severed from this Agreement and the remaining terms or parts of the term of this Agreement continue in force.

**15 – VARIATION**

Unless otherwise provided for in this Agreement, this Agreement shall not be changed or modified in any way subsequent to execution except in writing signed by or on behalf of the parties.

**16 – GOVERNING LAW**

16.1) This Agreement shall be governed by and construed in accordance with the laws of the State of Victoria.

16.2) The parties unconditionally submit to the jurisdiction of the courts of the State of Victoria and courts entitled to hear appeals from these courts.

**17 – STANDARD SET FEE PER MONTH EXCLUSIVE OF GST**

Scope Limitation

The scope of this engagement is limited to the existing entities. Seperate engagements will need to be approved for new programs or entities or extensions of existing programs.

Additional services are available upon request. If work outside the scope of this agreement is required or if the Seervice Provider agrees to perform work outside the scope of theis Service Agreement, the Service Provider will charge the Client a fee based on hourly rates set out in Item 3 of the schedule for such additional work.

We operate fixed fees, quoted in advance. Please refer to your Fees Schedule for a breakdown of these.

Unless otherwise agreed to the contrary our fees do not include the costs of any third party, counsel or other professional fees.

We reserve the right to charge interest on late paid invoices at the rate of 5% above RBA bank base rate. We also reserve the right to suspend our services or to cease to act for you on giving written notice if payment of any fees is unduly delayed. We intend to exercise these rights only where it is fair and reasonable to do so.

If you do not accept that an invoiced fee is fair and reasonable you must notify us within 21 days of receipt, failing which you will be deemed to have accepted that payment is due.

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**18 – COMMUNICATION**

Unless you instruct us otherwise we may, where appropriate, communicate with you and with third parties via email or by other electronic means. The recipient is responsible for virus checking emails and any attachments.

With electronic communication there is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties. We use virus-scanning software to reduce the risk of viruses and similar damaging items being transmitted through emails or electronic storage devices. However electronic communication is not totally secure and we cannot be held responsible for damage or loss caused by viruses nor for communications which are corrupted or altered after despatch. Nor can we accept any liability for problems or accidental errors relating to this means of communication especially in relation to commercially sensitive material. These are risks you must bear in return for greater efficiency and lower costs. If you do not wish to accept these risks please let us know and we will communicate by paper mail, other than where electronic submission is mandatory.

Any communication by us with you sent through the post is deemed to arrive at your postal address two working days after the day that the document was sent.

**21 – IMPEMENTATION**

We will only assist with implementation of our advice if specifically instructed in writing.

**22 – INTELLECTUAL PROPERTY RIGHTS**

We will retain all copyright in any document prepared by us during the course of carrying out the engagement save where the law specifically provides otherwise.

**23 – LIEN**

Insofar as permitted to do so by law or professional guidelines, we reserve the right to exercise a lien over all funds, documents and records in our possession relating to all engagements for you until all outstanding fees and disbursements are paid in full.

**24 – RETENTION OF RECORDS**

You have a legal responsibility to retain documents and records relevant to your tax affairs. During the course of our work we may collect information from you and others relevant to your affairs. We will return any original documents to you if requested. Documents and records relevant to your affairs are required by law to be retained as follows:

**25 – THIRD PARTY**

Any advice we give you will be supplied on the basis that it is for your benefit only and shall not be disclosed to any third party in whole or part without our prior written consent. It may not be used or relied upon for any other purpose or by any other person other than you without our prior written consent. If our advice is disclosed to any third party (with or without our consent), then we accept no responsibility or liability to that third party for any consequences that may arise to them, should they rely on the advice.

If it is proposed that any documents or statement which refer to our name, are to be circulated to third parties, please consult us before they are issued.

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**SCHEDULE OF SERVICES**

Fee for services as outlined of 10,000.00 (+GST) per calendar month, with estimated Base Days as per the proposal.

Here are the individual terms related to the specific services you have signed up for.

**Annual General Meeting - Prepare for, Attend, Follow up**

AGM prepare for, attend, and follow up subsequent

**ASX and ASIC Correspondence & Lodgements**

Secure online ASX and ASIC lodgement service

**Board meeting - prepare for, attend and follow up**

The prepare for process starts at least 2 weeks ahead of the meeting, a half a day is scheduled for attendance of the meeting, and further time for the follow up matters including Minutes and Action items

**Committee Meeting - Audit - Prepare for, Attend, Follow-up**

Committee meetings

Audit committees have an essential role to play in ensuring the integrity and transparency of corporate reporting. The audit committee should review the integrity of the company's financial reporting and oversee the independence of the external auditors. The Company Secretary will be the Secretary of the Audit Committee. Audit Committee meetings will be held not less than two times a year to enable the Committee to undertake its role effectively. In addition, typically, the Chairman is required to call a meeting of the Audit Committee if requested to do so by any member ...

**Committee Meeting - Remuneration & Nomination - Prepare for, Attend, Follow-up**

Remuneration& Nomination Committee meetings

Remuneration & Nomination committees have an essential role to play in ensuring the integrity and transparency. The Remuneration & Nomination committee should review the integrity of the company's remuneration & nomination of Directors.

**Company Secretarial**

Outside of the various meetings to prepare for, attend and follow up is the various ASX, ASIC and other forms to prepared and lodged as well as other matters that can take days per year of month

**ESOP Setup/Maintenance**

ESOP Setup/Maintenance

**Employee Share Scheme (ESS)**

Employee Share Scheme(ESS)

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**Annual Report (Incorporating Audit Report)**

Annual Report (Incorporating Preliminary Financial 4E Report and Audit)

**Half Year Report (Incorporating Auditor Review) - Appendix 4D**

This report is subject to an Review opinion from the Company Auditor.

The report is required to be lodged within 60 days of the Half-Year end.

**Quarterly - Appendix 4C / 5B**

This is an unaudited cash report for the past quarter and year-to-date, together with a projection of the next quarters expenditure. This report, when required, is to be lodged within 1 month of the end of the quarter

**Cashflow Forecast / Budget**

We believe that every business should have a 3 year financial budget to plan where you want to be heading. This gives direction to the board and the entire team as to what the business is trying to achieve so you are all working in sync. We'll also create, manage and update a rolling 12 month 3 way forecast of profit & loss, cashflow and the balance sheet so you always know what the future financial performance and position of the business looks like, based on what we already know today (committed sales and costs). This is about bringing the future into the present so you can do something about it.

**Income Tax Return**

Provide assistance to the company's Tax Agent in the preparation of the annual income tax return for the company. Includes ATO related dealings and correspondence.

**Month End Reports**

Rather than a set of accounts just once a year, you receive a fully reconciled set of accounts each month or each quarter, with a report pack containing your Profit & Loss account, Balance Sheet, Aged Debtors & Creditors, Cashflow Summary and an Executive Summary giving you the top-level information. We can also add in any further reports required (budget analysis, departmental reporting etc). Alongside the report pack, the main value we add is our analysis and commentary on the monthly or quarterly performance, as your external trusted advisers.

**Payroll**

Monthly preparation and filing of the company payroll to ATO, providing payslips to employees, paying superannuation and payroll taxes. Calculation is based on a stable permanent workforce.

**Monthly Accounting**

Monthly Accounting including compilation of workpapers, accruals, depreciation and amortisation.

**Accounts Payable and Supplier Payments**

Once your supplier invoices are in Xero, they need paying. We'll use our experience to manage suppliers to get you the best possible payment terms and then log in to your online banking to set up the payment, ready for your approval.

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**BAS Returns**

We will be preparing and submitting your monthly or quarterly BAS returns ongoing, meaning that you will be well aware of your BAS liabilities and keep the ATO-man happy!

**Bookkeeping and Bank Reconciliation**

In order to ensure you have up to date lists of receivables and payables, and up to date financial reporting, we'll login to your Xero accounting system regular and reconcile the bank transactions so you can rely on the accuracy of the information.

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**CONFIRMATION**

● This letter supersedes any previous engagement letter. Once it has been agreed, this letter will remain effective until it is replaced.

● You or we may vary or terminate our authority to act on your behalf at any time without penalty. Notice of variation or termination must be given in writing.

● We would be grateful if you could confirm your agreement to the terms of this letter by signing the enclosed copy and returning it to us immediately.

● If this letter is not in accordance with your understanding of the scope of our engagement or your circumstances have changed, please let us know.

● This letter should be read in conjunction with the firm's standard terms and conditions.

Please sign and return the attached copy of this letter to indicate that it is in accordance with your understanding of the arrangements. This letter will be effective for future years unless we advise you of any change.

Yours sincerely,

Phillip Hains

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| /s/ Christian Dal Cin | /s/ Paul Hopper |
| Christian Dal Cin<br> Operations Manager<br> The CFO Solution | Paul Hopper <br> Chairman <br> Radiopharm<br> Theranostics Limited |

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## Exhibit 8.1

**Exhibit 8.1**

**Subsidiaries of Radiopharm Theranostics Limited**

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| **<u>Subsidiary</u>** | **<u>Jurisdiction</u>** |
| Radiopharm Theranostics (USA) Inc. | Nevada |
| Radiopharm Ventures, LLC | Delaware |

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## Exhibit 15.1

**Exhibit 15.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated December 16, 2022 with respect to the consolidated financial statements of Radiopharm Theranostics Limited contained in the Registration Statement. We consent to the use of the aforementioned report in the Registration Statement.

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| /s/ GRANT THORNTON AUDIT PTY LTD |
| Melbourne, Australia |
| February 13, 2023 |

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