Document:

Exhibit 10.23

 

MY FIZIQ LTD 

ACN 602 111 115

(MyFiziq)

 

and

 

BODY COMPOSITION TECHNOLOGIES PTY LIMITED

 ACN 620 646 531

(Company)

 

 

IP LICENCE AGREEMENT

 

 

     

    

    

 

THIS AGREEMENT is made the 22 day of September 2017

 

 

BETWEEN

 

 

MYFIZIQ LTD (ACN 602 111 115) of Suite 5, 71-73 South Perth
Esplanade South Perth, Western Australia (MyFiziq);

 

AND

 

BODY COMPOSITION TECHNOLOGIES PTY LIMITED (ACN 620 646 531)
of Suite 5, 71-73 South

Perth Esplanade, South Perth, Western Australia (Company).

 

 

RECITALS

 

 

		A.	MyFiziq is the owner of the MyFiziq IP.

 

		B.	MyFiziq agrees to grant the Company an exclusive licence to use
and Exploit the MyFiziq IP, including using, reproducing and adapting the MyFiziq Materials, solely in the Company Field, and related
matters, on the terms and conditions of this Agreement.

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

The following definitions apply in this Agreement.

 

Additional Licence Fee has the meaning given in the Shareholders’
Deed.

 

Authorisation means:

 

		(a)	an authorisation, consent, declaration, exemption, notarisation
or waiver, however it is described; and

 

		(b)	in relation to anything that could be prohibited or restricted
by law if a Government Agency acts in any way within a specified period, the expiry of that period without that action being taken, 

 

including
any renewal or amendment.

 

Business means the business of engaging
in the Development Activities, and such other activities as the shareholders of The Company may from time to time determine.

 

Business Day means a day that is not a
Saturday, Sunday or public holiday in Perth, Western Australia or Singapore.

 

Claim means any claim, action, proceeding,
demand or cause of action (whether based in contract, tort or statute, or otherwise arising).

 

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Company Field means the medical, insurance
and medical research sectors. For the avoidance of doubt, a list of examples of companies that fall into each sector are provided in schedule
4 of the Shareholders’ Deed.

 

Company Improvements means all Intellectual
Property created or developed by Company in respect of the MyFiziq Platform or based on or using any MyFiziq IP to the extent for use
or Exploitation in the Company Field.

 

Company Improvement IP means all Intellectual
Property Rights in and in relation to all Company Improvements.

 

Company Licence has the meaning given in
clause 3.1.

 

Computer Data means computer-readable information
or data stored in electronic form.

 

Computer Software means computer programs
and all related manuals and documentation.

 

Condition mean the condition precedent
set out in clause 2.1.

 

Confidential Information means the MyFiziq
Platform, the MyFiziq Materials, the MyFiziq Know How, the terms of this Agreement and all other information disclosed by a Party to another
Party under this Agreement or in negotiations in relation to the subject matter of this Agreement, other than information that the recipient
can establish:

 

		(a)	is already in the public domain;

 

		(b)	is independently developed by the recipient; or

 

		(c)	is lawfully received by the recipient from another person having
the unrestricted legal right to disclose that information without requiring the maintenance of confidentiality.

 

Consideration means the sum of the Initial
Licence Fee and any Additional Licence Fee.

 

Development Activities means engaging in
research and development activities with a view to commercialising the MyFiziq Platform in the Field, the initial phases of which are
expected to be as follows:

 

		(a)	Phase 1: advance the MyFiziq Avatar technology, for the use in
estimating trunk circumferences for comparison to a healthy trunk circumference benchmark. Using these circumference measures and additional
anthropometric variables, predict whole body fat and trunk fat with regression;

 

		(b)	Phase 2: Estimate whole body fat, trunk fat and buttock/thigh
fat using DXA scans and machine/deep learning; and

 

		(c)	Phase 3: Estimate whole body fat, trunk fat, buttock/thigh fat
and visceral fat using iDXA scans and machine/deep learning.

 

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All applications will be integrated into the MyFiziq
Platform and are aimed at the global healthcare, insurance industries and medical research and will be white labelled as a separate application.

 

DXA means Dual-energy X-ray absorptiometry.

 

Effective Date means the date that is 5
Business Days after the satisfaction (or waiver) of the Conditions, or such other date agreed to by the Parties in writing.

 

Encumbrance means any royalty, mortgage,
lien, charge, pledge, caveat, contract, assignment by way of security, security interest, title retention, preferential right or trust
arrangement, Claim, covenant, profit à prendre, lease, pre-emptive right or any other right or interest of any third party or any
agreement or arrangement having the same effect and Encumber has a corresponding meaning.

 

End Date has the meaning given in the Shareholders’ Deed.

 

Excluded Company Improvements and IP means
Company Improvements and Company Improvements IP that comprise Intellectual Property and Intellectual Property Rights directly associated
with DXA scans acquired by the Company and calculating segment fat and visceral fat percentages

 

Execution Date means the date the last of the Parties execute
this Agreement.

 

Exploit means:

 

		(a)	in relation to a product – to make, sell, hire or otherwise
dispose of the product, offer to make, sell, hire or otherwise dispose of it, use or import it, or keep it for the purpose of doing any
of those things; and

 

		(b)	in relation to a method or process – to use the method or
process or do any of the actions in paragraph (a) in respect of a product resulting from such use.

 

Force Majeure Event means any occurrence
or omission as a direct or indirect result of which the Party relying on it is prevented from or delayed in performing any of its obligations
(other than a payment obligation) under this Agreement and that is beyond the reasonable control of that Party including forces of nature,
industrial action and action or inaction by a Government Agency.

 

Government Agency means:

 

		(a)	a government or government department or other body;

 

		(b)	a governmental, semi-governmental or judicial person; or

 

		(c)	a person (whether autonomous or not) who is charged with the administration
of a law.

 

GST has the meaning given to it in the GST Act.

 

GST Act means the A New Tax System (Goods
and Services Tax) Act 1999 and any regulations thereto or such other act or regulations of equivalent effect.

 

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Insolvency Event means being in liquidation
or provisional liquidation or under administration, having a controller or analogous person appointed to it or any of its property, being
taken to have failed to comply with a statutory demand, being unable to pay its debts or otherwise insolvent, taking any step that could
result in the person becoming an insolvent under administration, entering into a compromise or arrangement with, or assignment for the
benefit of, any of its members or creditors, or any analogous event.

 

Intellectual Property means copyrights,
trade and service marks, including the trademarks, trade names, rights in logos and get-up, inventions, confidential information, trade
secrets and Know How, registered designs, design rights, patents, utility models, semi-conductor topographies, all rights of whatsoever
nature in Computer Software and Computer Data, all rights of privacy and all intangible rights and privileges of a nature similar or allied
to any of the foregoing, in every case in any part of the world and whether or not registered; and including all granted registrations
and all applications for registration in respect of any of the same.

 

Intellectual Property Rights means any
and all existing and future intellectual and industrial property rights throughout the world, including rights in relation to copyright,
trade marks, designs, circuit layouts, business and domain names, trade secrets and other Intellectual Property (including the right to
apply for registration of any such rights), and other results of intellectual activity in the industrial, commercial, scientific, literary
or artistic fields.

 

Know How means scientific, technical and
other information which is not in the public domain including inventions, discoveries, concepts, data, ideas, specifications, procedures
for experiments and tests and results of experiments, experimentation and testing, results of research and development and information
in laboratory records, case reports, data analyses and summaries and submissions to and information from Government Agencies.

 

MyFiziq Field means everything outside
of the COMPANY Field and includes, without limitation, the fitness, sports, fitness research, the non-medical weight loss/weight gain
and non-medical health sectors.

 

MyFiziq IP means all Intellectual Property
Rights in and in relation to MyFiziq Platform, the MyFiziq Materials and the MyFiziq Know How, including any modifications and improvements,
owned by MyFiziq now and in the future.

 

MyFiziq Know How means Know How in relation to the MyFiziq Platform.

 

MyFiziq Licence has the meaning given in clause 4.2(b).

 

MyFiziq Materials means:

 

		(a)	all technical documentation and research records (whether in written
form or stored in electronic form); and

 

		(b)	all computer software and technical data and other physical things, 

 

which comprise, contain or embody the MyFiziq Platform.

 

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MyFiziq Platform means the fitness tracking
software platform which provides users with a simple means of tracking circumference change via an application on their smartphone.

 

Party means a party to this Agreement and Parties means
all of them.

 

Shareholders’ Deed means a shareholders’
deed between MyFiziq and the remaining shareholders in the Company dated on or around the date of this Agreement.

 

Term means from the date of satisfaction
of the Condition until this Agreement is validly terminated in accordance with its terms.

 

Territory means the World.

 

The Group has the meaning given in the Shareholders’ Deed.

 

		1.2	Interpretation

 

In this Agreement unless the context otherwise requires:

 

		(a)	headings are for convenience only and do not affect its interpretation;

 

		(b)	an obligation or liability assumed by, or a right conferred on,
2 or more Parties binds or benefits all of them jointly and each of them severally;

 

		(c)	the expression person includes an individual, the estate
of an individual, a corporation, an authority, an association or joint venture (whether incorporated or unincorporated), a partnership
and a trust;

 

		(d)	a reference to any party includes that party’s executors,
administrators, successors and permitted assigns, including any person taking by way of novation;

 

		(e)	a reference to any document (including this Agreement) is to that
document as varied, novated, ratified or replaced from time to time;

 

		(f)	a reference to any statute or to any statutory provision includes
any statutory modification or re-enactment of it or any statutory provision substituted for it, and all ordinances, by-laws, regulations,
rules and statutory instruments (however described) issued under it;

 

		(g)	words importing the singular include the plural (and vice versa)
and words indicating a gender include every other gender;

 

		(h)	reference to parties, clauses, schedules, exhibits or annexures
are references to parties, clauses, schedules, exhibits and annexures to or of this Agreement and a reference to this Agreement includes
any schedule, exhibit or annexure to this Agreement;

 

		(i)	where a word or phrase is given a defined meaning, any other part
of speech or grammatical form of that word or phrase has a corresponding meaning; and

 

		(j)	a reference to $ or dollar is to Australian currency.

 

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		2.	CONDITION PRECEDENT

 

		2.1	Condition

 

Clause 3 of this Agreement is subject to and conditional
upon the Shareholders Deed becoming unconditional.

 

		2.2	Benefit of MyFiziq

 

The Condition is inserted in this Agreement for
the benefit of MyFiziq and MyFiziq may, by notice in writing to the Company on or before the End Date, waive the Condition or grant an
extension of time for satisfaction of the Condition.

 

		2.3	Satisfaction or waiver of Conditions

 

Subject to clause 2.2, if the Condition is not
satisfied, or waived by MyFiziq, in accordance with the provisions of this Agreement on or before the End Date, either Party may terminate
this Agreement by written notice to the other Party.

 

		3.	LICENCE

 

		3.1	Grant of Company Licence

 

On and from the Effective Date and for the Term,
for the Consideration and on the terms and conditions contained in this Agreement, MyFiziq grants to the Company an exclusive, royalty-free,
perpetual licence of the MyFiziq IP, including a licence to use, reproduce and adapt the MyFiziq Materials, solely for use in the Company
Field in the Territory (Company Licence).

 

		3.2	Consideration

 

		(a)	On the Effective Date, The Company must pay MyFiziq A$350,000,
in cleared funds to a bank account nominated by MyFiziq.

 

		(b)	The Company must pay MyFiziq an additional A$1,150,000, in cleared
funds to a bank account nominated by MyFiziq. The Company will pay the additional A$1,150,000 within 60 Business Days from the Effective
Date.

 

		(c)	In the event the Company does not pay this amount within 60 Business
Days, the Company may request an extension to the terms of this payment which will not be unreasonably withheld by MyFiziq.

 

		(d)	The Company must pay MyFiziq the Additional Licence Fee in accordance
with the Shareholders’ Deed.

 

		3.3	Sub-licensing

 

The Company can only grant sub-licenses of the
Company Licence with the prior written consent of MyFiziq, which may not be unreasonably withheld by MyFiziq.

 

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		4.	INTELLECTUAL PROPERTY RIGHTS

 

		4.1	Acknowledgment

 

The Parties acknowledges that:

 

		(a)	all Intellectual Property owned by, or proprietary to, a Party
as at the Execution Date will at all times remain owned by that Party exclusively;

 

		(b)	other than as expressly set out in this Agreement, nothing in
this Agreement confers on a Party any right or interest in, or licence to use (or permit or cause to be used) any of the other Party’s,
or any third party’s, Intellectual Property; and

 

		(c)	other than as expressly set out in this Agreement, MyFiziq is
exclusively entitled to ownership of all Intellectual Property and Intellectual Property Rights arising from, or in relation to, any
modifications or improvements to the MyFiziq Platform.

 

		4.2	Company Improvements and Company Improvements IP

 

The Parties acknowledge and agree that:

 

		(a)	all Company Improvements and all Company Improvement IP are legally
and beneficially owned by The Company, including ownership of, and the right to licence solely within the Company Field;

 

		(i)	any new or unique algorithms developed by The Company;

 

		(ii)	patents applied for by The Company;

 

		(iii)	all data collected or acquired by The Company; and

 

		(iv)	all data derived from data collected or acquired by The Company;

 

		(b)	The Company grants MyFiziq a royalty free, perpetual, exclusive
licence in the Territory to use and Exploit all Company Improvements and all Company Improvement IP (excluding the Excluded Company Improvements
and IP) outside the Field (MyFiziq Licence);

 

		(c)	The Company has the exclusive right to use and Exploit all Excluded
Company Improvements and IP outside the MyFiziq Field; and

 

		(d)	in the event The Company wishes to Exploit the Excluded Company
Improvements and IP within the MyFiziq Field, it may only do so in conjunction with MyFiziq, based on a commercial arm’s length
licensing arrangement to be negotiated with MyFiziq.

 

		4.3	Notification

 

Each Party must notify the other as soon as practicable upon becoming
aware of:

 

		(a)	any actual or apparent infringement by any person of MyFiziq IP
or Company Improvements IP; or

 

		(b)	any assertion or claim by any person that the Exploitation of
MyFiziq IP or Company Improvements IP infringes the Intellectual Property Rights of a third person (Third Party Claim).

 

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		4.4	Conduct of proceedings

 

		(a)	A Party that owns Intellectual Property Rights the subject of
this Agreement (IP Owner) may, but is not obliged to, take sole conduct at its cost of any claim, demand or proceedings, including
negotiations for settlement or compromise before or after the commencement of legal proceedings:

 

		(i)	against a person for infringement of the IP Owner’s Intellectual
Property Rights (Infringement Claim); or

 

		(ii)	in defence of any Third Party Claim in respect of the IP Owner’s
Intellectual Property Rights.

 

		(b)	If an IP Owner exercises its right under clause 4.4(a), then:

 

		(i)	the other Party must at its cost join any relevant proceedings
in the manner directed by the IP Owner; and

 

		(ii)	the other Party must at its cost provide the IP Owner with all
reasonable assistance in relation to the proceedings; and

 

		(iii)	if an amount is awarded or paid to the IP Owner in settlement
of any Infringement Claim or Third Party Claim (including any damages, account of profits or costs awarded in any proceedings) (Award),
then:

 

		(A)	the IP Owner must reimburse the other Party from the amount of
the Award, the costs reasonably incurred by the other Party in assisting the IP Owner pursuant to paragraph (ii); and

 

		(B)	the IP Owner shall be entitled to retain the balance of the Award,
if any.

 

		5.	CONFIDENTIAL INFORMATION

 

		5.1	Obligation of confidentiality

 

Subject to clause 5.2:

 

		(a)	each Party must keep the Confidential Information of the other
Party confidential;

 

		(b)	except as expressly envisaged by this Agreement, each Party must
not use the other Party's Confidential Information other than for the purpose of exercising its rights and performing its obligations
under this Agreement; and

 

		(c)	each Party must use at least the same degree of care to avoid
disclosure of the other Party's Confidential Information as it uses to protect its own Confidential Information.

 

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		5.2	Right to disclose

 

A Party may disclose the Confidential Information
of another Party (other than any trade secret):

 

		(a)	to its officers, employees, professional advisers or agents, its
related bodies corporate, and the officers, employees or agents of a related body corporate who have a need to know the Confidential
Information; or

 

		(b)	to the extent required by law, or under the rules of any stock
exchange, so long as the Party gives the other Party reasonable advance notice and opportunity to object to the requirement to disclose
such information or obtain an appropriate order to protect its Confidential Information.

 

		5.3	Public domain

 

No piece or body of information shall be deemed
to be in the public domain merely because it contains information which is in the public domain or is embraced by a general disclosure
which is in the public domain.

 

		6.	REPRESENTATIONS AND WARRANTIES

 

		6.1	Warranties by each Party

 

On the Execution Date, each Party represents and
warrants to the other Party that:

 

		(a)	(power) it has full legal capacity and power to:

 

		(i)	own its property and to carry on its business; and

 

		(ii)	enter into this Agreement and to carry out the transactions that
this Agreement contemplates;

 

		(b)	(corporate authority) it has taken all corporate action
that is necessary or desirable to authorise its entry into this Agreement and its carrying out the transactions that this Agreement contemplates;

 

		(c)	(Authorisations) it holds each Authorisation that is necessary
or desirable to:

 

		(i)	enable it to properly execute this Agreement and to carry out
the transactions that this Agreement contemplates;

 

		(ii)	ensure that this Agreement is legal, valid, binding and admissible
in evidence; or

 

		(iii)	enable it to properly carry on its business, and it is complying with any conditions to which any of these Authorisations
is subject;

 

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		(d)	(documents effective) this Agreement constitutes its legal,
valid and binding obligations, enforceable against it in accordance with its terms (except to the extent limited by equitable principles
and laws affecting creditors’ rights generally), subject to any necessary stamping or registration; and

 

		(e)	(no contravention) neither its execution of this Agreement
nor the carrying out by it of the transactions that this Agreement contemplates, does or will:

 

		(i)	contravene any law to which it or any of its property is subject
or any order of any Government Agency that is binding on it or any of its property;

 

		(ii)	contravene any undertaking or instrument binding on it or any
of its property;

 

		(iii)	contravene its constitution; or

 

		(iv)	require it to make any payment or delivery in respect of any financial
indebtedness before it would otherwise be obliged to do so.

 

		6.2	Additional representations and warranties by MyFiziq

 

On the Execution Date, MyFiziq represents and warrants that:

 

		(a)	(no Encumbrance) there is no Encumbrance over any of the
MyFiziq IP;

 

		(b)	(ownership) to the best of its knowledge it owns all right,
title and interest in and in relation to the MyFiziq IP;

 

		(c)	(right to licence) it has the right to grant the licence
granted in clause 3;

 

		(d)	(no dealings) it has not granted a licence under the MyFiziq
IP and has not assigned or in any way disposed of or otherwise encumbered any right, title or interest in or to any of the MyFiziq IP,
and is not aware that any other person has done so;

 

		(e)	(right to practice) to the best of its knowledge the Exploitation
of the MyFiziq Platform does not infringe, nor is it alleged to infringe, any Intellectual Property Rights of any third person; and

 

		(f)	(no infringement) to the best of its knowledge, there has
not been:

 

		(i)	any infringement of any of the MyFiziq IP; or

 

		(ii)	any misuse or unauthorised disclosure of Confidential Information
in the MyFiziq IP, the MyFiziq Know How or the MyFiziq Materials; or

 

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		(iii)	any other act which may affect the ability to protect the Confidential
Information in the MyFiziq IP, the MyFiziq Know How or the MyFiziq Materials.

 

		6.3	Repetition of representations and warranties

 

The representations and warranties in this clause
6 are taken to be repeated on the Effective Date, on the basis of the facts and circumstances as at that date.

 

		6.4	Reliance on representations and warranties

 

Each Party acknowledges that the other Party has
executed this Agreement and agreed to take part in the transactions that this Agreement contemplates in reliance on the representations
and warranties that are made or repeated in this Agreement.

 

		7.	FORCE MAJEURE

 

		7.1	Notice and suspension of obligations

 

If a Party to this Agreement is affected, or likely
to be affected, by a Force Majeure Event:

 

		(a)	that Party shall immediately give the other prompt notice of that
fact including:

 

		(i)	full particulars of the Force Majeure Event;

 

		(ii)	an estimate of its likely duration;

 

		(iii)	the obligations affected by it and the extent of its effect on
those obligations; and

 

		(iv)	the steps taken to rectify it; and

 

		(b)	the obligations under this Agreement of the Party giving the notice
are suspended to the extent to which they are affected by the relevant Force Majeure Event as long as the Force Majeure Event continues.

 

		7.2	Effort to overcome

 

A Party claiming a Force Majeure Event shall use
its best endeavours to remove, overcome or minimise the effects of that Force Majeure Event as quickly as possible. However, this does
not require a Party to settle any industrial dispute in any way it does not want to.

 

		8.	DISPUTES

 

		8.1	Dispute resolution

 

If a dispute arises out of or in relation to this
Agreement (including any dispute as to breach or termination of this Agreement or as to any claim in tort, in equity or pursuant to any
statute) (Dispute), a Party may not commence any court or arbitration proceedings relating to the Dispute unless it has complied
with this clause 8, except if the Party seeks urgent interlocutory relief.

 

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		8.2	Dispute Notice

 

A Party claiming that a Dispute has arisen must
give written notice to the other Party specifying the nature of the Dispute (Dispute Notice).

 

		8.3	Negotiation

 

Upon receipt of a Dispute Notice, the parties
must procure that representatives of The Company and MyFiziq meet to endeavour to resolve the Dispute expeditiously by negotiation.

 

		8.4	Resolution of Disputes

 

If the parties have not resolved the Dispute under
clause 8.3 within 14 days of receipt of a Dispute Notice, the parties shall endeavour to resolve the Dispute expeditiously using informal
dispute resolution techniques such as mediation, expert evaluation or determination or similar techniques agreed by the parties.

 

		8.5	Mediation

 

If the parties do not agree within 30 days of
receipt of a Dispute Notice (or such further period as the parties agree in writing) as to:

 

		(a)	the dispute resolution technique and procedures to be adopted;

 

		(b)	the timetable for all steps in those procedures; and

 

		(c)	the selection and compensation of the independent person required
for such technique,

 

the parties shall mediate the Dispute in accordance
with the Mediation Rules of the Law Society of Western Australia, and the President of the Law Society of Western Australia (or the President's
nominee) will select the mediator and determine the mediator's remuneration.

 

		9.	TERM AND TERMINATION

 

		9.1	Termination by a Party

 

A Party may, by giving notice to the other Party
in writing, terminate this Agreement with immediate effect if:

 

		(a)	the other Party commits a breach of its material obligations under
this Agreement and fails to remedy that breach within 20 Business Days of receiving written notice from the other Party of the breach
requesting that the breach be remedied; or

 

		(b)	an Insolvency Event occurs in relation to the other Party.

 

		9.2	Escrow Deed

 

As soon as practicable after the date of this
Agreement, the Parties agree to:

 

		(a)	enter into an escrow deed, on standard commercial terms, pursuant
which the source code for the MyFiziq Platform (Source Code) will be held in escrow by an escrow agent (the Escrow Agent)
on terms that ensure that the Company can continue to have access to the Source Code in the event that an Insolvency Event occurs in
relation to MyFiziq; and

 

		(b)	appoint a mutually agreed independent Escrow Agent to hold the
Source Code.

 

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		9.3	Survival

 

		(a)	Termination or expiry of this Agreement does not affect any rights
and obligations of the parties that may have accrued before the effective date of termination or expiry.

 

		(b)	Clauses 1, 5, 8 and 9 survive termination or expiry of this Agreement.

 

		10.	GST

 

		10.1	Definitions

 

Words defined in A New Tax System (Goods and
Services Tax) Act 1999 (Cth) have the same meaning in this clause 10.

 

		10.2	Payment of GST

 

If a Party makes a supply to another Party under
or in connection with this Agreement, then (unless the consideration is expressly stated to be inclusive of GST) the consideration for
that supply is exclusive of GST, and in addition to paying or providing that consideration the recipient must:

 

		(a)	pay to the supplier an amount equal to any GST for which the supplier
is liable on that supply, without deduction or set-off of any other amount; and

 

		(b)	make that payment as and when the consideration or part of it
must be paid or provided, except that the recipient need not pay unless the supplier has issued to the recipient a tax invoice (or an
adjustment note) for that supply.

 

		10.3	Refunds and claims

 

		(a)	The supplier must refund to the recipient any overpayment by the
recipient for GST.

 

		(b)	If a Party provides a payment for or any satisfaction of a claim
or a right to claim under or in connection with this Agreement that gives rise to a liability for GST, the provider must pay, and indemnify
the recipient on demand against, the amount of that GST.

 

		(c)	If a Party has a claim under or in connection with this Agreement
for a cost on which that Party must pay an amount for GST, the claim is for the cost plus the amount for GST (except any amount for GST
for which that Party is entitled to an input tax credit).

 

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		11.	NOTICES

 

		11.1	Requirements for Notice

 

Each notice authorised or required to be given
to a Party shall be in writing and may be delivered personally or sent by properly addressed and prepaid mail or facsimile in each case
addressed to the Party at its address set out in clause 11.2, or as the case may be to such other address as it may from time to time
notify to the other parties pursuant to clause 11.3.

 

		11.2	Address of parties

 

The initial address of the parties shall be as follows:

 

In the case of The Company:

 

Suite 5, 71-73 South Perth Esplanade

South Perth WA 6151

Email: cyril.donnelly@uwa.edu.au

Attention: Cyril Jon Donnelly

 

In the case of MyFiziq:

 

Suite 5, 71-73 South Perth Esplanade

South Perth WA 6151

Email: vlado@myfiziq.com

Attention: Vlado Bosanac

 

		11.3	Change of Address

 

Each Party may from time to time change its address by giving notice
pursuant to clause 11.1 to the other parties.

 

		11.4	Receipt of Notice

 

Any notice given pursuant to clause 11.1 will be conclusively deemed
to have been received:

 

		(a)	in the case of personal delivery, on the actual day of delivery
if delivered prior to 5 pm (Perth time) on a Business Day or on the next following Business Day if delivered after 5 pm (Perth time)
on a Business Day or on a day other than a Business Day;

 

		(b)	if sent by mail, on the second clear Business Day after the day
of posting; or

 

		(c)	if sent by facsimile, on the day the facsimile was sent by clear
transmission.

 

		12.	FURTHER ASSURANCE

 

Each Party shall sign, execute and do all deeds,
acts, documents and things as may reasonably be required by the other Party to effectively carry out and give effect to the terms and
intentions of this Agreement.

 

    15

    

    

 

		13.	GOVERNING LAW

 

This Agreement shall be governed by and construed
in accordance with the law from time to time in the State of Western Australia and the parties agree to submit to the non-exclusive jurisdiction
of the courts of Western Australia and the courts which hear appeals therefrom.

 

		14.	VARIATION

 

No modification or alteration of the terms of
this Agreement shall be binding unless made in writing dated subsequent to the date of this Agreement and duly executed by the parties.

 

		15.	COSTS

 

		15.1	Stamp Duty

 

All stamp duty (if any) assessed on or in respect
of this Agreement shall be paid by The Company.

 

		15.2	Legal Costs

 

Each Party shall bear their own legal costs of
and incidental to the preparation, negotiation and execution of this Agreement.

 

		16.	MISCELLANEOUS

 

		16.1	Severance

 

If any provision of this Agreement is invalid
and not enforceable in accordance with its terms, all other provisions which are self-sustaining and capable of separate enforcement without
regard to the invalid provision, shall be and continue to be valid and forceful in accordance with their terms.

 

		16.2	Assignment

 

No Party may assign or transfer its rights or
interests under this Agreement, the Company Licence or the MyFiziq Licence other than with the prior written consent of the other Party,
such consent not to be unreasonably withheld.

 

		16.3	Entire Agreement

 

This Agreement shall constitute the sole understanding
of the Parties with respect to the subject matter and replaces all other agreements with respect thereto.

 

		16.4	Counterparts

 

This Agreement may be executed in any number of
counterparts (including by way of facsimile) each of which shall be deemed for all purposes to be an original and all such counterparts
taken together shall be deemed to constitute one and the same instrument.

 

		16.5	Time

 

Time shall be of the essence in this Agreement
in all respects.

 

    16

    

    

 

EXECUTED by the Parties as an Agreement.

 

	EXECUTED BY	)
	MYFIZIQ LTD	)
	Australian Company Number 602 111 115	)
	in accordance with its constituent	)
	documents and place of formation:	)

 

		 
	Director – Vlado Bosanac	 
	 	 
		 
	Company Secretary – Kevin Hart	 

 

	EXECUTED BY	)
	BODY COMPOSITION TECHNOLOGIES PTY	)
	LIMITED	)
	Australian Company Number 620 646 531	)
	in accordance with its constituent	) 
	documents and place of formation:	 

 

		 
	Director	 
	 	 
		 
	Director/Director & Company Secretary	 

 

 

17Exhibit 10.28

 

	US$500,000	Issue
    Date: January 20, 2021

 

New
York, New York

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, the undersigned, BEARN, LLC, a limited liability company organized and existing under the laws of the State of Maryland
(the “Borrower”), hereby promises to pay to the order of MYFIZIQ LIMITED, a company organized under the laws of Australia
(the “Lender” and collectively with the Borrower, the “Parties”) on the Termination Date (as defined
below), the unpaid principal amount of the loan (the “Loan”) made by the Lender to the Borrower, as evidenced hereby,
in the principal amount of Five Hundred Thousand United States Dollars (US$500,000). The Borrower hereby promises to pay interest on
the unpaid principal amount of the Loan on the dates and at the rate provided for herein. The principal amount shall be advanced in multiple
tranches pursuant to the terms and conditions herein provided. The principal amount of the initial tranche to be advanced on the date
hereof shall equal Two Hundred Thousand United States Dollars (US$200,000).

 

Section
1. Certain Terms Defined. The following terms for all purposes of this Promissory Note shall have the respective meanings
specified below.

 

“Bearn
App” means downloadable application software designed to run on mobile platforms including Android and iOS operating systems
and which, inter alia, in combination with a fitness tracker, captures, processes, stores and transmits biometric data.

 

“Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized by
law to close.

 

“Default”
means any event which, with the giving of notice, lapse of time, determination of materiality or fulfillment of any other applicable
condition (or any combination of the foregoing), would constitute an Event of Default.

 

“Event
of Default” has the meaning given to it in Section 9.

 

“Funding
Completion Date” means the date that is three (3) months from the Issue Date of this Note.

 

“GAAP”
means generally accepted accounting principles in the United States, in effect from time to time, consistently applied.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations, prospects, condition (financial or otherwise)
or property of the Borrower, (b) the validity or enforceability of any provision of any Transaction Document, (c) the ability of any
party to any Transaction Document to timely perform its obligations thereunder, or (d) the rights and remedies of the Lender under any
Transaction Document.

 

     

     

    

 

“Obligations”
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become due,
or that are now or may be hereafter contracted or acquired, or owing to, of the Borrower to the Lender, including, without
limitation, all obligations under this Promissory Note and any other instruments, agreements or other documents executed and/or
delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or
indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time
to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or
liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from the
Lender as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or
modified from time to time. Without limiting the generality of the foregoing, the term “Obligations” shall include,
without limitation: (i) principal of, and interest on the loans; (ii) any and all other fees, indemnities, costs, obligations and
liabilities of the Borrower from time to time under or in connection with this Promissory Note and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or therewith and (iii) all amounts (including but not limited to
post petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts
are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Borrower.

 

“Permitted
Liens” means liens in favor of the Lender, statutory liens created by operation of applicable law, liens arising in the ordinary
course of business and securing obligations that are not overdue or are being contested in good faith by appropriate proceedings, or
liens for taxes not yet due and payable or that are being contested in good faith by appropriate proceedings, provided that adequate
reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP.

 

“Person”
means and includes any natural person, individual, partnership, joint venture, corporation, trust, limited liability company,
limited company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof,
or any other entity.

 

“Pledge
and Escrow Agreement” means the Pledge And Escrow Agreement dated of even date herewith made by the Pledgor, in favor of the
Lender.

 

“Pledgor”
means Aaron Drew.

 

“Security
Agreement” means the Security Agreement dated of even date herewith made by the Borrower, in favor of the Lender.

 

“Software”
shall mean software developed by the Borrower, including the Bearn App and related back end operating software used in connection with
the operation of the Borrower’s business, including, but not limited to IOS and Android downloadable mobile applications for, inter
alia, the measurement of calories burned by a user.

 

    	 	2	 

     

    

 

“Termination
Date” means the maturity date as defined in Section 2.

 

“Transaction
Documents” means this Promissory Note, the Security Agreement, and any Pledge and/or Escrow Agreement.

 

“Unique
Users” and “Unique Monthly Users” means any person who establishes an account with Bearn having an identification
reference, email address or username, a Unique Monthly User is a Unique User that engages the MyFizIq Technology through the Bearn Application
in a given month.

 

Section
2. Advances. The Lender may make principal advances to the Borrower, as follows: (i) Two Hundred Thousand United States Dollars
(US$200,000) shall be advanced promptly following the execution of this Note and (ii) Three Hundred Thousand United States Dollars (US$300,000)
(the “Subsequent
Advances”) may be advanced in three equal
installments of One Hundred Thousand United States Dollars (US$100,000) each on those dates which are thirty (30) calendar days following
the Issue Date, sixty (60) calendar days following the Issue Date, and ninety (90) calendar days following the Issue Date. Notwithstanding
the foregoing, in the event that the Lender does not fund the Subsequent Advances, the Unique Users target shall be reduced from 1,000,000
Unique Users on a proportional basis. The initial $200,000 principal advance shall result in a Unique Users requirement of 400,000, and
each additional $100,000 Subsequent Advance tranche funded shall result in an additional 200,000 Unique Users requirement (the “Unique
Users Requirement Reduction”).

 

Section
3. Maturity Of the Loan. The Loan shall mature, and the principal amount thereof shall be due and payable (together with accrued
but unpaid interest thereon), on the occurrence of any of the following (collectively, the “Maturity Date”): (i) if
the Borrower does not increase its number of Unique Users to one million (1,000,000) or more unique monthly users using the MyFiziq Technology,
subject to the Unique Users Requirement Reduction, in the first twelve (12) months immediately following the Funding Completion Date,
the principal amount outstanding (together with accrued but unpaid interest thereon), shall be due and payable on the date that is twelve
(12) months following the Funding Completion Date; (ii) if the Borrower successfully increases its number of Unique Users to one million
(1,000,000) unique monthly users using the MyFiziq Technology, subject to the Unique Users Requirement Reduction, in the first twelve
(12) months after the Funding Completion Date, the principal amount (together with accrued but unpaid interest thereon), shall be due
and payable on the date that is twenty-four (24) months after the Funding Completion Date, subject to Section 11 herein.

 

Notwithstanding
the foregoing, the Loan shall mature, and the principal amount thereof shall be due and payable (together with accrued but unpaid interest
thereon), on the earlier of: (i) the date on which the Borrower completes a capital raise in an amount that exceeds $2,000,000 in a single
transaction; or (ii) March 20, 2022.

 

    	 	3	 

     

    

 

In
the event that the Borrower completes one or more capital raises of less than $2,000,000, the Borrower shall, upon each such capital
raise, repay a pro rata amount of the Loan (plus accrued but unpaid Interest) equal to the percentage: (A) the amount of the capital
raise divided by (B) $2,000,000. For the avoidance of doubt and by way of example, in the event that the Borrower raises $1,000,000,
then 50% of the Loan and accrued but unpaid Interest is repayable on completion of the capital raise.

 

Section
4. Interest Payments. The unpaid principal amount of the Loan shall bear interest at the following interest rates per annum
(the “Interest Rate”):

 

(i)
During the period beginning on the Issue Date and ending on the date which is 12 months from the Funding Completion Date, interest shall
accrue at a rate of eight percent (8%) per annum;

 

(ii)
During the period from (but not including) the date which is 12 months after the Funding Completion Date until the Maturity Date, following
such date interest shall accrue pursuant to the following:

 

(A)
In the event that the Borrower achieved less than five hundred thousand (500,000) unique monthly active users using the MyFiziq platform,
subject to the Unique Users Requirement Reduction, by such date, interest shall accrue at a rate of fifteen percent (15%) per annum;

 

(B)
In the event that the Borrower achieved five hundred thousand (500,000) or more unique month active users but less than seven hundred
fifty thousand (750,000) unique monthly active users using the MyFiziq Technology, subject to the Unique Users Requirement Reduction,
by such date, interest shall accrue at a rate of twelve percent (12%) per annum;

 

(C)
In the event that the Borrower achieved seven hundred fifty thousand (750,000) or more unique monthly active users but less than one
million (1,000,000) unique monthly active users using the MyFiziq Technology, subject to the Unique Users Requirement Reduction, by such
date, interest shall accrue at a rate of ten percent (10%) per annum; and

 

(D)
In the event that the Borrower achieved one million (1,000,000) unique monthly active users or more using the MyFiziq Technology, subject
to the Unique Users Requirement Reduction, by such date, the interest rate shall be zero percent (0%).

 

One
month of interest shall be due and payable on the twelve (12) month anniversary of the Issue Date and shall continue monthly thereafter.
Interest which is outstanding as of the Maturity Date shall be paid in full on the Maturity Date.

 

Notwithstanding
the foregoing, following an Event of Default, any balance outstanding on the Loan shall bear interest, payable on demand, for each
day until paid at a rate per annum equal to the lesser of (i) the maximum interest rate permitted by applicable law and (ii)
eighteen percent (18%) (the “Default Rate”).

 

    	 	4	 

     

    

 

Interest
shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding
the last day).

 

Section
5. Optional Prepayments. The Borrower may prepay the Loan in whole or in part at any time prior to the Maturity Date without
penalty by paying the principal amount to be prepaid together with interest accrued thereon and any other amount which may be outstanding
to the date of prepayment.

 

Section
6. General Provisions As To Payments. All payments of principal of and interest on the Loan by the Borrower hereunder shall
be made not later than 12:00 Noon (New York City time) on the date when due by cashier’s check or by wire transfer of immediately
available funds to the Lender’s account at a bank specified by the Lender in writing to the Borrower without reduction by reason of any
set-off or counterclaim. In the event that any required payment date is not a Business Day, then said payment date shall be the next
succeeding Business Day.

 

Section
7. Representations and Warranties of the Borrower. The Borrower represents and warrants to the Lender that:

 

		a.	it
                                            is duly organized, validly existing and in good standing under the laws of the state of its
                                            incorporation;
	 	 	 
		b.	it
                                            is duly authorized to do business in all jurisdictions material to the conduct of its business;
	 	 	 
		c.	it
                                            has full power and authority and holds all requisite governmental licenses, permits and other
                                            approvals to enter into and perform its obligations under this Promissory Note and to conduct
                                            its business substantially as currently conducted by it;
	 	 	 
		d.	the
                                            execution, delivery and performance of this Promissory Note are within the Borrower’s
                                            limited liability company powers and have been duly authorized by all necessary limited liability
                                            company action;
	 	 	 
		e.	this
                                            Promissory Note has been duly executed by an authorized officer of the Borrower and constitutes
                                            a legal, valid and binding obligation enforceable against the Borrower;
	 	 	 
	 	f.	this Promissory Note does not violate any of the Borrower’s
organizational documents, any law, court order or material agreement by which the Borrower is bound; and
	 	 	 
		g.	the
                                            Borrower’s performance under this Promissory Note is not threatened by any pending
                                            or threatened litigation.

 

    	 	5	 

     

    

 

Section
8. Affirmative Covenants. Unless the Lender shall otherwise agree, the Borrower shall:

 

		a.	(i)
                                            maintain its limited liability company existence and qualify and remain qualified to conduct
                                            business as currently conducted; (ii) maintain all approvals necessary for the Loan and the
                                            Transaction Documents; and (iii) operate its business with due diligence, efficiency and
                                            in conformity with sound business practices;
	 	 	 
		b.	(i)
                                            keep its properties and business insured with financially sound and reputable insurers against
                                            loss or damage in such manner and to the same extent as shall be no less than that generally
                                            accepted as customary in regard to property and business of like character; (ii) punctually
                                            pay any premium, commission and any other amount necessary for effectuating and maintaining
                                            in force each insurance policy required pursuant hereto and (iii) upon the request of the
                                            Lender cause the Lender to be a named insured (without recourse for premiums) and a loss
                                            payee of the Borrower’s insurances;
	 	 	 
		c.	comply
                                            in all material respects with all applicable laws, rules, regulations and orders of any government
                                            authority;
	 	 	 
		d.	take
                                            all necessary action to permit the Lender’s representatives to (i) visit (with prior
                                            notice to the Borrower) the premises of the Borrower, its facilities, plants and equipment,
                                            (ii) meet with the Borrower’s directors, officers, employees, and agents, and (iii)
                                            have reasonable access to the Borrower’s books and the Borrower’s auditors during
                                            working hours and on working days, provided that, so long as no Event of Default has
                                            occurred and is continuing, the Lender gives the Borrower notice two (2) Business Days in
                                            advance of such visit;
	 	 	 
		e.	maintain
                                            records, books, management information systems and financial control procedures which together
                                            are adequate to: (i) support the accounting practices and tax elections of the Borrower;
                                            (ii) record and monitor the use of the Loan proceeds; and (iii) accurately, adequately and
                                            fairly reflect the financial condition of the Borrower and the results of its operations
                                            in conformity with GAAP;
	 	 	 
		f.	pay
                                            and discharge all taxes, assessments and governmental charges upon it, its income and its
                                            properties prior to the date on which penalties are attached thereto, unless and only to
                                            the extent that (i) such taxes, assessments and governmental charges shall be contested in
                                            good faith and by appropriate proceedings by the Borrower, (ii) reserves which are adequate
                                            under GAAP are maintained by the Borrower with respect thereto, and (iii) any failure to
                                            pay and discharge such taxes, assessments and governmental charges would not have and could
                                            not reasonably be expected to have a Material Adverse Effect;

 

    	 	6	 

     

    

 

		g.	promptly
                                            inform the Lender, in writing, of any proposed material change in the nature or scope of
                                            the business or operations of the Borrower, or any event or condition which has or could
                                            reasonably be expected to have a Material Adverse Effect;
	 	 	 
		h.	comply
                                            with the requirements of all applicable laws, rules, regulations, and orders of any government
                                            authority, a breach of which would or would reasonably be expected to result in a Material
                                            Adverse Effect;
	 	 	 
		i.	obtain,
                                            make and keep in full force and effect all licenses, contracts, consents, approvals and authorizations
                                            from and registrations with government authorities that may be required to conduct its business,
                                            to maintain compliance with all applicable laws and regulations, and remit monies payable
                                            pursuant to this Promissory Note;
	 	 	 
		j.	promptly
                                            notify the Lender of the occurrence of (i) any Default or Event of Default; (ii) any event,
                                            development or circumstance whereby the Borrower’s financial statements fail in any
                                            material respect to present fairly and accurately, in accordance with GAAP, the financial
                                            condition and operating results of the Borrower as of the date of such financial statements;
                                            (iii) any material litigation or proceedings that are instituted or, to the knowledge of
                                            the Borrower, threatened against the Borrower or any of their respective assets; (iv) each
                                            and every event which, at the giving of notice, lapse of time, determination of materiality
                                            or fulfillment of any other applicable condition (or any combination of the foregoing), would
                                            constitute an event of default (however described) under either of the Transaction Documents;
                                            and (v) any other development in the business or affairs of the Borrower if the effect thereof
                                            might have a Material Adverse Effect;
	 	 	 
		k.	comply
                                            with the Transaction Documents and use its best efforts to cause every other party to the
                                            Transaction Documents (other than the Lender) or any other document executed in connection
                                            with the transactions contemplated hereby;
	 	 	 
		l.	inform
                                            the Lender, as soon as they are made, of any judicial or non-judicial claims against the
                                            Borrower of more than $25,000 or the equivalent thereof in any other currency for each claim;
	 	 	 
		m.	execute
                                            such other and further documents and instruments as the Lender may reasonably request to
                                            implement the provisions of this Promissory Note;
	 	 	 
		n.	supply
                                            the Lender with (i) annual financial statements of the Borrower as soon as they are available
                                            and, in any event, within 180 days after the end of the Borrower’s financial year; and (ii)
                                            quarterly financial statements of the Borrower and its activities as soon as they are available;

 

    	 	7	 

     

    

 

		o.	provide to the Lender statement or statements, lists of property
and accounts, budgets, forecasts, reports and financial information (including a listing of all outstanding indebtedness of the Borrower
and any subsidiaries for borrowed monies) with respect to the business, operations and management of the Borrower and any subsidiaries
and the employment of the assets owned or operated directly or indirectly by the Borrower or any of its subsidiaries as the Lender may
from time to time reasonably request in writing;

 

		p.	the
                                            Borrower shall use the Loan for the purpose of finalizing the Bearn SDK, API, MYQ enhancements
                                            and product roadmap to complete integrations with complimentary partners in order to increase
                                            the number of single users of the Borrower’s Software to one million (1,000,000) unique monthly active
                                            users, using the MyFiziq Technology, subject to the Unique Users Requirement Reduction, within
                                            the twelve (12) months after the Funding Completion Date, wherein Unique Users can be identified
                                            by a unique identification reference, email address or username.

 

Section
9. Negative Covenants. Unless the Lender shall otherwise agree, the Borrower shall not:

 

		a.	enter
                                            into any transaction except on an arm’s length basis or otherwise agreed in writing by the
                                            Lender;

 

		b.	undertake
                                            or permit, without the agreement of the Lender, any (i) merger, consolidation or transfer
                                            of shares in the Borrower resulting in the creation of a wholly-owned subsidiary, or vice
                                            versa, (ii) any conversion of the Borrower into another corporate form, or (iii) any sale,
                                            transfer, lease or exchange or other action with respect to the disposal of, or disposition
                                            of rights to, any assets or business lines of the Borrower in a single transaction or series
                                            of transactions outside of the Borrower’s ordinary course of business other than the sale,
                                            transfer, lease or exchange or other action with respect to the disposal of, or disposition
                                            of rights;

 

		c.	liquidate
                                            or dissolve or enter into any consolidation, merger, spin-off, consolidation or reorganization,
                                            or acquire the assets or stock of any other business or company or enter into any partnership,
                                            joint venture, syndicate, pool, profit-sharing or royalty agreement or other combination,
                                            or engage in any transaction with an affiliate, whereby its income or profits are, or might
                                            be shared with any other Person, or enter into any management contract or similar arrangement
                                            whereby its business or operations are managed by another Person, provided that Bearn shall
                                            be permitted to license the Software to third parties in arms-length transactions;

 

		d.	make
                                            any change to the scope or nature of its respective business activities as carried on at
                                            the date hereof or undertake any operations not permitted by the Transaction Documents;

 

    	 	8	 

     

    

 

		e.	establish
                                            a subsidiary or acquire any equity interests in any other entity or enter into any agreement
                                            to acquire any stock obligations or securities of or any other interest in or make any capital
                                            contribution to any other Person without the prior written consent of the Lender;

 

		f.	(i)
                                            enter into any agreement or arrangement to guarantee or, in any way or under any condition,
                                            to become obligated for all or any part of any financial or other obligation of another Person;
                                            (ii) create, incur or suffer any lien upon any of its assets, now owned or hereafter acquired,
                                            except Permitted Liens; or (iii) assign, sell, transfer or otherwise dispose of, or terminate,
                                            waive or amend any of the rights and obligations hereunder;

 

		g.	make
                                            or permit to exist, loans or advances to, or deposits (except commercial bank deposits in
                                            the ordinary course of business) with, other Persons or investments in any Person or enterprise;

 

		h.	(i)
                                            violate any laws, ordinances, government rules or regulations to which it is subject or (ii)
                                            fail to obtain or maintain any patents, trademarks, service marks, trade names, copyrights,
                                            design patents, licenses, permits, franchises or other governmental authorizations necessary
                                            to ownership of its property or the conduct of its respective business, in either case where
                                            such failure would have or could reasonably be expected to have a Material Adverse Effect;

 

		i.	except
                                            as otherwise approved by the Lender, create, incur, assume, or suffer to exist any lease
                                            obligation other than lease obligations in the ordinary course of business of the Borrower;

 

		j.	except
                                            as required by applicable law, declare or pay any dividends, issue or sell any securities,
                                            or distribute or otherwise transfer to its members or other equity stakeholders or subordinated
                                            lenders any money in cash or kind on any shares, including, without limitation, any payments
                                            under any agreements between the Borrower and its members , whether in writing or otherwise;
                                            provided, however, that so long as no Default or Event of Default shall have occurred, the
                                            Borrower may make distributions to its members in sufficient amounts to enable such shareholder
                                            to pay federal, state and local income taxes attributable to their equity interest;

 

		k.	assign
                                            or otherwise transfer, terminate, waive or amend either of the Transaction Documents without
                                            the prior consent of the Lender, except for amendment in the ordinary course of business;

 

		l.	permit
                                            any modification to the accounting practices followed by the Borrower, other than as contemplated
                                            herein and except in accordance with applicable generally accepted accounting principles,
                                            or change its external auditors, without consent from the Lender; and

 

    	 	9	 

     

    

 

		m.	grant
                                            any liens (other than Permitted Liens) or incur any debt other than in the ordinary course
                                            of business unless such debt is raised for the purposes of repaying in full this Promissory
                                            Note or unless such debt is subordinated to the indebtedness created under this Promissory
                                            Note and does not begin to amortize and interest thereon is not payable until this Promissory
                                            Note is repaid in full.

 

Section
10. Events Of Default. Each of the following events shall constitute an “Event of Default”:

 

		a.	the
                                            principal of the Loan shall not be paid when due;

 

		b.	any
                                            interest on the Loan shall not be paid within five (5) Business Days of the date that such
                                            interest was due;

 

		c.	any
                                            warranty, representation or statement by the Borrower is or becomes false, misleading or
                                            incorrect in a material respect when made or regarded as made by the Borrower under this
                                            Promissory Note or the Transaction Documents;

 

		d.	the
                                            Borrower fails to perform or observe any material undertaking, obligation or agreement expressed
                                            or implied in this Promissory Note or the Transaction Documents and such default is not cured
                                            within thirty (30) days, or such longer period as is determined by the Lender, after receipt
                                            by the Borrower of a notice from the Lender specifying the failure;

 

		e.	the
                                            Borrower fails to register a copyright in the Software following written demand by the Lender,
                                            provided, however that the application for such a registration shall be construed as complete
                                            performance hereof;

 

		f.	a
                                            judgment in an amount exceeding Twenty Five Thousand United States Dollars (US$25,000) is
                                            obtained against the Borrower, and such judgment amount is not set aside or satisfied within
                                            seven (7) days of the judgment being entered;

 

		g.	a
                                            receiver, receiver and manager, official manager, trustee, administrator or similar official
                                            is appointed, or steps are taken for such appointment, over any of the assets or undertaking
                                            of the Borrower;

 

		h.	the
                                            Borrower is, or becomes, unable to pay its debts when they are due or is, or becomes, unable
                                            to pay its debts within the meaning of the US Bankruptcy Code or is presumed to be insolvent
                                            under the US Bankruptcy Code;

 

		i.	the
                                            Borrower enters into, or resolves to enter into, any arrangement, composition or compromise
                                            with, or assignment for the benefit of, its creditors or any class of them otherwise than
                                            while solvent and with the prior written consent of the Lender;

 

    	 	10	 

     

    

 

		j.	an
                                            application or order is made for the winding up or dissolution of the Borrower, which application
                                            or order is not dismissed or withdrawn within twenty on (21) days, or a resolution is passed
                                            or any steps are taken to pass a resolution for the winding up or dissolution of the Borrower
                                            otherwise than for the purpose of an amalgamation or reconstruction which has the prior written
                                            consent of the Lender; or

 

		k.	the
                                            Borrower suspends payment of its debts generally.

 

If
an Event of Default described above shall occur, the unpaid principal and accrued interest on the Loan shall become due and payable within
thirty (30) days of the Lender’s issuance of a formal demand notice to the Borrower. Immediately upon the occurrence of any Event of Default
described above, or upon failure to pay this Promissory Note on the Termination Date, the Lender, without any notice to the Borrower,
which notice is expressly waived by the Borrower, may proceed to protect, enforce, exercise and pursue any and all rights and remedies
available to the Lender under this Promissory Note and any other agreement or instrument, and any and all rights and remedies available
to the Lender at law or in equity.

 

In
addition to the foregoing, in the event that any Event of Default described above shall occur for any reason, whether voluntary or
involuntary, and be continuing for thirty (30) days following the Lender’s issuance of a formal demand letter to the Borrower: (i) the
non-exclusive license of the Software shall be, and hereby is, automatically converted to an irrevocable exclusive license to the
Software in favor of the Lender in all countries worldwide, excluding the United States and Canada, and/or (ii) the Lender may
convert the outstanding balance of the Loan (or any portion thereof in a pro-rata amount) to limited liability company interests in
the Borrower equal to twenty five percent (25%) ownership of all of the then issued and outstanding limited liability company
interests on a fully diluted basis as of the date of the Event of Default, provided the loan is fully funded at $500,000.00 In the
event that the loan is partially funded the ownership interest in the event of default shall be pro-rated based upon the actual
amount funded: E.g. if Borrower lends $250,000.00, in the event of the default, the ownership interest would be twelve and one-half
percent (12.5%). The Borrower shall, upon demand, take any and all actions which are necessary or advisable to affect the foregoing.
The forgoing rights shall be in addition to any and all rights provided by any other Transaction Document.

 

All
sums paid or advanced by the Lender in connection with the foregoing and all out-of-pocket costs and reasonable expenses
(including, with limitation, reasonable attorneys’ fees and expenses) incurred in connection therewith, together with interest
thereon at the Default Rate from the date of payment until repaid in full, shall be paid by the Borrower to the Lender on demand and
shall constitute and become a part of the obligations of the Borrower secured hereby.

 

Section
11. Forgiveness. The Parties acknowledge and agree that in the event that the Borrower increases the number of Unique Users
using the MyFiziq Technology to no less than two million (2,000,000) unique active user per month at any time prior to the Maturity Date,
the Loan and any and all principal and accrued and outstanding interest shall be immediately forgiven and this Promissory Note shall
be cancelled.

 

    	 	11	 

     

    

 

Section
12. Further Assurances. The Borrower hereby agrees that, from time to time upon the written request of the Lender, the Borrower
will execute and deliver such further documents and do such other acts and things as the Lender may reasonably request in order to fully
effect the purposes of this Promissory Note and to protect and preserve the priority and validity of the security interests granted hereunder.

 

Section
13. Powers And Remedies Cumulative; Delay Or Omission Not Waiver Of Event Of Default. No right or remedy herein conferred
upon or reserved to the Lender is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or
in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

No
delay or omission of the Lender to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid
shall impair any such right or power or shall be construed to be a waiver of any Event of Default or an acquiescence therein; and every
power and remedy given by this Promissory Note or by law may be exercised from time to time, and as often as shall be deemed expedient,
by the Lender.

 

Section
14. Transfers. The Parties may not transfer or assign this Promissory Note nor any right or obligation hereunder to any person
or entity without the prior written consent of the other Party.

 

Section
15. Modification. This Promissory Note may be modified only with the written consent of both the Borrower and the Lender.

 

Section
16. Expenses. The Borrower agrees to pay to the Lender legal fees relating to the preparation of this Promissory Note and
the Transaction Documents, in an amount to not exceed US$15,000.00 plus all out-of-pocket cost and expenses.

 

Section
17. Notices. Each notice authorized or required to be given to a party shall be in writing and may be delivered
personally or sent by properly addressed prepaid mail in each case addressed to the party at its address set out in
below:

 

In
the case of the Lender:

 

Suite
5, 71-73 South Perth Esplanade

South Perth WA 6151

Email:
vlado@MyFiziq.com

 

    	 	12	 

     

    

 

In the case of the Borrower:

 

314 Law St.

San
Diego, CA

 

814 Law

Street

San Diego, CA

92109

Email:
aaron@bearncorp.com

 

Section
18. Miscellaneous. This Promissory Note shall be deemed to be a contract under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of said state. The parties hereto hereby waive presentment, demand, notice,
protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of or any default
under this Promissory Note, except as specifically provided herein, and assent to extensions of the time of payment, or forbearance or
other indulgence without notice. The Section headings herein are for convenience only and shall not affect the construction hereof. Any
provision of this Promissory Note which is illegal, invalid, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating or impairing the remaining
provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. This Promissory Note shall
bind the Borrower and his or her heirs, administrators, executors, personal representatives and permitted assigns. The rights under and
benefits of this Promissory Note shall inure to the Lender and its permitted successors and assigns. This Promissory Note may be executed
in any number of counterparts, each of which when executed and delivered to the other parties shall constitute an original, but all counterparts
together shall constitute one and the same Promissory Note.

 

[Signature
Page Follows]

 

    	 	13	 

     

    

 

IN
WITNESS WHEREOF, the Borrower has caused this instrument to be duly executed on the date indicated below.

 

	Date: January ___, 2021 	 
	 	 
	 	BEARN LLC
	 	 
	 	By:	/s/ aaron Drew
	 	Name:	 aaron Drew
	 	Title:	CEO
	 	 
	 	Secured Party: 
	 	 
	 	MYFIZIQ LIMITED
	 	 
	 	By:	/s/ Vlado Bosanac
	 	Name:	 Vlado Bosanac
	 	Title: 	Chief Executive Officer

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