Document:

srer_ex108.htm

EXHIBIT 10.8

 

SECOND AMENDMENT TO

PROMISSORY NOTE

This Second Amendment to Promissory Note (this “Amendment”) is entered into on November 8, 2013 by and between SearchCore, Inc., a Nevada corporation (the “Company”) and James Pakulis, an individual (the “Holder”)

RECITALS

WHEREAS, Company and Holder are parties to that certain Promissory Note dated December 31, 2012 in the original principal amount of $161,250 (the “Original Note”);

WHEREAS, Company and Holder desire to amend certain provisions of the Original Note, effective as of September 30, 2013, as set forth herein.

NOW, THEREFORE, for good and adequate consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Holder agree as follows:

AGREEMENT

1.           Section 2 of the Original Note is restated in its entirety as follows:

“2.           PAYMENT OF THE NOTE.  The Principal Amount of this Note shall be paid by the Company as follows:

 

(a) The Company shall pay the Holder Thirty Seven Thousand Five Hundred Dollars ($37,500) on December 31, 2013; and

 

(b) The Company shall make twenty three (23) equal monthly installments of principal and interest of Five Thousand Four Hundred Thirty Four Dollars and Ninety Four Cents ($5,434.94) beginning December 31, 2013 and continuing on the 30th of each month thereafter.

 

If any payment of principal or interest under this Note shall not be made within ten (10) business days when due, a late charge of ten percent (10%) of the outstanding payment amount may be charged by Holder for the purpose of defraying the expenses incident to handling such delinquent payments.  Such late charge represents a reasonable sum considering all of the circumstances existing on the date of this Note and represents a fair and reasonable estimate of the costs that will be sustained by Holder due to the failure of Company to make timely payments.”

2.           Other than as set forth herein, the terms and conditions of the Original Note shall remain in full force and effect.

 

  

1

  

IN WITNESS WHEREOF, Company and Holder have executed this Agreement on the date first written above.

 

	“Holder”	“Company”
	 	  	 	  
	 	  	SearchCore, Inc.
	 	  	a Nevada corporation
	 	  	 	  
	By: 	/s/ James Pakulis	 	By: 	/s/ James Pakulis	  
	 	
James Pakulis, an individual

	 	
James Pakulis

	 	  	Its:	
President and Chief Executive Officer

	 	 	 	 	 
	 	 	By:  	 /s/ Munjit Johal	 
	 	 	 	Munjit Johal
	 	 	Its: 	Chief Financial Officer

 

  

2srer_ex109.htm

EXHIBIT 10.9

 

 

SECOND AMENDMENT TO

PROMISSORY NOTE

This Second Amendment to Promissory Note (this “Amendment”) is entered into on November 8, 2013 by and between SearchCore, Inc., a Nevada corporation (the “Company”) and Sabas Carrillo, an individual (the “Holder”)

 

RECITALS

 

WHEREAS, Company and Holder are parties to that certain Promissory Note dated December 31, 2012 in the original principal amount of $53,750 (the “Original Note”);

 

WHEREAS, Company and Holder desire to amend certain provisions of the Original Note, effective as of September 30, 2013, as set forth herein.

 

NOW, THEREFORE, for good and adequate consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Holder agree as follows:

 

AGREEMENT

 

1.           Section 2 of the Original Note is restated in its entirety as follows:

 

“2.           PAYMENT OF THE NOTE.  The Principal Amount of this Note shall be paid by the Company as follows:

 

(a) The Company shall pay the Holder Twelve Thousand Five Hundred Dollars ($12,500) on December 31, 2013; and

 

(b) The Company shall make twenty three (23) equal monthly installments of principal and interest of One Thousand Eight Hundred Eleven Dollars and Sixty Five Cents ($1,811.65) beginning December 31, 2013 and continuing on the 30th of each month thereafter.

 

If any payment of principal or interest under this Note shall not be made within ten (10) business days when due, a late charge of ten percent (10%) of the outstanding payment amount may be charged by Holder for the purpose of defraying the expenses incident to handling such delinquent payments.  Such late charge represents a reasonable sum considering all of the circumstances existing on the date of this Note and represents a fair and reasonable estimate of the costs that will be sustained by Holder due to the failure of Company to make timely payments.”

 

2.           Other than as set forth herein, the terms and conditions of the Original Note shall remain in full force and effect.

 

 

1

 

 

IN WITNESS WHEREOF, Company and Holder have executed this Agreement on the date first written above.

 

	“Holder”	“Company”
	 	  	 	  
	 	  	SearchCore, Inc.
	 	  	a Nevada corporation
	 	  	 	  
	By: 	/s/ Sabas Carrillo	 	By: 	/s/ James Pakulis	  
	 	
Sabas Carrillo, an individual

	 	
James Pakulis

	 	  	Its:	
President and Chief Executive Officer

 

 

2EXHIBIT 10.1

 

Execution version

 

Intellectual Property Sale
Deed

 

 

 

 

Gregory Winfield Hall as
agent for National Australia Bank

Limited (as Mortgagee in
Possession)

 

Barfresh Inc.

 

 

 

 

Gadens Lawyers

77 Castlereagh Street

Sydney NSW 2000

 

	T		+
                                                                                                                                    61
                                                                                                                                    2
                                                                                                                                    9931
                                                                                                                                    4999

	F		+
                                                                                                                                    61
                                                                                                                                    2
                                                                                                                                    9931
                                                                                                                                    4888

	Ref		WXD33614099

 

    	 

    	 

    

 

 

 

	Contents	 
	 	 	 
	1.	Definitions and interpretation	3
	 	 	
	2.	Sale and purchase	7
	 	 	 
	3.	Purchase Price	8
	 	 	 
	4.	Completion	8
	 	 	 
	5.	Post Completion	9
	 	 	 
	6.	Title, risk and liabilities	9
	 	 	 
	7.	Limitation of liability	10
	 	 	 
	8.	Representations and warranties	14
	 	 	 
	9.	Confidentiality and publicity	15
	 	 	 
	10.	Termination	17
	 	 	 
	11.	Tax	18
	 	 	 
	12.	Interest	19
	 	 	 
	13.	General provisions	19
	 	 	 
	Schedule 1 – Intellectual Property	23
	 	 	 
	Schedule 2 – Encumbrances	28
	 	 	 
	Signing page	29

 

    	2

    	 

    

 

 

 

Intellectual Property Sale Deed

 

Dated 15 October 2013

 

Parties

 

		1.	Gregory
                                                                                                                                                                                                       Winfield
                                                                                                                                                                                                       Hall
                                                                                                                                                                                                       as
                                                                                                                                                                                                       agent
                                                                                                                                                                                                       for
                                                                                                                                                                                                       National
                                                                                                                                                                                                       Australia
                                                                                                                                                                                                       Bank
                                                                                                                                                                                                       Limited (as
                                                                                                                                                                                                       Mortgagee
                                                                                                                                                                                                       in
                                                                                                                                                                                                       Possession) C/-PwC,
                                                                                                                                                                                                       201
                                                                                                                                                                                                       Sussex
                                                                                                                                                                                                       Street,
                                                                                                                                                                                                       Sydney,
                                                                                                                                                                                                       NSW,
                                                                                                                                                                                                       2000
                                                                                                                                                                                                       (Seller).

 

		2.	Barfresh Inc.
                                                                                                                                                                                                       of
                                                                                                                                                                                                       Suite
                                                                                                                                                                                                       701,
                                                                                                                                                                                                       90
                                                                                                                                                                                                       Madison
                                                                                                                                                                                                       Street,
                                                                                                                                                                                                       Colorado,80206
                                                                                                                                                                                                       USA (Buyer).

 

Background

 

		A.	National
                                                                                                                                                                                                       Australia
                                                                                                                                                                                                       Bank
                                                                                                                                                                                                       Limited ACN
                                                                                                                                                                                                       004
                                                                                                                                                                                                       044
                                                                                                                                                                                                       937
                                                                                                                                                                                                       (NAB)
                                                                                                                                                                                                       provided
                                                                                                                                                                                                       certain
                                                                                                                                                                                                       facilities
                                                                                                                                                                                                       to
                                                                                                                                                                                                       Barfresh
                                                                                                                                                                                                       Food
                                                                                                                                                                                                       Group
                                                                                                                                                                                                       Pty
                                                                                                                                                                                                       Ltd.
                                                                                                                                                                                                       (“Bar
                                                                                                                                                                                                       Fresh
                                                                                                                                                                                                       Food
                                                                                                                                                                                                       Group”)
                                                                                                                                                                                                       an
                                                                                                                                                                                                       Australian
                                                                                                                                                                                                       company.

 

		B.	Smoo
                                                                                                                                                                                                       Pty
                                                                                                                                                                                                       Limited
                                                                                                                                                                                                       ACN
                                                                                                                                                                                                       113
                                                                                                                                                                                                       127
                                                                                                                                                                                                       030
                                                                                                                                                                                                       (Smoo)
                                                                                                                                                                                                       provided
                                                                                                                                                                                                       a
                                                                                                                                                                                                       guarantee
                                                                                                                                                                                                       to
                                                                                                                                                                                                       NAB
                                                                                                                                                                                                       to
                                                                                                                                                                                                       secure
                                                                                                                                                                                                       the
                                                                                                                                                                                                       obligations
                                                                                                                                                                                                       of
                                                                                                                                                                                                       Barfresh
                                                                                                                                                                                                       Food
                                                                                                                                                                                                       Group
                                                                                                                                                                                                       to
                                                                                                                                                                                                       NAB,
                                                                                                                                                                                                       which
                                                                                                                                                                                                       guarantee
                                                                                                                                                                                                       is
                                                                                                                                                                                                       supported
                                                                                                                                                                                                       by
                                                                                                                                                                                                       the
                                                                                                                                                                                                       GSA.

 

		C.	Smoo
                                                                                                                                                                                                       is
                                                                                                                                                                                                       in
                                                                                                                                                                                                       default
                                                                                                                                                                                                       of
                                                                                                                                                                                                       its
                                                                                                                                                                                                       obligations
                                                                                                                                                                                                       under
                                                                                                                                                                                                       the
                                                                                                                                                                                                       guarantee
                                                                                                                                                                                                       and
                                                                                                                                                                                                       the
                                                                                                                                                                                                       GSA.

 

		D.	NAB
                                                                                                                                                                                                       has
                                                                                                                                                                                                       appointed
                                                                                                                                                                                                       Gregory
                                                                                                                                                                                                       Winfield
                                                                                                                                                                                                       Hall
                                                                                                                                                                                                       (Mr
                                                                                                                                                                                                       Hall)
                                                                                                                                                                                                       as
                                                                                                                                                                                                       agent
                                                                                                                                                                                                       to
                                                                                                                                                                                                       act
                                                                                                                                                                                                       on
                                                                                                                                                                                                       its
                                                                                                                                                                                                       behalf
                                                                                                                                                                                                       in
                                                                                                                                                                                                       exercising
                                                                                                                                                                                                       its
                                                                                                                                                                                                       powers
                                                                                                                                                                                                       under
                                                                                                                                                                                                       the
                                                                                                                                                                                                       GSA,
                                                                                                                                                                                                       including
                                                                                                                                                                                                       the
                                                                                                                                                                                                       right
                                                                                                                                                                                                       to
                                                                                                                                                                                                       sell
                                                                                                                                                                                                       the
                                                                                                                                                                                                       Intellectual
                                                                                                                                                                                                       Property.

 

		E.	Smoo
                                                                                                                                                                                                       has
                                                                                                                                                                                                       the
                                                                                                                                                                                                       legal
                                                                                                                                                                                                       title
                                                                                                                                                                                                       to
                                                                                                                                                                                                       the
                                                                                                                                                                                                       Intellectual
                                                                                                                                                                                                       Property.

 

		F.	The
                                                                                                                                                                                                       Seller
                                                                                                                                                                                                       has
                                                                                                                                                                                                       agreed
                                                                                                                                                                                                       to
                                                                                                                                                                                                       sell,
                                                                                                                                                                                                       and
                                                                                                                                                                                                       the
                                                                                                                                                                                                       Buyer
                                                                                                                                                                                                       has
                                                                                                                                                                                                       agreed
                                                                                                                                                                                                       to
                                                                                                                                                                                                       buy,
                                                                                                                                                                                                       the
                                                                                                                                                                                                       Seller’s
                                                                                                                                                                                                       right,
                                                                                                                                                                                                       title
                                                                                                                                                                                                       and
                                                                                                                                                                                                       interest
                                                                                                                                                                                                       in
                                                                                                                                                                                                       the
                                                                                                                                                                                                       Intellectual
                                                                                                                                                                                                       Property
                                                                                                                                                                                                       on
                                                                                                                                                                                                       the
                                                                                                                                                                                                       terms
                                                                                                                                                                                                       and
                                                                                                                                                                                                       conditions
                                                                                                                                                                                                       of
                                                                                                                                                                                                       this
                                                                                                                                                                                                       document.

 

Operative provisions

 

	1.	Definitions
    and interpretation
	 	 	 
	1.1	Definitions
	 	 	 
	 	In
    this document, unless the context otherwise requires:
	 	 	 
	 	$means
    the lawful currency of the Commonwealth of Australia.
	 	 	 
	 	ASX
    means ASX Limited.
	 	 	 
	 	ATO
    Public Ruling means any ruling authorised by the Commissioner of Taxation for Australia and published by the Australian
    Taxation Office.
	 	 	 
	 	Bank
    Security Interests mean the security interests listed in part 1 of schedule 2.
	 	 	 
	 	Business
    Day means a day that is not a Saturday, Sunday or public holiday in Sydney.
	 	 	 
	 	Claim
    includes a claim, notice, demand, action, proceeding, litigation, investigation or judgment, loss, cost or liability however
    arising whether present or future.

 

    	3

    	 

    

 

 

 

	 	 	 
	 	Completion
    Date means the date on which Completion takes place.
	 	 	 
	 	Completion
    means completion of the sale and purchase of the Intellectual Property contemplated in this document.
	 	 	 
	 	Confidential
    Information means:
	 	 	 
	 	(a)	all
    information of or used by the Seller, relating to its transactions, operations and affairs;
	 	 	 
	 	(b)	all
    other information in relation to the Intellectual Property treated by the Seller as confidential, including this document;
	 	 	 
	 	(c)	all
    notes, data, reports and other records (whether or not in tangible form) based on, incorporating or derived from information
    referred to in paragraph (a) or (b); and
	 	 	 
	 	(d)	all
    copies (whether or not in tangible form) of the information, notes, reports and records referred to in paragraphs (a), (b)
    or (c),
	 	 	 
	 	that
    is not public knowledge (otherwise than as a result of a breach of confidentiality).
	 	 	 
	 	Defaulting
    Party has the meaning given in clause 4.4.

 

Due Diligence Material
means all information and documents provided or made available by or on behalf of the Seller or its representatives to the
Buyer or its representatives.

 

Encumbrance means
any security interest, mortgage, lien, restriction against transfer, pledge, claim, encumbrance and any third party interest.

 

End Date means
the first to occur of:

 

	 	(a)	the
    Completion Date; or
	 	 	 
	 	(b)	the
    date this document is terminated under clause 4.5 or clause 10.

 

Event of Default means the happening of any
of the events listed in clause 10.1.

 

Excluded Intellectual Property means:

 

	 	(c)	any assets of
    the Seller not included in the definition of Intellectual Property; 
	 	 	 
	 	(d)	all assets which
    are the subject of a valid Claim of any third party;
	 	 	 
	 	(e)	any asset, the
    transfer, surrender, disposal or dealing of or with which, or any part of or interest in which, would or might cause a breach
    of a third party right or be otherwise contrary to any relevant law; and
	 	 	 
	 	(f)	Excluded Claims.

 

Excluded Claims mean all claims which the Seller
and or NAB may have against third parties.

 

Governmental Agency means the Crown, any government,
any governmental ministry or department, or any Crown, governmental, semi-governmental, statutory, parliamentary, administrative,
fiscal, public, municipal, local, judicial or regulatory entity, agency, instrumentality, utility, authority, court, commission,
body or tribunal.

 

    	4

    	 

    

 

 

 

GSA means
the General Security Agreement between NAB and Smoo dated 14 August 2012, and registered as number 201208150032747 in the Personal
Property Securities Act 2009 Register.

 

GST means the same as in the GST Law, and any
other goods and services tax or any tax, levy, charge or impost which applies in a similar way.

 

GST Law has the same meaning as in the A
New Tax System (Goods and Services Tax) Act 1999 (Cth) and words defined in the GST Law (including ’supply’ and
‘taxable supply’) have the same meaning in this document unless the context makes it clear that a different meaning
is intended.

 

Immediately Available Funds mean a bank cheque
issued by an Australian registered bank or an electronic funds transfer through the RTGS (real-time gross settlement) payment
system.

 

Insolvency Event means the happening of any
of the following events:

 

	 	(a)	an application
    is made to a court for an order or an order is made appointing a liquidator, provisional liquidator in respect of the Buyer
    (or proceedings are commenced or a resolution passed or proposed in a notice of meeting for any of those things);
	 	 	 
	 	(b)	proceedings are
    initiated with a view to obtaining an order for the winding up or similar process of the Buyer, or an order is made or any
    effective resolution is passed for the winding up of the Buyer;
	 	 	 
	 	(c)	except to reconstruct
    or amalgamate while solvent on terms approved by the non-defaulting party, the Buyer enters into, or resolves to enter into,
    a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class
    of its creditors, or it proposes a reorganisation, moratorium or other administration involving any class of its creditors;
	 	 	 
	 	(d)	a controller is
    appointed to or over or takes possession of all or a substantial part of the assets or undertakings of the Buyer;
	 	 	 
	 	(e)	the Buyer is or
    is deemed or presumed by law or a court to be insolvent;
	 	 	 
	 	(f)	the Buyer takes
    any step to obtain protection or is granted protection from its creditors, under any applicable legislation or an administrator
    is appointed to the Buyer; and
	 	 	 
	 	(g)	anything analogous
    or having a substantially similar effect to any of the events specified above happens in respect of the Buyer under the law
    of any applicable jurisdiction.

 

Intellectual Property means the right, title
and interest, if any, of the Seller to the Patents and Trade Marks, and any other rights that the Seller has, if any, in other
intellectual property rights, whether or not protected by statute or common law in Australia or elsewhere in the world, including
copyright, designs, other subject matter of intellectual property rights and trading names and domain names, but excluding moral
rights of the Seller.

 

    	5

    	 

    

 

 

 

Liability means all liability (whether actual,
contingent or prospective), loss, damages, costs and expenses of any description.

 

Mr Hall has the meaning given in paragraph D of the
Background section above.

 

NAB has the meaning given in paragraph A of
the Background section above.

 

Non-Defaulting Party has the meaning given in
clause 4.4.

 

Patents includes the patents described in part
1 of schedule 1.

 

Penalty Amount means an amount equal to:

 

	 	(a) 	the Purchase Price under this document;
	 	 	 
	 	(b) 	less the ultimate purchase price paid by
    a third party purchaser or purchasers (Third Party) of the Intellectual Property; 
	 	 	 
	 	(c)	plus all the costs of the Seller that relate
    to the sale of the Intellectual Property to the Third Party, including receivership costs, marketing costs, costs of lawyers
    and costs of other advisors; and
	 	 	 
	 	(d) 	plus interest on the amount referred to
    in paragraph (a) calculated from 15 October 2013 to the date that the Third Party completes on the acquisition of the Intellectual
    Property.

 

Permitted Disclosees has the meaning given
in clause 9.1(b)(i).

 

Purchase Price means the amount specified at
clause 3.1.

 

Smoo has the meaning given in paragraph B of
the Background section above.

 

Specified
Time means 12:00 pm on 15 October 2013.

 

Stakeholder means Gadens Lawyers Sydney Pty
Limited of 77 Castlereagh Street, Sydney, New South Wales.

 

Tax includes any tax, levy, impost, assessment,
deduction, charge, rate, stamp duty or compulsory loan or withholding levied, imposed, assessed or collected by or under any legislation
or Governmental Agency, including any income, company, undistributed profits, payroll, sales, goods, services, value added, capital
gains, withholding, prescribed payments, land, rating, stamp, transaction, social service and workers’ compensation tax,
stamp duty, charge, contribution, levy and obligation, together with any associated interest, penalty, fine, charge and fee or
other amount and Taxation has a corresponding meaning.

 

Trade Marks means the registered trademarks
listed in part 2 of schedule 1.

 

		1.2	Interpretation

 

In this document unless the context otherwise requires:

 

	 	(a)	clause and subclause
    headings are for reference purposes only;
	 	 	 
	 	(b)	the singular includes
    the plural and vice versa;
	 	 	 
	 	(c)	words denoting
    any gender include all genders;

 

    	6

    	 

    

 

 

 

	 	(d)	reference to a
    person includes any other entity recognised by law and vice versa;
	 	 	 
	 	(e)	where a word or
    phrase is defined its other grammatical forms have a corresponding meaning;
	 	 	 
	 	(f)	any reference
    to a party to this document includes its successors and permitted assigns;
	 	 	 
	 	(g)	any reference
    to any document or agreement includes that document or agreement as amended at any time;
	 	 	 
	 	(h)	the use of the
    word includes or including is not to be taken as limiting the meaning of the words preceding it;
	 	 	 
	 	(i)	the expression
    at any time includes reference to past, present and future time and the performance of any action from time to time;
	 	 	 
	 	(j)	an agreement,
    representation or warranty on the part of two or more persons binds them jointly and severally;
	 	 	 
	 	(k)	an agreement,
    representation or warranty on the part of two or more persons is for the benefit of them jointly and severally;
	 	 	 
	 	(l)	reference to an
    exhibit, annexure, attachment or schedule is a reference to the corresponding exhibit, annexure, attachment or schedule in
    this document;
	 	 	 
	 	(m)	reference to a
    provision described, prefaced or qualified by the name, heading or caption of a clause, subclause, paragraph, schedule, item,
    annexure, exhibit or attachment in this document means a cross reference to that clause, subclause, paragraph, schedule, item,
    annexure, exhibit or attachment;
	 	 	 
	 	(n)	when a thing is
    required to be done or money required to be paid under this document on a day which is not a Business Day, the thing must
    be done and the money paid on the immediately preceding Business Day; and
	 	 	 
	 	(o)	reference to a
    statute includes all regulations and amendments to that statute and any statute passed in substitution for that statute or
    incorporating any of its provisions to the extent that they are incorporated.

 

		1.3	The
                                                                                                                                                                                                                                                    rule
                                                                                                                                                                                                                                                    about
                                                                                                                                                                                                                                                    contra
                                                                                                                                                                                                                                                    proferentem

 

This
document is not to be interpreted against the interests of a party merely because that party proposed this document or some provision
in it or because that party relies on a provision of this document to protect itself.

 

		2.	Sale
                                                                                                                                                                                                       and
                                                                                                                                                                                                       purchase

 

		2.1	Sale
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Intellectual
                                                                                                                                                                                                        Property

 

The Seller agrees to sell to the Buyer, and the Buyer
agrees to buy from the Seller, the Seller’s right, title and interest in the Intellectual Property:

 

	 	(a)	for the Purchase
    Price;
	 	 	 
	 	(b)	with all rights
    attached or accrued by or after the Specified Time; and
	 	 	 
	 	(c)	with effect from
    Completion.

 

    	7

    	 

    

 

 

 

	3.	Purchase Price
	 	 	 
	3.1	Amount
	 	 	 
	 	The Purchase Price for the Intellectual Property is $710,000.
	 	 	 
	3.2	Payment of the Purchase Price
	 	 	 
	 	The Buyer has paid the Purchase Price on or around the Specified Time, and the Seller acknowledges receipt of the Purchase Price.
	 	 	 
	3.3	Set off
	 	 	 
	 	Subject to as provided in this document, all amounts payable by the Buyer under this document must be paid by the Buyer without set off or deduction or withholding by the Buyer and the Buyer waives all right of set off, deduction, withholding, counter claim, retention, abatement or compensation.
	 	 	 
	4.	Completion
	 	 	 
	4.1	Time and place
	 	 	 
	 	Completion
    will take place at 2 pm (or such other time as the parties may agree) on 15 October 2013 at the offices of the Stakeholder
    at     77 Castlereagh Street, Sydney, or another place agreed by the parties in writing. 
	 	 	 
	4.2	Seller’s obligations
	 	 	 
	 	At Completion, the Seller must deliver to the Buyer to the extent it has them in its possession:

 

	 	(a)	the certificates
    of registration for the Trade Marks; and 
	 	 	 
	 	(b)	the certificates
    of registration for the Patents.

 

	4.3	Simultaneous actions at Completion
	 	 	 
	 	In respect of Completion:

 

	 	(a)	the obligations
    of the parties under this document are interdependent; and
	 	 	 
	 	(b)	all actions required
    to be performed will be taken to have occurred simultaneously on the date of Completion.

 

		4.4	Notice
                                                                                                                                                                                                        to
                                                                                                                                                                                                        complete

 

If Completion does not occur in accordance with this
clause 4 because of the failure of any party (the Defaulting Party) to satisfy any of its obligations under this clause 4
then:

 

		(a)	the Buyer
                                                                                                                                                   (where
                                                                                                                                                   the
                                                                                                                                                   Defaulting
                                                                                                                                                   Party
                                                                                                                                                   is
                                                                                                                                                   the
                                                                                                                                                   Seller);
                                                                                                                                                   or

 

    	8

    	 

    

 

 

 

		(b)	the
                                                                                                                                                       Seller
                                                                                                                                                       (where
                                                                                                                                                       the
                                                                                                                                                       Defaulting
                                                                                                                                                       Party
                                                                                                                                                       is
                                                                                                                                                       the
                                                                                                                                                       Buyer),

 

(in either case the Non-Defaulting Party) may
give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of 5 Business
Days after the date of the notice and specifying that time is of the essence in relation to that notice.

 

		4.5	Remedies
                                                                                                                                                                                                         for
                                                                                                                                                                                                         failure
                                                                                                                                                                                                         to
                                                                                                                                                                                                         comply
                                                                                                                                                                                                         with
                                                                                                                                                                                                         notice

 

If the Defaulting Party
fails to comply with a notice given under clause 4.4, the Non-Defaulting Party may, without limiting its other rights or
remedies available under this document or at law, but subject to clause 7:

 

		(a)	immediately
                                                                                                                                                       terminate
                                                                                                                                                       this
                                                                                                                                                       document,
                                                                                                                                                       in
                                                                                                                                                       which
                                                                                                                                                       case
                                                                                                                                                       the
                                                                                                                                                       Non-Defaulting
                                                                                                                                                       Party
                                                                                                                                                       may
                                                                                                                                                       seek
                                                                                                                                                       damages
                                                                                                                                                       for
                                                                                                                                                       breach
                                                                                                                                                       of
                                                                                                                                                       this
                                                                                                                                                       document;
                                                                                                                                                       or

 

		(b)	seek
                                                                                                                                                       specific
                                                                                                                                                       performance
                                                                                                                                                       of
                                                                                                                                                       this
                                                                                                                                                       document,
                                                                                                                                                       in
                                                                                                                                                       which
                                                                                                                                                       case:

 

		(i)	if
                                                                                                                                                     specific
                                                                                                                                                     performance
                                                                                                                                                     is
                                                                                                                                                     obtained
                                                                                                                                                     the
                                                                                                                                                     Non-Defaulting
                                                                                                                                                     Party
                                                                                                                                                     may
                                                                                                                                                     also
                                                                                                                                                     seek
                                                                                                                                                     damages
                                                                                                                                                     for
                                                                                                                                                     breach
                                                                                                                                                     of
                                                                                                                                                     this
                                                                                                                                                     document;
                                                                                                                                                     and

 

		(ii)	if
                                                                                                                                                      specific
                                                                                                                                                      performance
                                                                                                                                                      is
                                                                                                                                                      not
                                                                                                                                                      obtained
                                                                                                                                                      the
                                                                                                                                                      Non-Defaulting
                                                                                                                                                      Party
                                                                                                                                                      may
                                                                                                                                                      then
                                                                                                                                                      terminate
                                                                                                                                                      this
                                                                                                                                                      document
                                                                                                                                                      and
                                                                                                                                                      also
                                                                                                                                                      seek
                                                                                                                                                      damages
                                                                                                                                                      for
                                                                                                                                                      breach
                                                                                                                                                      of
                                                                                                                                                      this
                                                                                                                                                      document.

 

	5.	Post Completion
	 	 
	5.1	Assistance
	 	 
	 	For
    a period of 40 Business Days after the Completion Date, the Seller will execute any forms or other documents necessary to
    assist the Buyer register, at its sole cost, the sale and purchase of the Intellectual Property.
	 	 
	5.2	Limit on assistance
	 	 
	 	The assistance in clause 5.1 does not require
    the Seller to pay any fees, or carry out any action outside of Australia, or require the Seller to give any guarantee, warranty,
    representation or other assurance to any other person.
	 	 
	6.	Title, risk and
    liabilities
	 	 
	6.1	Title
	 	 
	 	The Seller’s right, title and interest
    in the Intellectual Property passes to the Buyer at Completion.
	 	 
	6.2	Possession
	 	 
	 	With effect from Completion, possession
    of the Intellectual Property and risk related to the Intellectual Property is given by the Seller and taken by the Buyer at
    the Specified Time. 

 

    	9

    	 

    

 

 

 

		6.3	Income,
                                                                                                                                                profits
                                                                                                                                                and
                                                                                                                                                benefits

 

With
effect from Completion, all income, profits and benefits of or related to the Intellectual Property:

 

	 	(a)	up to the Specified
    Time, belong to the Seller; and
	 	 	 
	 	(b)	after
    the Specified     Time, belong to the Buyer.

 

		6.4	Liabilities

 

With effect from Completion, all
Liabilities of or related to the Intellectual Property, after the Specified Timeare the responsibility of the Buyer and the Buyer
indemnifies the Seller from and against those Liabilities.

 

		7.	Limitation
                                                                                                                                               of
                                                                                                                                               liability

 

		7.1	“As
                                                                                                                                                is,
                                                                                                                                                where
                                                                                                                                                is”basis

 

	 	(a)	The Buyer unconditionally
    agrees that the Intellectual Property is to be sold and purchased on an “as is, where is” basis without recourse
    to, or warranty by, the Seller or NAB.
	 	 	 
	 	(b)	The Buyer cannot
    make any claim, objection or requisition against the Seller or NAB, or rescind or terminate this document in respect of the
    condition of the Intellectual Property.

 

		7.2	No
                                                                                                                                                warranties

 

The Buyer
acknowledges that no term, condition, warranty, representation or covenant of any kind has been made or is given by the
Seller or NAB, their employees, officers, representatives, agents or advisors, in respect of any aspect of any of the
Intellectual Property, or is implied in this document, and the execution of this document by the Buyer will be conclusive
proof that the Intellectual Property are in every way satisfactory to the Buyer.

 

		7.3	Liability
                                                                                                                                                of
                                                                                                                                                the
                                                                                                                                                Seller
                                                                                                                                                and
                                                                                                                                                NAB

 

The Seller and NAB are not liable
to the Buyer for any Liability arising from or relating to any statement, representation, warranty, promise, undertaking or agreement
in connection with the sale of the Intellectual Property, including any information provided for in the Due Diligence Material.

 

		7.4	Buyer
                                                                                                                                                acknowledgments

 

		(a)	The
                                                                                                                                                      Buyer
                                                                                                                                                      acknowledges
                                                                                                                                                      that
                                                                                                                                                      it
                                                                                                                                                      has
                                                                                                                                                      made
                                                                                                                                                      its
                                                                                                                                                      own
                                                                                                                                                      assessment
                                                                                                                                                      as
                                                                                                                                                      to
                                                                                                                                                      the
                                                                                                                                                      condition,
                                                                                                                                                      value,
                                                                                                                                                      fitness
                                                                                                                                                      for
                                                                                                                                                      purpose
                                                                                                                                                      and
                                                                                                                                                      title
                                                                                                                                                      to
                                                                                                                                                      the
                                                                                                                                                      Intellectual
                                                                                                                                                      Property
                                                                                                                                                      and
                                                                                                                                                      the
                                                                                                                                                      quality
                                                                                                                                                      or
                                                                                                                                                      suitability
                                                                                                                                                      of
                                                                                                                                                      the
                                                                                                                                                      Intellectual
                                                                                                                                                      Property and
                                                                                                                                                      has
                                                                                                                                                      placed
                                                                                                                                                      no
                                                                                                                                                      reliance
                                                                                                                                                      in
                                                                                                                                                      that
                                                                                                                                                      assessment
                                                                                                                                                      on
                                                                                                                                                      any
                                                                                                                                                      statement,
                                                                                                                                                      conduct
                                                                                                                                                      or
                                                                                                                                                      representation
                                                                                                                                                      by
                                                                                                                                                      the
                                                                                                                                                      Seller or
                                                                                                                                                      NAB
                                                                                                                                                      in
                                                                                                                                                      relation
                                                                                                                                                      to
                                                                                                                                                      those
                                                                                                                                                      matters.

 

		(b)	The Buyer acknowledges, represents and warrants, and agrees with the Seller and NAB that:

 

		(i)	it enters into this document solely as a result of its own due diligence, investigations, inquiries,
advice and knowledge concerning the Intellectual Property, relying only on its own judgment after such investigation and enquiries;

 

    	10

    	 

    

 

 

 

		(ii)	neither the Seller nor NAB, nor their
                                                                                                                                                  representatives,nor any person acting on their behalf, have made any representation, warranty or other inducement to the
                                                                                                                                                  Buyer to enter into this document;

 

		(iii)	it has not and will not rely on representations,
                                                                                                                                                   warranties, forecasts, opinions, statements of belief, or other inducements by or on behalf of the Seller,NAB, or their
                                                                                                                                                   representatives or any other person;

 

		(iv)	it has undertaken a due diligence investigation in
                                                                                                                                                  relation to the Intellectual Property and irrespective of whether or not the due diligence was as full or exhaustive as the
                                                                                                                                                  Buyer would have wished, it has nevertheless independently and without the benefit of any inducement, representation or
                                                                                                                                                  warranty from the Seller or NAB, determined to enter into this document; and

 

		(v)

                                                                                 
	any estimate, budget or forecast made, or opinion expressed, in relation to the financial position
or prospects related to the Intellectual Property (whether written or oral) was made or expressed to and accepted by the Buyer
and this document is entered into, on the basis and condition that:

 

		(A)	neither the Seller nor NAB, nor their
                                                                                                                                                   representatives have made or does make any representation or warranty as to the accuracy or completeness of such estimate,
                                                                                                                                                   budget, forecast or expression of opinion or that any such estimate, budget, forecast, or expression of opinion will be
                                                                                                                                                   achieved; and

 

		(B)

                                                                                 
	neither the Seller nor NAB, nor their
                                                                                                                                          representatives, will be liable to the Buyer or any other person in respect thereof and neither the Seller nor NAB, nor
                                                                                                                                          their
                                                                                                                                          representatives, will be liable to the Buyer or any other person in the event that, for whatever reason, such estimate,
                                                                                                                                          budget, forecast or expression of opinion is or becomes inaccurate, incomplete or misleading in any respect.

 

		(c)	To the fullest extent permitted by law, all conditions, representations or terms implied or imposed by State or Commonwealth
laws are excluded, and the Buyer waives any rights it may have in respect of them.

 

		(d)	To the fullest extent permitted by law, the Seller and NAB will under no circumstances be liable in any way whatsoever to the
Buyer nor will the Buyer have any remedy in respect of any Claim (whether contractual, tortious, statutory or otherwise) for any
form of damages, losses, costs, injury or harm sustained or incurred by the Buyer in consequence of or resulting directly or indirectly
out of the supply, performance or the use of the Intellectual Property, or by any third party or in connection with this document
or otherwise.

 

		(e)	The Buyer acknowledges and agrees that no warranties with respect to
                                                                                                                                                    this document or the Intellectual Property are given by the Seller or NAB. The Buyer further acknowledges and agrees
                                                                                                                                                    that:

 

		(i)	the aggregate maximum liability of the Seller and NAB (including legal costs and expenses incurred defending a Claim) as a
result of any Claim under this clause 7.4(e) or any other Claim relating to this document is limited to $20,000; and

 

    	11

    	 

    

 

 

 

		(ii)	the Seller will not be liable for any Claim unless:

 

		(A)	as soon as the Buyer becomes aware of anything which is or may be reasonably likely to give rise to a Claim, the Buyer notifies
the Seller in writing:

 

		(I)	setting out the act, matter or thing relied on as giving rise to the Claim, the subject of the Claim, and all relevant details
of the Claim; and

 

		(II)	within 10 Business Days after it has first come to the Buyer’s attention and no later than one month after the Completion
Date; and

 

		(B)	if the relevant Claim has not already been satisfied, settled or withdrawn, legal proceedings for the relevant Claim have been
properly issued and served on the Seller within one month after the Completion Date.

 

		7.5	Due
                                                                                                                                                                                                       diligence

 

The Buyer acknowledges that:

 

		(a)	the Due Diligence Material was provided to the Buyer solely to assist with its due diligence enquiries;

 

		(b)	the Due Diligence Material was intended as a guide only and does not constitute all or any part of an offer or of this document;

 

		(c)	any calculations contained in the Due Diligence Material have not been independently verified by the Seller or NAB;

 

		(d)	any projections contained in the Due Diligence Material represent best estimates only and may be based on assumptions which,
while reasonable, may be incorrect;

 

		(e)	it has not relied on any material contained in the Due Diligence Material as a statement or representation of fact or as to
any further matter, but has satisfied itself as to the correctness and completeness (or otherwise) of the information by its own
enquiries, inspections and independent investigations;

 

		(f)	except for rights and remedies provided by statute which may not be excluded, no liability (under statute, in contract or tort
for negligence or otherwise) is assumed by the Seller or NAB, or any of their representatives for any material contained in the
Due Diligence Material; and

 

		(g)	neither the Seller nor
                                                                                                                                                                                                           NAB, nor their representatives,make any warranty or representation as to the accuracy or the reliability of any of the
                                                                                                                                                                                                           contents of the Due Diligence Material and the Seller and NAB are not responsible for any of the their representatives in
                                                                                                                                                                                                           respect of the contents of or omissions from the Due Diligence Material.

 

    	12

    	 

    

 

 

 

		7.6	Indemnities

 

The Buyer indemnifies and will keep indemnified the
Seller and NAB from and against any of the following:

 

		(a)	all Claims which may be asserted against or suffered or incurred by the Seller or NAB to the extent that such Claims arise
out of, result from or relate to:

 

		(i)	the ownership, sale, use or dealing with the Intellectual Property;

 

		(ii)	any intellectual property rights asserted, claimed or proven by any third party in respect of the
Intellectual Property; or

 

		(iii)	any Tax (including GST), royalty or impost of a like nature which may be payable in respect of
the Intellectual Property,

 

provided that all such Claims are
in respect of the period after the Specified Time; and

 

		(b)	any and all losses and
                                                                                                                                                                                                            other Liabilities which may be asserted against or suffered or incurred by the Seller or NAB and which arise out of or result
                                                                                                                                                                                                            from:

 

		(i)	any misrepresentation, breach of warranty or breach
                                                                                                                                                 of or non-compliance with any of the provisions of this document by the Buyer; or

 

		(ii)	any misrepresentation or breach of warranty in or occasioned by any certificate or other document
furnished or caused to be furnished by the Buyer to the Seller or NAB.

 

The
Seller and NAB need not incur any cost or make any payment before enforcing any right of indemnity under this clause 7.6. 

 

		7.7	Release

 

In
consideration of the Seller entering into this document, the Buyer covenants and agrees that it unequivocally releases the
Seller and NAB, and their representatives, from all Liabilities or Claims in connection with the Intellectual Property, or
any other asset of the Seller or NAB, and further agrees not to make any Claim against the Seller or NAB in connection with
the Intellectual Property, or any other asset of the Seller or NAB, or in any way whatsoever connected with any act done or
omitted to be done in relation to the sale of the Intellectual Property under this document.

 

		7.8	No
                                                                                                                                                                                                       claim

 

The Buyer may not make a claim or requisition, delay
completion, rescind or terminate because of any matter disclosed in or arising from any of the Due Diligence Material or other
documents comprising annexures or schedules to this document.

 

		7.9	Capacity
                                                                                                                                                                                                       of
                                                                                                                                                                                                       Seller

 

		(a)	Mr Hall is not executing this document in his personal capacity, and does not assume personal liability under any warranty
or obligation of the Seller in this document.

 

		(b)	The Buyer releases Mr Hall from any personal liability whatsoever and must not seek to bring proceedings against him in his
personal capacity.

 

		(c)	The Buyer is not entitled to make any requisition, objection or claim or rescind or terminate this document in relation to
the appointment of Mr Hall as agent for NAB.

 

    	13

    	 

    

 

 

 

		7.10	Liability
                                                                                                                                                                                                        for
                                                                                                                                                                                                        future
                                                                                                                                                                                                        events

 

The
Seller and NAB are not liable to the Buyer for any Liabilities attributable to anything done or not done after the date of
this document by the Buyer or any person acting, or purporting to act, on behalf of the Buyer.

 

		7.11	No
                                                                                                                                                                                                        rescission

 

The Buyer agrees that its sole remedy for a Claim for
breach of this document, however arising, is a Claim for damages in contract only, and the Buyer waives any right to Claim any
other remedy, including rescission of this document or any related document, for a Claim for breach of this document.

 

		7.12	Exclusion
                                                                                                                                                                                                        of
                                                                                                                                                                                                        certain
                                                                                                                                                                                                        losses

 

Notwithstanding
any provision of this document, the Seller and NAB will not, under any circumstances, be liable to another party for any
breach of this document or any other duty it may owe to the Buyer (including any duty of care for the purposes of the tort of
negligence):

 

		(a)	for any special or indirect losses of any nature or description;

 

		(b)	for any consequential losses of any nature
                                                                                                                                                                                                           or description; or

 

		(c)	for loss of profit, loss of revenue, loss of use, loss of contract, loss of goodwill or increased cost of working, whether
that loss is direct or indirect or normal or consequential in nature.

 

		7.13	Obligations
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        Buyer

 

		(a)	Within 10 Business Days of receiving any Claim or demand or being served with any legal proceedings which may lead to Liability
on the part of the Seller, the Buyer must give written notice to the Seller setting out full details of the Claim, demand or legal
proceedings.

 

		(b)	The Buyer must not accept, compromise or pay any Claim or demand or agree to arbitrate, compromise or settle any legal proceedings
which may lead to Liability on the part of the Seller without the prior written approval of the Seller.

 

		7.14	Survival

 

This
clause 7 remains in full force and effect after Completion.

 

		8.	Representations
                                                                                                                                                                                                      and
                                                                                                                                                                                                      warranties

 

		8.1	Representations

 

The
Buyer represents and warrants to the Seller that each of the following statements is true and accurate at the date of this
document and will be true and accurate on the Completion Date:

 

		(a)	the Buyer is validly existing under the laws of its place of incorporation or registration;

 

		(b)	the Buyer has the power to enter into and perform its obligations under this document and to carry out the transactions contemplated
by this document;

 

    	14

    	 

    

 

 

 

		(c)	the Buyer has taken all necessary actions to authorise its entry into and performance of this document and to carry out the
transactions contemplated by this document;

 

		(d)	the Buyer’s obligations under this document are valid and binding and enforceable against it in accordance with the terms;

 

		(e)	neither the Buyer nor any party related to it has taken any action under
                                                                                                                                                   which any person is or may be entitled to a commission, brokerage or finder’s fee in connection with the sale and
                                                                                                                                                   purchase of the Intellectual Property;

 

		(f)	the Buyer, and each of its officers, employees, agents and representatives holds or is able upon application to hold, all permits,
licences and authorisations to conduct its business in accordance with all applicable laws;

 

		(g)	none of the following has occurred and is subsisting, or is threatened, in relation to the Buyer:

 

		(i)	a meeting has been convened, resolution proposed, petition presented or order made for the winding up of the Buyer;

 

		(ii)	a receiver, receiver and manager, provisional liquidator, liquidator or
                                                                                                                                                      other officer of the Court has been appointed in relation to all or any material asset of the Buyer; or

 

		(iii)	amortgagee or chargee has taken, attempted or indicated an intention to exercise its rights under any security of which the
Buyer is the mortgagor or chargor; and

 

		(h)	the Buyer is not, and is not likely to:

 

		(i)	become insolvent within the meaning of section 95A of the Corporations Act2001(Cth);

 

		(ii)	stop paying its debts as and when they fall due; or

 

		(iii)	become subject to voluntary administration under Part 5.3A of the Corporations Act 2001 (Cth).

 

		8.2	Application
                                                                                                                                                                                                       of
                                                                                                                                                                                                       representations
                                                                                                                                                                                                       by
                                                                                                                                                                                                       the
                                                                                                                                                                                                       Buyer

 

Each of the representations made by the Buyer under
clause 8.1 remains in full force and effect on and after Completion

.

		9.	Confidentiality
                                                                                                                                                                                                      and
                                                                                                                                                                                                      publicity

 

		9.1	Confidentiality

 

The Buyer:

 

		(a)	must keep confidential any Confidential Information of the Seller and
                                                                                                                                                   all Confidential Information disclosed to the Buyer by or on behalf of the Seller, or of which the Buyer becomes aware
                                                                                                                                                   (whether before or after the date of this document); and

 

		(b)	may disclose any Confidential Information in respect of which the Buyer has an obligation of confidentiality under clause 9.1(a)
only:

 

		(i)	to those of the Buyer’s officers or employees or advisers (Permitted Disclosees) who:

 

    	15

    	 

    

 

 

 

		(A)	have a need to know for the purposes of this document and the transactions contemplated by it; and

 

		(B)	undertake to the Buyer (and, where required by the Seller, to the Seller also) a corresponding obligation of confidentiality
to that undertaken by the Buyer under clause 9.1(a);

 

		(ii)	if required to do so by law, a court of law or the Listing Rules of ASX; or

 

		(iii)	with the prior written approval of the Seller.

 

		9.2	Confidential
                                                                                                                                               Information

 

Clause 9.1 applies:

 

		(a)	with respect to Confidential Information:

 

		(i)	until Completion; or

 

		(ii)	until the information is public knowledge (otherwise than as a result of a breach of confidentiality by the Buyer or any of
its permitted disclosees),

 

whichever occurs first; and

 

		(b)	with respect to any other confidential information of the Seller, until the information is public knowledge (otherwise than
as a result of a breach of confidentiality by the Buyer or any of its Permitted Disclosees).

 

		9.3	Announcements

 

The Buyer must not make or authorise a press release
or public announcement relating to the negotiations of the parties or the subject matter or provisions of this document (Announcement)
unless:

 

		(a)	it is required to be made by law or the Listing Rules of the ASX and before it is made, the Buyer has:

 

		(i)	notified the Seller; and

 

		(ii)	given the Seller a reasonable opportunity to comment on the contents of,
                                                                                                                                                      and the requirement for, the Announcement; or

 

		(b)	it has the prior written approval of the Seller.

 

		9.4	Return
                                                                                                                                               of
                                                                                                                                               documents

 

If Completion does not occur for any
reason, the Buyer must immediately return to the Seller all the Confidential Information obtained by the Buyer and the Permitted
Disclosees, including all copies of the Confidential Information made by the Buyer and its Permitted Disclosees.

 

		9.5	Indemnity

 

The Buyer indemnifies the Seller,
and will keep the Seller indemnified, against all Claims which the Seller may suffer or incur directly or indirectly in connection
with or arising from breach of this clause 9by the Buyer or the Permitted Disclosees.

 

    	16

    	 

    

 

 

 

		9.6	Survival

 

This
clause 9 remains in full force and effect after Completion.

 

		10.	Termination

 

		10.1	Event
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Default

 

If any one or more of the following occur, an Event
of Default at the non-defaulting party’s option will have occurred:

 

		(a)	the Buyer defaults in the performance of its obligations under this
                                                                                                                                                   document;

 

		(b)	an Insolvency Event occurs in respect of the Buyer; or

 

		(c)	any action is initiated by any competent authority with a view to
                                                                                                                                                   striking the Buyer’s name off any register of companies.

 

		10.2	Default

 

If an Event of Default occurs and the default:

 

		(a)	is not capable of being remedied; or

 

		(b)	if capable of being remedied, is not remedied within 5 Business Days
                                                                                                                                                   after notice requiring it to be remedied is given to the defaulting party by the Seller,

 

the
Seller may immediately terminate this document by giving written notice to the Buyer.

 

		10.3	After
                                                                                                                                                                                                        termination

 

		(a)	On termination of this document for any reason, the Buyer must stop, and must require its permitted disclosees to stop, using
Confidential Information of the Seller and at the Seller’s option:

 

		(i)	return to the Seller;

 

		(ii)	destroy and certify in writing to the Seller the destruction of; or

 

		(iii)	destroy and permit a representative of Seller to witness the destruction
                                                                                                                                                       of,

 

all
Confidential Information in its possession or control.

 

		(b)	If this document is terminated, then:

 

		(i)	each party will be released from its obligations to further perform this document, except for those obligations that are expressly
stated to continue in force; and

 

		(ii)	in the case of termination before Completion, each party must do all acts and things at their own cost, including the execution
of all such documents necessary to reverse an action done, if any, according to clause 4.2.

 

		(c)	If this document is terminated for any reason (including under clause 4.5 or clause 10) other than due to a material default
of the Seller under this document, the Buyer must pay to the Seller the Penalty Amount within 10 Business Days of receiving a notice
from the Buyer that the Intellectual Property have been sold to a third party or parties.

 

    	17

    	 

    

 

 

 

		(d)	For the avoidance of doubt, the Penalty Amount due under clause 10.3(b) is an amount that must be paid in addition to any other
amounts due under this document, including forfeiture of the Purchase Price and payment of interest amounts under clause 12.

 

		10.4	Survival

 

Clauses Error! Reference source not found., 4.5,
7, 8, 9, 10.3, 10.4, 10.5, 11, 12 and 13 remain in full force and effect after termination of this document.

 

		10.5	Accrued
                                                                                                                                                                                                        rights

 

Termination of this document does not affect any accrued
rights or remedies of a party.

 

		11.	Tax

 

		11.1	Consideration

 

Subject to clause 11.2, any consideration to be paid
or provided for a supply under this document or any related transaction documents, unless specifically expressed to include GST,
does not include an amount on account of GST.

 

		11.2	GST

 

		(a)	If GST is payable by a supplier (or by the representative member for a GST group of which the supplier is a member) on any
supply made under or in relation to this document, the recipient must pay to the supplier an amount (GST Amount) equal to
the GST payable on the supply. The GST Amount is payable by the recipient in addition to and at the same time as the net consideration
for the supply.

 

		(b)	If a party is required to make any payment or reimbursement, that payment or reimbursement must be reduced by the amount of
any input tax credits or reduced input tax credits to which the other party (or the representative member for a GST group of which
it is a member) is entitled for any acquisition relating to that payment or reimbursement.

 

		(c)	This clause 11.2 is subject to any other
                                                                                                                                                                                                           specific agreement regarding the payment of GST on supplies.

 

		11.3	Indemnity

 

The recipient must indemnify the supplier against, and
pay the supplier on demand, the amount of any damage or cost directly or indirectly arising from or caused by any failure by the
recipient to pay any amount (including any additional tax, penalty tax, fine, interest or other charge under the GST Law) from
the date GST would have been payable had the supply been correctly treated as a taxable supply.

 

		11.4	Buyer
                                                                                                                                                                                                        responsible
                                                                                                                                                                                                        for
                                                                                                                                                                                                        duty

 

The Buyer must pay all stamp duty,
duty or similar tax payable in relation to the execution, performance and registration of this document, or any other document
executed or effected under this document.

 

    	18

    	 

    

 

 

 

		11.5	Buyer
                                                                                                                                                                                                        indemnity

 

The
Buyer indemnifies the Seller and NAB against any loss incurred by the Seller or NAB in relation to any duty and penalties
specified in clause 11.4, whether through default by the Buyer under clause 11.4 or otherwise.

 

		12.	Interest

 

		12.1	Failure
                                                                                                                                                                                                        to
                                                                                                                                                                                                        pay
                                                                                                                                                                                                        amount
                                                                                                                                                                                                        due

 

If
the Buyer fails to pay any amount payable under this document on the due date for payment, the Buyer must pay interest on the
amount unpaid at the higher of 12% per annum or the rate (if any) fixed or payable under a judgment or other thing referred
to in clause 12.2.

 

		12.2	Interest
                                                                                                                                                                                                        accrual

 

Any
interest payable under clause 12.1:

 

		(a)	accrues from day to day from and including the due date for payment of the amount payable under this document up to the actual
date of payment, before and, as an additional and independent obligation, after any judgment or other thing into which the liability
to pay the amount becomes merged; and

 

		(b)	may be capitalised by the Seller at fortnightly intervals.

 

		13.	General
                                                                                                                                                                                                       provisions

 

		13.1	Costs

 

Each party must pay its own costs in relation to:

 

		(a)	the negotiation, preparation, execution, performance, amendment or registration of, or any consent given or made; and

 

		(b)	the performance of any action by that party in compliance with any liability arising,

 

under this document, or any document or agreement executed
or effected under this document, unless this document provides otherwise.

 

		13.2	Assignment

 

A party must not transfer any right or liability under
this document without the prior written consent of each other party, except where this document provides otherwise.

 

		13.3	Notices

 

		(a)	Any notice may be served by delivery in person or by post, or transmission by facsimile or email, to the address, number or
email address of the recipient specified in clause 13.3(c), or most recently notified by the recipient to the sender.

 

		(b)	Any notice is effective
                                                                                                                                                                                                           for the purposes of this document on delivery to the recipient, or production to the sender of a facsimile transmittal
                                                                                                                                                                                                           confirmation report, or the sender not receiving an automated out of office or undelivered email from the recipient email
                                                                                                                                                                                                           address, before 4.00 pm on a Business Day in the place in or to which the written notice is delivered or received, or
                                                                                                                                                                                                           otherwise at 9.00 am on the next Business Day following delivery or receipt.

 

    	19

    	 

    

 

 

 

		(c)	The addresses for service for notices of the parties are:

 

Seller

Mr Gregory Winfield Hall as agent
for National Australia Bank Limited (as Mortgagee in Possession)

PwC, 201 Sussex Street, Sydney,
NSW, 2000

 

Fax: None

Email: greg.hall@au.pwc.com

 

Buyer

Barfresh Inc

Suite 701, 90 Madison Street, CO, 80206 USA

fax: 303 3293819

 

		13.4	Governing
                                                                                                                                                                                                        law
                                                                                                                                                                                                        and
                                                                                                                                                                                                        jurisdiction

 

		(a)	This document is governed by and construed under the law in the State of New South Wales.

 

		(b)	Any legal action in relation to this document against any party or its property may be brought in any court of competent jurisdiction
in the State of New South Wales.

 

		(c)	Each party by execution of this document irrevocably, generally and unconditionally submits to the non-exclusive jurisdiction
of any court specified in this clause 22.5 in relation to both itself and its property.

 

		13.5	Amendments

 

Any amendment to this document has no force or effect,
unless effected by a document executed by the parties.

 

		13.6	Pre-contractual
                                                                                                                                                                                                        negotiation

 

This document:

 

		(a)	expresses and incorporates the entire document between the parties in relation to its subject-matter, and all the terms of
that document; and

 

		(b)	supersedes and excludes any prior or collateral negotiation, understanding, communication or document by or between the parties
in relation to that subject matter or any term of that document.

 

		13.7	Further
                                                                                                                                                                                                        assurance

 

Each party must execute any document and perform any
action necessary to give full effect to this document, whether before or after performance of this document.

 

		13.8	Continuing
                                                                                                                                                                                                        performance

 

		(a)	The provisions of this document do not merge with any action performed or agreement executed by any party for the purposes
of performance of this document.

 

    	20

    	 

    

 

 

 

		(b)	Any representation in this document survives the execution of any agreement for the purposes of, and continues after, performance
of this document.

 

		(c)	Any indemnity agreed by any party under this document:

 

		(i)	constitutes a liability of that party separate and independent from any other liability of that party under this document or
any other agreement; and

 

		(ii)	survives and continues after performance of this document.

 

		13.9	Waivers

 

Any failure by any party to exercise any right under
this document does not operate as a waiver and the single or partial exercise of any right by that party does not preclude any
other or further exercise of that or any other right by that party.

 

		13.10	Remedies

 

Subject to clause 7, the rights of a party under this
document are cumulative and not exclusive of any rights provided by law.

 

		13.11	Severability

 

Any provision of this document which is invalid in any
jurisdiction is invalid in that jurisdiction to that extent, without invalidating or affecting the remaining provisions of this
document or the validity of that provision in any other jurisdiction.

 

		13.12	Third
                                                                                                                                                                                                         party
                                                                                                                                                                                                         rights
                                                                                                                                                                                                         and
                                                                                                                                                                                                         benefits

 

		(a)	Except as provided in this clause 13.12, this document confers rights only on a person expressed to be a party, and not on
any other person.

 

		(b)	Without prejudice to the rights of NAB under this clause 13.12, the Buyer agrees that NAB has the benefit of the provisions
of this document given in favour of the Seller.

 

		(c)	The Buyer acknowledges and agrees that a breach of this document or negligence by the Buyer in relation to performance or failure
to perform this document may result in a loss being suffered by NAB and/or the Seller (NAB Loss).

 

		(d)	Subject to the limitations and exclusions of liability set out in this document, and to any claim, defence, counter-claim or
right of set-off which at law, in equity or under statute would be available to the Buyer if NAB were the Seller and the loss were
suffered by it, the Buyer agrees that any NAB Loss will be treated as a loss suffered by the Seller and the Seller may enforce
any rights in relation to that loss.

 

		(e)	The Seller enters into this document as agent for NAB for the sole
                                                                                                                                                   purpose of:

 

		(i)	NAB obtaining (and being able to enforce through the Seller) any rights granted to NAB (which, to avoid doubt, includes the
indemnities of clause 7.6 and the payment obligation in sub-clause (d) above); and

 

		(ii)	NAB obtaining (and being able to enforce) the benefit of the caps and exclusion on the Seller’s liability in this document,
including those of clause 7.

 

    	21

    	 

    

 

 

 

		13.13	Counterparts

 

This document may be executed in any number of counterparts,
all of which taken together are deemed to constitute one and the same document.

 

    	22

    	 

    

 

 

 

Schedule 1 – Intellectual
Property

 

Part 1 – Patents

 

Australia

 

	#	 	Applicant 	 	Inventor 	 	PATENT

 Title	 	PATENT

 Application

 Details	 	Filing

Date	 	Status
	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.	 	Smoo Pty Limited	 	Riccardo Dario Coste Delle	 	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	2012254903	 	15 November 2012	 	Filed
	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	Smoo Pty Limited	 	Riccardo Dario Coste Delle	 	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	2005274678	 	16 August 2005	 	Granted

 

Brazil

 

	PATENT

 Title	 	PATENT 

Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	PIO514480.9	 	Exam Requested

 

China

 

	PATENT

 Title	 	PATENT 

Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	ZL200580033724.5	 	Registered

 

Europe

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	05773978	 	Response lodged to Examiner’s report

 

    	23

    	 

    

 

 

 

Hong Kong

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	07109841.5	 	Application lodged: filing receipt received

 

Indonesia

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	W-00200700882	 	Accepted

 

Israel

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	181335	 	Registered

 

India

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	01616/DELNP/07	 	Exam requested

 

Japan

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	5057975	 	Registered

 

    	24

    	 

    

 

 

 

Republic of Korea

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	1157907	 	Registered

 

Mexico

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	282747	 	Registered

 

Malaysia

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	MY-142467-A	 	Registered

 

New Zealand

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	553358	 	Registered

 

The Philippines

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	1-2007-500384	 	Registered

 

    	25

    	 

    

 

 

 

Russian Federation

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	2376228	 	Registered

 

Singapore

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	130396	 	Registered

 

Thailand

 

	PATENT

 Title	 	PATENT

 Official Number	 	Status
	 	 	 	 	 
	Sealed pack of ingredients for an individual smoothie, and associated methods and apparatuses	 	103337	 	Examination request

 

South Africa

 

Part 2 – Trade Marks

 

Australia

 

	#	 	Owner	 	TRADEMARK  Description	 	TRADEMARK

Number	 	Filing
    Date	 	Classes	 	Status	 	Renewal 

    Due/Comments
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	Smoo Pty Limited	 		 	1043654	 	25 February 2005	 	30,32	 	Registered	 	25 February 2015q
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	Smoo Pty Limited	 		 	1427159	 	24 May 2011	 	29,30	 	Opposed	 	
        Accepted for registration on 17 January 2013

         

        Opposed by Geoffrey Chesworth and Tania Chesworth.

         

        Notice of Opposition lodged on 11 April 2013

        Hearing Pending

 

    	26

    	 

    

 

 

 

India

 

	#	 	Owner	 	TRADEMARK

Description	 	TRADEMARK  

Number	 	Filing  Date	 	Classes	 	Status
	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	Smoo Pty Limited	 		 	1661025	 	4/3/2008	 	30,32	 	Opposed
	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	Smoo Pty Limited	 		 	1661026	 	4/3/2008	 	30,32	 	Registered

 

South Africa

 

	TRADEMARK  Description	 	TRADEMARK  Number	 	Status
	 	 	 	 	 
		 	1043654	 	Registered

 

    	27

    	 

    

 

 

 

Schedule 2 – Encumbrances

 

Part 1 – Bank Security Interests

 

	Item	 	Secured Party	 	Registration number	 	Class/Description
	 	 	 	 	 	 	 
	1.	 	National Australia Bank Limited	 	201208150032747	 	All Present and After Acquired Property No Exceptions

 

    	28

    	 

    

 

 

 

Signing page

 

Executed as a deed.

 

	Signed
    sealed and delivered on behalf of Gregory Winfield Hall as agent for National Australia Bank Limited (as
    Mortgagee     in Possession):	 	 
	 	 	 
	/s/ Margaret
    Jamison	 	/s/ Gregory
    Winfield Hall
	
        Witness signature
	 	Gregory Winfield Hall
	 	 	 
	Margaret Jamison	 	 
	Print witness name	 	 

 

	Signed
    sealed and delivered on behalf of Barfresh Inc. by its duly authorised signatory:	 	 
	 	 	 
	Director	 	 
	 	 	 
	/s/
    Steven Lang	 	Steven Lang
	 	 	Print name

 

    	29

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