Document:

EXHIBIT
10.1

 

ASSET
SALE AGREEMENT

 

Dated
29 June 2022

 

PARTIES

 

RAYONT
(AUSTRALIA) PTY LTD ACN 609 893 307

 

(“Asset
Seller”)

 

AND

 

RAYONT
INTERNATIONAL (LABUAN) LTD 

 

(“Licence
Seller”)

 

AND

 

NOVA
MEDICAL GROUP PTY LTD ACN 653 914 133

 

(“Buyer”)

 

AND

 

KUAN
HENG CHEN

 

(“Guarantor”)

 

 

Level
6, RSL Centre

9
Beach Road

SURFERS
PARADISE QLD 4217

Tel:
07 5570 9500

Fax:
07 5592 2007

Email:
jmuir@steindls.com.au

Ref:
MJJ: JA:220599

 

    	1

     

    

 

	AGREEMENT made	 29 June2022

 

	PARTIES	RAYONT
    (AUSTRALIA) PTY LTD ACN 609 893 307
	 	of
    6/3986-3988 Pacific Highway, Loganholme QLD 4129
	 	 
	 	(“Asset
    Seller”)
	 	 
	AND	RAYONT
    INTERNATIONAL (LABUAN) LTD of 11 Jalan Jambu Susu 4/3C, 

    Seksyen 4, Shah Alam, Selangor, 4000, Malaysia
	 	 
	 	(“Licence
    Seller”) 
	 	 
	AND	NOVA
    MEDICAL GROUP PTY LTD ACN 653 914 133
	 	of
    3 Whitehall Street, Macgregor QLD 4109
	 	 
	 	(“Buyer”)
	 	 
	AND	KUAN
    HENG CHEN of 3 Whitehall Street, Macgregor QLD
    4109
	 	 
	 	(“Guarantor”)

 

INTRODUCTION

 

	A.	The
    Asset Seller owns the Assets and the Licence Seller owns the Licence. 
	 	 
	B.	The
    Asset Seller and the Licence Seller are, or will be on the Completion Date, the owners free from any encumbrance, security or third-party
    interest of the Assets and Licence respectively. 
	 	 
	C.	The
    Asset Seller and the Licence Seller wishes to sell to the Buyer, and the Buyer wishes to buy from the Seller, the Assets and the
    Licence respectively on the terms contained in this Agreement.
	 	 
	D.	The
    Guarantor has agreed to Guarantee the obligations of the Buyer under this Agreement. 

 

IT
IS AGREED

 

	1.	Definitions
    and interpretation

 

	1.1.	Definitions

 

In
this Agreement:

 

Agreement
means this Asset Sale Agreement entered into by the parties.

 

Agreement
Date means the date of this Agreement.

 

Asset
means NGPDT Multi Frequency Laser Machine, Wan Trading and WWS Horizon held by the Asset Seller.

 

    	2

     

    

 

Asset
Purchase Price means $1,000,000.00 USD.

 

Business
Day means a day on which banks open for trading in Queensland, excluding Saturdays, Sundays and public holidays.

 

Completion
Date means the date which is 14 days after the Agreement Date;

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Government
Agency means a government or government department, a governmental, semi-governmental or judicial person and a person (whether autonomous
or not) charged with administration of any applicable law.

 

GST
and GST Law mean the same as in the A New Tax System (Goods & Services Tax) Act 1999 (Cth) and words and expressions defined
in the GST Law have the same meaning in clauses concerning GST.

 

Licence
means any cancer treatment technology license held by the Licence Seller.

 

Licence
Purchase Price means $2,500,000.00 USD.

 

Loss
or Claim means, in relation to any person:

 

	 	a)	a
    damage, loss, cost, expense or liability incurred by the person; or
	 	 	 
	 	b)	a
    claim, action, proceeding or demand made against the person, however arising and whether present or future, fixed or unascertained,
    actual or contingent.

 

Notice
has the meaning set out in clause 8.1.

 

PPSA
means the Personal Property Securities Act 2009 (Cth).

 

PPSR
means the Personal Property Securities Register established and maintained under the PPSA.

 

Purchase Price means the sum of the Asset Purchase Price and the Licence Purchase Price.

 

Security
Interest means:

 

	 	a)	in
    relation to any personal property (as defined in the PPSA and to which the PPSA applies), has the same meaning as in the PPSA; and
	 	 	 
	 	b)	in
    relation to any other property, means any security for the payment of money or performance of obligations including a mortgage, charge,
    lien, pledge, trust or power.

 

Sellers
means both the Asset Seller and the Licence Seller.

 

Tax
means any tax, levy, impost, deduction, charge or duty of any kind and whether direct or indirect, (and any related interest, penalty,
fine or costs in connection with any of them) levied or imposed by any Government Agency.

 

Warranty
means each of the warranties and representations referred to in clause 5 and schedule 1.

 

    	3

     

    

 

	1.2.	Interpretation

 

In
this Agreement unless the context otherwise requires:

 

	 	a)	a
    reference to any legislation or legislative provision includes any statutory modification or re-enactment of, or legislative provision
    substituted for, and any subordinate legislation issued under, that legislation or legislative provision;
	 	 	 
	 	b)	the
    singular includes the plural and vice versa;
	 	 	 
	 	c)	a
    reference to an individual or person includes a corporation, partnership, joint venture, association, authority, trust, state or
    government and vice versa;
	 	 	 
	 	d)	a
    reference to any gender includes all genders;
	 	 	 
	 	e)	a
    reference to a clause or schedule is to a clause or schedule of this Agreement;
	 	 	 
	 	f)	the
    schedules form part of this Agreement;
	 	 	 
	 	g)	a
    reference to any agreement or document is to that Agreement or document (and, where applicable, any of its provisions), as amended,
    novated, supplemented or replaced from time to time;
	 	 	 
	 	h)	a
    reference to any party to this Agreement, or any other document or arrangement, includes that party’s executors, administrators,
    substitutes, successors and permitted assigns;
	 	 	 
	 	i)	where
    an expression is defined, another part of speech or grammatical form of that expression has a corresponding meaning;
	 	 	 
	 	j)	where
    an expression is defined anywhere in this Agreement it has the same meaning throughout; and
	 	 	 
	 	k)	a
    reference to “dollars” or “$” is to an amount in US Dollars and USA currency.

 

	1.3.	Headings

 

In
this Agreement headings are for convenience of reference only and do not affect interpretation.

 

	2.	Agreement
    to sell and buy the Business
	 	 
	2.1.	Satisfaction
    of Pre-Conditions

 

The
Buyer acknowledges and agrees that:

 

	 	(a)	prior
    to the Agreement Date, the Buyer:

 

	 	i.	has
    performed its own due diligence enquiries and is satisfied in all respects with the results of those enquiries; and
	 	 	 
	 	ii.	is
    aware of the steps it is required to take to either register, hold, perform the services or otherwise to give effect to the ownership
    of any Licence in any territory and is now willing, ready and able to take a transfer the License at the Agreement Date. 

 

	 	(b)	the
    Buyer acknowledges that by executing this Agreement it is purchasing the Assets and the Licence on an unconditional basis on the
    terms set out under this Agreement. 

 

    	4

     

    

 

	2.2.	Sale
    and purchase

 

On
the Agreement Date:

 

	 	(a)	the
    Asset Seller must sell the Assets to the Buyer, and the Buyer must buy the Assets from the Asset Seller for the Asset Purchase Price;
    and
	 	 	 
	 	(b)	the
    Licence Seller must sell the Licence to the Buyer, and the Buyer must buy the Licence from the Licence Seller for the Licence Purchase
    Price.

 

	2.3.	Title,
    property and risk

 

	 	(a)	From
    the Agreement Date the title to, property in, and risk of, the Assets and the Licence passes to the Buyer.
	 	 	 
	 	(b)	the
    Buyer shall perform all the obligations of the Seller, including payments of any fees, required under the terms of the Licence. 

 

	3.	Completion
    
	 	 
	3.1.	Seller
    assistance

 

Until
Completion Date, the Asset Seller and Licence Seller must:

 

	 	(a)	supply
    to the Buyer, and any person who has the Buyer’s written authority, any information or documents that:

 

	 	i.	concern
    the Assets or the Licence; and 
	 	 	 
	 	ii.	are
    in the Asset Seller and Licence Seller’s possession or control; and
	 	 	 
	 	iii.	are
    reasonably requested by the Buyer; and

 

	 	(b)	reasonably
    assist the Buyer at the Buyer’s request to gain an understanding of the Assets and Licence.

 

	3.2.	Confidentiality

 

The
Buyer must treat any information obtained under this Agreement as confidential.

 

	3.3.	Licence
    Seller’s obligations

 

The
Licence Seller must take all reasonable steps to assist the Buyer by signing any documents or abiding by reasonable requests to give
effect to the transfer of the Licence that shall occur as from the Agreement Date.

 

	3.4.	Buyer’s
    obligations

 

The
Buyer has the sole obligation from the Agreement Date to:

 

	 	(a)	ensure
    that it is able to use the Assets and perform services under the Licence in the jurisdiction;
	 	 	 
	 	(b)	perform
    any requirements that are necessary to register or give effect to the transfer of the Licence or the Assets detailed under this Agreement;
    
	 	 	 
	 	(c)	satisfy
    and perform any obligations (including payment of any amounts) that are necessary to register or give effect to the transfer of the
    Licence detailed under this Agreement. 

 

    	5

     

    

 

	4.	Obligations
    of Parties
	 	 
	4.1.	Payment
    of Purchase Price

 

	 	(a)	On
    the Agreement Date, the Buyer and Guarantor shall be liable to pay the Seller the Asset Purchase Price and the Licence Purchase Price.
    
	 	 	 
	 	(b)	the
    Buyer and Guarantor shall thereafter prior to the Completion Date, take the steps necessary to register or give effect to the transfer
    of the Assets and the Licence on or before the Completion Date. 
	 	 	 
	 	(c)	notwithstanding
    that the Buyer and Guarantor shall be liable to pay to the Seller the Asset Purchase Price and the Licence Purchase Price as at the
    Agreement Date, the Seller agrees that subject to the Buyer executing all loan and security documentation, then payment of the Asset
    Purchase Price and the Licence Purchase Price shall occur by way of a financing agreement to be entered into with the Sellers on
    terms that shall include:

 

	 	i.	repayment of the loan
    to occur over a period of 36 months; 
	 	 	 
	 	ii.	interest to accrue at
    the rate of 8% per annum; 
	 	 	 
	 	iii.	default
    interest to occur at the rate of 10% per year; 
	 	 	 
	 	iv.	the
    parties entering into a security agreements that provide PPSR registrations; a general security deed and a personal guarantee. 

 

	4.2.	Obligations
    of Buyer and Guarantor

 

Within
two business days of the Agreement Date the Buyer and Guarantor must:

 

	 	(a)	execute
    the loan and security documents issued by the Sellers in accordance with section 4.1(c); 
	 	 	 
	 	(b)	should
    the Buyer and Guarantor fail to comply with clause 4.2(a), then the Sellers shall be entitled to terminate this agreement with immediate
    effect at which point the Sellers shall immediately be entitled to issue a notice to the Buyer advising that the title to, property
    in, and risk of the Assets and the Licence shall return to the Sellers. 

 

	4.3	Rights
    on Buyer’s Default 

 

	 	a)	In
    the event that the Buyer: 

 

	 	i.	Fails
    to make payment of the Deposit; 
	 	 	 
	 	ii.	Fails
    to comply with or is otherwise breaches any obligation or any term or condition of this Agreement; 
	 	 	 
	 	iii.	Defaults
    on the performance of any obligation or is otherwise in breach of any term or condition of any loan or security agreements entered
    into between the Buyer and Sellers; 

 

Then:

 

	 	iv.	the
    Sellers shall be at liberty to terminate this Agreement with immediate effect; 
	 	 	 
	 	v.	following
    termination:

 

	 	A)	the
    title to the Assets and the Licence shall automatically and immediately transfer to the Seller; 

 

    	6

     

    

 

	 	B)	the
    Sellers shall be entitled to immediate possession of the Assets and to take any steps necessary to register and give effect to the
    transfer of the Licence. 

 

	 	vi.	the
    Sellers shall be at liberty to forfeit any amounts paid by the Buyer towards the Asset Purchase Price and the Licence Purchase Price
    including, but not limited to, the Deposit and any amounts paid by way of repayments made under any loan or security agreements entered
    into between the Buyer and Sellers; 
	 	 	 
	 	vii.	the
    Sellers shall be at liberty to sell the Assets or Licence to another party; 
	 	 	 
	 	viii.	the
    Sellers shall be at liberty to take such further action as it may be entitled to take under the terms of any loan or security agreements;
    and 
	 	 	 
	 	ix.	the
    Sellers retain the right to sue the Buyer and Guarantor for any damage or loss arising from or connected to this Agreement. 

 

	 	b)	in
    the event that the Seller should default on any obligation required under this Agreement, then the Buyer shall be required to issue
    a notice to the Seller calling on the Seller to remedy the default within a period of no less than 14 days. If the Sellers do not
    remedy the default within this time, then the parties shall be in dispute and the dispute resolution provisions under this Agreement
    shall apply. 

 

	5.	Warranties
	 	 
	5.1.	 Sellers’
    warranties

 

	 	(a)	The
    Asset Seller and Licence Seller each warrant and represent to the Buyer that each of the statements set out in Schedule 1 are true,
    complete and accurate. 
	 	 	 
	 	(b)	The
    Seller does not provide any warranty in relation to the Buyer being a person that is able to hold or perform the services contemplated
    under the Licence. It is the Buyer’s obligation to satisfy themselves of such matters. 

 

	5.2.	Buyer’s
warranties

 

The
Buyer warrants and represents to the Asset Seller and Licence Seller, as an inducement to the Asset Seller and Licence Seller to enter
into this Agreement and to sell the Assets and Licence, and it is a condition of this Agreement that, at the Agreement Date:

 

	 	a)	the
    execution and delivery of this Agreement has been properly authorised by all necessary corporate action of the Buyer;
	 	 	 
	 	b)	the
    Buyer has full corporate power and lawful authority to execute and deliver this Agreement and to consummate and perform or cause
    to be performed its obligations under this Agreement;
	 	 	 
	 	c)	this
    Agreement constitutes a legal, valid and binding obligation of the Buyer enforceable in accordance with its terms by appropriate
    legal remedy; and 
	 	 	 
	 	d)	this
    Agreement and Completion do not conflict with or result in a breach of or default under any provision of its constitution or any
    material term or provision of any agreement or deed or any writ, order or injunction, judgment, law, rule or regulation to which
    it is a party or is subject or by which it is bound. 

 

    	7

     

    

 

	6.	Confidentiality
	 	 
	6.1.	General
obligation

 

Each
party must treat the existence and terms of this Agreement confidentially.

 

	6.2.	Specific
obligations

 

Where
this Agreement provides that a party must treat any information confidentially, that party must not, and must ensure that any person
who receives the information by the party’s authority does not, until Completion:

 

	 	a)	disclose
    any of the information in any form to anyone else; or
	 	 	 
	 	b)	use
    any of the information except to:
	 	 	 
	 	c)	acquire
    or check information in connection with this Agreement and the transactions contemplated by it; or
	 	 	 
	 	d)	perform
    any of its obligations under this Agreement or in relation to any of the transactions contemplated by it, unless:

 

	 	i.	the
    person who provides the information has first agreed in writing;
	 	 	 
	 	ii.	the
    information is disclosed to a professional adviser, banker or financial adviser of the party or to a person whose consent is required
    under this Agreement or for a transaction contemplated by it and that person undertakes to the person who provides the information:

 

	 	I.	not
    to disclose any of the information in any form to anyone else; and
	 	 	 
	 	II.	only
    to use the information for the purposes of advising the party or financing the party or considering whether to give that consent
    (as the case may be);
	 	 	 
	 	III.	the
    law requires the disclosure or use; or
	 	 	 
	 	IV.	the
    information is available generally (but not if it is only because a person has contravened a confidentiality obligation (including
    under this clause)).

 

	7.	Costs,
    GST and stamp duty
	 	 
	7.1.	 Costs
    generally

 

Unless
otherwise specified in this Agreement, each party bears, and is responsible for, its own costs in connection with the preparation, execution,
completion and carrying into effect of this agreement.

 

	7.2.	Transfer
(Stamp) duty generally

 

The
Buyer bears, and is responsible for, all transfer (stamp) duty relating to:

 

	 	a)	this
    Agreement;
	 	 	 
	 	b)	the
    sale, purchase, assignment or transfer of any property under this Agreement; and
	 	 	 
	 	c)	any
    instrument or transaction contemplated by this Agreement.

 

    	8

     

    

 

	7.3.	GST

 

	 	a)	The
    Purchase Price is exclusive of GST.
	 	 	 
	 	b)	If
    a party makes a taxable 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:

 

	 	i.	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
	 	 	 
	 	ii.	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 recipient has received a tax invoice (or an adjustment note) for that supply.
	 	 	 
	 	iii.	If
    a party provides payment for, or any satisfaction of a claim or a right to claim under or in connection with this Agreement (for
    example, for a breach of any warranty or for reimbursement of any expense), that gives rise to a liability for GST, the provider
    must pay, and indemnify the claimant against, the amount of that GST.
	 	 	 
	 	iv.	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 all amounts for GST (except any amount for GST for which that party is entitled to an input tax credit).
	 	 	 
	 	v.	If
    a party has a claim under or in connection with this Agreement whose amount depends on actual or estimated revenue or which is for
    a loss of revenue, revenue must be calculated without including any amount received or receivable as reimbursement for GST (whether
    that amount is separate or included as part of a larger amount).

 

	8.	Notices
	 	 
	8.1.	Method
of giving notices

 

A
notice, consent, approval or other communication (Notice) under this Agreement must be in writing, signed by or on behalf of the
person giving it, addressed to the person to whom it is to be given and:

 

	 	a)	delivered
    to that person’s address;
	 	 	 
	 	b)	sent
    by pre-paid mail to that person’s postal address;
	 	 	 
	 	c)	transmitted
    by fax to that person’s fax number; or
	 	 	 
	 	d)	sent
    by email to that person’s email address.

 

	8.2.	Time
of receipt

 

A
Notice given to a party in accordance with this clause 8 is treated as having been given and received:

 

	 	a)	if
    delivered to a person’s address, on the day of delivery if a Business Day, otherwise on the next Business Day;
	 	 	 
	 	b)	if
    sent by pre-paid mail, on the third Business Day after posting; 
	 	 	 
	 	c)	if
    transmitted by fax to a person’s fax number and a correct and complete transmission report is received, on the day of transmission
    if a Business Day, otherwise on the next Business Day; or
	 	 	 
	 	d)	if
    sent by email and the sender does not receive a message from its internet service provider or the recipient’s mail server indicating
    that it has not been successfully transmitted, on the day of sending if a Business Day, otherwise on the next Business Day.

 

    	9

     

    

 

	8.3.	Address
of parties

 

	 	Asset
    Seller	Attention	Jade
    Muir
	 	 	Email	jmuir@steindls.com.au
	 	Licence Seller	Attention	Jade Muir
	 	 	Email	jmuir@steindls.com.au
	 	Buyer	Attention	Kuan Heng Chen
    
	 	 	Email	 
	 	 	Address	3 Whitehall Street,
    Macgregor QLD 4109

 

	9.	Dispute
    resolution

 

	 	a)	A
    party to this Agreement may not commence legal proceedings, except proceedings seeking urgent interlocutory relief, in respect of
    any disputes in relation to this Agreement without first complying with the dispute resolution procedures in this clause 9.
	 	 	 
	 	b)	If
    a dispute arises between the parties, then the parties undertake in good faith to use all reasonable endeavours to settle the dispute
    by negotiation.
	 	 	 
	 	c)	If
    the dispute is not settled by the parties in accordance with clause 9(b) within a reasonable time of notification of dispute by either
    party, then the parties must endeavour to settle the dispute by mediation using the following process:

 

	 	i.	either
    party can send notification to the other party stating that the dispute has not been resolved and therefore the dispute should be
    referred to mediation; and
	 	 	 
	 	ii.	within
    14 days of receipt of notice under clause 9(c)(i), the parties agree to select a mediator and, if none can be agreed, then the parties
    agree to the appointment of the mediator by LEADR — Association of Dispute Resolvers.

 

	 	d)	The
    parties will share the cost of the mediator equally but will each be responsible for their own costs of mediation.
	 	 	 
	 	e)	If
    the dispute cannot be resolved in accordance with clause 9(c), either party may, by notice in writing of not less than 14 days to
    the other, refer the dispute to legal action. Service of a notice under this clause 9(e) is a condition precedent to the commencement
    of any litigation proceedings in respect of such dispute.
	 	 	 
	 	f)	This
    clause survives termination of the Agreement.

 

	10.	General
	 	 
	10.1.	Method of Payment Clause

 

All
payments must be paid by bank cheque, electronic or telegraphic transfer to an account or accounts nominated by the Seller or otherwise
in cleared funds and without any deduction, set off or counter claim of any nature, unless otherwise agreed in writing by the parties.

 

    	10

     

    

 

	10.2.	Interests
on amounts payable

 

	 	a)	If
    any party fails to pay any amount payable by it under this Agreement (including the Purchase Price) that party must, if demand is
    made, pay simple interest on that amount from the due date for payment until that amount is paid in full.
	 	 	 
	 	b)	Interest
    will be paid at the rate per annum of five (5) percent.
	 	 	 
	 	c)	The
    right to require payment of interest under this clause is without prejudice to any other rights the non-defaulting party may have
    against the defaulting party at law or in equity.

 

	10.3.	Amendment

 

This
Agreement may only be amended in writing, signed by the parties.

 

	10.4.	Waiver

 

	 	a)	The
    non-exercise of, or delay in exercising, any power or right of a party does not operate as a waiver of that power or right.
	 	 	 
	 	b)	No
    single exercise of a power or right precludes any other or further exercise of it or the exercise of any other power or right. 
	 	 	 
	 	c)	A
    power or right may only be waived in writing, signed by the party to be bound by the waiver.

 

	10.5.	Entire
agreement

 

This
Agreement is the entire agreement of the parties on the subject matter. All representations, communications and prior agreements in relation
to the subject matter are merged in and superseded by this Agreement.

 

	10.6.	Severability

 

Any
provision in this Agreement which is invalid or unenforceable in any jurisdiction:

 

	 	a)	is
    to be read down for the purposes of that jurisdiction if possible; or
	 	 	 
	 	b)	if
    cannot be read down, is to be severed to the extent of the invalidity or unenforceability for the purposes of that jurisdiction,

 

so
as to be valid and enforceable in that jurisdiction.

 

	10.7.	Assignment
    before Completion

 

Before
Completion, no party may assign or transfer any of its rights or obligations under this Agreement without the prior consent in writing
of all the other parties.

 

	10.8.	No
merger

 

No
provision of this Agreement:

 

	 	a)	merges
    on or by virtue of Completion; or
	 	 	 
	 	b)	is
    in any way modified, discharged or prejudiced by reason of any investigations made or information acquired by or on behalf of the
    Buyer. 

 

    	11

     

    

 

	10.9.	Time
is of the essence

 

	 	a)	Time
    is of the essence in the performance of this Agreement.
	 	 	 
	 	b)	The
    failure of a party to perform any of its obligations under this Agreement on or before the time specified in this Agreement for that
    performance confers on the parties who were to receive the benefit of that performance the right, in addition to any other right,
    to terminate this Agreement.

 

	10.10.	Counterparts

 

This
Agreement may be executed in any number of counterparts and all of those counterparts taken together constitute one and the same instrument.

 

	10.11.	Electronic
    execution

 

This
Agreement may be executed by any and all parties by way of electronic signature, and if so, must be considered an original. This Agreement
may be executed and delivered by email and the parties agree that such scanned execution and email delivery must have the same force
and effect as delivery of an original document with original signatures, and that each party may use such scanned signatures as evidence
of the execution and delivery of this Agreement by all parties to the same extent that an original signature could be used.

 

	11.	Law and jurisdiction
	 	 
	11.1.	Governing law

 

This
Agreement is governed by the law in force in Queensland.

 

	11.2.	Submission
to jurisdiction

 

The
parties submit to the non-exclusive jurisdiction of the courts of Queensland and any courts which may hear appeals from those courts
in respect of any proceedings in connection with this Agreement.

 

    	12

     

    

 

Executed
as an agreement:

 

	Executed
    by RAYONT (AUSTRALIA) PTY LTD ACN 609 893 307 in accordance with section 127 of the Corporations Act 2001 (Cth):	 	 
	 	 	 
		 	 
	Director
    Signature	 	Director
    Signature
	 	 	 
	Ali
    Kasa	 	 
	Print
    Name	 	Print
    Name
	 	 	 
	29
    June 2022	 	 
	Date	 	Date

 

	Executed
    by RAYONT INTERNATIONAL (L) LTD in accordance with its Constitution:	 	 
	 	 	 
		 	 
	Director
    Signature	 	Director
    Signature
	 	 	 
	Ali
    Kasa	 	 
	Print
    Name	 	Print
    Name
	 	 	 
	29
    June 2022	 	 
	Date	 	Date

 

    	13

     

    

 

	Executed
    by NOVA MEDICAL GROUP

    PTY
    LTD ACN 653 914 133 in accordance with section 127 of the Corporations Act 2001 (Cth):
	 	 
	 	 	 
		 	 
	Director
    Signature	 	Director
    Signature
	 	 	 
	Kuan
    Heng Chen	 	 
	Print
    Name	 	Print
    Name
	 	 	 
	29
    June 2022	 	 
	Date	 	Date

 

	Executed
    by KUAN HENG CHEN in the presence of: JAMES KENNETT	 	 
	 	 	 
		 	
	Signature	 	Signature
    – Kuan Heng Chen
	 	 	 
	James
    Kennett 	 	 
	Print
    Name	 	 
	 	 	 
	29
    June 2022	 	 
	Date	 	Date

 

    	14

     

    

 

SCHEDULE
1 Seller’s warranties

 

	1.	The
    Seller

 

	 	a)	The
    Asset Seller has full power and authority to own the Assets 
	 	 	 
	 	b)	the
    Licence Seller has full power and authority to own the Licence. 

 

	2.	Accuracy
    of information

 

	 	a)	The
    facts set out in the background to this Agreement, and Schedule 1 are true, complete and accurate in all respects.
	 	 	 
	 	b)	All
    information that has been given by, or on behalf of, the Asset Seller and Licence Seller to the Buyer in relation to the Assets and
    Licence respectively is true, complete and accurate in all respects.
	 	 	 
	 	c)	All
    information relating to the Assets and Licence which needs to be known by a Buyer of the Assets and Licence, has been disclosed to
    the Buyer.

 

	3.	Title

 

	 	a)	The
    Asset Seller is the sole legal and beneficial owner of the Assets.
	 	 	 
	 	b)	The
    Asset Seller has full rights, title and interest in the Assets, free from any Security Interest or third-party interest.
	 	 	 
	 	c)	The
    Asset Seller has not disposed of, or agreed to dispose of, any of the Assets or any interest in any of the Assets other than to the
    Buyer.
	 	 	 
	 	d)	The
    Licence Seller is the sole legal and beneficial owner of the Licence
	 	 	 
	 	e)	The
    Licence Seller has full rights, title and interest in the Licence, free from any Security Interest or third-party interest.
	 	 	 
	 	f)	The
    Licence Seller has not disposed of, or agreed to dispose of, the Licence or any interest in the Licence other than to the Buyer.

 

    	15EXHIBIT
10.2 

 

Loan
Agreement

 

 

THIS
DEED dated 29 day of June 2022

 

BETWEEN

 

	Lender:	Rayont
    (Australia) Pty Ltd ACN 609 893 307 of 6/3986-3988 Pacific Highway, Loganholme QLD 4129 and Rayont International (Labuan)
    Ltd of 11 Jalan Jambu Susu 4/3C, Seksyen 4, Shah Alam, Selangor, 4000, Malaysia 
	 	 
	Borrower:	

    Nova
    Medical Group Pty Ltd ACN 653 914 133 of 3 Whitehall Street, Macgregor QLD 4109

	 	 
	Guarantor:
	Kuan
    Heng Chen of 3 Whitehall Street, Macgregor QLD 4109

 

Contents

 

	Summary 	2
	Additional agreements	2
	Operative part	3
	1.	Loan	3
	2.	Repayments	3
	3.	Calculation
    of interest	3
	4.	Fixed
    interest	3
	5.	Variable
    interest	3
	6.	Advance
    repayment of loan balance	4
	7.	Early
    repayment	4
	8.	Further
    advances	4
	9.	Trusts	4
	10.	Default	4
	11.	Interest
    following judgement	5
	12.	Invalidity
    by operation of law	5
	13.	Indemnity	5
	14.	Loss	5
	15.	Costs	6
	16.	Independent
    financial and legal advice	6
	17.	Notices	6
	18.	Interpretation	6
	EXECUTION PAGE	7

 

    	 

     

    

 

Summary

 

	Borrower
    email address:	 	
	Amount
    of loan:	 	USD
    $3,500,000.00 
	Term
    of loan:	 	3
    Years. 
	Date
    advance made (insert after completion)	 	The
    completion date of the Asset Sale Agreement between the Borrower as Buyer and Lender as Seller, bearing date .............
	Instalments
    due:	 	One
    month after completion and thereafter  monthly on the same day. 
	Higher
    rate of interest :	 	10
    % per annum. 
	Lower
    rate of interest: 	 	8
    % per annum.  
	Fixed
    or variable interest rate:	 	See additional Agreements. 
	Instalments
    interest only or loan amount and interest:	 	As per additional agreements 
	Multiples
    by which the loan amount can be reduced on any monthly interest payment date:	 	USD
    $10,000.00

 

Additional
agreements (it is agreed that amendments or additions to the operative part will be recorded here)

 

	1.	The
    amount of loan represents the purchase price owing by the Borrower as Buyer to the Lender as Asset Seller and Licence Seller under
    an asset sale agreement bearing date 29 June 2022

 

	2.	Interest
    only will be payable for the first twelve (12) months in accordance with the interest calculation schedule annexed. Principal and
    interest will be payable for the following 24 months in accordance with the interest calculation schedule annexed. 

 

	3.	By
    way of collateral security, the borrower agrees to enter into a general security agreement over the assets and undertaking of the
    borrower simultaneously with this loan agreement. 

 

    	Page 2 of 7

     

    

 

Operative
part

 

	1.	Loan

 

At
the request of the guarantor (if any) the lender agrees to advance to the borrower the amount of the loan on the terms of this deed.

 

	2.	Repayments

 

The
borrower must make repayments of the loan on the dates set out in the summary and must pay the balance remaining on or before the date
of repayment set out in the summary.

The
borrower must make payments of interest on the dates set out in the summary and must pay all outstanding interest on or before the date
of repayment set out in the summary

 

	3.	Calculation
    of interest

 

Compounding

 

For
the purposes of calculation of interest, the loan balance shall include the amount outstanding including all unpaid interest and all
other amounts then due under this deed.

 

Rate
discount for on time payments

 

In
each month that all payments due under this deed are made on or before the due date, interest shall be calculated by applying the lower
rate to the loan balance.

 

In
each month that a payment due under this deed is not made on or before the due date, interest shall be calculated by applying the higher
rate to the loan balance.

 

In
the event one or more payments are overdue, notwithstanding the borrower may seek to specify that a payment is a payment in respect of
a specific month, all payments shall be credited to such overdue payments before being credited to presently due payments.

 

	4.	Fixed
    interest

 

If
the summary specifies this is a fixed interest loan, interest shall be calculated by applying the rates specified in the summary to the
loan balance.

 

	5.	Variable
    interest

 

If
the summary specifies the interest rate is variable, subject to the following clause, each change in interest rate shall take effect
on the date the Reserve Bank of Australia publishes a change in the Cash Target Rate.

 

The
lender must notify the borrower of each interest rate change within 14 days of such change. If the lender fails or chooses not to so
notify the borrower of an interest rate increase within 14 days of publication by the Reserve Bank of an increase in the Target Cash
Rate, that interest rate increase shall not apply.

 

The
lender may recalculate the instalments payable by the borrower if there is an alteration to the rate of interest payable or if there
is any further advance or any other money become payable.

 

The
lender shall recalculate the instalments payable so as to ensure, as nearly as practicable, that the amount of the loan and interest
thereon will be repaid to the lender on the due date.

 

In
the event that instalments are not recalculated then any additional interest payable shall be capitalized monthly.

 

The
lender shall give notice in writing to the borrower of any recalculation and upon receipt of such notice the borrower shall pay to the
lender the instalments as recalculated by the lender.

 

If
the borrower pays to the lender payments in excess of those then due and the lender accepts them, those payments shall be credited to
the borrower’s account with the lender but the borrower’s obligation to make any succeeding payment on the due date for payment shall
not be altered.

 

The
commencing interest rates are as specified in the summary

 

    	Page 3 of 7

     

    

 

	6.	Advance
    repayment of loan balance

 

In
addition to making payments of the amount of the loan and interest as provided for in this deed the borrower may pay multiples of the
amount shown in the summary in reduction of the loan balance on any due day for payment of an instalment of interest.

 

	7.	Early
    repayment

 

The
borrower may repay the whole of the loan balance at any time on payment of interest to the end of the then current month together with
the additional interest set out in the summary.

 

	8.	Further
    advances

 

From
time to time the borrower and the lender may agree in writing to the making of further advances on such terms as to interest and repayments
as are agreed. Such writing shall form part of this deed and all rights and obligations relating to such further advances shall be the
same as those contained in this deed.

 

	9.	Trusts

 

The
borrower is personally liable for the obligations in this deed and its liability is not limited due to the borrower acting as a trustee.

 

Nothing
shall prejudice, affect or in any way limit the personal liability of the borrower under this deed.

 

	10.	Guarantee

 

The
guarantor warrants that before execution of this deed the guarantor sought such advice as the guarantor considered necessary to fully
understand this guarantee and in particular the financial consequences for the guarantor of default by the mortgagor. The guarantor has
satisfied itself as to the financial position of the mortgagor and the mortgagor’s capacity to service this loan and comply with
the mortgagor’s obligations under this deed.

 

The
guarantor hereby guarantees to the mortgagee the due and punctual performance of all the obligations of the mortgagor contained or implied
in this deed and hereby indemnifies the mortgagee against all losses, expenditure, costs and expenses of whatever nature suffered or
incurred directly or indirectly by the mortgagee in recovering the principal sum, interest and all other amounts that may become due
under this deed or the mortgage.

 

Unless
otherwise stated in the summary this guarantee does not extend to include the principal and interest of any further advances made after
the date of this deed.

 

Unless
otherwise stated in the summary this guarantee does not extend to include the principal and interest of any redraws made after the date
of this deed.

 

If
the summary specifies a limit to the guarantee then this guarantee is limited to that amount.

 

This
guarantee and indemnity is continuing and irrevocable and the obligations of the guarantor are absolute and unconditional in all circumstances
and must continue notwithstanding that there is any change to the constitution, membership or board of the mortgagor.

 

    	Page 4 of 7

     

    

 

This
guarantee continues despite the payment of any part of the amount owing and despite any time or other concession or compromise extended
by the mortgagee to the mortgagor or any other person.

 

The
guarantor hereby consents to any variation of this deed by extension of the period for repayment of the amount owing.

 

This
guarantee and indemnity is a principal obligation and is not to be treated as ancillary or collateral to any obligation to the intent
that this guarantee and indemnity will be enforceable notwithstanding that any of the deeds and other obligations arising between the
mortgagee and the mortgagor are in whole or part unenforceable for any reason.

 

Except
as provided below this guarantee will not be affected by the neglect or omission of the mortgagee to enforce any of its rights in relation
to this or any other security or releasing any security in whole or in part or if the mortgagor dies or becomes of unsound mind or bankrupt
or being a company goes into liquidation or any other obligation for any reason becoming unenforceable in whole or in part.

 

The
mortgagee shall not exercise its rights against any security provided by the guarantor before first exercising its rights against security
provided by the mortgagor.

 

	11.	Default

 

In
the event any one or more of the default events set out below shall occur, the lender may by notice in writing to the borrower require
the borrower to immediately repay the amount of the loan and accrued interest. For the purposes of this clause the following are events
of default:

 

(a)
Failure by the borrower to comply with any of the covenants express or implied in this deed;

 

(b)
Failure by the borrower in the due and punctual payment of any money as payment falls due under this deed;

 

(c)
Being a trustee the borrower without the prior consent of the lender ceases to be the trustee;

 

(d)
The borrower becoming bankrupt or being a corporation going into liquidation;

 

(e)
If the borrower is a company, a change in the ownership of shares attaching more than 50% of the voting rights.

 

	12.	Interest
    following judgement

 

The
borrower agrees as an independent obligation which will not merge in any judgment, to pay interest on any judgment or order for the payment
of all or any part of the money secured at either the rate payable under the judgment or at the higher rate specified in the summary,
whichever is the greater.

 

	13.	Invalidity
    by operation of law

 

If
any provision of this deed is invalid due to the operation of any statute or rule of law, then such provision is severed from this deed.

 

	14.	Indemnity

 

The
borrower indemnifies the lender against all liabilities arising out of the lender’s exercise of its powers under this deed and
against any actions or proceedings against the lender in respect of any action or omission by the lender whilst exercising the lender’s
powers. Any money received by the lender may be used to give effect to this indemnity.

 

    	Page 5 of 7

     

    

 

	15.	Loss

 

The
lender will not be liable for any loss arising out of the exercise of any of the lender’s powers.

 

	16.	Costs

 

All
costs, fees and expenses including legal expenses on a full indemnity basis in connection with the negotiation, preparation, execution,
and stamping of this deed and the exercise of the powers of the lender on default, are payable by the borrower to the lender on demand.

  

	17.	Independent
    financial and legal advice

 

The
borrower agrees that they have sought such financial and legal advice as they considered appropriate for an understanding of this deed
before entering into it.

 

	18.	Notices

 

A
notice or other communication to a party must be in writing and delivered to that party in one of the following ways:

 

	(a)	Delivered
    personally; or

 

	(b)	Posted
    to the address specified in the summary, when it will be treated as having been received on the second business day after posting;
    or

 

	(c)	Faxed
    to the facsimile number specified in the summary, when it will be treated as received when it is transmitted; or

 

	(d)	Sent
    by email to the email address specified in the summary, when it will be treated as received when it enters the recipient’s
    information system.

 

	19.	Interpretation

 

This
deed is governed by the law of the state in which the lender is located and the parties submit to the non-exclusive jurisdiction of the
courts of that state.

 

In
the interpretation of this deed:

 

	(a)	Words
    denoting the singular include the plural and vice versa, words denoting individuals or persons include bodies corporate and vice
    versa, words denoting one gender include all genders and references to documents or agreements also mean those documents or agreements
    as changed, novated or replaced;

 

	(b)	Grammatical
    forms of defined words or phrases have corresponding meanings;

 

	(c)	Parties
    must perform their obligations on the dates and times fixed by reference to the state in which the lender is situated.

 

	(d)	Reference
    to an amount of money is a reference to the amount in the lawful currency of the Commonwealth of Australia;

 

	(e)	If
    the day on or by which anything is to be done is a Saturday, a Sunday or a public holiday in the place in which it is to be done,
    then it must be done on the next business day;

 

	(f)	References
    to a party are intended to bind their heirs, executors, administrators, successors and assigns; and

 

	(g)	Obligations
    affecting more than one party bind them jointly and each of them severally.

 

	(h)	Reference
    to the advance or the debt or money secured or money owing means the advance, interest, further advances and all other money payable
    from time to time by the borrower to the lender.

 

    	Page 6 of 7

     

    

 

EXECUTION
PAGE

 

EXECUTED
AS A DEED

 

	SIGNED
                                            BY Rayont (Australia) Pty Ltd ACN 609

                                                                   893
  307 in accordance with section 127 of the Corporations Act:
	)

                                                                   ) 
	
	 	 	Sole
  Director

 

	SIGNED
                                            BY Rayont International (Labuan)

                         Ltd
                         by its Sole Director:  
	)

                         )
	
	 	 	Sole
  Director

 

	SIGNED
                                            BY Nova Medical Group Pty Ltd ACN 653 914 133 in
accordance with section 127 of the Corporations
Act: 	)

                         )
	 
	 	 	Director

 

	SIGNED
  by Kuan Heng Chen in the 

presence of: James Kennett	)

                                                                  ) 
	 
	 	 	
	 	 	Kuan Heng Chen

 

    	Page 7 of 7

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