Document:

Blue Sphere Corporation 10-K

Exhibit 10.15

ADVISORY
AGREEMENT

THIS
ADVISORY AGREEMENT (“Agreement”) is made and entered into as of the 15th, day of October 2015 by and between
Blue Sphere Corp, a Nevada corporation (hereinafter called the “Company”), and Joshua Shoham (hereinafter called
“Advisor”).

RECITALS

WHEREAS,
the Company is in the business of Build Own and Operate Anaerobic Digester facilities generating electricity; and

WHEREAS,
the Company acknowledges that the Advisor has been serving as Advisor to the Company since July 20, 2012, and has been compensated
only partially for the services he has provided prior to the date of this Agreement; and

WHEREAS,
the Company desires to maintain the service of the Advisor as Strategic and Business Advisor of the Company while maintaining
his role of Chairman of the Board of Director and Director with Eastern Sphere Ltd., an Israeli fully owned subsidiary of the
Company and the Advisor is willing to continue such service; and

WHEREAS,
as a condition precedent to and as an incentive to the Company to maintain the services of the Advisor to the Company, the Company
and the Advisor desire to record the arrangements for such services, in the manner provided for herein and upon the terms and
conditions set forth herein.

AGREEMENT

NOW,
THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows:

1.Term
and Services:

1.1
Term. The Company hereby agrees to engage Advisor and the Advisor hereby agrees to serve the Company, on the terms and
conditions set forth herein, for the period commencing on the date hereof and expiring on October 14, 2020 (the “Initial
Term”) unless sooner terminated as hereinafter set forth. This Agreement shall be extended for an additional five (5)
year term (the “Renewal Term,” and collectively with the Initial Term, the “Term”) upon
prior written mutual agreement between the Company and the Advisor of at least ninety (90) days prior to the expiration of the
Initial Term.

1.2
Services of Advisor. The Advisor shall serve as Strategic and Business Advisor. The Advisor shall render such services
as provided in this Section 1.2 to the best of his ability, and use his reasonable best efforts to promote the interests of the
Company. The Advisor is permitted to pursue other business activities so long as the same do not conflict or compete with the
business of the Company or the Advisor’s ability to provide the services as provided in this Section 1.2 to the Company
and so long as such activities do not significantly interfere with the performance of the Advisor’s responsibilities as
a service provider to the Company in accordance with this Agreement. The Advisor’s obligations hereunder shall run only
to the Company and its subsidiaries, and not to the Company’s other affiliates, if any.

    	 

    	 

    

2.Compensation.

2.1(a)Base
Compensation. Commencing on the effective date of this Agreement, the Advisor shall receive an annual base compensation (the
“Base Compensation”) of $ 180,000 but not less than 720,000 New Israeli Shekels during the first year of the Initial
Term, with an annual increase review per year thereafter during the Term of this Agreement. Such Base Compensation review shall
be on or about January 1st of a given contract year. The Base Compensation shall be payable in 12 equal installments consistent
with the Company’s normal payroll schedule, subject to applicable withholding and other taxes, and shall not be decreased
for any reason. The Base Compensation will be paid, at Advisor discretion in NIS translated pursuant to the official representative
rate of exchange of the US$ as published by the Bank of Israel on the payment date. Should VAT be imposed on Base Compensation,
Such VAT will be added to the Base Compensation and paid by the Company. Any deductions required to be made by the Company and
submitted to relevant tax or other authorities will be deducted at source. Payments may be made through an Israeli Subsidiary.

2.1(b)Taxes.
The Advisor shall be solely responsible for, and will make proper and timely payment of, any and all withholding, taxes, duties,
fees and/or other impositions that may be levied pursuant to applicable law upon the Advisor in connection with the provision
of the services provided in this Agreement. In the event that pursuant to any law or regulation, tax is required to be withheld
at source from any payment made to the Advisor, the Company shall withhold said tax at the rate set forth in the certification
issued by the appropriate taxing authority or at the rate determined by said law or regulation.

2.2
Incentive Compensation. The Advisor shall be entitled to receive such bonus payments or incentive compensation as may be
determined at any time or from time to time by the Board of Directors of the Company (or any authorized committee thereof) in
its discretion. Such potential bonus payments and/or incentive compensation shall be considered at least annually by the Board
or committee and shall relate to the following:

1.A
share price incentive bonus associated with the share price of the Company’s Common Stock, as reported, quoted or traded,
as the case may, as more fully described on Annex 1 to this Agreement.

2.A
cash incentive bonus for each project the Company achieves a full financial close. Full financial close is defined as follows.

(a)For
acquisition of projects. When the Company buys the project assets and gets the project shares.

(b)For
a new project, when the Company has a definitive signed agreement for the full funding required for the project and starts execution
of the project.

(c)Cash
incentive bonus amount will be decided from case to case by the Company’s Board of Directors. The bonus amount shall not
exceed 3% of the project total value.

    	2

    	 

    

3.Any
shares issued to Advisor pursuant to this Section 2.2 shall be valued at $ 0.001 per share of Common Stock and shall be deemed
restricted stock of the Company unless and until a registration statement covering the shares is declared effective or the Advisor
is able to rely on Rule 144 for any resales.

2.3
Shares and Stock Options.

(a)The
Advisor shall be entitled to participate in all shares and stock option plans of the Company (the “Plans”)
in effect during the Term of this Agreement.

(b)Upon
execution of this Agreement, the Company will issue Advisor stock options, pursuant to a stock option agreement to be entered
into between the Company and the Advisor (the “Options”), to purchase at the end of each anniversary of this
Agreement 850,000 shares of the Company’s common stock, $0.001 par value per share (“Common Stock”) at
an exercise price of 1, (one) US cent.

(c)Milestone
Bonus Options.The Advisor shall also be entitled to receive shares and options for special events as may be determined by
the Board of Directors, from time to time.

(d)All
Options issued to the Advisor in accordance with this Agreement shall become immediately exercisable as to 100% of the shares
of Common Stock not otherwise vested upon any termination of Advisor’s Service Agreement pursuant to Sections 3.8 or 3.9
or 3.10 or 3.11 hereof, it being agreed that the Company shall vest the unvested portion of the Advisor’s Option shares
and cooperate in good faith to afford the Advisor the right to accelerate the exercise of the Options in full immediately prior
to any Change in Control (as hereinafter defined). In the event that Advisor terminates or is terminated pursuant to Sections
3.7 or 3.8 or 3.9 or 3.10 or 3.11 hereof, Advisor shall have the greater of (i) Five years after termination, or (ii) the remaining
term of the Options, in order to exercise his Options.

(e)The
Company shall take all action reasonably requested by the Advisor to permit any “cashless” exercise of the Options
that is permitted under Agreement.

(f)Upon
proper exercise of an Option, the Advisor shall be deemed for all purposes the owner of the shares of Common Stock that are purchasable
upon such exercise.

(g)The
provisions of the Plans and/or Agreement shall not be adversely modified as to the Advisor without the Advisor’s prior written
consent.

(h)All
Option and shares under Agreement shall be fully adjusted for events such as splits.

(i)All
shares under Advisor possession at a specific point in time will not exceed 10% of the Company then allocated shares.

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2.4
Compensation for Past Services.As compensation for the services provided by the Advisor to the Company from 2012 through
the date of this Agreement, the Advisor shall be entitled to receive $60,000.

3.Expense
Reimbursement and Other Benefits.

3.1
Expense Reimbursement. During the Term of Advisor’s Agreement here-under, the Company, upon the submission of reasonable
supporting documentation by the Advisor, shall reimburse the Advisor for all reasonable expenses actually paid or incurred by
the Advisor in the course of and pursuant to the business of the Company, including expenses for travel, lodging and entertainment.
The Company may elect to provide Advisor with a debit card or credit card in order to facilitate such expenses.

3.2
Incentive, Savings and Retirement Plans. During the Term of this Agreement, the Advisor shall participate in any savings
and retirement plans, practices, policies and programs established, or to be established and executed by the Company or the Advisor
may substitute the above with a yearly lump sum representing 10% of the Advisor Yearly Base Compensation payable to Advisor monthly
or quarterly.

3.3
Welfare Benefit Plans. During the Term of Advisor’s Agreement, the Advisor and/or the Advisor’s family, as
the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices,
policies and programs provided by the Company and its subsidiaries (including, without limitation, medical, prescription, dental,
disability, remuneration continuance, employee life, group life, accidental death and travel accident insurance plans and programs),
at least as favorable as the most favorable of such plans, practices, policies and programs. The Advisor may substitute the above
with a yearly lump sum representing 8% of Advisor Base Compensation to be paid in advance quarterly.

3.4
Vacation. During the Term of Advisor’s Agreement, the Advisor shall be entitled to be paid vacation in accordance
with the most favorable plans, policies, programs and practices of the Company and its subsidiaries as in effect at any time hereafter
with respect to other key Advisors of the Company and its subsidiaries; provided, however, that in no event shall Advisor be entitled
to fewer than 25 business days paid vacation per year, as well as pay for all holidays observed by the Company.

3.5
Directors and Officers Insurance. The Company will insure the Advisor (including his heirs, executors and administrators)
with coverage under an appropriate directors’ and officers’ liability insurance policy at the Company’s expense
with a run-off period of seven (7) years following termination of this Agreement and will provide the Advisor with a customary
officer indemnification agreement.

3.6
Car. The Company will provide Advisor with the use of a car in the 6th category of the Israeli Income Authority (similar
to Nissan Maxima or Chevrolet Impala). The Company shall compensate Advisor monthly to the extent that the use of the car results
in imputation of income to the Advisor under the income tax laws of Israel. All car expenses shall be borne by the company. Advisor,
at his sole discretion may elect to use his personal car and be compensated in cash by the Company. The compensation amount will
be based on section 3.6 subject to the Company discretion.

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4.Termination.

4.1
Termination for Cause. Notwithstanding anything contained to the contrary in this Agreement, this Agreement may be terminated
by the Company for Cause. As used in this Agreement, “Cause” shall only mean:

(a)an
act or acts of personal dishonesty taken by the Advisor and intended to result in substantial personal enrichment of the Advisor
at the expense of the Company;

(b)subject
to the following sentences, repeated violation by the Advisor of the Advisor’s material obligations under this Agreement
which are demonstrably willful, persistent and deliberate on the Advisor’s part and which are not remedied in a reasonable
period of time after receipt of written notice from the Company’s Board of Directors; or

(c)the
conviction of the Advisor for any crime involving dishonesty, or fraud and moral turpitude.

Upon
any reasonable and good faith determination by the Company’s Board of Directors that Cause exists under clause (a) of the
preceding sentence and clause (b) of the preceding sentence (to the extent the violation under said clause (b) has not been cured
by the Advisor), the Company shall cause a special meeting of the Board to be called and held at a time mutually convenient to
the Board and Advisor, but in no event later than ten (10) business days after Advisor’s receipt of the notice contemplated
by clauses (a) and (b). Advisor shall have the right to appear before such special meeting of the Board with legal counsel of
his choosing to refute any determination of Cause specified in such notice, and any termination of Advisor’s service by
reason of such Cause determination shall not be effective until Advisor is afforded such opportunity to appear. Any termination
for Cause pursuant to clause (a) or (b) of the first sentence of this Section 3.7 shall be made in writing to Advisor, which notice
shall set forth in detail all acts or omissions upon which the Company is relying for such termination. Upon any termination pursuant
to this Section 3.7, the Advisor shall be entitled to be paid six months of his Base Compensation from the date of the termination
or the remaining unexpired term, of this Agreement, whichever shall be shorter. The Advisor shall be entitled to enjoy all benefits
given under this Service Agreement, including but without limiting the generality thereof, those referred to in clauses 2 and
3 and sub-clauses thereof. Thereafter the Company shall have no further liability hereunder (other than for reimbursement for
reasonable business expenses incurred prior to the date of termination).

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4.2
Disability. Notwithstanding anything contained in this Agreement to the contrary, the Company, by written notice to the
Advisor, shall at all times have the right to terminate this Agreement, and the Advisor’s service hereunder, if the Advisor
shall, as the result of mental or physical incapacity, illness or disability, fail to perform his duties and responsibilities
provided for herein for a period of more than two hundred (200) consecutive days in any 12-month period. Upon any termination
pursuant to this Section 3.8, the Advisor shall be entitled to be paid his Base Compensation and benefits for the remaining term
of the Agreement. In the event that the Agreement has less than twelve months remaining at such time, Advisor shall be entitled
to a payment equal to twelve months of his Base Compensation and benefits. In addition, Advisor shall be entitled to reimbursement
for all business expenses incurred prior to his disability.

4.3
Death. In the event of the death of the Advisor during the Term of this Agreement hereunder, the Company shall pay to the
estate of the deceased Advisor the compensation, bonuses and benefits as detailed in section 3.11 “Termination without Cause”
below.

4.4
Optional Termination. Notwithstanding anything contained in this Agreement to the contrary, the Advisor, by giving thirty
(30) days prior written notice to the Company, shall one year after the date of this Agreement, have the right to terminate this
Agreement at his sole discretion. Upon any termination pursuant to this Section 3.10, the Advisor shall be entitled to be paid
his Base Compensation and the benefits referred to hereinbefore for a period of 12 months from the date of termination and the
immediate vesting of Options as described in Section 2.3(d),and the Company shall have no further liability hereunder thereafter
(other than for reimbursement for reasonable business expenses incurred prior to the date of termination) unless the Advisor and
the Company agree to a different arrangement.

4.5
Termination without Cause. At any time, the Company shall have the right to terminate Advisor’s employment hereunder
by written notice to Advisor; provided, however, that the Company shall:

(a)pay
to Advisor any all unpaid Base Compensation and allow the Advisor to enjoy all the benefits given hereunder, for the remaining
period of this Service Agreement, and will further allow to receive all bonuses, incentives, option and shares under Plan and
this Agreement that would be payable had Advisor completed an additional full two years of service under this Agreement;

(b)pay
to the Advisor in a lump sum, in cash within 30 days after the date of termination, an amount equal to the greater of (i) 100%
of his annual Base Compensation then in effect, or (ii) the balance of the Advisor’s Base Compensation from the effective
date of termination through the expiration of the Initial Term or Renewal Term then in effect; and

(c)continue
to pay the Advisor’s health and disability insurance for the longer of a period of twenty-four (24) months or the remaining
term of this Agreement.

(d)The
Company shall be deemed to have terminated the Advisor’s Agreement pursuant to this Section 3.11 if such service is terminated
by the Company without Cause, by the Advisor voluntarily for Good Reason, or as a result of a Charge in Control.

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		(i)	For
                                         purposes of this Agreement, “Good Reason” means:

		1)	the
                                         assignment to the Advisor of any duties inconsistent in any respect with the Advisor’s
                                         position (including status, offices, titles and reporting requirements), authority, duties
                                         or responsibilities as contemplated by Section 1.2 of this Agreement, or any other action
                                         by the Company which results in a diminution in such position, authority, duties or responsibilities,
                                         excluding for this purpose an isolated, insubstantial and inadvertent action not taken
                                         in bad faith and which is remedied by the Company promptly after receipt of notice thereof
                                         given by the Advisor;

		2)	any
                                         failure by the Company to comply with any of the provisions of Section 2 or Section 3
                                         of this Agreement, other than an isolated, insubstantial and inadvertent failure not
                                         occurring in bad faith and which is remedied by the Company promptly after receipt of
                                         notice thereof given by the Advisor;

		3)	the
                                         Company’s requiring the Advisor to be based at any office or location more than
                                         fifty (50) miles from its current Advisor offices, except for travel reasonably required
                                         in the performance of the Advisor’s responsibilities;

		4)	any
                                         change in the designation of the particular Advisor that the Advisor is obligated to
                                         report to under Section 1.2 hereof;

		5)	any
                                         purported termination by the Company of the Advisor’s Service otherwise than as
                                         expressly permitted by this Agreement; or

		6)	any
                                         termination by the Advisor for any reason during the twelve-month period following the
                                         effective date of any Change in Control.

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		(ii)	For
                                         purposes of this Agreement, a “Change in Control” shall mean:

		1)	The
                                         acquisition (other than by or from the Company), at any time after the date hereof, by
                                         any person, entity or “group,” within the meaning of Section 13(d)(3) or
                                         14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
                                         of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
                                         Act) of 50% or more of either the then outstanding shares of common stock or the combined
                                         voting power of the Company’s then outstanding voting securities entitled to vote
                                         generally in the election of directors;

		2)	All
                                         or any of the five (5) individuals who, as of the date hereof, constitute the Board (as
                                         of the date hereof the “Incumbent Board”) cease for any reason to
                                         constitute at least a majority of the Board, provided that any person becoming a director
                                         subsequent to the date hereof whose election, or nomination for election by the Company’s
                                         shareholders, was approved by a vote of at least a majority of the directors then comprising
                                         the Incumbent Board (other than an election or nomination of an individual whose initial
                                         assumption of office is in connection with an actual or threatened election contest relating
                                         to the election of the directors of the Company, as such terms are used in Rule 14a-11
                                         of Regulation 14A promulgated under the Exchange Act) shall be, for purposes of this
                                         Agreement, considered as though such person were a member of the Incumbent Board;

		3)	Approval
                                         by the shareholders of the Company of (A) a reorganization, merger or consolidation with
                                         respect to which persons who were the shareholders of the Company immediately prior to
                                         such reorganization, merger or consolidation do not, immediately thereafter, own more
                                         than 75% of the combined voting power entitled to vote generally in the election of directors
                                         of the reorganized, merged or consolidated company’s then out-standing voting securities,
                                         (B) a liquidation or dissolution of the Company, or (C) the sale of all or substantially
                                         all of the assets of the Company, unless the approved reorganization, merger, consolidation,
                                         liquidation, dissolution or sale is subsequently abandoned.

		4)	The
                                         approval by the Board of the sale, distribution and/or other transfer or action (and/or
                                         series of sales, distributions and/or other transfers or actions from time to time or
                                         over a period of time), that results in the Company’s ownership of less than 50%
                                         of the Company’s current assets.

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5.Restrictive
Covenants.

5.1(a)Nondisclosure.
During his Service and for twelve (12) months thereafter, Advisor shall not divulge, communicate, use to the detriment of the
Company or for the benefit of any other person or persons, or misuse in any way, any Confidential Information (as hereinafter
defined) pertaining to the business of the Company, unless required to do so by a governmental agency or court of law. Any Confidential
Information or data now or hereafter acquired by the Advisor with respect to the business of the Company shall be deemed a valuable,
special and unique asset of the Company that is received by the Advisor in confidence and as a fiduciary, and Advisor shall remain
a fiduciary to the Company with respect to all of such information. For purposes of this Agreement, “Confidential Information”
means all material information about the Company’s business disclosed to the Advisor or known by the Advisor as a consequence
of or through his service to the Company (including information conceived, originated, discovered or developed by the Advisor)
after the date hereof, and not generally known.

5.1(b)Exceptions.
The general prohibition contained in Section 5.1(a) against the unauthorized disclosure, use or dissemination of the Company’s
Confidential Information will not apply in respect of any Company Confidential Information that:

		(i)	is
                                         available to the public generally;

		(ii)	becomes
                                         part of the public domain through no fault of the Advisor;

		(iii)	is
                                         already in the lawful possession of the Advisor at the time of receipt of the Company’s
                                         Confidential Information; or

		(iv)	is
                                         compelled by applicable law to be disclosed, provided that the Advisor gives the Company
                                         prompt written notice of such requirement prior to such disclosure and provides assistance
                                         at the request at the expense of the Company, in obtaining an order protecting the Company’s
                                         Confidential Information from public disclosure.

5.2
No solicitation of Employees. While employed by the Company and for a period of twelve (12) months thereafter, Advisor
shall not directly or indirectly, for himself or for any other person, firm, corporation, partnership, association or other entity,
attempt to employ or enter into any contractual arrangement with any employee or former employee of the Company, unless such employee
or former employee has not been employed by the Company for a period in excess of six months. Notwithstanding the foregoing, the
Advisor shall not be restricted in hiring any person who responds to any general solicitation for employees or public advertising
of employment opportunities (including through the use of employment agencies) not specifically directed at any such person.

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5.3
Covenant Not to Compete. Advisor will not, at any time, during the Term of this Agreement, and for a period of twelve (12)
months thereafter, either directly or indirectly, engage in, with or for any enterprise, institution, whether or not for profit,
business, or company, competitive with the business (as identified herein) of the Company as such business may be conducted on
the date thereof, as a creditor, guarantor, or financial backer, stockholder, director, officer, consultant, advisor, employee,
member, or otherwise of or through any corporation, partnership, association, sole proprietorship or other entity; provided, that
an investment by Advisor, his spouse or his children is permitted if such investment is not more than four percent (4%) of the
total debt or equity capital of any such competitive enterprise or business. As used in this Agreement, the business of Employer
shall be deemed to include any business which directly competes with the Company in the Build Own and Operate Anaerobic Digester
electricity production industry. The covenant not to compete for twelve (12) months after termination shall only be effective
if the Advisor has received all compensation due to him pursuant to this Agreement. The Company shall have the right in its sole
discretion to waive this non-compete provision.

5.4
Injunction. It is recognized and hereby acknowledged by the parties hereto that a breach by the Advisor of any of the covenants
contained in Sections 4.1, 4.2 or 4.3 of this Agreement will cause irreparable harm and damage to the Company, the monetary amount
of which may be virtually impossible to ascertain. As a result, the Advisor recognizes and hereby acknowledges that the Company
shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or
all of the covenants contained in this Section 4 by the Advisor or any of his affiliates, associates, partners or agents, either
directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company
may possess.

6.
Re-negotiate. This contract may be re-negotiated by the Advisor should the circumstances and the economic situation of
the company shows improvement beyond the Company’s forecast.

7.
Entire Agreement. This instrument contains the entire agreement of the parties, and supersedes any prior or contemporaneous
statements or understandings by or between the parties. This Agreement may be changed only by an agreement in writing signed by
the party against whom enforcement of any waiver, change, modification, extension or discharge is sought, and any such modification
on behalf of the Company must be approved by the Board.

8.
Governing Law/Jurisdiction. This Agreement shall be governed by the laws of Israel. The competent courts of the city of
Tel Aviv, shall have exclusive jurisdiction over any matter in connection with this Agreement.

9.
Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have
been given (a) when delivered by hand, (b) when deposited by registered or certified mail, return receipt requested, postage prepaid,
or via overnight courier, (c) one day after electronically mailed either in the text of an email message or attached in a commonly
readable format, and the sender has received no generated notice that the email message has not been successfully delivered, or
(d) upon receipt of proof of sending thereof when sent by facsimile, addressed as follows:

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If
to the Company:

 

       with
a copy to:Thompson Hine LLP

335
Madison Avenue, 12th Floor

New
York, NY 10017

Attention:
Peter J. Gennuso, Esq.

Fax:
212-344-6101

Email:
peter.gennuso@thompsonhine.com

 

                  If
to the Advisor: Joshua Shoham

10
Zamir St.

Caesarea
3088900 Israel

Josh.shoham@gmail.com

 

or
to such other addresses as either party hereto may from time to time give notice of to the other in the aforesaid manner.

10.Successors.

(a)This
Agreement is personal to the Advisor and without the prior written consent of the Company shall not be assignable by the Advisor
otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by the Advisor’s legal representatives.

(b)This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

(c)The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets which assumes
and agrees to perform this Agreement by operation of law or otherwise.

11.
Severability. The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this
Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are
inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses
or sections contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or
words, phrase or phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted. If such invalidity
is caused by length of time or size of area, or both, the otherwise invalid provision will be considered to be reduced to a period
or area which would cure such invalidity.

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12.
Waivers. The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not
operate nor be construed as a waiver of any subsequent breach or violation.

13.
Damages. Nothing contained herein shall be construed to prevent the Company or the Advisor from seeking and recovering
from the other damages sustained by either or both of them as a result of its or his breach of any term or provision of this Agreement.

14.
No Third Party Beneficiary. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer
upon or give any person (other than the parties hereto and, in the case of Advisor, his heirs, personal representative(s) and/or
legal representative) any rights or remedies under or by reason of this Agreement.

15.
Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform
its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action
which the Company may have against the Advisor or others. In no event shall the Advisor be obligated to seek other service or
employment or take any other action by way of mitigation of the amounts payable to the Advisor under any of the provisions of
this Agreement. The Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which the Advisor
may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof, plus in each case
interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Internal Revenue Code of 1986, as amended.

16.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

17.
Advisor’s Recognition of Agreement. Advisor acknowledges that Advisor has read and understood this Agreement, and
agrees that its terms are necessary for the reasonable and proper protection of the Company’s business. Advisor acknowledges
that Advisor has been advised by the Company that Advisor is entitled to have this Agreement reviewed by an attorney of Advisor’s
selection, at Advisor’s expense, prior to signing, and that Advisor has either done so or elected to forgo that right.

[Remainder
of page left intentionally blank.]

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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

	 	COMPANY:
	 	 	 
	 	 
	 	 
	 	By:	Shlomi Palas Chief Executive Officer
	 	 	 
	 	ADVISOR:
	 	 	 
	 	 

  

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Exhibit
10.15

ANNEX
1 

	Share
price in US cents	Shares
to be allocated in thousands
	 	 
	1	0
	2	150
	3	150
	4	150
	5	150
	6	150
	7	150
	8	150
	9	150
	10	150
	11	200
	12	200
	13	200
	14	200
	15	200
	16	200
	17	200
	18	200
	19	200
	20	200
	21	250
	22
and further on	250Blue Sphere Corporation 10-K

Exhibit 10.16

 

DATED THIS 30TH
DAY OF OCTOBER 2014

 

Between

 

NANYANG TECHNOLOGICAL
UNIVERSITY

 

And

 

BLUE SPHERE CORPORATION

 

  

LICENSE AGREEMENT 

 

 

    	

    	 

    

 

NTU CONFIDENTIAL

 

THIS AGREEMENT is entered into on 30th
day of October 2014 between:

 

	(1)	NANYANG TECHNOLOGICAL UNIVERSITY, located at 50 Nanyang Avenue, Singapore 639798 (hereinafter referred to as “NTU”);

 

And

 

	(2)	BLUE SPHERE CORPORATION a publicly traded company with registration number NV20071294271 incorporated in the State of Nevada United States of America with a business address at 301 McCullough Drive, 4th Floor, Charlotte, NC 28262, USA (hereinafter referred to as “Licensee”).

 

WHEREAS:

 

	(A)	NTU declares it is the legal owner of the Invention and the Licensed Technology and is entitled to grant the rights under this Agreement to Licensee.

 

	(B)	Licensee is desirous of obtaining exclusive license rights to the Licensed Technology to develop Licensed Products in the Field and to manufacture, have manufactured, offer for sale, sell, have sold, export, import and otherwise commercialize and exploit the Licensed Products in the Territory in accordance with the terms of this Agreement.

 

NTU and Licensee acknowledge TechBridge
Ventures Pte Ltd’s assistance in introducing Licensee for this License and its assistance in reaching this agreement.

 

NOW THEREFORE in consideration of the
mutual promises set forth herein and rights obtained thereby, NTU and Licensee agree as follows.

 

		1.	DEFINITIONS

 

		1.1.	In this Agreement, unless the context otherwise requires, the following expressions have the following
meanings:

 

	“Affiliate”	-	means any corporation, company or other entity which:  

                                             

                                            (i)

                                            is Controlled by the relevant Party;  

                                             

                                            (ii)

                                            Controls the relevant Party; or  

                                             

                                            (iii)

                                            is under common Control with the relevant Party.  

                                             

                                            For this purpose, “Control” means (a) more than fifty percent (50%) of the controlled entity’s outstanding shares or ownership interest representing the right to make decision for such entity are owned or controlled, directly or indirectly, by the controlling entity, and/or (b) the controlling entity possesses, directly or indirectly, the power to influence the decision-making process, the direction of management and the policies of the controlled entity.

 

 

    	1

    	 

    

 

NTU CONFIDENTIAL

	 	 	 
	“Arms length transaction”	-	means any transaction with an entity that is not a Related entity.
	 	 	 
	“Business Day”	-	means a day other than a Saturday, Sunday or a gazetted public holiday in Singapore and/or Israel.
	 	 	 
	“First Commercial Sale”	-	means, the first sale of a Licensed Products by Licensee, an Affiliate or a Sub-Licensee.
	 	 	 
	“Confidential Information”	-	means:

                                  

                                (i)

                                the Licensed Proprietary Materials; and

                                  
 (ii)

                                any device, materials, samples,
software programmes, documents, data, graphics, specifications, technical information, business information, or any other information,
whether oral, written, visual or otherwise, or hard or electronic soft copy, that is disclosed by the Disclosing Party to the
Receiving Party for the purposes of this Agreement which:

                                 

                                (a)

                                in the case of a tangible disclosure, is marked by the
Disclosing Party as “Confidential” or “Proprietary” or with other words of similar import; or

                                  
 (b)

                                in the case of an oral or visual disclosure, the Disclosing Party identifies such disclosure as being confidential concurrent with the oral or visual disclosure or delivers to the Receiving Party a written statement within thirty (30) days to the effect that such disclosure is confidential. 

                                 

                                “Disclosing Party” will refer to the Party which in the context is disclosing the Confidential Information. “Receiving Party” will refer to the Party which in the context is receiving the Confidential Information.

	 	 	 

  

    	2

    	 

    

 

NTU CONFIDENTIAL

 

	“Effective Date”	 	Means the date of this Agreement as written above.
	 	 	 
	“Field of Application”	-	means applications in the field of (i) consumer electronics including without limitation, wearable electronics, mobile phones, smart devices and electric batteries, including rechargeable and non-rechargeable batteries; and (ii) electric vehicles.
	 	 	 
	“Invention”	-	means the invention(s) as described in Schedule 1.
	 	 	 
	“Licensed Patents”	-	means:  

                                 

                                (i)

                                the patents and patent applications
in respect of the Invention as listed in Schedule 2;  

                                 

                                (ii)

                                all divisional, continuation or reissue applications of
any such patent applications;  

                                 

                                (iii)

                                all patents issuing from any of the foregoing applications;  

                                 

                                (iv)

                                all reissues, re-examinations and extensions of any of the foregoing patents; and  

                                 

                                (v)

                                all patents
and patent applications anywhere in the Territory that, at any time, claimed priority from or contained the same disclosure as
any of the foregoing patent applications.

	 	 	 
	“Licensed Products”	-	means:  

                                 

                                (i)

                                any product or service the making, using, selling
or import of which is covered by any claim of any patent under the Licensed Patents (treating for this purpose, any pending patents
as if they had been issued) (the “Patented Licensed Products”); and  

                                 

                                (ii)

                                any product or service, other than Patented Licensed Products, that incorporates or that is or was developed in whole or in part through the use or application of any of the Licensed Proprietary Materials (the “Other Licensed Products”).

 

    	3

    	 

    

 

NTU CONFIDENTIAL

	 	 	 
	“Licensed Proprietary Materials”	-	means unpublished research and development information, technical information, manufacturing techniques, formulae, data, designs and other information in relation to the Invention in the possession of NTU as of the Effective Date and as listed in Schedule 3 to be transferred to Licensee pursuant to this Agreement.
	 	 	 
	“Licensed Technology”	-	means all Licensed Patents, Licensed Proprietary Materials.
	 	 	 
	“Net Sales”	-	means the amount actually received for all sales, leases,
or other transfers of Licensed Products by or for Licensee and its Affiliates, less:  

                                 

                                (i)

                                customary trade, quantity or cash discounts and non-affiliated
brokers’ or agents’ commissions actually allowed and taken;

                                 

                                (ii)

                                amounts repaid or credited by reason of rejection or return;  

                                 

                                (iii)

                                to the extent separately stated on purchase orders, invoices, or other documents of sale, taxes levied on and/or other governmental charges made as to production, sale, transportation, delivery or use; and  

                                 

                                (iv)

                                reasonable charges for delivery or transportation provided by third parties, if separately stated (to the extent not paid by the third party customer).  

                                 

                                Net Sales also includes the fair market value of any non-cash consideration received by Licensee and its Affiliates for the use, sale, lease, or transfer of Licensed Products.  

                                 

                                Licensee will make best efforts to collect such payment that is due and payable.

 

    	4

    	 

    

 

NTU CONFIDENTIAL

	 	 	 
	“Parties”	-	means NTU and Licensee collectively, and a “Party” means any one of them.
	 	 	 
	“Patent Expenses”	-	means any and all reasonable and actual costs and expenses (including legal and other professional fees, Goods and Services Tax and stamp duties) incurred by NTU in relation to the preparation, filing, prosecution, and maintenance of Licensed Patents.
	 	 	 
	“Related Entity”	-	means any entity that is connected to the Licensee or any of its Affiliates in the manner as stated in Section 6 of the Singapore Companies Act (Cap 50)
	 	 	 
	“Sub-License Consideration”	 	Means any payments or other consideration that Licensee or its Affiliates actually receives from a Sub-Licensee including, without limitation, royalties (including royalties calculated on the basis of sales), up-front payments, milestone payments, license fees, and license maintenance fees. In the case of Sub Licenses, where the Licensee or an Affiliate receives non-cash consideration from that Sub-Licensee, the Sub-License Consideration will be calculated based on the fair market value of such consideration or transaction, at the time of the transaction, assuming an arms-length transaction made in the ordinary course of business. Sub-License Consideration will not include (i) any equity investments and/or loans made by a Sub-Licensee in and to Licensee or an Affiliate, provided however that such equity investments and/or loans are not made in consideration for the grant of any Sub-License or any option to obtain such Sub-License, that Licensee actually receives from a Sub- Licensee as
a result of the grant of a Sub-License or an option to obtain such Sub-License. 
 
Licensee  will  make  best  efforts  to  collect  such payments from its Sub-Licensee.
	 	 	 
	“Sub-Licensee”	-	means the holder of a license granted by Licensee or its Affiliates to a third party who is not an Affiliate
of Licensee to enable the third party to exploit the Licensed Technology for its own account and “Sub- License” will
mean the license so granted.
	 	 	 
	“Term”	-	means the period during which this Agreement continues in force pursuant to Clause 3.
	 	 	 
	“Territory”	-	means worldwide.

 

	1.2.	In this Agreement, except where the context indicates to the contrary:

	 	 
	 	(a)     	"person" includes any individual, body corporate, joint venture, trust, agency or other body;
	 	 	 
	 	(b)	words importing the singular will include the plural and vice versa and words denoting a given gender will
include each other gender;
	 	 	 
	 	(c)	headings are inserted for ease of reference only and will not affect the interpretation of this Agreement;
	 	 	 
	 	(d)	references to clauses or sub-clauses will have reference to clauses or sub- clauses of this Agreement; and
	 	 	 
	 	(e)	all schedules and attachments to this Agreement form part of this Agreement.

 

    	5

    	 

    

 

NTU CONFIDENTIAL

 

 

 

	2.	GRANT OF LICENSE
	 	 
	2.1.	NTU hereby grants to Licensee, and Licensee accepts, subject to the terms and conditions hereof, a perpetual,
exclusive (even as to NTU), worldwide, royalty- bearing license, with rights to sublicense as set forth herein, under the Licensed
Technology to develop, have developed, manufacture, have manufactured, import, export, use, market, offer for sale, sell, have
sold and otherwise commercialize and exploit the Licensed Products in the Field of Application in the Territory, and to use the
Licensed Technology for such purpose. This license will extend to Affiliates present and future, of Licensee who notify NTU in
writing that they accept the terms, including the obligations, of this Agreement respecting such license.

 

	2.2.	Licensee will further have the right to grant sub-licenses
of the Licensed Technology under this Agreement to any person, subject to the following:

 

	 	(a)	Licensee will be responsible for its Sub-Licensees and will not grant any rights which are inconsistent with
the rights granted to and obligations of Licensee hereunder.
	 	 	 
	 	 	 
	 	(b)	Any act or omission of a Sub-Licensee which would be a breach of this Agreement if performed by Licensee will
be deemed to be a breach by Licensee of this Agreement; provided that (a) if Licensee cures the breach during the applicable curing
period and/or (b) if Licensee terminates the Sub-Licensee's Sub-License following the applicable curing period in the event that
the breach has not been cured; such cure and/or termination, shall be deemed a cure by Licensee of the breach of this Agreement
and shall not constitute a cause for the termination of this Agreement.
	 	 	 
	 	(c)	Each Sub-License granted by Licensee will include an audit right by NTU of the same scope as provided in Clause
6.1(b) hereof with respect to Licensee.
	 	 	 
	 	(d)	Licensee will at all times indemnify and keep indemnified NTU against all or any costs, claims, damages or
expenses incurred by NTU, or for which NTU may become liable, as a result of the default or negligence of any Sub-Licensee.
	 	 	 
	 	(e)	Upon the early termination of this Agreement, prior to its expiration, under Clause 13.1, any
existing Sub-License will terminate; provided, however, that:
	 	 	 
	 	 	(i)     	for each Significant Sub-Licensee (as such term is defined herein), if the Significant
Sub-Licensee is not then in breach of such Sub- License agreement with Licensee such that Licensee would have the right to
terminate such Sub-License, NTU shall, at the request of such Significant Sub-Licensee, continue to uphold such Sub- License
with such Significant Sub-Licensee on substantially the same terms as those contained in such Sub-License agreement; and provided,
further, that such terms shall be amended, to the extent required to ensure that such Sub-License agreement does not
impair any rights of NTU included in, or arising under, this Agreement or impose any obligations or liabilities on NTU which
are not included in this Agreement; and
	 	 	 
	 	 	(ii)	for each Sub-Licensee not considered a Significant Sub-Licensee, NTU shall, at the request of such Sub-Licensee,
consider the continued upholding of such Sub-License, in accordance with the terms stated in Clause 2.2(e)(i) above, such
request not be unreasonably withheld.
	 	 	 
	 	 	For the purpose of this Clause 2.2, the term "Significant Sub-Licensee" shall mean any Sub-Licensee
(a) determined in good faith and jointly by Licensee and NTU to be of strategic importance within the Field of Application; or
(b) which on the effective date of termination has annual sales of US $ 10 Million or more.
	 	 	 
	 	(f)	Licensee will within thirty (30) days of the grant of any Sub-License provide NTU with a true copy of it at
Licensee's own expense.
	 	 	 
	 	(g)	The sub-licensing rights under the Licensed Technology granted by Licensee under any Sub-License will not
be transferable and will not be further sub-licensed,
without NTU’s prior consent.

  

	2.3.	Licensee acknowledges and agrees that the rights granted to it under this Agreement are limited
to the license granted under this Clause 2. Licensee acknowledges that the grant of those rights are conditioned on its
agreement to refrain from using the Licensed Technology outside of the Field of Application and Territory without NTU’s consent
and that any such activity by Licensee will be a material breach of this Agreement.
	 	 
	2.4.	Subject to the confidentiality restrictions, set forth in Clause 10 below, nothing in this
Agreement will prejudice NTU’s right to practice the Licensed Technology for the sole purpose of academic research, teaching
and other non-commercial educational purposes.
	 	 
	2.5.	Nothing in this Agreement will be construed as a grant of a license or any right by NTU or any
of its Affiliates to Licensee to use any third party intellectual property rights, information or other property rights. Licensee
will be solely responsible at its own expense, for obtaining all necessary third party licenses required for its exploitation of
the Licensed Technology pursuant to this Agreement, including all necessary third party licenses required for its use, development,
manufacture, distribution and sale of any Licensed Product.
	 	 
	2.6.	NTU shall following the execution of this Agreement and upon Licensee’s written request,
deliver to Licensee all the Licensed Proprietary Materials listed in Schedule 3 (in English and without additional charge).
Thereafter and following the transfer of such to be accompanied by any clarifications and explanations reasonably requested by
Licensee for the first thirty (30) days after the delivery of the Licensed Proprietary Materials. After the expiry of thirty (30)
days after the delivery of the Licensed Proprietary Materials, NTU will not be obliged to render any technical assistance, or support,
or provide training to Licensee. Without derogating from the above, following the signing of this Agreement, Licensee shall have
the option, which is to be exercised by the Licensee within 6 months of the last signatory to this Agreement, to enter into a Research
Collaboration Agreement (RCA) with NTU, for the purpose of further developing the Licensed Technology by its inventor, Prof. Chen
Xiao Dong and his team, on such terms as will be determined by the Parties. For the avoidance of doubt, any and all foreground
intellectual property rights sponsored by Licensee and developed under the RCA, based upon and/or relating to the Licensed Technology,
which is jointly developed by Licensee and NTU shall be jointly owned by NTU and Licensee. NTU’s ownership interest in such
foreground intellectual property shall be licensed to Licensee under the terms of this Agreement and made an integral part hereof.
	 	 
	3.	COMMENCEMENT DATE AND ROYALTY PERIOD
	 	 
	3.1.	This Agreement will come into effect on the Effective Date.

 

    	6

    	 

    

 

NTU CONFIDENTIAL

  

	3.2.	Licensee’s obligations for payment of royalties pursuant to Clause 4 will terminate, on a country-by-country basis, upon the later of:

 

	 	(a)	the last to expire of any patents under the Licensed Patents as listed in Schedule 2; or

 

		(b)	the end of a period of fifteen (15) years from the date of the First Commercial Sale of Licensed
Product.

 

	4.	OBLIGATIONS OF LICENSEE

 

	4.1.	Licensee hereby undertakes and agrees with NTU that it will at all times during the Term observe and perform the terms and conditions set out in this Agreement and in particular will:

 

	 	(a)	use diligent efforts to effect introduction of Licensed Products into the commercial market as soon as practicable, consistent with sound reasonable business practice and judgment;

 

		(b)	observe all applicable laws and regulations and obtain all necessary licenses, consents and permissions
required in respect of the use, manufacture, importation, storage, marketing and sale of Licensed Products (including the sub-licensing
of Licensed Products) in the Territory, as applicable;

 

		(c)	register or record this Agreement with the relevant government agency as may be required by the
laws of a country as a prerequisite to enforceability of this Agreement in the courts, and Licensee will be responsible for all
costs and legal fees in connection therewith; and

 

		(d)	deliver to NTU annual audited financial statements during the Term.

 

	4.2.	Licensee will further exercise best efforts to meet the following performance milestones:

 

		(a)	Licensee will have a First Commercial Sale a Licensed Product for consumer electronics starting
from the fourth (4th) anniversary of the effective date of the license agreement.

 

		(b)	Licensee will have a First Commercial Sale of a Licensed Product for electric vehicles starting
from the fourth (4th) anniversary of the effective date of the license agreement.

 

	4.3.	In the event that Licensee does not meet a performance milestone, NTU will have the right, upon sixty (60) days notice, to convert the license granted in Clause 2 from exclusive to non-exclusive with respect to the applicable field of use (i.e. consumer electronics and/or electric vehicles). Failure of NTU to give the notice provided in this Clause 4.2 in reference to any performance milestone will not constitute a waiver of the right to give such notice in reference to any subsequent performance milestone.

 

    	7

    	 

    

 

NTU CONFIDENTIAL

 

	4.4.	Notwithstanding Sections 4.2 and 4.3 above Licensee shall have the option to extend the term for the achievement of the applicable performance milestone set forth in Section 4.2 above, by 12 months at a time (as long as Licensee is pursuing the commercialization of the Licensed Products), by paying NTU an option fee of US $ 25,000 for each 12 months extension period. Licensee is to exercise the option to extend the performance milestones within thirty (30) days of the expiry of the then applicable performance milestones date. Licensee is to make payment of the option fee upon exercising the option.

 

		5.	FINANCIAL PROVISIONS

 

	5.1.	Milestone Payments. In consideration for the rights granted under Clause 2, Licensee will pay to NTU the milestone payments in the sums and upon the occurrence of the milestone event(s) specified below:

 

	 	(a)	Singapore Dollars Ten thousand (S $10,000) to be paid as a downpayment upon signing of this License Agreement; and

 

	 	(b)	Singapore Dollars Fifty Thousand (S $50,000) to be paid upon the finalization of a first advanced non-laboratory scale prototype of the first Licensed Product (where such determination will be made by an independent, neutral industry expert).

 

		(c)	Singapore Dollars Fifty Thousand (S $50,000) to be paid upon the First Commercial Sale of a Licensed
Product.

 

The amounts stated above are exclusive
of any applicable Singapore Goods and Services Tax (GST) payable by Licensee. In the event of early termination of this Agreement,
any milestone payments made under this Clause 5.2 are non-refundable. NTU will issue an invoice to Licensee for the amount
of milestone payment and Licensee will pay such amount to NTU upon receipt of such invoice and in accordance with the instructions
for payment stated in such invoice.

 

Licensee will notify NTU upon the
occurrence of the milestone event in part (b) above within fourteen (14) days of such occurrence

 

	5.2.	Royalty Payments. In addition to any milestone payments, Licensee will pay to NTU royalties in respect of all sales, leases or other transfers of Licensed Products during the Term of this Agreement, such amounts to be exclusive of any applicable GST payable by Licensee on such royalties, at the following rates:

 

		(a)	three and one half percent (3.5%) of Net Sales of Patented Licensed Products; and

 

		(b)	three and one half percent (3.5%) of Net Sales of Other Licensed Products.

 

	5.3.	Sub-License Consideration. Licensee will further pay to NTU fifteen percent (15%) of all Sub-License Consideration, such amounts to be exclusive of any applicable GST payable by Licensee on such payments.

 

    	8

    	 

    

 

NTU CONFIDENTIAL

 

Notwithstanding the above, the Sub-License
Consideration payable to NTU with respect to Sub-Licenses granted to Related Entities shall be either (a) 15% of the Sublicense
Consideration; or (b) royalties on Net Sales as required from Licensee and its Affiliates, whichever is the greater amount.

 

	5.4.	The royalties and all other sums payable under Clauses 5.2 to 5.3 will be paid as follows:-

 

	 	(a)	within the period of sixty (60) days after the end of each calendar year, Licensee will send to NTU a written statement showing:

 

	 	(i)	complete and accurate details of all safes, leases or other transfers of Licensed Products referred to in Clause 5.3 on a country-by-country basis in that calendar year;

 

		(ii)	the Net Sales in respect of the transactions referred to in Clause 5.4(a)(i) above;

 

		(iii)	the amount of the royalties payable under Clause 5.2 in respect of those transactions; and

 

		(iv)	complete and accurate details of all Sub-License Consideration received by Licensee from each Sub-Licensee
and the amount payable to NTU with respect to such Sub-License Consideration referred to in Clause 5.3.

 

		(v)	Notwithstanding the royalty obligations set out above, in the event that Licensee or an Affiliate
is legally or contractually required to pay, and actually pays during the term of this Agreement, royalty payments to unaffiliated
third parties on sales of Licensed Products in a particular country in order to obtain a license to patents owned or controlled
by such third party, covering the Licensed Products, and provided such license is required in order to manufacture, use, sell and
import and/or export Licensed Products (“Third Party Licenses”), then Licensee shall be entitled to offset 50%
of such third party royalty payments against the royalty due to NTU on Net Sales in such country during the same period; provided,
however, that the final amount due following all deductions shall not be less than 50% of the amount due prior to deductions.
Licensee shall include all relevant information regarding such third party licenses and deduction in the reports detailed in this
Clause 5.4(a).

 

	 	(b)	NTU will issue an invoice to Licensee for the amount of the royalties and other payments so shown and Licensee will pay such amount to NTU upon receipt of such invoice.

 

	5.5.	All royalties and all other sums payable under this Agreement will be paid in Singapore Dollars.

 

    	9

    	 

    

 

NTU CONFIDENTIAL

 

	 	(a)	If such royalties or sums payable are calculated in a currency other than Singapore Dollars, they will be converted into Singapore Dollars by reference to the average of the relevant buying and selling closing rates of the OCBC Bank in Singapore (the “Bank”) on the last day of the year to which they relate.

 

	 	(b)	If such day will be on a day when the Bank is closed, then the reference date will be the first immediately preceding day on which the Bank was open.

 

	5.6.	All such royalties and other sums payable under this Agreement will be paid in cleared funds to such bank account or in such other manner as NTU may specify from time to time to Licensee, without any set off, deduction or withholding of taxes, charges and other duties. Licensee will be responsible for any and all bank charges associated with such payment. Licensee agrees to release and indemnify NTU from and against all liability of whatever nature arising out of Licensee’s failure duly and timely to pay and discharge any of the above-mentioned taxes.

 

	5.7.	If Licensee fails to pay in full to NTU any undisputed royalties or other sums payable under this Agreement on the date due, or within the period specified for payment, the amount outstanding will bear interest, both before and after any judgment, at the rate of three percent (3%) per annum above the prime lending rate of the Bank (or the maximum allowed by law, if less), from such date until the said amount is paid in full to NTU; provided however that NTU shall have first sent written notice to the Licensee of said default in payment.

 

	5.8.	The Parties agree that timely payment of royalties and other sums payable under this Agreement is of the essence to this Agreement and failure to make any such payment on time will be a material breach.

 

	6.	ACCOUNTS

 

	6.1.	Licensee will, and Licensee will make best efforts to procure that its Affiliates will:

 

	 	(a)	keep full, proper and accurate accounts and records in sufficient detail of all sales, leases, or other transfers of Licensed Products to enable the amount of royalties and other sums payable under this Agreement to be determined; and

 

	 	(b)	at the reasonable request of NTU from time to time, but no more than once per calendar year, and upon not less than thirty (30) days prior written notice, allow NTU or its or its appointed independent, Certified “top ten” Public Accountants (CPA) acceptable to the Licensee (or enable NTU or said accountants) at NTU’s expense to inspect its accounts and records bearing upon the amount of royalties and other sums due and to make copies of them.

 

Licensee will preserve and maintain
all such accounts and records required for audit for a period of at least five (5) years after the calendar year to which such
accounts and records apply.

 

    	10

    	 

    

  

NTU CONFIDENTIAL

 

	6.2.	If, following any inspection pursuant to Clause 6.1(b), NTU discovers a discrepancy in the amount of royalties and other sums paid from those payable under this Agreement, Licensee will, within seven (7) days of the date of NTU’s notification thereof, make up any shortfall. Licensee will further reimburse NTU in respect of any professional charges incurred for such inspection, if the discrepancy exceeds five percent (5%) of the total amount of royalties and other sums payable to NTU during the inspected period.

 

	6.3.	The provisions of this Clause 6 will remain in full force and effect after the termination of this Agreement for any reason until the settlement of all subsisting claims of NTU under this Agreement.

 

	7.	INTELLECTUAL PROPERTY, PATENT EXPENSES AND MANAGEMENT OF LICENSED PATENTS

 

	7.1.	Licensee acknowledges that all intellectual property rights in and relating to the Licensed Technology
belong to NTU, and to thy extent legally enforceable, Licensee hereby agrees not do anything which might bring into question NTU’s
ownership of those rights or their validity. Licensee will mark all Patented Licensed Products sold by it under the license granted
herein with the word “Patent” or “Patents” and the number or numbers of the Licensed Patent(s) applicable
thereto.
	 	 
	7.2.	All enhancements, modifications, improvements, and derivatives of and to the Licensed Technology
created or developed solely by the Licensee, its employees, staff, servants or agents, without any intellectual input or contribution
from NTU, shall be the sole and exclusive property of the Licensee. For the avoidance of doubt, no input and/or contribution shall
be deemed to have been made by NTU to Licensee absent of an express supplement written agreement noting NTU’s rights with
respect to such input and/or contribution.
	 	 
	7.3.	Except as otherwise expressly noted in this Agreement, all enhancements, modifications, improvements,
and derivatives of and to the Licensed Technology created or developed jointly by NTU and Licensee shall be jointly owned in equal
undivided shares by the Parties (“Joint IP”). For the avoidance of doubt, no such enhancements and/or modifications
and/or improvements and/or derivatives shall be deemed to have been made by NTU to Licensee absent of an express written supplement
agreement noting NTU’s rights with respect to the above.
	 	 
	7.4.	Licensee will reimburse NTU for all documented out-of-pocket Patent Expenses incurred by NTU prior
to the Effective Date, up to and not exceeding Singapore Dollars Twenty Thousand ($20,000). Subject to Section 7.5 below, Licensee
will also be responsible for all Patent Expenses subsequent to the Effective Date. Licensee will pay for such Patent Expenses upon
receipt of the relevant invoice for such Patent Expenses.
	 	 
	7.5.	Subsequent to the Effective Date, NTU will continue to be responsible for managing the filings,
prosecution and maintenance of all Licensed Patents in the Territory. NTU will keep Licensee informed of the status of the Licensed
Patents from time to time as well as upon request. The Parties will cooperate to ensure protection of the Licensed Patents and
pursue and maintain the Licensed Patents in at least in the following jurisdictions: Singapore, China and the US (the “Mandatory
Jurisdictions”). The filing and maintenance of patents in any jurisdiction other than the Mandatory Jurisdictions shall
be determined by Licensee following consultation with NTU. For the avoidance of doubt, Licensee’s obligations with respect
to the Patent Expenses shall apply so long as Licensee holds an exclusive license under the Licensed Patents.

 

    	11

    	 

    

 

NTU CONFIDENTIAL

 

	8.	INFRINGEMENT
                                         OF LICENSED PATENTS
	 	 
	8.1.	Licensee will notify NTU in writing of any infringement, or suspected or threatened infringement,
of any of the Licensed Patents that will at any time come to its knowledge.
	 	 
	8.2.	While and as long as its license under this Agreement remains exclusive, Licensee will be responsible
for, after consultation with NTU, taking appropriate steps as may be necessary to prevent or restrain any infringement by a third
party of any of the Licensed Patents in the Field of Application and will be responsible for all costs and fees incurred by Licensee
in the taking of any such steps. Licensee is empowered to bring any such legal proceedings in its own name, or if required by law,
jointly with NTU. Any award or settlement payment resulting from an action initiated by Licensee will be first used to reimburse
all documented out-of-pocket expenses incurred by both Parties in relation to such legal action, and thereafter paid to Licensee
and will be deemed Sub-License Consideration received under this Agreement. To dispel all doubt it is hereby clarified that Licensee
shall not be obligated to commence legal proceedings against a third party infringer and any such proceedings shall be at Licensee’s
sole discretion.

 

	8.3.	If Licensee decides not to or fails to take appropriate steps to prevent or restrain any infringement
by any third party of any of the Licensed Patents (but not otherwise), NTU shall have the right (however not the obligation) to
take action to prevent or restrain such infringement. NTU will be entitled to retain any award of damages or other compensation
obtained as a result of any such action (including any proceedings) being taken by NTU. Licensee agrees to provide reasonable assistance
which NTU may require in any litigation including the execution of all necessary legal documents.
	 	 
	8.4.	The parties will cooperate fully and make requisite personnel and documents available to assist
and to be produced to the other side as necessary with respect to any claims or proceedings contemplated above.
	 	 
	9.	INFRINGEMENT OF THIRD PARTY RIGHTS
	 	 
	9.1.	If any proceedings are brought against Licensee on grounds that the use or exploitation by Licensee
of any of the Licensed Technology infringes the rights of any third party, Licensee will forthwith notify NTU of the same. Licensee
will have the exclusive control of the defense of such proceedings.
	 	 
	9.2.	NTU will not be liable for any costs or expenses, including consequential loss or damage, loss
of profits or other economic loss, suffered by Licensee in respect of such proceedings in Clause 9.1.

 

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NTU CONFIDENTIAL

 

	9.3.	Licensee will indemnify NTU and keep NTU indemnified against all loss or damage and any costs and
expenses suffered by NTU in respect of such proceedings in Clause 9.1.
	 	 
	10.	CONFIDENTIALITY
	 	 
	10.1.	The Receiving Party agrees to use the Confidential Information of the Disclosing Party disclosed
under this Agreement solely in connection with the Receiving Party’s rights and obligations under this Agreement.
	 	 
	10.2.	Licensee and NTU agree that the terms hereof and the nature of the contemplated transaction described
herein, as well as the fact that negotiations have commenced between the parties, shall not be disclosed to any third party who
is not a director, officer, employee, agent, consultant or affiliate of either of the Parties. Notwithstanding the above, whereas
Licensee is a publicly traded company, it is hereby agreed that any disclosure of Confidential Information in accordance with the
applicable laws and stock exchange regulations governing Licensee shall not be deemed a breach of the confidentiality terms stated
herein.
	 	 
	10.3.	The Receiving Party agrees to make such Confidential Information received from the Disclosing Party
available only to those directors, officers, employees, agents, consultants, Affiliates or Sub-Licensees who require access to
it in the performance of their professional responsibilities under this Agreement and to potential and actual investors, business
partners, service providers and consultants who have a need to know same whether to consider an investment transaction, collaboration
or service arrangement, and who are bound to maintain the confidentiality of such Confidential Information under similar obligations
of confidentiality as the Receiving Party under this Agreement.
	 	 
	10.4.	Other than as provided for under Clause 10.1 above, no Receiving Party will disclose any
Confidential Information of the Disclosing Party to any other third party without the prior written consent of the Disclosing Party.
	 	 
	10.5.	The Receiving Party will exert reasonable efforts, no less than the protection given its own confidential
information, to maintain Confidential Information received from the Disclosing Party in confidence.
	 	 
	10.6.	Each Party agrees that the obligations of confidentiality contained herein will not attach to:

 

	 	(a)	information which is or was already known to the Receiving Party at the time of disclosure to it, as evidenced by written records; or

 

		(b)	information which, at the time of disclosure to the Receiving Party or thereafter, is published
or otherwise generally available to the public through no fault or omission of the Receiving Party of its obligations hereunder;
or

 

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NTU CONFIDENTIAL

 

	 	(c)	information which can be established by tangible evidence was independently developed by the Receiving Party without the use of or reference to the Disclosing Party’s Confidential Information; or

 

		(d)	information which is lawfully obtained by the Receiving Party from a third party not under any
confidentiality obligation to the Disclosing Party; or

 

		(e)	information which is required to be disclosed by court rule or governmental law or regulation,
provided that the Receiving Party gives the Disclosing Party prompt notice of any such requirement and cooperates with the Disclosing
Party in attempting to limit such disclosure.

 

	10.7.	Title to, and all rights emanating from, the ownership of all Confidential Information disclosed under this Agreement will remain vested in the Disclosing Party. Nothing herein will be construed as granting any license or other right to use the Confidential Information of the Disclosing Party other than as specifically agreed upon by the Parties.
	 	 
	10.8.	Upon written request of the Disclosing Party given after termination of this Agreement, the Receiving
Party will promptly return to the Disclosing Party all written materials and documents, as well as other media, made available
or supplied by the Disclosing Party to the Receiving Party that contains Confidential Information, together with any copies thereof,
except that the Receiving Party may retain one copy each of such document or other media for archival purposes only, subject to
protection and nondisclosure in accordance with the terms of this Agreement.
	 	 
	11.	LIMITED WARRANTIES / LIABILITIES
	 	 
	11.1.	Each Party warrants that it has the necessary rights, powers and authority to enter into this Agreement.
	 	 
	11.2.	NTU warrants in respect of the Licensed Technology that it has the legal power to extend the rights
granted to Licensee in this Agreement.
	 	 
	11.3.	NTU hereby represents and warrants that: (a) it is the sole and exclusive owner of the Licensed
Technology; and (b) to the best of its knowledge, as of the date hereof, the Licensed Technology is free from infringement of any
patent or other rights of third parties.
	 	 
	11.4.	Except for the warranties expressed in Clauses 11.1, 11.2, and 11.3 above, NTU makes no
other warranties or representations, express or implied, including without limitation:

 

		(a)	warranties of fitness for a particular purpose or merchantability, satisfactory quality, reliability,
accuracy or validity of the Licensed Technology or Licensed Products; or;

 

		(b)	the patentability of the Licensed Technology or Licensed Products or of the enforceability of any
Licensed Patents, if any; or

 

		(c)	that the Licensed Technology or Licensed Products will be free from infringement of any patent
or other rights of third parties.

 

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NTU CONFIDENTIAL

 

	11.5.	Neither NTU, nor any of its faculty members, scientists, researchers, employees, officers, trustees or agents, assume any responsibility for the use of the Licensed Technology by Licensee, its Affiliates or its Sub-Licensees, or any use, manufacture, specifications, sale or other dispositions of Licensed Products by or for Licensee, its Affiliates or its Sub-Licensees.
	 	 
	11.6.	NTU will not be liable to Licensee for any loss, damages, expenses, costs, damages or any other liability whatsoever which in any way relates to the use of the Licensed Technology by Licensee, its Affiliates or its Sub-Licensees, or any use, manufacture, specifications, sale or other dispositions of Licensed Products by or for Licensee, its Affiliates or its Sub-Licensees.
	 	 
	11.7.	IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR LOSS OF PROFITS, LOSS OR INTERRUPTION OF BUSINESS, OR FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND. EVEN IF SUCH PARTY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Notwithstanding anything to the contrary, to the extent permitted under the applicable law each Party’s total and cumulative liability under this Agreement, howsoever arising, will not exceed the total sum of monies paid by Licensee to NTU pursuant to this Agreement.
	 	 
	11.8.	The express terms of this Agreement are in lieu of all warranties, conditions, terms, undertakings and obligations implied by statute, common law, custom, trade usage, course of dealing or otherwise, all of which are hereby excluded to the fullest extent permitted by law.
	 	 
	12.	INDEMNITIES AND INSURANCE
	 	 
	12.1.	Licensee will at all times indemnify, defend and hold harmless NTU against all and any loss, damages, expenses, costs, or damages, incurred by NTU, or for which NTU may become liable arising: (a) out of any use of the Licensed Technology by Licensee, its Affiliates or its Sub-Licensees; or (b) out of any use, manufacture, sale, or other disposition of Licensed Products by or for Licensee, its Affiliates or its Sub-Licensees. Such indemnity and defense obligation will apply to any claims, including without limitation, infringement of third party intellectual property rights, personal injury, and death or property damage, made by employees, subcontractors or agents of Licensee, as well as any member of the general public
	 	 
	12.2.	Licensee will maintain adequate public liability and product liability insurance coverage and will ensure that NTU’s interest is noted on the policy. Licensee will supply NTU with a copy of such insurance policy on request.

 

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NTU CONFIDENTIAL

	 	 
	13.	TERMINATION
	 	 
	13.1.	NTU will be entitled forthwith to terminate this Agreement immediately by notice in writing if:

 

		(a)	Licensee or any of its Affiliates is in breach of any term of this Agreement which is either incapable
of rectification or which is not rectified within sixty (60) days of written notice given by NTU;

 

		(b)	Licensee or any of its Affiliates commences an action in which it challenges the validity or enforceability
of any of the Licensed Patents;

 

		(c)	Licensee ceases or announces its intention to cease to carry on its business;

 

		(d)	Licensee becomes insolvent or is unable to pay its debts as they fall due or suspends or threatens
to suspend making payments with respect to all or any class of its debts or enters into any composition or arrangement with its
creditors or makes a general assignment for the benefit of its creditors; where such insolvency proceedings have not been dismissed
within sixty (60) days;

 

		(e)	Licensee goes into liquidation or if an order is made or a resolution is passed for the winding
up of Licensee whether voluntarily or compulsorily (except for the purpose of a bona fide reconstruction or amalgamation); where
such liquidation or winding-up proceedings have not been dismissed within sixty (60) days; or

 

		(f)	Licensee has a receiver or receiver and manager or judicial manager appointed over any part of
its assets or undertaking; where such receivership proceedings have not been dismissed within sixty (60) days.

 

	13.2.	Licensee may terminate this Agreement by giving thirty (30) days advance written notice of termination to NTU.
	 	 
	13.3.	Termination of this Agreement howsoever caused will not prejudice any other right or remedy of the Parties in respect of any antecedent breach. Any termination rights will be in addition to and not in substitution for any other remedies that may be available to the non-breaching Party and will not relieve the breaching Party from liability and damages to the other Party for breach of this Agreement.
	 	 
	13.4.	In the event of termination of this Agreement in accordance with Clause 13.1 above:

 

		(a)	Licensee and its Affiliates and Sub-Licensees will be entitled to continue to exercise the rights
granted to it under this Agreement to such extent and for such further period, not exceeding six (6) months from the date of termination,
reasonably necessary to enable Licensee and its Affiliates to satisfy any orders placed prior to such termination date or scheduled
for delivery within such six (6) months prior to the termination date;

 

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NTU CONFIDENTIAL

 

		(b)	subject to Clause 13.4(a) above, Licensee and its Affiliates will forthwith cease to market
or use, either directly or indirectly, the Licensed Products or Licensed Technology;

 

		(c)	Licensee will forthwith return all Confidential Information pursuant to Clause 10.8;

 

		(d)	Licensee will promptly pay all amounts due under this Agreement to NTU and will submit a notice
in writing signed by a duly authorised officer that it has complied with such payment obligations, along with a copy of all materials
reasonably necessary to support such statement.

 

	13.5.	Notwithstanding termination or expiry of this Agreement under any of its provision, Clauses 6 (Accounts), 10 (Confidentiality), 11 (Disclaimer of Warranties), 12 (Indemnities and Insurance), 13 (Termination), 18 (Dispute Resolution) and 19 (Governing Law), and any other Clauses of this Agreement which from their context are intended to survive the termination or expiry of this Agreement, will survive the Term or the termination or expiry of this Agreement and will be deemed to remain in full force and effect.
	 	 
	14.	ASSIGNMENT
	 	 
	14.1.	All rights and obligations hereunder are personal to the Parties and each Party shall not assign
any such rights and obligations to any third party without the prior consent in writing of the other Party on terms to be agreed
by the Parties; provided however that Licensee may assign, with novation, all rights and obligations hereunder to any of its related
companies (as defined under section 6 of the Singapore Companies Act (Chapter 50)) or any other companies affiliated with Licensee
which shall be identified to NTU in advance, without any prior consent. The Party which is the assignor shall procure that such
third party covenants with the other Party to be bound by the terms of this Agreement as if it had been a party hereto in place
of the assignor.
	 	 
	14.2.	The rights and licenses granted by NTU in this Agreement are personal to Licensee and may not be
assigned or otherwise transferred to any third party without the prior written consent of NTU, which will not be unreasonably withheld.
Where such consent is given by NTU, Licensee will procure that such third party covenants with NTU to be bound by the terms of
this Agreement as if it had been a party hereto in place of Licensee.
	 	 
	14.3.	Notwithstanding the above, (i) NTU may assign or otherwise transfer all or any of its rights and/or
obligations under this Agreement to an NTU Affiliate responsible for commercializing and/or managing NTU’s intellectual property
rights, (ii) Licensee undertakes to inform NTU prior to, or as soon as is reasonably practicable after assigning its rights and
obligations under this Agreement, and (iii) Licensee undertakes that, to its knowledge, none of its assignees are involved in activities
that are detrimental to the interests of the Republic of Singapore or to NTU’s position as an Institute of Higher Learning.

 

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NTU CONFIDENTIAL

	 	 
	15.	FORCE MAJEURE
	 	 
	15.1.	Notwithstanding anything else in this Agreement, no default, delay or failure to perform on the
part of either Party will be construed a breach of this Agreement if such default delay or failure to perform is shown to be due
entirely to causes beyond the control of the Party charged with a default, delay or failure, including but not limited to, causes
such as strikes, lockouts or other labour disputes, riots, civil disturbances, actions or inaction of governmental authorities,
epidemics, war, embargoes, severe weather, fire, earthquakes, acts of God or the public enemy and nuclear disasters.
	 	 
	15.2.	Any non-performance or delay of Licensee subject to Clause 15.1 above that is in excess
of one hundred and eighty (180) days will constitute cause for termination by NTU of this Agreement upon written notice to Licensee.
	 	 
	16.	PUBLICITY
	 	 
	16.1.	Except to notify that this Agreement is in effect, including the identification of the Parties
which information will not be deemed to be confidential, to acknowledge that Licensee has entered into an exclusive license for
rights to certain technology developed by NTU and to describe, without divulging any Confidential Information, the nature of this
Agreement and the Field of Application, Licensee agrees that it will not use in any way the name of NTU or any logotypes or symbols
associated with NTU or the names of any of the scientists or other researchers at NTU in any publicity, promotion, news release
or disclosure relating to this Agreement or its subject matter, without the prior written consent of NTU, which consent will not
be unreasonably withheld.
	 	 
	17.	NOTICES
	 	 
	17.1.	Any notice to be given by a Party to this Agreement will be in writing and will be deemed duly
served if delivered personally or sent by electronic mail or sent by facsimile transmission or by prepaid registered post to the
addressee at the address or (as the case may be) the facsimile number or e-mail address, respectively, of that Party as set out
below or at such other address (or facsimile number) as the Party to be served may have notified the other Party for the purposes
of this Agreement:

 

NTU:

Nanyang Technological University

Blk 1, Unit 100, Innovation Centre

16 Nanyang Drive

Singapore 637722

Attn: Director

Facsimile: (+65) 6792 1737

E-mail: CEO-NTUlnnovation@ntu.edu.sg

 

Licensee:

BLUESPHERE CORPORATION

301 McCullough Drive,

4th Floor,

Charlotte, NC 28262,

USA

Attn: CEO

Facsimile: 704-9092701

E-mail: shlomi@bluespherecorporate.com

 

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NTU CONFIDENTIAL

 

	17.2.	Any notice given pursuant to Clause 17.1 will be deemed to have been received:

 

	 	(a)	in the case of delivery by hand, when delivered; or

 

		(b)	in the case of sending by post:

 

		(i)	where posted in the country of the addressee, on the third Business Day following the day of posting;
and

 

		(ii)	where posted in any other country, on the seventh Business Day following the day of posting; or

 

		(c)	in the case of facsimile or electronic mail, on acknowledgement by the recipient facsimile receiving
equipment or recipient of the electronic mail, respectively, on a Business Day if the acknowledgement occurs before 1700 hours
local time of the recipient, and in any other case on the following Business Day.

 

	18.	DISPUTE RESOLUTION

 

	18.1.	In the event of any difference or dispute arising between the Parties relating to the validity, interpretation, construction or performance of this Agreement, the Parties will use their best endeavours to settle amicably such difference or dispute by consultation and negotiation.
	 	 
	18.2.	If such efforts taken under Clause 18.1 above fail, then the Parties will refer the matter
to mediation in accordance with the rules and procedures of the Singapore Mediation Centre.
	 	 
	18.3.	If, and to the extent that, any dispute has not been settled pursuant to Clauses 18.1 and
18.2 above, then the dispute will be referred to and finally resolved by arbitration in Singapore in accordance with the
Arbitration Rules of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated
by reference to this Clause 18. The language of the arbitration will be English. Any award made hereunder will be final
and binding upon the Parties hereto and judgment on such award may be entered into any court or tribunal having jurisdiction thereof.
	 	 
	18.4.	The institution of any arbitration hereunder will not prevent NTU from applying for and obtaining
from a court a temporary restraining order and/or preliminary injunctive relief pending the outcome of the arbitration.

 

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NTU CONFIDENTIAL

 

	19.	GOVERNING LAW
	 	 
	19.1.	The construction, validity and performance of this Agreement will be governed in all respects by the Laws of the Republic of Singapore (excluding conflicts of laws), except that questions affecting the construction and effect of any patent will be determined by the law of the country in which such patent has been granted. The Parties hereby submit to the non-exclusive jurisdiction of the courts of the Republic of Singapore.
	 	 
	20.	GENERAL
	 	 
	20.1.	Nothing in this Agreement will create or be deemed to create, a partnership, or the relationship
of principal and agent, between the Parties. Neither party has any authority of any kind to bind the other Party in any respect
whatsoever.
	 	 
	20.2.	No person will have any right pursuant to the Contracts (Right of Third Parties) Act (CAP.53B)
to enforce any of the terms and conditions in this Agreement.
	 	 
	20.3.	Unless otherwise expressly specified, this Agreement embodies the entire understanding between
the Parties in respect of the subject matter hereof and any prior or contemporaneous representations, either oral or written, are
hereby superseded. No amendments or changes to this Agreement will be effective unless made in writing and signed by duly authorized
representatives of the Parties.
	 	 
	20.4.	No exercise, or failure to exercise, or delay in exercising any right power or remedy vested in
any Party under or pursuant to this Agreement will constitute a waiver by that Party of that or any other right, power or remedy.
	 	 
	20.5.	In the event that any term, condition or provision of this Agreement is held to be a violation
of any applicable law, statute or regulation, the same will be deemed to be deleted from this Agreement and will be of no force
and effect, and this Agreement will remain in full force and effect as if such term, condition or provision had not originally
been contained in this Agreement. Notwithstanding the above, in the event of any such deletion, the Parties will negotiate in good
faith in order to agree on terms of a mutually acceptable and satisfactory alternative provision in place of the provision so deleted
such that the objectives contemplated by the Parties when entering into this Agreement may be realised.
	 	 
	20.6.	The Parties will co-operate with each other and execute and deliver to the other such instruments
and documents and take such other action as may be reasonably requested from time to time in order to carry out and confirm the
rights and the intended purpose of this Agreement.
	 	 
	20.7.	Stamp fees, if any, payable in respect of this Agreement will be borne wholly by Licensee.

 

 

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NTU CONFIDENTIAL

	 	 
	20.8.	The Parties may sign this Agreement in one (1) or more counterparts by the duly authorised representatives
of the Parties, each of which constitutes an original and all of which taken together will constitute the Agreement. The Parties
may sign and deliver this Agreement by facsimile or by emailed portable document format (“PDF”) document (or other
mutually agreeable document format), and a reproduction of this Agreement with a Party’s signature made by facsimile or PDF,
sent by facsimile or email will have the same effect as and be enforceable as a signed and delivered original version of this Agreement.

 

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NTU CONFIDENTIAL

 

IN WITNESS WHEREOF the Parties have
caused this Agreement to be executed by its duly authorised officers or representatives on the date first above written.

 

	SIGNED by for and on behalf of	 	SIGNED by for and on behalf of
	 	 	 
	NANYANG TECHNOLOGICAL UNIVERSITY	 	BLUESPHERE CORPORATION
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Name: Dr. Lim Jul	 	Name: Shlomi Palas
	Designation: CEO (NTU Innovation)	 	Designation: CEO
	 	 	 
	 	 	 
	 	 	 
	In the presence of:	 	In the presence of:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Name: David Yeow	 	Name: Roy Amitzur
	Designation: Director	 	Designation: Executive VP

 

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NTU CONFIDENTIAL

 

SCHEDULE 1

 

INVENTION

 

[NTUitive
Ref: TD/119/13, TD/197/13]

 

TD/119/13: Synthesis of High Aspect
Ratio Titanate Nanotubes and Its Environmental Applications As Free-Standing Multifunctional Membrane

 

TD/197/13: Correlating Aspect Ratio
Of Nanotubular Structures With Electrochemical Performance To Achieve Ultrafast-Charging Lithium-Ion Battery

 

 

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NTU CONFIDENTIAL

 

SCHEDULE 2

 

LICENSED PATENTS

 

	(a) Patents
	Title	Country	Grant No.	Grant Date
	N.A.	 	 	 
	 
	(b) Patent Applications
	Title	Country	Application No.	International Filing Date
	Elongated Titanate Nanotube, Its Synthesis Method, And Its Use	PCT	PCT/SG2014/000435	16/09/2014
	Synthesis Of High Aspect Ratio Titanate Nanotubes And Its Environmental Applications As Free-Standing Multifunctional Membrane	US PRV	61/878,456	16/09/2013
	Correlating Aspect Ratio Of Nanotubular Structures With Electrochemical Performance for High-Rate and Long-Life Lithium-Ion Battery	US PRV	61/951,194	11/03/2014

  

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NTU CONFIDENTIAL

 

SCHEDULE 3

 

LICENSED PROPRIETARY
MATERIALS

 

	●	Laboratory manual, formulations and instructions for preparation of Titanate Nanotube as well as any and all technical information and know-how, including (without limitation) methods, practices, formulae, techniques, procedures, specifications, product samples, drawings, diagrams, charts, blue-prints, designs, computer programs, instructions and the like, in NTU’s custody, care or control, which may be required and/or useful in the commercialisation of the Invention and/or the Licensed Patents.

  

25

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