Document:

Exhibit
10.6

 

 

 

Knowledge
Exchange

 

COMMERCIAL
LICENCE AGREEMENT

 

(EXCLUSIVE)

 

NewSouth
Innovations Pty Limited

(ABN
25 000 263 025)

 

and

 

PENAO
Pty Ltd

(ACN
634 333 387)

 

    	1

    	 

    

 

	DETAILS	 
	 	 
	DATE	21st
    January 2021
	 	 
	PARTIES
    	NewSouth
    Innovations Pty Limited ABN 25 000 263 025 (NSi)
	 	 
	 	Rupert
    Myers Building, Gate 14 Barker Street, UNSW, Sydney, NSW 2052, Australia
	 	 
	 	Contact:	Director,
    Knowledge Exchange
	 	Phone:	+61
    2 9385 5008 
	 	Fax:	+61
    2 9385 5566 
	 	Email:
    	contracts.manager.kex@unsw.edu.au
    

 

	 	PENAO
    Pty Ltd ACN 634 333 387 (Licensee)
	 	 
	 	Rupert
    Myers Building, Gate 14 Barker Street, UNSW, Sydney, NSW 2052, Australia
	 	 
	 	Contact:	Peter
    French, Chairman
	 	Phone:	+61
    412 457 595
	 	Email:	pwf261@iinet.net.au

 

	BACKGROUND	(a)	NSi
        is the owner of or otherwise authorised to use certain Intellectual Property including the Patent set out in Annexure
        1.

	 	 	 
	 	(b)	The
        Licensee wishes to be granted a licence to Exploit the Licensed IP.

	 	 	 
	 	(c)	NSi
    agrees to grant to the Licensee, and the Licensee agrees to accept, a licence to the Licensed IP, and the parties agree to
    accept certain other rights and obligations, on the terms and conditions of this Agreement.

 

	ENTIRE
    AGREEMENT	This
    agreement consists of the General Terms, these Details and any annexures or schedules to this agreement.
	 	 
	COMMENCEMENT
    DATE	The
    date of last execution of the Licence Agreement.
	 	
	TERM	From
    the Commencement Date until the date on which the last Patent has lapsed or expired and all Know-how forming part of the Licensed
    IP has entered the public domain.
	 	 
	PATENTS	See
    Annexure 1.
	 	 
	TERRITORY	Worldwide.
    
	 	 
	FIELD	All
    fields. 
	LICENCE
    FEES 	The
    Licence Fee is the issuance of shares in the Licensee to NSi in accordance with timetable set out set out in clause 3.1 of
    Schedule 5 of the Shareholders Variation Agreement as amended from time to time. At the commencement date the timetable is
    as set out in Annexure 2. 
	 	 
	INSURANCE
    	Public
    liability and product liability insurance and Professional Indemnity insurance in an amount agreed with NSi.

 

	MINIMUM
    PERFORMANCE OBLIGATIONS 	1.	Exploitation:
	 	 	The
    Licensee must:

 

	 	(a)	pursue
    vigorously throughout the Territory and the Field opportunities for the Exploitation of the Licensed IP and the Products;
    and
	 	 	 
	 	(b)	use
    its best endeavours (whether by itself or through permitted Sub-licensees, sub-contractors or assignees) to obtain regulatory
    approvals for the Exploitation of the Products in the United States, Europe, China and Australia;

 

	 	2.	Achievement
    of the Milestones
	 	 	 
	 	 	The
    Licensee must meet the milestones set out in clause 3.1 of Schedule 5 of the Shareholders Variation Agreement as amended from
    time to time. At the commencement date the Milestones are as set out in Annexure 2.

 

    	 	2	 

    	 	 	 

    

 

	EXECUTED
    AS AN AGREEMENT 	 	 
	 	 	 
	Signed
    for and on behalf of NewSouth Innovations Pty Ltd	 	Signed
    for and on behalf of PENAO Pty Ltd
	 	 	 
	Signature
    of Authorised Officer	 	Signature
	 	 	 
	Print
    Name	 	Print
    Name
	 	 	 
	Position	 	Position
	 	 	 
	Date	 	Date
	 	 	 
	The
    signatory warrants that they are authorised to execute this agreement on behalf of NewSouth Innovations Pty Ltd.	 	The
    signatory warrants that they are authorised to execute this agreement on behalf of PENAO Pty Ltd.

 

GENERAL
TERMS

 

THE
PARTIES AGREE:

 

		1.	DEFINITIONS
                                         AND INTERPRETATION

 

		1.1	Definitions

 

In
this Agreement, unless the context otherwise requires:

 

Affiliate
means any person who, directly or indirectly, Controls, is Controlled by or is under common Control with a party.

 

Beroni
means Beroni Group Limited (ACN 613 077 526).

 

Business
Day means a day that is not a Saturday, a Sunday nor a public holiday in the principal place of business of a party.

 

    	 	3	 

    	 	 	 

    

 

Claim
means an infringement and/or invalidity claim against the Licensee by a third party in relation to the Licensed IP or a claim
of infringement and/or invalidity made by the Licensee against a third party in relation to technology which may infringe the
Licensed IP.

 

Commencement
Date means the commencement date specified in the Details, or if no date is specified in the Details, the date of last execution
of this Agreement.

 

Commercialisation
Plan means a plan for the Exploitation of the Licensed IP in the Territory and in the Field prepared by the Licensee, as updated
or amended from time to time in accordance with clause 9.2(b).

 

Confidential
Information means all know how, Intellectual Property, business, financial, technical and other commercially valuable or sensitive
information of a party in whatever form, including inventions (whether or not reduced to practice), trade secrets, methodologies,
formulae, graphs, drawings, samples, biological materials, devices, models, business plans, policies and any other materials or
information which a party regards as confidential, proprietary or of a commercially sensitive nature that may be in the possession
of that party or its Affiliates or its or their employees or officers, including the terms of this Agreement and including, in
the case of NSi, all information in or relating to the Licensed IP, in each case whether disclosed visually, orally, in writing
or by electronic means, directly or indirectly by a party (including by an Affiliate) and whether disclosed before or after the
Commencement Date, but excluding information which:

 

		(a)	is
                                         now in the public domain, or enters the public domain after the Commencement Date, through
                                         no fault of the recipient;

 

		(b)	can
                                         be shown by contemporaneous records of the recipient to have been known to the recipient
                                         at the time it is received pursuant to this Agreement;

 

		(c)	is
                                         provided to the recipient by a third party after the Commencement Date, lawfully and
                                         without violating any restriction on its disclosure; or

 

		(d)	can
                                         be shown by contemporaneous records of the recipient to have been independently developed
                                         by the recipient without reference to the Confidential Information of the other party.

 

Control
has the meaning given to that term in section 50AA of the Corporations Act 2001 (Cth).

 

Exploit
means:

 

		(a)	in
                                         relation to an Intellectual Property right, the exercise of all the rights exclusively
                                         granted to the holder of such Intellectual Property rights by the laws of the jurisdiction
                                         in which the Intellectual Property right subsists, including where permitted under this
                                         Agreement the right to sub-license those rights;

 

		(b)	in
                                         relation to a product, kit, apparatus, substance, documentation or information resource
                                         (or any part of such materials), to make, distribute, market, sell, hire out, lease,
                                         supply, or otherwise dispose of it; and

 

		(c)	in
                                         relation to a method or process, to use the method or process or to make, distribute,
                                         market, sell, hire out, lease, supply, or otherwise dispose of a product, kit or apparatus
                                         the use of which is proposed or intended to involve the exercise of the method or process,

 

and
Exploitation will be similarly construed.

 

Field
means the field specified in the Details.

 

Force
Majeure means any act, event or cause (other than lack of funds) which is beyond the reasonable control of the affected party.

 

GST
means the tax imposed by the A New Tax System (Goods and Services Tax) Act 1999 (Cth) and any related tax imposition
Acts of the Commonwealth of Australia.

 

Improvements
means all developments, improvements, modifications, enhancements, adaptations and derivative works of the Licensed IP, and
all developments which are enabled by, developed from or reliant upon the Licensed IP, and includes all Intellectual Property
rights in the foregoing.

 

    	 	4	 

    	 	 	 

    

 

Insolvency
Event means circumstances in which a party:

  

		(a)	is
                                         unable to pay its debts as they fall due;

 

		(b)	makes
                                         or commences negotiations with a view to making, a general re-scheduling of its indebtedness
                                         or a general assignment, scheme of arrangement or composition with its creditors;

 

		(c)	takes
                                         any corporate action or any steps are taken or legal proceedings are started for:

 

		(i)	its
                                         winding-up, dissolution, liquidation, or re-organisation, other than to reconstruct or
                                         amalgamate while solvent on terms approved by the other party (which approval will not
                                         be unreasonably withheld); or

 

		(ii)	the
                                         appointment of a controller, receiver, administrator, official manager, trustee or similar
                                         officer of it or of any of its revenues and assets; or

 

		(d)	seeks
                                         or is granted protection from its creditors, under any applicable legislation.

 

Intellectual
Property means statutory and other proprietary rights in respect of copyright and neighbouring rights, all rights in relation
to inventions, patents, plant varieties, registered and unregistered trade marks, registered and unregistered designs, circuit
layouts and rights to require information to be kept confidential, and all other rights as defined by Article 2 of the Convention
establishing the World Intellectual Property Organization of July 1967, and all rights to apply for any of the above, but does
not include moral rights that are not transferable.

 

Know-how
means all unpatented technical and other information not in the public domain including inventions, discoveries, concepts,
data, formulae, ideas, specifications, procedures and results for experiments and tests, experimentation and testing, and results
of research and development, including laboratory records, clinical trial data, case reports, data analysis and summaries, and
information in submissions to and information from ethics committees and regulatory bodies, relating to the inventions the subject
of the Patents, or any Licensee Improvements included within the Licensed IP in accordance with this Agreement, including the
know-how specified in the Details.

 

Licence
Fees means the fees payable by the Licensee to NSi under clause 4.1(a), as specified in the Details.

 

Licensed
IP means the:

 

		(a)	Patents;

 

		(b)	Intellectual
                                         Property rights in the Know-how; and
	 	 	 
	 	(e)	Other Statutory Rights.

 

Licensee
Improvements means all Improvements independently developed or acquired by or on behalf of the Licensee during the Term.

 

Minimum
Performance Obligations means the minimum performance obligations specified in the Details.

 

Other
Statutory Rights means all Intellectual Property rights other than the Patents, subsisting in or relating to the inventions
the subject of the Patents, or any Licensee Improvements included within the Licensed IP in accordance with this Agreement, including
copyright and design rights.

 

Paper
means any manuscript, abstract, paper, journal article, student thesis or content of any oral, poster or other presentation
containing or referring to the Licensed IP or the Products.

 

Patents
means:

 

		(a)	the
                                         patents and patent applications described in the Details and set out in Annexure 1;

 

		(b)	all
                                         patent applications that may be filed by or on behalf of NSi which are based on, claim
                                         priority from, are divided from or are continuations of any patent application described
                                         in the Details; and

 

		(c)	all
                                         patents which may be granted pursuant to any of the patent applications referred to in
                                         paragraphs (a) or (b);

 

		(d)	all
                                         patents and patent applications forming part of Licensee Improvements included within
                                         the Licensed IP in accordance with this Agreement.

 

    	 	5	 

    	 	 	 

    

 

PENAO
means the anti-cancer compound known as “PENAO”.

 

Product
means the entire assembly of components constituting any product, kit, apparatus, substance, documentation, information resource
or service arising from the Exploitation of the Licensed IP, including all products and services whose research, development,
manufacture, import, marketing, use, sale, or supply applies, utilises or incorporates any part of the Licensed IP.

 

Registration
Costs means fees, costs and expenses (including patent attorney and legal fees and expenses and government charges) incurred
after 28 March 2018, in the obtaining of grants of the Patents or other formal Intellectual Property rights forming part of the
Licensed IP in the Territory and maintaining the same, and includes all expenses incurred in making and prosecuting patent applications
and dealing with any opposition to any application for such registrations, any challenge to the validity of any such registrations,
and action taken in relation to infringement of Patents or such other Intellectual Property.

 

Sale
means any sale, transfer, rental, lease, hiring out, distribution, commercial supply or other disposal of Products by or on
behalf of the Licensee or its Affiliates and Sell and Sold will be similarly construed.

 

Shareholders
Agreement means the Shareholders Agreement entered into between NSi, the Licensee and other shareholders of the Licensee on
or about 5 July 2019.

 

Shareholders
Variation Agreement means the Shareholders Variation Agreement entered into between NSi, the Licensee and other shareholders
of the Licensee on or about 23 December 2020. Sub-licensee means a person (including an Affiliate of the Licensee) with
whom the Licensee enters into an arrangement for the Exploitation of the Licensed IP in the Territory and in the Field as a permitted
sub-licensee, subcontractor or assignee.

 

Taxes
means all applicable taxes (including GST), levies, duties, charges, deductions and withholdings and similar imposts imposed
by law or by any government agency, other than imposts charged on net income.

 

Term
means the term of this Agreement specified in the Details.

 

Territory
means the territory specified in the Details.

 

UNSW
means the University of New South Wales (ABN 57 195 873 179).

 

		1.2	Interpretation

 

In
this Agreement, unless the context requires otherwise:

 

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

 

		(b)	the
                                         singular includes the plural and conversely, and a gender includes all genders;

 

		(c)	a
                                         reference to a clause, Details or annexure is a reference to a clause of or Details or
                                         annexure to this Agreement and references to this Agreement include any background recital,
                                         Details and annexure;

 

		(d)	a
                                         reference to a thing (including a right) includes a reference to a part of that thing;

 

		(e)	a
                                         reference to a document includes the document as modified from time to time and any document
                                         replacing it;

 

		(f)	the
                                         word “person” includes a natural person and any body or entity whether incorporated
                                         or not;

 

		(g)	a
                                         reference to “written” or “in writing” includes any communication
                                         sent by letter, email or facsimile transmission;

 

		(h)	a
                                         reference to any statute, proclamation, rule, regulation or ordinance includes any amendment,
                                         consolidation, modification, re-enactment or reprint of it and any statute, proclamation,
                                         rule, regulation or ordinance replacing it. A reference to a specified section, clause,
                                         paragraph, Details or item of any statue, proclamation, rule, regulation or ordinance
                                         means a reference to the equivalent section of the statue, proclamation, rule, regulation
                                         or ordinance which is for the time being in force;

 

    	 	6	 

    	 	 	 

    

 

		(i)	a
                                         reference to law includes laws, acts, ordinances, rules, regulations, other delegated
                                         legislation, codes and the requirements and directions of any relevant government or
                                         quasi-government department, body or authority in force from time to time (including
                                         any stock exchange);

 

		(j)	wherever
                                         “include” or any form of that word is used it must be construed as it were
                                         followed by “(without limitation)”;

 

		(k)	a
                                         reference to any agency or body, if that agency or body ceases to exist or is reconstituted,
                                         renamed or replaced or has its powers or functions removed (defunct body), means the
                                         agency or body which performs most closely the functions of the defunct body; and

 

		(l)	money
                                         amounts are stated in the lawful currency of Australia unless otherwise specified.

 

		2.	LICENCE

 

		2.1	Grant
                                         of licence

 

NSi
grants to the Licensee during the Term separate exclusive, non-transferable licences to the:

		(i)	Patents;

 

		(ii)	Intellectual
                                         Property rights in the Know-how; and

 

		(iii)	Other
                                         Statutory Rights;

 

to
Exploit the Products in the Territory and within the Field, including the right to sub-license as permitted in this Agreement.

 

		2.2	Transfer
                                         of rights

 

Subject
to clause 3, the licences under this Agreement are personal to the Licensee and the Licensee must not assign, transfer or
in any way charge, mortgage or deal with any of its rights or obligations under this Agreement without NSi’s prior written
consent which shall not be unreasonably withheld. Nothing in this Agreement restricts the right of NSi to assign any of its rights,
obligations or liabilities under this Agreement to an Affiliate.

 

		2.3	Licensee’s
                                         acknowledgments

 

The
Licensee acknowledges that:

 

		(a)	this
                                         Agreement does not confer and the Licensee does not acquire any right, title or interest
                                         in the Licensed IP other than as expressly set out in this Agreement;

 

		(b)	as
                                         between the parties, NSi is the owner of the Licensed IP;

 

		(c)	to
                                         the extent permitted by law, the Licensee may not Exploit the Licensed IP or any Products
                                         outside the Territory or the Field or knowingly supply any Products to any person for
                                         resupply outside the Territory or the Field; and

 

		(d)	NSi
                                         reserves all rights in and to the Licensed IP outside the Territory and the Field and
                                         may Exploit or license others to Exploit the Licensed IP and the Products outside the
                                         Territory and the Field as it sees fit.

 

		2.4	Disclosure
                                         of the Licensed IP and technical assistance

 

		(a)	Following
                                         the Commencement Date, to the extent it has not already done so, NSi must disclose to
                                         the Licensee details of the Licensed IP.

 

		(b)	NSi
                                         may, subject to payment in accordance with its usual consulting rates and on its standard
                                         consulting terms and conditions from time to time, provide the Licensee with technical
                                         assistance and consultancy services reasonably requested by the Licensee in relation
                                         to the Exploitation of the Licensed IP and the Products.

 

		2.5	Research
                                         by UNSW

 

Despite
anything else in this Agreement, the Licensee acknowledges and agrees that NSi retains the right to use the Licensed IP for education
and non-commercial research purposes within the Territory and the Field, including the right to sub-license the Licensed IP to
UNSW and UNSW personnel for this purpose.

 

    	 	7	 

    	 	 	 

    

  

		3.	SUB-LICENCES

 

		3.1	Sub-licences

 

Subject
to clause 3.2, the Licensee may by written agreement grant sub-licences to Exploit the Licensed IP (not including the right
to sub-license) within the Territory and the Field:

 

		(a)	to
                                         its Affiliates without the consent of NSi, provided that the Licensee must supply to
                                         NSi a copy of any agreement effecting any such sub-licence within 14 days of its execution;
                                         and

 

		(b)	to
                                         third parties only with the prior written consent of NSi. The Licensee must provide to
                                         NSi a copy of any proposed agreement effecting any such sub-licence at least 30 days
                                         prior to its proposed or planned execution.

 

		3.2	Conditions
                                         of Sub-licences

 

Any
permitted sub-licence granted by the Licensee pursuant to clause 3.1 must be on terms consistent with the terms and conditions
of this Agreement and must:

 

		(a)	provide
                                         that the sub-licence and the rights granted under it are personal to the Sub-licensee
                                         and the Sub-licensee must not at any time assign, transfer or in any way charge, mortgage
                                         or deal with any of its rights or obligations under the sub-licence without NSi’s
                                         prior written consent;

 

		(b)	provide
                                         in a form reasonably required by NSi that the Sub-licensee releases NSi and UNSW from,
                                         and indemnifies NSi and UNSW against, all costs and liability in connection with the
                                         sub-licence and the Sub-licensee’s exercise of rights under it, including indirect
                                         and consequential loss, liability for breach of contract, under statute, common law,
                                         tort (including negligence) or otherwise to the extent permitted by law;

 

		(c)	contain
                                         obligations of confidentiality in respect of NSi’s Confidential Information, and
                                         the right of NSi to inspect the Sub-licensee’s premises and records, in a form
                                         substantially similar to those contained in this Agreement;

 

		(d)	not
                                         otherwise grant rights which are inconsistent with the rights and obligations of the
                                         Licensee under this Agreement;

 

		(e)	terminate
                                         where the Sub-licensee ceases to be an Affiliate of Licensee, unless NSi has given its
                                         prior written consent to the continuation of the relevant sub-licence;

 

		(f)	if
                                         the licence of any right in respect of the Licensed IP is terminated under this Agreement,
                                         terminate to a corresponding extent; and

 

		(g)	terminate
                                         on the termination or expiry of this Agreement, except where this Agreement is terminated
                                         under clauses 17.3(a)(iv) or 17.3(a)(vi) in which case the sub-licence must provide
                                         for the novation of the rights and obligations of Licensee under the sub-licence to NSi
                                         at NSi’s absolute discretion. For the purpose of any such novation, the Licensee
                                         hereby appoints NSi as its attorney to do all things and execute all documents necessary
                                         or desirable to perfect such novation of the sub-licence agreement on behalf of the Licensee.

 

		3.3	Licensee
                                         responsible for Sub-licensees

 

All
acts, omissions and Exploitation of the Licensed IP by or on behalf of the Licensee’s Sub-licensees will be deemed to be
acts, omissions and Exploitation by the Licensee for the purposes of this Agreement.

 

		3.4	Licensee
                                         to procure compliance by sub-licensees

 

The
Licensee must procure that each of its Sub-licensees complies with the terms of the relevant sub-licence.

 

    	 	8	 

    	 	 	 

    

 

		4.	PAYMENTS

 

		4.1	Licence
                                         Fees

 

In
consideration of the licences granted in clause 2.1 and the disclosure of the Licensed IP pursuant to clause 2.4, the
Licensee must::

 

		(a)	grant
                                         NSi the equity in the Licensee as the Licence Fees as specified in the Details; and

 

		(b)	pay
                                         to NSi any other amounts due from time to time under this Agreement, upon request in
                                         accordance with the relevant obligations.

 

		4.2	Notification
                                         of milestone events

 

The
Licensee must immediately notify NSi in writing upon the occurrence of any milestone or other event which triggers the payment
of any Licence Fee under clause 4.1(a), as specified in the Details.

 

		4.3	Not
                                         used

 

		4.4	Late
                                         payment

 

Without
prejudice to NSi’s other rights or remedies, if the Licensee fails to pay any amount by the due date NSi may charge interest
on the amount outstanding:

 

		(a)	calculated
                                         daily from the due date of payment to the date payment is received by NSi in full; and

 

		(b)	at
                                         an interest rate of 2% above the rate quoted on the due date of payment (and if no rate
                                         was quoted on that day, the day on which it is next quoted) for business overdrafts over
                                         AUD$100,000 by NSi’s principal Australian bank.

 

		4.5	Payments

 

All
Licence Fees, and other payments to be made by the Licensee to NSi under this Agreement are to be made in Australian currency
and are to be made by bank draft made payable to NSi or, at NSi’s option, direct deposit into the account notified by NSi
in writing.

 

		5.	TAXES

 

		5.1	General
                                         Taxes

 

		(a)	All
                                         amounts payable by the Licensee under this Agreement are exclusive of any applicable
                                         Taxes and, subject to clause 5.3, the Licensee must pay directly (if applicable)
                                         or reimburse NSi for any such Taxes.

 

		(b)	Where
                                         required, NSi will provide a tax invoice to the Licensee.

 

		5.2	GST

 

		(a)	In
                                         circumstances where GST applies, at the Licensee’s cost, NSi must do all things
                                         reasonably necessary to assist the Licensee to claim any input tax credit or refund available
                                         in relation to any GST paid or payable by the Licensee under this clause 5.

 

		(b)	NSi
                                         may invoice the Licensee for GST when NSi invoices the Licensee for payments due under
                                         this Agreement or when NSi is required to remit the GST, at NSi’s option.

 

		(c)	Any
                                         GST payable by the Licensee under this Agreement is calculated by multiplying by the
                                         prevailing GST rate by the amount of the consideration payable by the Licensee for the
                                         relevant supply.

 

		(d)	If
                                         a payment to a party under this agreement is a payment by way of reimbursement or indemnity
                                         and is calculated by reference to the GST inclusive amount of a loss, cost or expense
                                         incurred by that party, then the payment is to be reduced by the amount of any input
                                         tax credit to which that party is entitled in respect of that loss, cost or expense before
                                         any adjustment is made for GST.

 

    	 	9	 

    	 	 	 

    

 

		5.3	Withholding
                                         taxes

 

All
payments made under this Agreement are exclusive of any withholding taxes. If any laws, rules or regulations require the withholding
of amounts of Taxes or other amounts from payments made by the Licensee to NSi under this Agreement, the Licensee must gross up
such payments so that the amount actually paid to NSi is the amount NSi would otherwise receive if no amount was required to be
withheld.

 

		6.	ACCOUNTS

 

		6.1	Licensee
                                         to retain records

 

The
Licensee must create and maintain for 7 years from the date of creation, in a manner approved by NSi from time to time, separate,
comprehensive, accurate, up-to-date and auditable financial records and provide NSi with any other information it reasonably requires
from time to time.

 

		6.2	NSi’s
                                         right to inspect records

 

The
Licensee must:

 

		(a)	permit
                                         NSi’s accountant, auditor or nominee, on reasonable notice and during ordinary
                                         business hours on a Business Day, to inspect and verify the financial records; and

 

		(b)	give
                                         all reasonable help in any inspection and verification and permit NSi’s accountant,
                                         auditor or nominee to take copies of such records.

 

		6.3	Obligations
                                         of Sub-licensees

 

The
Licensee must procure:

 

		(a)	that
                                         all Sub-licensees comply with obligations substantially the same as those contained in
                                         this clause 6; and

 

		(b)	for
                                         NSi the rights of inspection under clause 6.2 in respect of the Licensee’s
                                         Sub-licensees.

 

		7.	PROSECUTION
                                         AND MAINTENANCE OF PATENTS

 

		7.1	Prosecution

 

Subject
to clause 7.3, NSi must, to the extent commercially and legally reasonable in accordance with the advice available to it,
use reasonable and timely efforts in consultation with the Licensee to:

 

		(a)	prosecute
                                         all Patents and other applications for statutory protection of the Licensed IP existing
                                         as at the Commencement Date; and

 

		(b)	maintain
                                         all Patents and other rights granted on those applications.

 

		7.2	Assistance
                                         in prosecution

 

		(a)	NSi
                                         and the Licensee must render all reasonable non-monetary assistance to each other in
                                         relation to the prosecution and maintenance of the Patents.

 

		(b)	At
                                         the Licensee’s written request, NSi will advise the Licensee about the current
                                         status of the Patents.

 

		7.3	Costs
                                         of Patents

 

		(a)	The
                                         Licensee must pay or reimburse NSi (at NSi’s option) all Registration Costs incurred
                                         by or on behalf of NSi.

 

		(b)	The
                                         Licensee must provide at least 60 days’ written notice if it does not wish to continue
                                         payment of Registration Costs with respect to any Licensed IP in any country in the Territory,
                                         in which case NSi may, at its sole discretion:

 

		(i)	cease
                                         prosecution of that Licensed IP or allow it to lapse in that country; or

 

		(ii)	prosecute
                                         or maintain such Licensed IP in that country at its own cost, and

 

from
the date the Licensee’s notice becomes effective the licence(s) under this Agreement for the relevant Licensed IP in that
country will terminate and the Licensee will have no obligation to pay any Registration Costs incurred after that date in respect
of such Licensed IP in that country under clause 7.3(a).

 

    	 	10	 

    	 	 	 

    

  

		8.	NO
                                         CHALLENGE TO VALIDITY

 

		(a)	The
                                         Licensee must draw to NSi’s attention any information which the Licensee believes
                                         is relevant to the validity or ownership of the Licensed IP.

 

		(b)	Except
                                         where such a prohibition is not permitted under applicable law, the Licensee must not
                                         raise or cause to be raised any questions concerning, or any challenge or any objection
                                         to, the validity or ownership of any part of the Licensed IP.

 

		(c)	Where
                                         such a prohibition is not permitted under applicable law, if the Licensee raises or causes
                                         to be raised any question concerning, or any objection to, the validity or ownership
                                         of any part of the Licensed IP, NSi may, to the extent permitted by law, by notice in
                                         writing to the Licensee terminate the licence(s) granted to the Licensee under this Agreement
                                         for that part of the Licensed IP.

 

		9.	EXPLOITATION
                                         BY LICENSEE

 

		9.1	Best
                                         efforts to Exploit

 

The
Licensee must use its best endeavours during the Term to:

 

		(a)	Exploit
                                         the Products in the Territory and in the Field so as to maximise Sales of Products;

 

		(b)	adhere
                                         to the Commercialisation Plan; and

 

		(c)	progress
                                         the development of the Licensed IP and the Products.

 

		9.2	Reports

 

		(a)	The
                                         Licensee must deliver to NSi within 10 Business Days of the end of each calendar year
                                         during the Term, in a form reasonably required by NSi, a written report setting out progress
                                         of the development and Exploitation of the Licensed IP and the Products in the previous
                                         calendar year.

 

		(b)	The
                                         Licensee must deliver to NSi within 10 Business Days of the end of each calendar year
                                         during the Term an updated Commercialisation Plan, including advice to NSi of any proposed
                                         modifications to the existing Commercialisation Plan which NSi may accept or reject in
                                         its sole discretion. If NSi rejects an updated Commercialisation Plan, NSi must provide
                                         comments setting out the reasons for its rejection and the Licensee must provide to NSi
                                         within 10 Business Days a revised version of the updated Commercialisation Plan reflecting
                                         all of NSi’s reasonable comments.

 

		(c)	The
                                         Licensee must procure that its Sub-licensees comply with obligations substantially equivalent
                                         to those in this clause 9.2.

 

		9.3	Minimum
                                         Performance Obligations

 

		(a)	Without
                                         limiting the obligations set out in clauses 9.1 and 9.2, the Licensee must meet
                                         each Minimum Performance Obligation by the relevant date (if any) set out in the Details.

 

		(b)	Where
                                         at any time the Licensee fails to meet a Minimum Performance Obligation, NSi may in its
                                         absolute discretion by 30 days’ prior written notice to the Licensee:

 

		(i)	terminate
                                         the licence of any or all rights in respect of the Licensed IP granted under this Agreement;
                                         or

 

		(ii)	convert
                                         any or all of the exclusive licences under this Agreement in respect of the Licensed
                                         IP into non-exclusive licences, and grant to third parties the right to Exploit the relevant
                                         Licensed IP on a non-exclusive basis in all or any part of the Territory and Field.

 

    	 	11	 

    	 	 	 

    

 

		9.4	Compliance
                                         with laws

 

The
Licensee must ensure that the Exploitation of the Licensed IP and the Products by or on behalf of the Licensee and its Sub-licensees
is carried out with all due care and skill and in compliance with all applicable laws, regulations, standards and requirements
of relevant jurisdictions.

 

		9.5	Exclusive
                                         efforts

 

The
Licensee must not during the Term directly or indirectly engage in or be knowingly concerned with the development, manufacture,
marketing, sale, supply or other commercial Exploitation of any product or service competitive with or substitutable for the Products
in the Territory.

 

		10.	PRODUCTS

 

		10.1	Marking
                                         and quality of Products

 

Where
the Licensee or Sub-licensees make or cause to be made, supply or cause to be supplied, any Products, the Licensee must (as applicable)
itself, or cause its Sub-licensees to, comply with the following obligations:

 

		(a)	The
                                         Licensee or its Sub-licensee (as applicable) must, unless otherwise directed by NSi,
                                         at the Licensee’s cost, suitably mark or cause to be marked all containers and
                                         packages of any Product it supplies, and must affix or cause to be affixed on some conspicuous
                                         part of every such Product where reasonably appropriate, a stamped plate or other permanent
                                         method of marking agreed to by the parties, containing:

 

		(i)	the
                                         numbers of the relevant Patents or patent applications or other relevant protection;
                                         and

 

		(ii)	a
                                         statement that the Products are made under licence from UNSW.

 

		(b)	Where
                                         applicable, the Licensee or its Sub-licensee (as applicable) must:

 

		(i)	manufacture,
                                         or cause to be manufactured, the Products with due care and skill and in accordance with
                                         all relevant best practice industry standards, and ensure that the Products are of good
                                         and merchantable quality and fit for their purpose, and meet all legal requirements,
                                         including all product liability laws, applicable where the particular Product is to be
                                         Exploited; and

 

		(ii)	promptly
                                         notify NSi of any significant quality failures which affect the Products and any circumstances
                                         which may require the recall of any Products.

 

		10.2	Inspection
                                         of Licensee’s premises

 

On
reasonable notice from NSi, the Licensee must permit NSi or its authorised representative to inspect the Licensee’s premises
during business hours on a Business Day in order to observe the manufacture of Products and to verify whether the Licensee is
complying with its obligations under this Agreement.

 

		10.3	Records
                                         of Exploitation

 

The
Licensee must keep appropriate, comprehensive, accurate and up-to-date financial, technical and commercial records of its compliance
with its obligations under this Agreement and must:

 

		(a)	permit
                                         NSi, its authorised representative or agent, on reasonable notice and during ordinary
                                         business hours on a Business Day, to inspect and verify such records; and

 

		(b)	give
                                         all reasonable help in any such inspection and verification and permit NSi, its authorised
                                         representative or agent to take copies of such records.

 

		10.4	Cost
                                         of inspection

 

NSi’s
cost of inspections under clauses 10.2 and 10.3 will be borne by NSi unless an inspection shows that the Licensee is in breach
of its obligations under this Agreement, in which case the cost of that inspection will be payable by the Licensee.

 

    	 	12	 

    	 	 	 

    

  

		10.5	Obligations
                                         of sub-licensees

 

The
Licensee must procure:

 

		(a)	that
                                         all Sub-licensees comply with obligations substantially the same as those contained in
                                         this clause 10; and

 

		(b)	for
                                         NSi the rights of inspection under clauses 10.2 and 10.3 in respect of the Licensee’s
                                         Sub-licensees.

 

		10.6	Insurance

 

		(a)	The
                                         Licensee must during the Term, and for so long as is necessary after the Term to give
                                         effect to this clause 10.6, take out and maintain with reputable insurers reasonably
                                         acceptable to NSi:

 

		(i)	comprehensive
                                         public and product liability insurance policies which give coverage against all usual
                                         risks, including for any claim or demand arising out of or in relation to this Agreement,
                                         the Licensed IP or the Products (including but not limited to clinical trial insurance,
                                         once clinical trials have commenced) and for an amount in respect of each claim of at
                                         least the amount specified in the Details;

 

		(ii)	insurance
                                         in respect of all claims and liabilities arising, whether at common law or under statute,
                                         relating to workers compensation or employer’s liability, from any accident or
                                         injury to any person employed by the Licensee in connection with the Exploitation of
                                         the Products. This insurance must be in compliance with all laws of the relevant jurisdiction
                                         in which the Products will be manufactured, marketed and Sold; and

 

		(iii)	a
                                         professional indemnity insurance policy in connection with the activities to be carried
                                         out under this Agreement for an amount in respect of each claim of at least the amount
                                         specified in the Details.

 

		(b)	Unless
                                         prohibited by law, the Licensee must ensure that all policies of insurance required to
                                         be taken out by it under this clause 10.6 include NSi and UNSW as interested parties
                                         on such policy.

 

		(c)	Unless
                                         otherwise agreed by NSi in writing, any sub-contract or sub-licence granted by the Licensee
                                         with respect to the Licensed IP must require the sub-contractor or Sub-licensee to take
                                         out and maintain adequate insurance, including comprehensive public and product liability
                                         insurance policies, consistent with the requirements of this clause 10.6.

 

		(d)	The
                                         Licensee must at NSi’s request provide NSi with certificates of currency for the
                                         policies required to be taken out by the Licensee under this clause 10.6 within
                                         5 Business Days of such request.

 

		(e)	The
                                         Licensee must immediately notify NSi of any cancellation or change to a relevant insurance
                                         policy which affects NSi’s or UNSW’s interests.

 

		(f)	If
                                         any event occurs which may give rise to a claim involving NSi or UNSW under any policy
                                         of insurance to be taken out by the Licensee under this clause 10.6 the Licensee
                                         must:

 

		(i)	notify
                                         NSi as soon as reasonably practicable, but in any event within 10 Business Days of the
                                         occurrence of that event; and

 

		(ii)	ensure
                                         that NSi is kept fully informed of any subsequent actions and developments concerning
                                         the relevant claim.

 

		(g)	The
                                         Licensee’s obligations to insure under this clause 10.6 are material obligations
                                         of this Agreement. Without limiting NSi’s rights at law, in equity, under this
                                         Agreement or otherwise, any failure by the Licensee to comply with a provision of this
                                         clause 10.6 entitles NSi, at its sole discretion, to terminate this Agreement and/or
                                         to invoice the Licensee for, or set off against any sum payable by NSi to the Licensee,
                                         all costs and expenses NSi incurs in taking out and maintaining a policy of insurance
                                         which Licensee has failed to take out as required.

 

    	 	13	 

    	 	 	 

    

 

		11.	LICENSEE
                                         IMPROVEMENTS

 

		11.1	Disclosure
                                         by Licensee

 

The
Licensee must disclose all Licensee Improvements to NSi promptly upon their creation.

 

		11.2	Ownership
                                         of Licensee Improvements

 

All
right, title and interest in all Licensee Improvements vests in and is hereby assigned to NSi with effect from its creation.

 

		11.3	Licence
                                         of Licensee Improvements

 

All
Licensee Improvements will be automatically included in the Licensed IP and licensed to the Licensee on the terms of this Agreement
with effect from their creation.

 

		11.4	Assistance

 

Upon
request, each party must at its cost sign all documents and do all things (including requiring its officers, employees and contractors
to sign documents) as may be necessary or desirable to vest, confirm, perfect and record the ownership rights of the other party
under this clause 11.

 

		12.	CONFIDENTIAL
                                         INFORMATION

 

		12.1	Permitted
                                         use

 

The
Licensee may use and disclose NSi’s Confidential Information comprised in the Licensed IP solely to the extent necessary
for the Exploitation of the Licensed IP or Products in accordance with this Agreement.

 

		12.2	Obligations
                                         of confidentiality

 

Subject
to clause 12.1, each party must:

 

		(a)	not
                                         use, and ensure that its employees, officers and agents do not use, any Confidential
                                         Information of the other party for any purpose other than compliance with its obligations
                                         under this Agreement;

 

		(b)	take
                                         all action necessary to maintain the confidential nature of the Confidential Information
                                         of the other party, including keeping all records of that Confidential Information under
                                         lock and key or password protection;

 

		(c)	not
                                         disclose any of the Confidential Information of the other party to any person other than
                                         those of its employees who need to have access to that Confidential Information for the
                                         purposes of compliance with its obligations under this Agreement, who are aware of the
                                         requirements of this Agreement, and who are bound by an enforceable obligation of confidentiality;
                                         and

 

		(d)	destroy
                                         all documents and other materials in whatever form in its possession, power or control
                                         which contain or refer to any Confidential Information of the other party, on the earlier
                                         of expiry or termination of this Agreement, demand by the other party or the time they
                                         are no longer required for the purposes of this Agreement.

 

		12.3	Uncertainty

 

If
it is uncertain as to whether:

 

		(a)	any
                                         information is Confidential Information; or

 

		(b)	any
                                         Confidential Information is publicly available,

 

that
information will be taken to be Confidential Information and not generally available to the public unless the disclosing party
advises the recipient party in writing to the contrary or a court declares it to be publicly available.

 

    	 	14	 

    	 	 	 

    

 

	12.4	Disclosure
    required by law

 

Each
party may disclose Confidential Information of the other party if legally compelled to do so by a judicial, administrative body
or required to be disclosed pursuant to the listing rules of the stock exchange on which the shares of a party are quoted provided
it takes all reasonably available legal measures to avoid such disclosure, and notifies the other party as soon as practicable
after such disclosure is ordered so that the other party may seek an appropriate protective order or other remedy.

 

	12.5	Acknowledgement

 

Each
party acknowledges that due to the proprietary and competitively-sensitive nature of the Confidential Information of the other
party, the other party would be irreparably harmed by any actual or threatened breach of this clause 12, and that monetary damages
would be insufficient to remedy such actual or threatened breach.

 

	13.	MEDIA
    AND PUBLICATIONS

 

	13.1	Statements
    and use of name

 

	 	(a)	A
    party may not make press or other announcements or releases relating to this Agreement or the matters the subject of this
    Agreement without the prior written consent of the other party, such consent not to be unreasonably withheld.
	 	 	 
	 	(b)	In
    any publication, press release, advertising or other promotional material relating to the Licensed IP:
	 	 	 
	 	 	(i)	the
    Licensee must give due credit to UNSW and/or NSi as owner and/or licensor (as applicable), but must not otherwise use or permit
    to be used NSi’s or UNSW’s name without having previously obtained the consent in writing of NSi and/or UNSW (as
    applicable); and
	 	 	 	 
	 	 	(ii)	must
    not intentionally make or permit to be made any inaccurate or misleading statement in relation to the Licensed IP or the Products.

 

	13.2	Publication
    of Papers

 

A
party must not publish any Paper without the prior written consent of the other party. Where a party wishes to obtain the other
party’s consent for the publication of a Paper:

 

	 	(a)	the
    party must provide to the other party a copy of the proposed Paper at least 30 days prior to the proposed date of publication
    (or submission for publication where applicable);
	 	 	 
	 	(b)	the
    other party may within 21 days of receipt of a proposed Paper reasonably object to or request a delay of the publication of
    the Paper in whole or in part providing reasons, in which case the party must not publish, or must delay the publication of,
    the Paper (as applicable). If the other party fails to object or request a delay within this period, the other party will
    be deemed to have consented to the publication of the Paper; and
	 	 	 
	 	(c)	a
    party must not unreasonably withhold its consent to the publication of a Paper, provided that it may withhold consent if it
    reasonably believes the publication will adversely affect the protection or commercialisation of any Intellectual Property
    owned by it.

 

	13.3	Acknowledgements

 

Each
party must acknowledge the role of the other party in any Paper, and each party must, where any significant advice or recommendations
have been provided by an employee of the other party, appropriately acknowledge the authorship of that person, in each case in
accordance with usual academic practice.

 

	13.4	Student
    Theses

 

This
clause 13 does not prohibit the examination of any student thesis provided that where a party validly objects to the publication
of the thesis in accordance with clause 13, the examination of the thesis must be undertaken by examiners bound by written obligations
of confidentiality, and the thesis may not be deposited in any library or otherwise made available to the public other than in
accordance with this clause 13.

 

    	 	15	 

    	 	 	 

    

 

	14.	INFRINGEMENT
    AND ENFORCEMENT

 

	14.1	Notice
    of proceedings

 

Each
party must immediately give to the other party full details of any actual or suspected infringement or any action for revocation
of any of the Licensed IP by a third party in the Territory (Infringement) of which it becomes aware. If such an Infringement
occurs, the parties must consult with each other as to an appropriate course of action.

 

	14.2	Licensee
    to enforce

 

If
an Infringement occurs, the Licensee must, to the extent commercially and legally reasonable in accordance with the advice and
resources available to it, institute and prosecute or defend (as applicable) proceedings in its own name at its cost to prevent
infringement of the Licensed IP by the third party or revocation of the Licensed IP, or to defend any cross-claim asserting invalidity
of the Licensed IP, and the Licensee must:

 

	 	(a)	give
    NSi reasonable notice, keep NSi advised of the progress, and consult with NSi and accept the reasonable directions of NSi
    about the conduct of such proceedings;
	 	 	 
	 	(b)	provide
    to NSi on request, at no cost to NSi, copies of all documents used in or prepared for such proceedings;
	 	 	 
	 	(c)	indemnify
    NSi and UNSW against all actions, claims, loss, awards, costs, damages and expenses arising out of or in connection with those
    proceedings; and
	 	 	 
	 	(d)	the
    Licensee’s liability to indemnify NSi and UNSW under clause 14.2(c) will be reduced proportionally to the extent that
    any act or omission of NSi or UNSW contributed to the action, claim, loss, award, cost, damage or expense.

 

	14.3	NSi
    may join action

 

If
the Licensee institutes or defends proceedings with respect to an Infringement in accordance with clause 14.2, NSi may join the
Licensee in such proceedings and may contribute to the costs and expenses of the proceedings.

 

	14.4	NSi
    may proceed alone

 

If
the Licensee fails to institute or defend proceedings with respect to an Infringement in accordance with clause 14.2, NSi may
institute or defend such proceedings on its own in its own name and at its cost and may retain any damages or other amounts received
through settlements or adjudications of such proceedings.

 

	14.5	Third
    party claims

 

	 	(a)	If
    proceedings are threatened or commenced by a third party against a party in any country on the ground that the Exploitation
    of the Licensed IP infringes an Intellectual Property rights vested in the third party, then:

 

	 	(i)	the
    party threatened or sued must immediately notify the other party; and
	 	 	 
	 	(ii)	the
    parties will refer the matter to leading legal counsel for advice on whether a defence or threats action will have a reasonable
    chance of a successful outcome and whether there are circumstances making it imprudent to defend or commence proceedings.

 

	 	(b)	If
    proceedings are threatened or commenced against a party, that party will be solely responsible for the defence of those proceedings
    and bringing any threats action, and indemnifies the other party against all actions, claims, loss, awards, costs, damages
    and expenses arising out of or in connection with those proceedings.
	 	 	 
	 	(c)	A
    party will not be required to defend any infringement proceedings brought by a third party or institute any threats action
    where leading counsel advises that it would be imprudent to defend or commence proceedings.

 

    	 	16	 

    	 	 	 

    

 

	14.6	Amendment

 

If
the parties agree or NSi is advised by counsel that, prior to the defence or institution of proceedings, the specification of
any Patent should be amended, NSi may apply to amend the specification.

 

	14.7	Assistance

 

Each
party agrees, on the request of the other party, at its cost to provide to the other party all information and assistance reasonably
required by the other party in connection with any action or proceedings contemplated by this clause 14, including providing documents
and witnesses to give evidence.

 

	15.	WARRANTIES

 

	15.1	Mutual
    warranties

 

Each
party warrants that as at the date of execution of this Agreement:

 

	 	(a)	it
    has the power and authority to enter into and perform its obligations under this Agreement and that the execution of this
    Agreement by it has been duly and validly authorised by all necessary corporate action;
	 	 	 
	 	(b)	its
    obligations under this Agreement are valid and binding and enforceable against it in accordance with their terms; and
	 	 	 
	 	(c)	this
    Agreement and its performance do not contravene its constituent documents or any law, or any of its obligations or undertakings
    by which it is bound, or cause a limitation on the powers of its corporate officers to be exceeded.

 

	15.2	NSi’s
    warranties

 

NSi
warrants that to the best of its actual knowledge as at the date of execution of this Agreement:

 

	 	(a)	it
    owns the Licensed IP and has the right to grant the licences to the Licensed IP contained in this Agreement;
	 	 	 
	 	(b)	the
    Licensed IP constitutes all the Intellectual Property owned and developed by NSi in relation to the Patents;
	 	 	 
	 	(c)	no
    Background IP is required for the Exploitation of the Licensed IP by the Licensee;
	 	 	 
	 	(d)	there
    is no litigation pending in respect to the Licensed IP, and no claim or demand has been received by NSi from any person in
    relation to the ownership or validity of the Licensed IP;
	 	 	 
	 	(e)	the
    Licensed IP is not encumbered, mortgaged, or charged in any way, nor subject to any lien;
	 	 	 
	 	(f)	it
    has not granted to any person any licence to the Licensed IP which may conflict with the licences granted in this Agreement,
    other than as expressly permitted by this Agreement;
	 	 	 
	 	(g)	it
    is not aware of any matter (other than matters disclosed to the Licensee prior to the Commencement Date) that would or is
    likely to render any of the Patents invalid;
	 	 	 
	 	(h)	the
    disclosure of the Licensed IP and NSi’s Confidential Information to the Licensee, or by the Licensee to another person
    in accordance with this Agreement, will not be in breach of any obligation of confidentiality owed to another person; and
	 	 	 
	 	(i)	except
    as disclosed by NSi to the Licensee, and except for this Agreement, NSi has not entered into any deed, contract, arrangement
    or understanding dealing in any way with the Licensed IP.

 

    	 	17	 

    	 	 	 

    

 

	15.3	Limit
    on warranties

 

The
warranties by NSi in clause 15.2 are given by NSi:

 

	 	(a)	to
    the best of its actual knowledge, without having searched in any patent database in any country, and are given subject to
    anything that may be discovered from such a search and any research or other work being undertaken by any person, which may
    be concerned with the same subject matter as the Licensed IP, of which NSi is not aware; and
	 	 	 
	 	(b)	subject
    to all liabilities, contracts and other matters disclosed by or on behalf of NSi to the Licensee before the date of execution
    of this Agreement, and do not apply in respect of any matter disclosed in, or arising out of or in connection with, any such
    liabilities, contracts and other matters.

 

	15.4	Licensee’s
    warranties

 

The
Licensee warrants that as at the date of execution of this Agreement:

 

	 	(a)	it
    has the necessary resources, skills and technical expertise to Exploit the Licensed IP and Products in accordance with and
    perform its obligations under this Agreement;
	 	 	 
	 	(b)	it
    has made its own assessment of the Licensed IP and Products and the commercial value of the licences granted under this Agreement;
	 	 	 
	 	(c)	it
    has exercised its independent skill and judgment and has carried out its own investigations in its decision to enter into
    this Agreement;
	 	 	 
	 	(d)	it
    has not relied on any advice, promise or representation made by or on behalf of NSi (including by UNSW or UNSW personnel)
    which has not been expressly included in this Agreement; and
	 	 	 
	 	(e)	it
    has obtained, or where required in the future will obtain, all authorisations, registrations, approvals and permits required
    by any governmental body or under any government legislation in any relevant jurisdiction in connection with the Licensee’s
    entry into and performance of this Agreement and the Exploitation of the Licensed IP and Products.

 

	15.5	Exclusion
    of warranties

 

The
Licensee acknowledges and agrees that:

 

	 	(a)	NSi
    has not made or given, nor has any person on behalf of NSi made or given, any warranty, representation, undertaking or understanding
    whatsoever that is not expressly set out in this Agreement; and
	 	 	 
	 	(b)	NSi
    has not made and does not make any warranty or representation whatsoever as to:

 

	 	(i)	the
    safety of the Licensed IP or the Products;
	 	 	 
	 	(ii)	the
    Exploitation of the Licensed IP or of the Products, except as set out in clause 15.2;
	 	 	 
	 	(iii)	the
    marketability of the Licensed IP or of the Products;
	 	 	 
	 	(iv)	the
    Exploitation prospects or success of any part of the Licensed IP or of the Products or the profits or revenues that may result
    from the Exploitation of the Licensed IP or the Products;
	 	 	 
	 	(v)	the
    validity of any right in respect of the Licensed IP, whether in respect of the Products or otherwise, except as set out in
    clause 15.2(g);
	 	 	 
	 	(vi)	NSi’s
    Confidential Information or the Know-how being complete or accurate;
	 	 	 
	 	(vii)	the
    Exploitation of the Licensed IP being lawful or not requiring the consent or approval of any person (including regulatory
    approval); and
	 	 	 
	 	(viii)	it
    being possible to grant an exclusive licence of the Licensed IP under the law of any jurisdiction within the Territory.

 

	16.	LIABILITY

 

	16.1	NSi’s
    exclusions

 

Except
for liability under any Prescribed Terms (as defined in clause 16.2), to the extent permitted by law NSi excludes all liability
to the Licensee arising out of or in connection with the suitability of the Licensed IP for the Exploitation of Products, the
quality or performance of any Products, or the claims of third parties arising from the Exploitation of the Licensed IP or Products.

 

    	 	18	 

    	 	 	 

    

 

	16.2	Prescribed
    terms

 

	 	(a)	Subject
    to any terms, conditions and warranties which the law expressly provides may not be excluded, restricted or modified, or may
    be excluded, restricted or modified only to a limited extent (Prescribed Terms), except as expressly set out in this
    Agreement, all conditions, warranties, terms and obligations expressed or implied by law or otherwise relating to the performance
    of a party’s obligations, or any goods or services supplied or to be supplied by a party, under this Agreement are excluded.

 

	 	(b)	To
    the extent permitted by law, the liability of a party for a breach of a Prescribed Term implied into this Agreement is limited,
    at that party’s option, to the repair or replacement of the goods, the cost of repairing or replacing the goods, the
    re-supply of the services or the payment of the cost of re-supplying the services.

 

	16.3	Consequential
    loss

 

To
the extent permitted by law, a party will have no liability to the other party, however arising and under any cause of action
or theory of liability, in respect of special, indirect or consequential damages, loss of profit (whether direct or indirect)
or loss of business opportunity arising out of or in connection with this Agreement.

 

	16.4	Indemnity
    by Licensee

 

The
Licensee releases and indemnifies NSi, UNSW, and their officers, employees, consultants and agents, from and against all actions,
claims, proceedings and demands (including those brought by third parties) which may be brought against it or them, whether on
their own or jointly with the Licensee and whether at common law, under tort (including negligence), in equity, pursuant to statute
or otherwise, in respect of any loss, death, injury, illness or damage arising out of:

 

	 	(a)	any
    breach by the Licensee of its warranties or obligations under this Agreement;
	 	 	 
	 	(b)	any
    negligent act or omission or wilful misconduct of the Licensee or its officers, employees, consultants or agents;
	 	 	 
	 	(c)	the
    Exploitation of the Licensed IP or Products by or on behalf of the Licensee or its Sub-licensees, including but not limited
    to, breach of Intellectual Property rights of third parties arising in the course of such Exploitation;
	 	 	 
	 	(d)	the
    design, manufacture, marketing or supply of the Products by or on behalf of the Licensee or its Sub-licensees; or

 

	 	(e)	any
    person’s use of any Products supplied by or on behalf of the Licensee or its Sub-licensees,

 

and
from and against all damages, reasonable costs and expenses incurred in defending, satisfying or settling any such action, claim,
proceeding or demand.

 

	16.5	Cap
    on Liability

 

To
the extent permitted by law, the total aggregate liability of NSi arising out of or in connection with the Licensed IP, the Products
or this Agreement, whether based upon breach of contract, under common law, statute, tort (including any negligence) or otherwise,
and whether or not NSi had been advised of the possibility of such loss or damage:

 

	 	(a)	arising
    out of any one act, omission or event and any one series of related acts, omissions or events are not to exceed the amount
    of Licence Fees, paid by the Licensee to NSi in the 12 month period prior to the act, omission or event or the first in the
    series of acts, omissions or events giving rise to the liability; and
	 	 	 
	 	(b)	arising
    out of all acts, omissions and events whenever occurring is not to exceed the total amount of Licence Fees, paid to NSi under
    this Agreement,

 

less
any Taxes forming part of those amounts and less any amounts paid by NSi to the Licensee within the relevant period.

 

    	 	19	 

    	 	 	 

    

 

	17.	TERM
    AND TERMINATION

 

	17.1	Agreement
    to continue for Term

 

Subject
to earlier termination in accordance with this Agreement, this Agreement will commence on the Commencement Date and continue in
force for the Term.

 

	17.2	Expiry
    of Intellectual Property rights during the Term

 

The
licences granted under this Agreement expire in relation to a Product in a country once all Patents in that country any claim
of which governs the Exploitation of that Product and all Other Statutory Rights in that country which subsist in the Exploitation
of that Product expire, lapse, are found to be invalid or are rejected in a non-appealable or non-appealed decision, and all Know-how
in respect of the Exploitation of that Product has entered the public domain.

 

	17.3	Termination
    by NSi

 

	 	(a)	NSi
    may terminate this Agreement, or the licence of any right in respect of the Licensed IP, by giving written notice to the Licensee
    if:

 

	 	(i)	the
    Licence Fees, are in arrears and unpaid for a period of 30 days after they have become due and payable;
	 	 	 
	 	(ii)	the
    Licensee commits or allows to be committed a breach (other than a trivial breach causing no material harm) of this Agreement
    and, where the breach is capable of remedy, fails to remedy that breach within 30 days of receiving written notice from NSi
    describing the breach and asking for it to be remedied;
	 	 	 
	 	(iii)	the
    Licensee suffers a change in Control;
	 	 	 
	 	(iv)	an
    Insolvency Event occurs in relation to the Licensee;
	 	 	 
	 	(v)	the
    Licensee commits or allows to be committed a breach (other than a trivial breach causing no material harm) of the Shareholders
    Agreement or the Shareholders Variation Agreement and, where the breach is capable of remedy, fails to remedy that breach
    within 30 days of receiving written notice from NSi describing the breach and asking for it to be remedied; or
	 	 	 
	 	(vi)	the
    Licensee ceases or threatens to cease to carry on its business.

 

	 	(b)	Clause
    17.3(a)(iii) does not apply to:

 

	 	(i)	a
    corporate reconstruction of Affiliates which, in the reasonable opinion of NSi, does not adversely affect the Licensee’s
    ability to perform this Agreement
	 	 	 
	 	(ii)	a
    change of Control occurring in accordance with the Shareholders Agreement or the Shareholders Variation Agreement;
	 	 	 
	 	(iii)	the
    Licensee is admitted to the official list of a recognised securities exchange.

 

	17.4	Termination
    by Licensee

 

The
Licensee may terminate this Agreement by giving written notice to NSi if:

 

	 	(a)	NSi
    commits or allows to be committed a breach (other than a trivial breach causing no material harm) of this Agreement and, where
    the breach is capable of remedy, fails to remedy that breach within 60 days of receiving written notice from the Licensee
    describing the breach and asking for it to be remedied; or
	 	 	 
	 	(b)	an
    Insolvency Event occurs in relation to both NSi and UNSW.

 

	17.5	Consequences
    of termination by NSi

 

Upon
the termination by the Licensor in accordance with 17.3, the Licensee must promptly:

 

	 	(a)	pay
    the Licensor all amounts owing under this Agreement, which become immediately due on termination;
	 	 	 
	 	(b)	except
    to the extent applicable law provides otherwise, cease Exploiting the Licensed IP;

 

    	 	20	 

    	 	 	 

    

 

	 	(c)	provide
    NSi with details of any sub-licences or other arrangements entered into by the Licensee relating to or relying upon the Licensed
    IP;
	 	 	 
	 	(d)	at
    NSi’s option deliver to NSi or erase or destroy, or procure the delivery, erasure or destruction (as applicable) of,
    all materials, including electronic storage, in the possession or under the control of the Licensee or its Affiliates containing
    any Confidential Information of NSi; and
	 	 	 
	 	(e)	deliver
    to NSi a statutory declaration made by an authorised officer of the Licensee declaring that to the best of that person’s
    knowledge and belief (after having made proper inquiries) none of Licensee, its Affiliates and their officers, employees,
    agents, contractors or advisers have retained any Confidential Information of NSi and that the Licensee has fully complied
    with its obligations under clause 17.5(d).

 

	17.6	Consequences
    of termination by the Licensee

 

Upon
the termination by the Licensee in accordance with 17.4, the Licensor must promptly:

 

	 	(a)	pay
    the Licensee all amounts owing under this Agreement, which become immediately due on termination;
	 	 	 
	 	(b)	assign
    and transfer all its ownership rights to the Licensed IP to the Licensee at a nominal consideration of $1 (Transfer)
    ;
	 	 	 
	 	(c)	sign
    and deliver all documents and do all things necessary to effect the Transfer.

 

Upon
the termination by the Licensee in accordance with 17, the Licensee shall be deemed as appointed as the attorney of the Licensor
to:

 

	 	(d)	effect
    the Transfer;
	 	 	 
	 	(e)	take
    all action required under to this clause to effect the Transfer; and
	 	 	 
	 	(f)	execute
    and deliver an instrument of transfer in relation to the Transfer; and
	 	 	 
	 	(g)	any
    other document that, in the opinion of the attorney, is necessary or appropriate to enable the Transfer.

 

	17.7	Other
    remedies

 

Termination
of this Agreement by a party under clauses 9.3, 17.3 or 17.4 is without prejudice to each party’s right to sue for and recover
any monies then due in respect of any previous breach by the other party of this Agreement.

 

	17.8	Survival

 

Clauses
6.1, 6.2, 10.6, 12, 13, 15, 16, 17.5, 17.7, 18.2(b) and 19 survive the termination or expiry of this Agreement for any reason.

 

	18.	FORCE
    MAJEURE

 

	18.1	Relief
    for Force Majeure

 

If
a party is wholly or partly unable to carry out its obligations under this Agreement (other than an obligation to pay money) because
of Force Majeure, the obligations of that party will be suspended provided that:

 

	 	(a)	within
    a reasonable time after the occurrence of the Force Majeure, the party gives the other party a written notice specifying the
    Force Majeure;
	 	 	 
	 	(b)	the
    relevant obligations will be suspended only to the extent that the obligations are affected by Force Majeure;
	 	 	 
	 	(c)	the
    relevant obligations will be suspended during, but no longer than, the continuance of the Force Majeure, and such further
    period as is reasonable in the circumstances; and
	 	 	 
	 	(d)	the
    party giving the notice uses its best efforts to promptly abate the Force Majeure.

 

    	 	21	 

    	 	 	 

    

 

	18.2	Other
    party may terminate

 

	 	(a)	If
    a party is wholly or partly unable to carry out its obligations under this Agreement due to Force Majeure for a period of
    more than 3 months, the other party may terminate this Agreement or the licence of any right in respect of the Licensed IP
    by giving written notice.
	 	 	 
	 	(b)	Termination
    under this clause 18.2 is without prejudice to the rights of any party arising before or due to the event giving rise to termination,
    or from any breach of this Agreement.

 

	19.	DISPUTE
    RESOLUTION

 

	19.1	No
    proceedings

 

If
a dispute arises out of or in connection with this Agreement (Dispute), no party may start court or arbitration proceedings
(except proceedings seeking urgent interlocutory relief) unless it has complied with this clause 19.

 

	19.2	Dispute
    resolution

 

	 	(a)	A
    party claiming that a Dispute has arisen must give written notice to the other party giving details of the Dispute (Notification).
	 	 	 
	 	(b)	Within
    14 days (or any longer period agreed by the parties) of receipt by the other party of a Notification, the Chief Executive
    Officers (or equivalent) of each party must personally or through a nominee attempt in good faith to resolve the Dispute,
    failing which the parties must seek to agree on an alternative dispute resolution technique to resolve the Dispute.
	 	 	 
	 	(c)	If
    the parties fail to agree on the dispute resolution technique to be used within a further 7 days (or any longer period agreed
    by the parties), the Dispute will be referred to mediation by, and in accordance with the rules of, the Australian Commercial
    Disputes Centre Limited. The mediation will be conducted in Sydney in the English language.
	 	 	 
	 	(d)	If
    there is no resolution of the Dispute within 30 Business Days of mediation under clauses 19.2(c), any party may commence legal
    proceedings in any court or tribunal in relation to a matter that is the subject of a Dispute.
	 	 	 
	 	(e)	The
    parties must continue to perform their respective obligations under this Agreement pending the resolution of a Dispute.
	 	 	 
	 	(f)	Each
    party must bear its own costs of complying with this clause 19.

 

	20.	GENERAL

 

	 	(a)	This
    Agreement contains the entire agreement between the parties as to its subject matter and may only be amended in writing signed
    by all parties.

 

	 	(b)	Notices
    must be given to the parties’ addresses set out at the front of this Agreement or as otherwise notified by the parties
    in writing and must be delivered in person or sent by email, fax or prepaid post (airmail if international). Notices will
    be deemed to have been received:

 

	 	(i)	if
    delivered in person, on the date of delivery;

 

	 	(ii)	if
    sent by email, an email is deemed to be received 2 hours after the time sent (as recorded on the device from which the sender
    sent the email), unless the sender receives an automated message that the email has not been delivered.;

 

or

 

	 	(iii)	if
    sent by prepaid post, 3 business days after posting (7 business days if sent to or from a place outside of Australia).

 

	 	(c)	No
    delay or indulgence by a party in enforcing this Agreement will prejudice or restrict the rights of that party, nor will a
    waiver of those rights operate as a waiver of a subsequent breach.
	 	 	 
	 	(d)	No
    part of this Agreement is to be construed to the disadvantage of a party because that party was responsible for its preparation.
	 	 	 
	 	(e)	Nothing
    in this Agreement may be construed as creating a relationship of partnership, joint venture employment, principal and agent
    or trustee and beneficiary.

 

    	 	22	 

    	 	 	 

    

 

	 	(f)	A
    party, at the request of another party, must do all things and sign all documents necessary to give effect to this Agreement.
	 	 	 
	 	(g)	If
    any provision of this Agreement is or becomes invalid or unenforceable then, if the provision can be read down to make it
    valid and enforceable without materially changing its effect, it must be read down, and otherwise the offending provision
    must be severed and the remaining provisions will operate as if the provision had not been included.
	 	 	 
	 	(h)	This
    Agreement is governed by the laws of New South Wales, Australia, and the parties submit to the non-exclusive jurisdiction
    of the courts of that State.
	 	 	 
	 	(i)	Each
    signatory to this Agreement warrants that he or she has authority to bind the party that he or she is stated to represent.
	 	 	 
	 	(j)	This
    Agreement may be executed in any number of counterparts all of which taken together will constitute one agreement.

 

    	 	23	 

    	 	 	 

    

 

Table
of Contents

 

	1. 	DEFINITIONS AND INTERPRETATION	3
	2. 	LICENCE	7
	3. 	SUB-LICENCES	8
	4. 	PAYMENTS	9
	5. 	TAXES	9
	6. 	ACCOUNTS	10
	7. 	PROSECUTION AND MAINTENANCE OF PATENTS	10
	8. 	NO CHALLENGE TO VALIDITY	11
	9. 	EXPLOITATION BY LICENSEE	11
	10. 	PRODUCTS	12
	11. 	LICENSEE IMPROVEMENTS	14
	12. 	CONFIDENTIAL INFORMATION	14
	13. 	MEDIA AND PUBLICATIONS	15
	14. 	INFRINGEMENT AND ENFORCEMENT	16
	15. 	WARRANTIES	17
	16. 	LIABILITY	18
	17. 	TERM AND TERMINATION	20
	18. 	FORCE MAJEURE	21
	19. 	DISPUTE RESOLUTION	22
	20. 	GENERAL	22

 

    	 	24	 

    	 	 	 

    

 

Annexure
1

 

Patents

 

	NSi Ref/ID	 	Title	 	Type of Patent Application	 	Application No	 	 	Patent No	 	 	Priority date	 	Country
	06_2020-03	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	2668010	 	 	 	2668010	 	 	1/11/2006	 	Canada
	06_2020-04	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	200780043989.2	 	 	 	ZL200780043989.2	 	 	1/11/2006	 	China
	06_2020-06	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	2558/CHENP/09		 	 	281402	 	 	1/11/2006	 	India
	06_2020-07	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	2009-533614	 	 	 	5301449	 	 	1/11/2006	 	Japan
	06_2020-08	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	12/513159		 	 	8268883	 	 	1/11/2006	 	United States
	06_2020-09	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	2007314076	 	 	 	2007314076	 	 	1/11/2006	 	Australia
	06_2020-10	 	Organo-arsenoxide compounds and use thereof	 	Divisional	 	 	13/586959		 	 	9765101	 	 	1/11/2006	 	United States
	06_2020-11	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	2069371	 	 	1/11/2006	 	Belgium
	06_2020-12	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	2069371	 	 	1/11/2006	 	France
	06_2020-13	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	602007029092.9	 	 	1/11/2006	 	Germany
	06_2020-14	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	502013902165127	 	 	1/11/2006	 	Italy
	06_2020-15	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	7815480.4	 	 	1/11/2006	 	Spain
	06_2020-16	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	2069371	 	 	1/11/2006	 	Switzerland
	06_2020-17	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	2069371	 	 	1/11/2006	 	Netherlands
	06_2020-18	 	Organo-arsenoxide compounds and use thereof	 	National Phase	 	 	7815480.4	 	 	 	2069371	 	 	1/11/2006	 	United Kingdom
	2015-045-02	 	Pharmaceutical combinations of organo-arsenoxide compounds and mTOR inhibitors	 	National Phase	 	 	2015398613	 	 	 	 	 	 	15/06/2015	 	Australia
	2015-045-09	 	Pharmaceutical combinations of organo-arsenoxide compounds and mTOR inhibitors	 	Divisional	 	 	16/915478		 	 	 	 	 	15/06/2015	 	United States

 

    	 	25	 

    	 	 	 

    

 

Annexure
2

 

Milestones

 

For
convenience, the milestones and share issue timetable are as at the commencement date are as set below. For the avoidance of doubt,
the milestones set out in clause 3.1 of Schedule 5 of the Shareholders Variation Agreement will take priority over the milestones
set out below.

 

The
Licensee must issue the Shares, as follows:

 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	26	 

    	 	 	 

    

 

	 	 	 	 	 	 	 	 	 	 	Shares to be issued	 	 	 	 	 	Notes to be issued	 
	#	 	 	Milestone	 	Estimated date	 	 	Amount to be paid by Beroni	 	 	 	Beroni	 	 	 	NSi - Shares	 	 	 	Total Shares to be issued	 	 	 	NSi - Notes	 	 	 	NSi Shares + Notes	 
	0	 	 	Provided under term sheet with Cystemix	 	received	 	$	400,000	 	 	 	40,000	 	 	 	60,000	 	 	 	100,000	 	 	 	0	 	 	 	60,000	 
	 	 	 	Progress payments to PENAO	 	March, June, August 2020	 	$	350,000	 	 	 	35,000	 	 	 	0	 	 	 	35,000	 	 	 	52,500	 	 	 	52,500	 
	1	 	 	Revision to Shareholders Agreement and enter Convertible Notes Agreement	 	31-Dec-20	 	$	300,000	 	 	 	30,000	 	 	 	9,000	 	 	 	39,000	 	 	 	36,000	 	 	 	45,000	 
	2	 	 	Initiation of drug manufacturing campaign with an approved contract manufacturing organisation	 	1-Mar-21	 	$	1,300,000	 	 	 	130,000	 	 	 	83,115	 	 	 	213,115	 	 	 	111,885	 	 	 	195,000	 
	3	 	 	China NMPA engagement	 	1-Jun-21	 	$	1,500,000	 	 	 	150,000	 	 	 	95,902	 	 	 	245,902	 	 	 	129,098	 	 	 	225,000	 
	4	 	 	Progress payment	 	1-Sep-21	 	$	1,000,000	 	 	 	100,000	 	 	 	63,934	 	 	 	163,934	 	 	 	86,066	 	 	 	150,000	 
	5	 	 	Contract Research Organisation engagement	 	1-Dec-21	 	$	1,000,000	 	 	 	100,000	 	 	 	63,934	 	 	 	163,934	 	 	 	86,066	 	 	 	150,000	 
	6	 	 	 Clinical Study Site Initiation	 	1-Mar-22	 	$	1,000,000	 	 	 	100,000	 	 	 	63,934	 	 	 	163,934	 	 	 	86,066	 	 	 	150,000	 
	7	a	 	Progress payment	 	1-Jun-22	 	$	1,000,000	 	 	 	100,000	 	 	 	63,934	 	 	 	163,934	 	 	 	86,066	 	 	 	150,000	 
	7	b	 	Progress payment	 	1-Sep-22	 	$	1,000,000	 	 	 	100,000	 	 	 	63,934	 	 	 	163,934	 	 	 	86,066	 	 	 	150,000	 
	7	c	 	Progress payment	 	1-Dec-22	 	$	1,000,000	 	 	 	100,000	 	 	 	63,934	 	 	 	163,934	 	 	 	86,066	 	 	 	150,000	 
	 	 	 	TOTAL	 	 	 	$	9,850,000	 	 	 	985,000	 	 	 	631,621	 	 	 	1,616,621	 	 	 	845,879	 	 	 	1,477,500	 
	 	 	 	Proportion of shareholding	 	 	 	 	 	 	 	 	60.93	%	 	 	39.07	%	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	27Exhibit
10.7

 

	Term
        Sheet for

        Beroni
        Investment in Cystemix

	Parties	 	Cystemix
        Pty Limited ACN 102 348 818 (Company)

         

        Rupert
        Myers Building, Gate 14 Barker Street

        UNSW
SYDNEY NSW 2052

        Contact:
Mr Warwick Dawson

        Tel:
+ 61 2 9385 5555

        Fax:
+ 61 2 9385 6524

         

	 	NewSouth
        Innovations Pty Ltd ABN 25 000 263 025 (NSi)

         

        Rupert
        Myers Building, Gate 14 Barker Street

        UNSW
SYDNEY NSW 2052

        Contact:Mr
Frank Fotea

        Tel:
+ 61 2 9385 5555

        Fax:
+ 61 2 9385 6524

         

	 	Beroni
        Group Limited ABN 20 613 077 526 (Beroni)

         

        Level
        36, Gateway Tower

        1
Macquarie Place

        Sydney
NSW Australia 2000

        Contact:Mr
BoQing (Jacky) Zhang / Mr Peter Wong

        Tel:
+61 2 8051 3055

        Email:
1710426553@qq.com

        pwong@asiainvest.com.au

         

	1.
    Purpose	 	This
        term sheet (the “Term Sheet”) is intended to describe the general terms and conditions of a proposed
        acquisition by Beroni of shares in the Company under a definitive Subscription and Shareholders Agreement and related
        documents (together, the “Transaction Documents”) and is to be read with the “Investment or Partnership
        Opportunity: PENAO: A Clinical Candidate Selectively Targeting the Tumour Metabolism of Glioblastoma” (“IM”)
        prepared on or about March 2017, a copy of which is attached to this Term Sheet.

         

	2.
        Establishment Contribution & Share issue

         
	 	On
    execution of this Term Sheet Beroni will pay AU$400,000 to Company (Establishment Contribution). In consideration of the payment
    of the signing fee under the investment intent letter (dated 1st Nov 2017) and Establishment Contribution the Company
    will issue new ordinary shares to Beroni equal to 2.2% of the issued and paid shares of the Company (Beroni Shares).
    The Establishment Contribution will be used to engage a part-time project officer and other external consultants, to pay outstanding
    invoices issued to the Company prior to the date of execution of this Term Sheet (but excluding for the avoidance of doubt
    any debts owed by the Company to UNSW or NSi) and legal fees, including any tax advice required to prepare the Transaction
    Documents. NSI and Beroni will pay their own legal costs in relation to the transaction.

 

    	Commercial-in-confidence	Page 1 of 7	Not for onwards circulation

    	 

    

 

	3.
    Termination prior to Investment and option to acquire Beroni Shares	 	If
        the Transaction Documents are not executed within the Term, the parties will have no further obligations to each other
        under this Term Sheet except that:

         

	 	a)	Beroni
    hereby grants to NSi or its nominee the right but not the obligation (Call Option) to acquire the Beroni Shares at
    any time within the 10 year period commencing the date this Term Sheet (Call Option Period) at the lesser of and at
    NSi’s sole discretion:
	 	 	 	 
	 	 	a.	the
    price per share paid by a genuine third party investor for shares in the Company; or
	
	 	 	b.	at
    a 20% discount on the price paid by Beroni for the Beroni Shares (Call Option Share Sale Price); and
	 	 	 	 
	 	b)	NSi
    may issue a notice of exercise to acquire the Beroni Shares at any time during the Call Option Period and on such issue, each
    party must meet and complete the transfer of the Beroni Shares within ten (10) business days of the issue of the Notice of
    Exercise, at the offices of NSi, at which point NSi will pay the Call Option Share Sale Price to Beroni, and Beroni must transfer
    the Beroni Shares to NSi.
	 	 	 	 	 
	4.
        Investment & Share Issue

         
	 	On
    execution of and subject to the terms of the Transaction Documents Beroni will pay AUD $9.45 Million in tranches to the Company
    for a further share issue of 37.8% partly paid shares of the Company (the “Partly Paid Share”).
	 	 	 	 
	 	The
    first tranche will be AUD$500,000 (Tranche 1 Investment). The Tranche 1 Investment will be used by the Company to undertake
    the following activities: 
	 	 	 	 
	 	 	-	engage
    one FTE project manager to manage the clinical development of PENAO 
	
	 	 	-	explore
    the possibility to apply for FDA or EMA orphan drug/fast track/breakthrough designations
	
	 	 	-	scope
    and price of a trial design plan (the Trial Plan);
	
	 	 	-	contract
    manufacture/obtain the investigational materials (PENAO and other combinatory medications) 
	
	 	 	-	fund
    any preclinical studies necessary to satisfy the regulatory requirements in selected jurisdictions or to initiate further
    clinical development
	
	 	 	-	Based
    on the Trial Plan, prepare a business plan, management structure, budget and further tranche payments required to conduct
    and support the business of the company (Business Plan).
	 	 	 	 
	 	On
    the issue of the Partly Paid Share, Beroni will be entitled to appoint one Board member to the Company Board. 
	 	 	 	 
	 	The
    remaining tranches will be paid in accordance with the Business Plan provided that the Company will not undertake any financial
    commitment unless it has the funds required to satisfy that commitment in hand. 
	 	 	 	 
	 	For
    the avoidance of doubt and subject to achieving milestones set out in the Business Plan, Beroni will be obligated to pay a
    total of $10m for a 40% of the fully paid shares in the Company

 

    	Commercial-in-confidence	Page 2 of 7	Not for onwards circulation

    	 

    

 

	5.
    Beroni Call Option 	 	NSi
    grants to Beroni or its nominee a call option to require NSi to transfer 11% of its equity in the Company to Beroni during
    the period commencing when 50% patient enrolment of a Phase II trial and 2 months after Phase II completion date (ie., the
    date when Cystemix is given the study completion report) at AUD$5,500,000. 
	 	 	 
	6.
    Capitalisation	 	Schedule
    1 sets out the capitalisation of the Company following the Establishment and Scoping phases and an indicative capitalisation
    following the Further investment.
	 	 	 
	7.
    Board of Directors	 	Following
        execution of the Transaction documents, the Company Board will initially consist of 4 directors and be expanded to 5 as
        indicated in Schedule 1 when Beroni shares are fully paid with:

         

        a)
        3 nominated by NSi; and

        b)
        2 nominated by Beroni.

         

        If
        Beroni pays for its shares in tranches, Schedule 1 sets out an indicative Company Board structure.

         

        The
        chair will be appointed by the Board from amongst the directors and will have a casting vote in the event of a deadlock.

         

        The
        Company Board will meet a minimum of 4 times per year.

	 	 	 
	8.
    Management Structure	 	The
        Company Board will appoint a project manager following execution of the transaction documents. The structure following
        the Initial investment will be set out in the Business Plan.

         

        Appointment
        of senior positions in each case will require approval by a majority decision of the Company Board.

	 	 	 
	9.
    Termination Rights 	 	On
        a winding up, the Company will assign any IP it owns to NSi (Assigned IP) at a nominal value. If NSi commercialises the
        Assigned IP it will pay to Beroni a percentage share of net commercialisation revenue which NSi actual receives and which
        is attributable to the Assigned IP and which will be equal to the percentage of fully paid equity that Beroni holds in
        the Company at its winding up.

         

        If
        Beroni fails to pay each tranche as and when it falls due, any unpaid shares will be converted to equivalent fully paid
        shares calculated on the same basis as the Beroni Shares with an option granted to NSi to acquire the shares on
        the same basis as the Beroni Share Sale Price.

	 	 	 
	10.
    Disputes	 	Any
        disputes in relation to this Term Sheet or the Transaction Documents will first be resolved through negotiation and consultation,
        including referring the dispute to senior officers within each party’s organisation who will meet and attempt to
        resolve the dispute.

         

        If
        the dispute is unable to be resolved through negotiation and consultation, any party may, subject to advance written notice
        to the other party, refer the dispute to for mediation in Sydney by the Australian Commercial Disputes Centre Limited.

 

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	11.
    Transaction Documents 	 	A
    Share Subscription and Shareholders Agreement will be drafted by the Company lawyers from the Establishment Funds and will
    include the terms set out above in relation to the Company Board, and shall also include clauses customary to transaction
    of this nature covering but not limited to: 
	 	 	 	 	 
	 	 	 	●	Provision
        for the submission of Annual Business Plans and Annual Budgets for the conduct of Company;

        

	 	 	 	●	Quorums
        for Company Board and Shareholder’s meetings (a majority of the Company Board members (3/4) with at least one director
        nominated by each shareholder);

        

	 	 	 	●	general
        responsibilities of senior positions;

        

	 	 	 	●	pre-emptive
        rights;

        

	 	 	 	●	tag-along
        right and drag-along obligations; and

        

	 	 	 	●	Certain
    matters will require supermajority (80%) shareholders’ resolution.
	 	 	 	 	 
	12.
        Representations and Warranties

         
	 	Customary
    representations and warranties from the Company and NSi will be required as a precondition to closing. These items will include
    such matters as: good standing, authorization, accuracy of information, compliance, outstanding commitments, insolvency, insurance
    and tax in respect of the Company.
	 	 	 
	13.
    Term and Termination 	 	This
        Term Sheet starts on the last date of execution and continues for 3 months  , unless extended by mutual agreement.
        During this period the Company and NSi (and their respective officers, employees and advisors) will negotiate exclusively
        with Beroni regarding the opportunity to invest in the Company and will:

         

	 	 	 	●	not
        present the opportunity to any other investors;

        

	 	 	 	●	halt
    any negotiations with any other investors currently on   foot.
	 	 	 	 	 
	14.
    Claims	 	Neither
    party will have any claim for damages or reimbursement if the investment is not completed or terminates for any reason. 
	 	 	 
	15.
    Intent of the Parties	 	Except
        for sections 2, 3, 13, 14, 15, 16, 17, 18 and 19, the provisions of this Term Sheet are not legally binding and
        are intended merely as guidelines for the negotiation of binding Transaction Documents.

         

        Sections
        2, 3, 13, 14, 15, 16, 17, 18 and 19 are intended to be legally binding on the parties to this Term Sheet.

         

        While
        the parties will use their best endeavours to complete the Investment, it should be recognised that by signing this Term
        Sheet, none of the parties has accepted an obligation to complete the transaction as contemplated by this Term Sheet.

         

	16.
    Good Faith	 	Upon
    the signing of this Term Sheet the Company and Beroni will proceed to promptly negotiate in good faith the Transaction Documents
    outlined above and any other collateral agreements that may be necessary and proper to affect the Initial Investment, and
    the Company will provide Beroni with all information reasonably requested by Beroni and relevant to an investment in the Company.
	 	 	 
	17.
    Confidentiality	 	No
    party to this Term Sheet will use or disclose to a third party any confidential information provided by another party without
    the prior consent of the party providing the confidential information, including the terms of this Term Sheet or any agreement
    signed between the parties.
	 	 	 
	18.
    General 	 	1.	This
    Term Sheet may only be varied in writing, signed by all the parties. 
	 	 	2.	Nothing
    in this Term Sheet creates a relationship of employer and employee, principal and agent, joint venture or partnership between
    the parties.
	 	 	3.	A
    party may execute this Term Sheet by signing a counterpart. All counterparts constitute one document, when taken together.
	 	 	4.	This
    Term Sheet is governed by and must be construed in accordance with the laws of NSW.
	 	 	 	 
	19.
    Binding warranties	 	The
    Company warrants to the best of its actual knowledge that the information in Schedule 2 to this Term Sheet is true and correct
    upon execution of this Term Sheet. .  

 

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SIGNATURES
OF PARTIES

 

IN
WITNESS WHEREOF this Term Sheet has been executed by duly authorized representatives of the Parties as of the date set forth below.

 

	SIGNED
        on behalf of

        Beroni
        Group Limited

        
	 	 
	 	 	 
	 	 	 
	DIRECTOR	 	DIRECTOR
    / SECRETARY

 

	 	 	 	 	 	 	 
	Signature 	 	date	 	Signature	 	date

 

	SIGNED
    on behalf of Cystemix Pty Limited	 	SIGNED
    on behalf of NewSouth Innovations Pty Limited 
	 	 	 
	 	 	 
	Authorised
    Officer	 	Authorised
    Officer

 

	 	 	 	 	 	 	 
	Signature	 	date	 	Signature	 	date

 

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Schedule
1

 

Capitalisation,
Milestones & Board Membership

 

		 	Milestone	 	Beroni
        Payment

        
	 	Beroni	 	Beroni
        Share

        
	 	NSi
        Equity

        (Fully 
	 	Board
	Phase	 	Description	 	$	 	Equity	 	Type	 	Paid)	 	Beroni	 	NSi
	Letter
        of investment intent

         
	 	At
        Signing

        (1st
        Nov 2017)
	 	$150K
    (Paid)	 	NA	 	NA	 	100%	 	0	 	4
	Establishment

         
	 	Execution
        of Term Sheet

        (28th
        March 2018)
	 	$400K	 	2.2%	 	Fully
    Paid	 	97.8%	 	0	 	4
	Stage
    1 – Scoping Activities	 	Execution
        Transaction Documents

        (Estimated
        to be in Sep/Oct 2018)
	 	$500K	 	40%	 	Partially
    Paid	 	60%	 	1	 	3
	Stage
    2 *– Clinical Trials 	 	Approval
        of the business plan and the initiation of a Phase II study

        (Estimated
        to be in Dec 2018)
	 	$5M	 	40%	 	Partially
    Paid	 	60%	 	1	 	3
	 	 	At
        25% patient enrolment for a Phase II oncology study

        (Estimated
        to be in Q2/Q3 2019)
	 	$2M	 	40%	 	Partially
    Paid	 	60%	 	1	 	3
	 	 	At
        50% patient enrolment for a Phase II oncology study

        (Estimated
        to be in Q4 2019)
	 	$1.95M	 	40%	 	Fully
    Paid	 	60%	 	2	 	3
	 	 	Trial
        completion

        (Estimated
        to be in Q1 2021)
	 	Beroni
    Call Option	 	Up
    to 51%	 	Fully
    Paid	 	Up
    to 49%	 	3	 	2

 

*
Stage 2 Milestones are indicative only and will not be finalised until Stage 1 is complete

 

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Schedule
2

 

Company
warranties

 

	1.	The
    IM has been prepared in good faith and to NSi’s actual knowledge is not materially misleading.
	 	 
	2.	The
    Establishment Contribution is sufficient to meet the purposes set out in section 2, provided Cystemix’s legal and tax
    advice does not require excessive negotiation or drafting changes. 

 

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