Document:

Exhibit 10.9

 

ADVISORY
AGREEMENT

 

The
Advisor Agreement (“Agreement”) effective as of 27 October 2021 (the “Effective Date”), between ASP Isotopes,
Inc. (including its successors and assigns, the “Company”) and ChemBridges LLC, a Puerto Rico limited liability company (“Advisor”).

 

WHEREAS,
the Company is an emerging global leader in production of high purity isotopes for medical diagnostics and other applications.

 

WHEREAS,
ChemBridges LLC (a Puerto Rico-based and registered company) is a strategic advisory firm, with extensive experience in analysis of chemical
markets, chemical and allied products, technology, financial and investment analysis.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

1.
Term. Subject to earlier termination option (described in Section 5), the term of this Agreement shall be effective at the day
of signing by both parties (the “Effective Date”) and shall continue for 36 months thereafter. This Agreement will be “evergreen”,
automatically extended for another 12 months, unless terminated by a written notice from either party three months prior to the contract
expiration. The period of time from the Effective Date through the termination of this Agreement is herein referred to as the “Term.”

 

2.
Scope of Services.

 

The
scope of Advisory role by ChemBridges LLC is to provide subject matter expertise on a wide range of commercial activity and strategic
execution of key global business objectives, including but not limited to the advisory services on strategy, M&A, R&D, organic
growth, operational optimization, commercial excellence, IR and corporate governance (collectively, the “Services”).

 

3.
Provision of Advisory Services.

 

 a) During the Term, Advisor shall retain Sergey Vasnetsov (“Principal”) to perform the Services with assistance of Principal’s research associates (if and as needed, depending on a project) (the Principal and any such research associates, each a “Representative” and collectively the “Representatives”). It is acknowledged and agreed that: (i) selection of type and timing of Services will be directed by the Company’s Chief Executive Officer for the benefit of the Company and (ii) Advisor is not providing continuous and regular supervisory or management services. Advisor shall devote time and resources as are necessary for the performance of the Services hereunder on an as-needed basis, as may reasonably be requested by Company and agreed to by Advisor.

 

 b) Subject to Section 12(a), (b) and (c), and provided Advisor performs the Services as required by this Agreement, nothing in this Agreement shall prohibit Advisor from providing consulting or advisory services to any Person other than a Competitor. In this Agreement:

 

 a “Person” means any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, association, organization, or any other entity; and

 

 b “Competitor” means any Person that directly or indirectly competes with the Company or any of its affiliates or subsidiaries in the business of sourcing, developing, selling, marketing, or producing of isotopes.

 

 c) Advisor acknowledges and agrees to be responsible for providing its own office space and office equipment, and to be available for communication with Company as may be reasonably requested via telephone, video conferences and email. Advisor further acknowledges that advisory services may require his domestic or international travel.

 

 d) As an independent contractor, Advisor is responsible for paying appropriate taxes to relevant government entities. The parties agree that by virtue of the provision of the Services under this Agreement, Advisor shall not be entitled to any Company benefits, including but not limited to life insurance, accident and health insurance, death benefits, qualified pension or retirement plan, vacations, sick days or other benefits that Company provides to its full-time employees.

 

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	4.	Binding
                                            on Advisor’s Employees and Agents. The requirements of this Agreement, including,
                                            without limitation, the terms and conditions relating to confidentiality, conflict, non-solicitation,
                                            deliverables, assignment of work product and intellectual property rights, shall be binding
                                            on Principal, each other Representative, and any other employees, agents or contractors of
                                            Advisor. Advisor covenants and agrees to cause Principal and each other Representative to
                                            accept and agree in writing to be bound by the terms of this Agreement relating to confidentiality,
                                            conflict, non-solicitation, and assignment of work product and intellectual property rights.

 

	5.	Termination
                                            of Services. Advisor may terminate this Agreement for any reason (“without
                                            cause”) upon 180 days’ advance written notice to the Company. Likewise, the Company
                                            may terminate this agreement “without case” upon 180 days advance written notice
                                            to Advisor. The Company may also terminate this Agreement upon written notice to Advisor
                                            if Advisor materially breaches any provision of this Agreement and does not cure the breach
                                            within 2 weeks of notification by Company of such breach. Upon termination of this Agreement
                                            under this Section 5 (or upon non-renewal of the Term as provided in Section 1) Company shall
                                            have no further obligation to Advisor hereunder except for reimbursement of any unreimbursed
                                            Advisor expenses and pro-rata payment for the partial year of Advisor Services up to the
                                            effective termination date, including impact of 180 days advance notice written by either
                                            party.

 

	6.	Compensation.
                                            Full compensation for the Services will include two components, as follows:

 

a)
Within ten (10) business days following the Effective Date, the Board of Directors of the Company (the "Board") will grant
to Advisor 600,000 shares of restricted stock (the "Restricted Shares") under the Company's 2021 Stock Incentive Plan (the
"SIP"). The Restricted Shares shall vest in three (3) equal annual installments beginning on the first anniversary of the
Effective Date, and all vested shares immediately become unrestricted common shares, the property of Advisor. The Restricted Shares
will be subject to the terms of the SIP and a form of award agreement approved by the Board. Any unvested Restricted Shares will be
forfeited to the Company for no consideration upon termination of this Agreement.

 

b)
On the last day of each of the first eight calendar quarters following the first anniversary of the Effective Date, the Board will
grant to Advisor an unrestricted award of common stock of the Company (each a "Common Stock Award") with a value of One
Hundred Sixty Thousand Dollars ($160,000) annually. The number of shares granted in each Common Stock Award shall be determined by
dividing $40,000 by the fair market value per share of Common Stock, as determined in good faith by the Board (which, if the
Company's common stock is publicly traded on a national securities exchange shall be the closing price per share on the trading day
immediately preceding the applicable Common Stock Award grant date, as reported by the principal trading market for the Company's
common stock).

 

	7.	Expense
                                            Reimbursement. During the Term of this agreement, the Company shall reimburse the
                                            Advisor for all reasonable out-of-pocket expenses incurred by the Advisor in attending any
                                            in-person meetings, provided that the Advisor complies with the generally applicable policies,
                                            practices and procedures of the Company for submission of expense reports, receipts or similar
                                            documentation of such expenses.

 

	8.	Compliance
                                            with Rules. Advisor shall fully comply with all of the Company’s working and
                                            safety rules, when working at Company’s facility(ies) or premises, and Advisor shall
                                            be responsible for his actions while on Company premises or otherwise providing the Services
                                            requested by Company.

 

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	9.	Compliance
                                            with Law. During the performance of the Services, Advisor, at his own expense and
                                            at all times, shall comply with any and all laws and ordinances and any and all rules, regulations,
                                            and orders of public authorities applicable thereto, including, but not limited to, tax and
                                            social welfare laws, applicable worker’s compensation laws, unemployment insurance
                                            requirements, employer’s liability requirements, and minimum wage.

 

	10.	Severability.
                                            Should any provision of this Agreement be invalidated or rendered void by a court
                                            of competent jurisdiction, such decision shall not affect the remaining provisions, which
                                            will remain in full force and effect as if the invalid or void provision had not been included
                                            in the original Agreement.

 

	11.	Advisor’s
                                            Representation and Acknowledgment. Advisor represents to the Company that his execution
                                            and performance of this Agreement shall not be in violation of any agreement or obligation
                                            (whether or not written) that he may have with or to any person or entity, including without
                                            limitation, any prior or current employer. Advisor hereby acknowledges and agrees that this
                                            Agreement (and any other agreement or obligation referred to herein) shall be an obligation
                                            solely of the Company, and Advisor shall have no recourse whatsoever against any stockholder
                                            of the Company or any of their respective affiliates with regard to this Agreement.

 

	12.	Advisor
                                            and Principal Covenants. (a) Unauthorized Disclosure. Advisor agrees and understands
                                            that in its position with the Company, it will be exposed to and receive information relating
                                            to the confidential affairs of the Company, including, but not limited to, research programs
                                            and results, data, scientific concepts, inventions and technical information (collectively,
                                            “Company IP”), business and marketing plans, strategies, customer information,
                                            other information concerning the Company’s research and development activities, products,
                                            promotions, development, financing, expansion plans, business policies and practices, and
                                            other forms of information considered by the Company to be confidential and in the nature
                                            of trade secrets. Advisor agrees that during the Term and thereafter, Advisor will keep such
                                            information confidential and will not disclose such information, either directly or indirectly,
                                            to any third person or entity without the prior written consent of the Company; provided,
                                            however, that (i) Advisor shall have no such obligation to the extent such information is
                                            or becomes publicly known or generally known in the Company’s industry other than as
                                            a result of Advisor’s breach of its obligations hereunder and (ii) Advisor may, after
                                            giving prior notice to the Company to the extent practicable under the circumstances, disclose
                                            such information to the extent required by applicable laws or governmental regulations or
                                            judicial or regulatory process. This confidentiality covenant has no temporal, geographical
                                            or territorial restriction. Upon termination of the Term, Advisor will promptly return to
                                            the Company and/or destroy at the Company’s direction all property, keys, notes, memoranda,
                                            writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys,
                                            maps, logs, machines, technical data, other product or document, and any summary or compilation
                                            of the foregoing, in whatever form, including, without limitation, in electronic form, which
                                            has been produced by, received by or otherwise submitted to Advisor in the course or otherwise
                                            as a result of Advisor’s position with the Company during or prior to the Term, provided
                                            that the Company shall retain such materials and make them available to Advisor if requested
                                            by it in connection with any litigation against Advisor under circumstances in which (i)
                                            Advisor demonstrates to the reasonable satisfaction of the Company that the materials are
                                            useful to its defense in the litigation and (ii) the confidentiality of the materials is
                                            preserved to the reasonable satisfaction of the Company.

 

(b)
Non-Solicitation. During the Term and for a period of three (3) years thereafter, Advisor shall not interfere with the Company’s
relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination of the Term and/or at
any time during the one year period prior to the termination of the Term, was an employee, contractor, service provider, customer, or
vendor of the Company or otherwise had a material business relationship with the Company.

 

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(c)
No Conflict. Advisor will not engage in any activity that creates an actual or perceived conflict of interest with the Company, regardless
of whether such activity is prohibited by Company’s conflict of interest guidelines or this Agreement, and Advisor agrees to immediately
notify the Board before engaging in any activity that could reasonably be assumed to create a potential conflict of interest with Company.
Advisor shall not engage in any activity that is in direct competition with the Company or serve in any capacity (including, but not
limited to, as an employee, consultant, advisor or director) in any company or entity that competes directly or indirectly with the Company
without the approval of the disinterested members of the Board. Nothing in this Section 6(c) shall prohibit Advisor from being (i) a
stockholder in a mutual fund or a diversified investment company or (ii) a passive owner of any class of securities of a corporation,
which are either private or publicly traded, so long as Advisor has no active participation in the business of such corporation or (iii)
serving as an employee, consultant, director, advisor or board member of any other company that does not engage in any activity that
is in direct competition with the Company.

 

(d)
Remedies. Advisor agrees that any breach of the terms of this Section 12 would result in irreparable injury and damage to the Company
for which the Company would have no adequate remedy at law; Advisor therefore also agrees that in the event of said breach or any threat
of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach
and/or continued breach by Advisor and/or any and all entities acting for and/or with Advisor without having to prove damages or paying
a bond, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph shall
not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, but not limited
to, the recovery of damages from Advisor. Advisor acknowledges that the Company would not have entered into this Agreement had Advisor
not agreed to the provisions of this Section 12.

 

(e)
During the Term, and at all times thereafter, Advisor shall cooperate with the Company, at the Company’s sole cost and expense
(not including legal fees and expenses that Advisor may incur by retaining independent counsel), with respect to matters about which
Advisor has knowledge, including, without limitation (i) matters involving any review, audit or investigation by the Company and (ii)
any pending or threatened claim, demand, action, cause of action, suit, litigation, or administrative or arbitral proceeding, hearing
or review, including, without limitation, any request from a regulatory or similar agency, involving the Company.

 

(f)
The provisions of this Section 12 shall survive any termination of the Term, and the existence of any claim or cause of action by Advisor
against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company
of the covenants and agreements of this Section 12.

 

	13.	Work
                                            Product. In the event that Advisor participates in any of the Company’s research
                                            and development activities (“Company Practice”), or pursues research and development
                                            activities that are premised on, or extensions of, in whole or in part, research or development
                                            activities carried on by the Company (“Derivative Practice”), then the Company
                                            shall own all right, title and interest relating to all inventions, improvements, discoveries,
                                            methods, developments, software, and works of authorship, whether patentable or not, which
                                            are created, made, conceived or reduced to practice by Advisor or jointly with others and
                                            are either materially derivative from Company Practice or Derivative Practice or involved
                                            Advisor’s use of Company IP (collectively, “Developments”). Advisor agrees
                                            to make full and prompt disclosure to the Company of all Developments and provide all Developments
                                            and all materials and concepts relating to Developments to the Company. Advisor hereby assigns
                                            to the Company or its designee all of Advisor’s right, title and interest in and to
                                            any and all Developments. Advisor agrees to cooperate fully with the Company, both during
                                            and after the term of this Agreement, with respect to the procurement, maintenance and enforcement
                                            of intellectual property rights (both in the United States and foreign countries) relating
                                            to any Developments. Advisor shall sign all documents which may be necessary or desirable
                                            in order to protect the Company’s rights in and to any Developments, and Advisor hereby
                                            irrevocably designates and appoints each officer of the Company as Advisor’s agent
                                            and attorney-in-fact to execute any such documents on Advisor’s behalf, and to take
                                            any and all actions as the Company may deem necessary or desirable in order to protect its
                                            rights and interests in any Developments. Notwithstanding anything to the contrary above,
                                            this Section 13 does not apply to an invention for which no equipment, supplies, facility
                                            of the Company or Company IP was used, unless the invention relates to the business of the
                                            Company or to the Company’s actual or demonstrably anticipated research or development,
                                            or the invention results from any work performed by Advisor for the Company.

 

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	14.	Notices.
                                            Every notice relating to this Agreement shall be in writing and shall be given by
                                            personal delivery or by email with a read receipt; to:

 

If
to the Company:

 

Attn:
CEO of ASP Isotopes Inc.

 

 433 Plaza Real, Suite 275 Boca Raton, FL. 33432

 

Email:
pmann@aspisotopes.com

 

If
to Advisor at the address set forth below Indemnitee signature hereto.

 

Either
of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party pursuant
to this Section 14.

 

	15.	Binding
                                            Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon
                                            the parties hereto and their respective heirs, executors, personal representatives, estates,
                                            successors (including, without limitation, by way of merger) and assigns. Notwithstanding
                                            the provisions of the immediately preceding sentence, neither Advisor nor the Company shall
                                            assign all or any portion of this Agreement without the prior written consent of the other
                                            party
	 	 
	16.	Limitation
                                            of Liability.

 

 a) Neither party is assuming any liability for the actions or omissions of the other party except as stated in this Agreement. Company is one of the global industry leaders in its field, and is a sophisticated customer of consulting and advisory services. As such, Company shall indemnify Advisor for all claims arising out of Advisor’s performance of the services, due to intended and unintended use of Advisor’s advice and results of Advisor’s services for Company, arising both during and at any time after the Term.

 

 b) Notwithstanding any provision to the contrary, nothing in this Agreement limits or excludes either party’s liability to the extent it relates to: death or personal injury caused by its negligence; fraud; fraudulent misrepresentation; or any other liability which may not be lawfully limited or excluded.

 

 c) Neither party shall be liable for consequential, special, incidental or indirect losses including, without limitation, (i) loss of profits, revenue or goodwill; (ii) loss of business or (iii) loss of anticipated savings.

 

 d) Each party agrees to use all reasonable endeavors to mitigate any losses which it may suffer under or in connection with this Agreement (including in relation to any losses covered by an indemnity) and any amounts it seeks from the other party in respect of any such liability.

 

	17.	Advisor’s
                                            Representations and Warranties.

 

 a) Advisor has the full power and authority to enter into this Agreement without the consent or approval of any other person, including any present or previous employers, and

 

 b) Advisor’s execution, delivery and performance of this Agreement will not violate or cause a breach of any existing employment, consultant or any other agreement, covenant, promise or any other duties by which Advisor is bound, including confidentiality obligations or covenants not to compete including any present or previous employers.

 

18. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference
to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined
in any court in Delaware and the parties hereto hereby consent to the jurisdiction of such courts in any such action or proceeding; provided,
however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted
to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent
third party.

 

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This
Agreement has been duly executed by the parties as of the date first written above.

 

Accepted
and Agreed:

 

	 	ASP
    Isotopes Inc.
	 	 	 
	 	By:	/s/
    Paul Mann  
	 	Name: 	Paul
    Mann
	 	Title:	CEO
     
	 	Date:	 
	 	 	 
	 	ChemBridges
    LLC
	 	 	 
	 	/s/ Sergey Vasnetsov
	 	Name:	Sergey
    Vasnetsov
	 	Title:	President
     
	 	Date:	28
    October 2021

 

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AMENDMENT
TO ADVISORY AGREEMENT

 

Amendment
to Advisory Agreement, dated as of July 1, 2022 (the “Amendment”), between ASP Isotopes Inc., a Delaware corporation
(including its successors and assigns, the “Company”), and ChemBridges LLC, a Puerto Rico limited liability company (“Advisor”,
and together with the Company, the “Parties”, and each, a “Party”).

 

WHEREAS,
the Parties have entered into an Advisory Agreement, dated as of October 27, 2021 (the “Existing Agreement”);

 

WHEREAS,
Advisor has made significant contributions to the achievement of the Company’s objectives and devoted significant time and attention,
at the Company’s request, beyond the scope of advisory services contemplated by the Existing Agreement; and

 

WHEREAS,
the Parties desire to amend the Existing Agreement to provide additional compensation to Advisor to incentivize continued future performance
and encourage retention of services on the terms and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

 

1. Definitions.
Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Existing
Agreement.

 

2. Amendments
to the Existing Agreement. As of the
Amendment Effective Date (defined below), the Existing Agreement is hereby amended or modified as follows:

 

(a)
Section 6(a) of the Existing Agreement is hereby amended by inserting at the end of such Section 6(a) the following new
sentences:

 

“The
Board will grant to Advisor an additional 600,000 shares of restricted stock under the SIP, which will vest quarterly over a one-year
period from grant (i.e., in equal increments of 150,000 shares on the first day of October in 2022 and January, April and July in 2023),
subject to Advisor’s Continuous Service (as defined in the SIP) as of each such date. Such additional shares of restricted stock
will be subject to the terms and conditions of the SIP and a restricted stock award agreement between the Company and Advisor.”

 

3. Date
of Effectiveness; Limited Effect. This
Amendment will become effective as of the date first written above (the “Amendment Effective Date”). Except as expressly
provided in this Amendment, all of the terms and provisions of the Existing Agreement are and will remain in full force and effect
and are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained
herein will not be construed as an amendment to or waiver of any other provision of the Existing Agreement or as a waiver of or
consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party. On
and after the Amendment Effective Date, each reference in the Existing Agreement to “this Agreement,” “the
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference
to the Existing Agreement in any other agreements, documents, or instruments executed and delivered pursuant to, or in connection
with, the Existing Agreement, will mean and be a reference to the Existing Agreement as amended by this Amendment.

 

     

     

    

 

4. Miscellaneous.

 

(a)
This Amendment is governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of
laws provisions of such State.

 

(b)
This Amendment shall inure to the benefit of and be binding upon each of the Parties and each of their respective successors and
permitted assigns.

 

(c)
The headings in this Amendment are for reference only and do not affect the interpretation of this Amendment.

 

(d)
This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same
agreement. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an
original executed counterpart of this Amendment.

 

(e)
This Amendment constitutes the sole and entire agreement between the Parties with respect to the subject matter contained herein,
and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral,
with respect to such subject matter.

 

     

    

    

 

IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.

 

	 	ASP
                    Isotopes Inc.

	 	 
	 	By:	/s/
                                            Paul Mann

    

	 	Name: 	Paul
    Mann
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	ChemBridges
                    LLC

	 	 
	 	By:	/s/
                                            Sergey Vasnetsov

	 	Name:	Sergey
    Vasnetsov
	 	Title:	PresidentExhibit 10.10

 

LICENSE AGREEMENT

 

 

 

 

 

between

 

Klydon (PROPRIETARY) LIMITED 

(Registration Number 1997/019687/07)

 

and

 

PDS Photonica Holdings South Africa (PROPRIETARY)
LIMITED

(Registration Number 2021/701779/07)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

INDEX

 

	NO	 	CLAUSE HEADING	 	PAGE
	 	 	 	 	 
	1	 	DEFINITIONs AND INTERPRETATION	 	2
	1.1	 	Definitions	 	2
	1.2	 	Interpretation	 	5
	2	 	GRANT OF licence	 	5
	3	 	exclusivity
    and licence restrictions	 	5
	3.2	 	Licence Restrictions	 	6
	4	 	duraTION	 	6
	5	 	intellectual property rights and improvements	 	6
	5.1	 	Intellectual Property Rights	 	6
	5.2	 	Improvement	 	8
	6	 	technical information and QUALITY CONTROL	 	9
	6.1	 	Technical Information and Assistance	 	9
	6.2	 	Quality control	 	10
	7	 	warranties, EXCLUSION OF LIABILITY and indemnity	 	11
	7.1	 	Warranties	 	11
	7.3	 	Indemnity	 	12
	8	 	force majeure	 	13
	9	 	TERMINATION	 	14
	10	 	confidentiality and protection of information	 	15
	11	 	BREACH	 	17
	12	 	dispute resolution	 	18
	13	 	NOTICES AND DOMICILIA	 	20
	14	 	miscellaneous Warranty of Authority	 	22
	14.1	 	Warranty of authority	 	22
	14.2	 	Independent Advice	 	22
	14.3	 	Implementation	 	22
	14.4	 	Payment	 	22
	14.5	 	Whole Agreement	 	23
	14.6	 	Variation	 	23
	14.7	 	Relaxation	 	23
	14.8	 	Counterparts	 	23
	ANNEXURE A	 	 

 

     

     

    

 

LICENCE AGREEMENT

 

This Agreement is made and entered into between -

 

		(1)	Klydon (PTY) Limited of Building 46, CSIR Campus, Meiring Naude Road, Brummeria, Pretoria, 0184
(Registration Number 1997/109687/07) (“Licensor”); and

 

		(2)	PDS Photonica Holdings South Africa (PTY) Limited of Unit 19 2nd floor , 1 Melrose Boulevard,
Melrose Arch, Gauteng, 2076 (2021/701779/07) (“Licensee”).

 

RECITALS

 

		A.	Licensor owns certain Intellectual Property, and has the right to grant a licence to use and exploit the
Intellectual Property.

 

		B.	Licensor has agreed to certain obligations set out in the Term Sheet. One of its obligations is to award
an exclusive license to use the Intellectual Property Rights in respect of the Technology.

 

		C.	Licensor has agreed to grant Licensee the exclusive right to use the Intellectual Property Rights in the
Territory to meet this obligation.

 

		D.	The Licensee wishes to acquire from the Licensor the exclusive right to use the Intellectual Property
Rights in respect of the Technology to develop it and produce the molybdenum isotope Mo-100 in South Africa and distribute, market and
sell that Mo-100 isotope globally.

 

		E.	The rights granted under this agreement will commence on the termination of the API License and will continue
for the Term.

 

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The Parties agree as follows:

 

		1	DEFINITIONs AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement and the recitals,
unless clearly inconsistent with or otherwise indicated by the context -

 

		1.1.1	“Agreement” means the agreement set out in this document and the appendices hereto;

 

		1.1.2	“API License” means the license between Licensor and API Labs Pharmaceuticals (Pty)
Ltd entered into on 25 October 2013 and any sub licenses of that license.

 

		1.1.3	“Confidential Information” means all and any information or data in whatever form (including
in oral, written, electronic and visual form) relating to a Party or the Technology which by its nature or content is identifiable as,
or could reasonably be expected to be, confidential and/or proprietary to either Party and includes, (even if not marked as being confidential,
restricted, secret, proprietary or any similar designation), any and all information in respect of the Technology;

 

		1.1.4	“Copyright” means copyright in the Territory in respect of the Technology;

 

		1.1.5	“Designs” means any registered designs and design applications in respect of the Technology;

 

		1.1.6	“Effective Date” means immediately after the termination of the API License;

 

		1.1.7	“Improvement” means any change, development, improvement or modification to any aspect
of the Intellectual Property Rights, the Technology or any method of development of the Technology, use or application of the Technology
including any change, improvement or modification which makes the Technology more efficient or adaptable or enables the Technology to
be manufactured more economically or efficiently or to a higher standard;

 

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		1.1.8	“Independent Auditors” means such independent auditors as may be agreed between the Licensor
and the Licensee, or failing agreement within 10 (ten) business days from the date of a request by any Party for such agreement, appointed
by the Executive President for the time being of the South African Institute of Chartered Accountants from one of the 4 (four) largest
(based on number of partners) independent firms of auditors in South Africa at the time;

 

		1.1.9	“Intellectual Property Rights” means all existing and/or future proprietary rights of
the Licensor relating to the Technology, whether or not such rights have been registered, including the –

 

		1.1.9.1	Copyright;

 

		1.1.9.2	Designs;

 

		1.1.9.3	Know-how;

 

		1.1.9.4	Patents; and

 

		1.1.9.5	Trade Marks.

 

		1.1.10	“Know-how” means all information and knowledge of whatever nature relating to the manufacture,
distribution, marketing, use and/or sale of the Technology owned or controlled by the Licensor, including technical information, production
data, drawings, specifications, engineering and scientific information, manufacturing and tooling information, testing and quality control
procedures, secret processes, formulae, marketing and application information and other Confidential Information;

 

		1.1.11	“Licensee” means PDS Photonica Holdings South Africa (Pty) Ltd (Registration Number 2021/701779/07),
a company duly registered and incorporated with limited liability in accordance with the laws of the Republic of South Africa, herein
represented by Dr Hendrik Strydom (ID Number 6006195024089) he being duly authorised thereto;

 

		1.1.12	“Licensor” means Klydon (Proprietary) Limited (Registration Number 1997/109687/07), a
company duly registered and incorporated with limited liability in accordance with the laws of the Republic of South Africa, herein represented
by Dr Einar Ronander (ID Number 500609073088), he being duly authorised thereto;

 

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		1.1.13	“Parties” means the Licensor and Licensee and “Party” shall mean either
one of them as the context requires;

 

		1.1.14	“Patents” means any registered patents and patent applications in respect of the Technology;

 

		1.1.15	“Prime Rate” means the publicly quoted basic rate of interest, compounded monthly in
arrears and calculated on a 365 (three hundred and sixty five) day year irrespective of whether or not the year is a leap year, from time
to time published by the Licensor’s bankers from time to time as being its prime overdraft rate, as certified by any representative
of that bank whose appointment and designation it will not be necessary to prove;

 

		1.1.16	“Subject Isotope” means the Mo-100 isotope produced using the Technology;

 

		1.1.17	“Technology” means the Aerodynamic Separation Process (ASP) Technology that is able
to separate the isotopes of Molybdenum;

 

		1.1.18	“Term” means a period of 999 (nine hundred and ninety nine) years, unless this Agreement
is terminated in accordance with its terms;

 

		1.1.19	“Term Sheet” means the binding term sheet signed by ASP Isotopes LLC, the Licensor
and PDS-Photonica Holdings (Guernsey) Limited on or about 5 September 2021, attached as Annexure A;

 

		1.1.20	“Territory” means South Africa for the development of the Technology and production of
the Subject Isotope; and globally for the distribution, marketing and sale of the Subject Isotope; and

 

		1.1.21	“Trade Marks” means the registered trade marks, trade mark applications and/or common
law trade marks in respect of the Technology.

 

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		1.2	Interpretation

 

		1.2.1	In this Agreement and the recitals, unless clearly inconsistent with or otherwise indicated by the context
-

 

		1.2.1.1	any reference to the singular includes the plural and vice versa;

 

		1.2.1.2	any reference to natural persons includes legal persons and vice versa; and

 

		1.2.1.3	any reference to a gender includes the other genders.

 

		1.2.2	Where appropriate, meanings ascribed to defined words and expressions in 1.1, shall impose substantive
obligations on the Parties.

 

		1.2.3	The clause headings in this Agreement have been inserted for convenience only and shall not be taken into
account in its interpretation.

 

		1.2.4	Words and expressions defined in any sub-clause shall, for the purposes of the clause of which that sub-clause
forms part, bear the meanings assigned to such words and expressions in that sub-clause.

 

		1.2.5	This Agreement shall be governed by and construed and interpreted in accordance with the law of the Republic
of South Africa.

 

		2	GRANT OF licence

 

The Licensor hereby gives and grants
to the Licensee, which hereby accepts, an exclusive licence to use, sub contract and sub license the Intellectual Property Rights during
the Term for the development and/or otherwise disposing of the Technology and production, distribution, marketing and or sale of the Subject
Isotope in the Territory.

 

		3	exclusivity and licence restrictions

 

		3.1	Exclusivity

 

The licence granted by the Licensor
under this Agreement is exclusive, such that, whilst this Agreement remains in force, the Licensor shall not be entitled, directly or
indirectly, to use, grant or otherwise give the rights (or any of them), or any similar rights, which are granted and/or given to the
Licensee under this Agreement to any other party for use within the Territory.

 

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		3.2	Licence Restrictions

 

		3.2.1	The Licensee will not, whilst this Agreement remains in force, acquire the license for, or otherwise develop
any technology that is similar to or competitive with the Technology in the Territory and will not, produce, distribute, market and/or
sell any isotopes except the Subject Isotope.

 

		3.2.2	The Licensee will not, without the prior written consent of the Licensor, use the trade names of the Licensor
or Trade Marks in combination with any other trade names or trade marks, nor use trade names, symbols or letters which are confusingly
similar to the trade names or Trade Marks.

 

		4	duraTION

 

		4.1	This Agreement shall commence on the Effective Date and shall continue in full force for the Term.

 

		4.2	The duration of this Agreement shall not be affected by –

 

		4.2.1	the lapsing of one or more of the Intellectual Property Rights, whether by effluxion of time or otherwise;
and

 

		4.2.2	any Patent, Design or Trade Mark comprising the Intellectual Property Rights failing to proceed to grant
or final prosecution or being held to be invalid.

 

		5	intellectual property rights and improvements

 

		5.1	Intellectual Property Rights

 

		5.1.1	The Licensee acknowledges and agrees that the Intellectual Property Rights are and shall remain the sole
and absolute property of the Licensor and further acknowledges that the reputational use thereof in terms of this Agreement shall enure
for the benefit of the Licensor.

 

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		5.1.2	The Licensee shall not anywhere in the world, whether during or after the period of currency of this Agreement -

 

		5.1.2.1	oppose or contest any intellectual property application by the Licensor or the ownership of the Licensor
therein;

 

		5.1.2.2	dispute, contest or question the validity of the Intellectual Property Rights and shall not assist or
counsel any other person to do so;

 

		5.1.2.3	directly or indirectly register the Trade Marks, or any confusingly similar trade marks, anywhere in the
Territory; or

 

		5.1.2.4	directly or indirectly use any trade marks confusingly similar to the Trade Marks anywhere in the Territory.

 

		5.1.3	No right, title or interest in and to the Intellectual Property Rights is hereby transferred except the
right to use the Intellectual Property Rights during the Term of this Agreement in the manner and subject to the terms and conditions
set out in this Agreement. The Licensor shall have no right to sell, assign, transfer, alienate, hire, lease, pledge, hypothecate, otherwise
dispose of or encumber or to reproduce the whole or any part of the Intellectual Property Rights without the specific prior written consent
of the Licensee which consent shall not unreasonably be withheld.

 

		5.1.4	The Licensee shall not in any way represent that it has any rights of any nature in and to the Intellectual
Property Rights, other than those which it enjoys in terms of this Agreement. The Licensee shall only use the Intellectual Property Rights
in respect of the Technology, as permitted by this Agreement.

 

		5.1.5	The Licensor shall have the right from time to time to lay down in writing or otherwise reasonable standard
and/or specific procedures for the use of the Intellectual Property Rights and from time to time to add to, amend, vary, supplement, change,
alter or repeal such standard and/or specific procedures on reasonable notice to the Licensee.

 

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		5.1.6	The Licensee shall not do or cause to be done any act or thing contesting or in any way impairing or tending
to impair any part of the Licensor’s exclusive right, title and interest in and to the Intellectual Property Rights.

 

		5.1.7	The Licensee undertakes to use its reasonable endeavours to ensure that the reputation and goodwill of
the Intellectual Property Rights are protected, maintained and wherever possible enhanced.

 

		5.1.8	The prosecution and/or defence of any claim in relation to the Intellectual Property Rights shall be the
sole responsibility and shall be undertaken within the sole and absolute discretion of the Licensor, provided that the Licensee shall
forthwith notify the Licensor of any claims or possible infringements of the Intellectual Property Rights of which the Licensee becomes
aware and the Licensee shall, if required by the Licensor and at the Licensor’s cost, join with the Licensor as a party to such
proceedings, and/or assist the Licensor in any such proceedings in the manner and to the extent reasonably required by the Licensor. The
Licensee shall not be entitled to make any admissions of liability in regard to any such claim or to negotiate any settlement in respect
thereof without the specific prior written consent of the Licensor. Notwithstanding the aforesaid, the Licensee shall be entitled to defend
any claim as contemplated in this clause 5.1.8 if the Licensor fails to take any steps in relation to such claim.

 

		5.1.9	The Licensor shall, at the Licensor’s expense maintain all statutory registrations of any item of
the Intellectual Property Rights in force and the Licensor shall pay all renewal and any other fees necessary for this purpose. Notwithstanding
the aforesaid, the Licensee shall have the right to make any such payment and recover the payment from the Licensor if the Licensor fails
to make any such payments.

 

		5.2	Improvement

 

If at any time during the Term of this
Agreement –

 

		5.2.1	the Licensor makes, or receives the benefit of any Improvement or Know-how to the Technology, the Licensor
undertakes to inform the Licensee of such Improvement or Know-how and the Licensee may make use of such Improvement or Know-how for the
purposes of this Agreement. If such Improvement involves additions to the Know-how, such additions will also be deemed to be part of the
Intellectual Property Rights licensed in terms of this Agreement; and

 

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		5.2.2	the Licensee makes any Improvement to the Technology, the Licensee will promptly inform the Licensor thereof
in writing and hereby assigns, free of compensation or other claim, all rights in such Improvement to the Licensor and will assist the
Licensor, at the Licensor’s cost, to obtain patent, design, trade mark, copyright and all similar forms of protection for such Improvement
at the expense of the Licensor. The Licensee may make use of such Improvements for the purposes of this Agreement.

 

		6	technical information and QUALITY CONTROL

 

		6.1	Technical Information and Assistance

 

		6.1.1	The Licensor shall on the Effective Date and during the Term supply, free of charge, to the Licensee -

 

		6.1.1.1	copies of all such documents containing technical information as may be required or necessary to enable
the Licensee to use the Intellectual Property Rights for the development and/or otherwise disposing of the Technology and production,
distribution, marketing and or sale of the Subject Isotope in the Territory; and

 

		6.1.1.2	such further information and Know-how relating generally to the materials, methods and processes required
by the Licensor for the development of the Technology and production, distribution, marketing and or sale of the Subject Isotope in the
Territory.

 

		6.1.2	The Licensor shall –

 

		6.1.2.1	provide, sufficient adequately skilled technical staff able to provide technical assistance to the Licensee
in establishing the plant and production facilities necessary to develop the Technology and produce, distribute, market and sell the Subject
Isotope;

 

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		6.1.2.2	advise the Licensee on all matters relating to the purchase of suitable plant, machinery, tools, fixtures
and fittings necessary to establish plant and production facilities;

 

		6.1.2.3	advise the Licensee on matters relating to the purchase of suitable sources of raw materials necessary
for the use of the Technology;

 

		6.1.2.4	for the Term of this Agreement provide ongoing technical expertise, support, assistance and advice to
the Licensee for the purpose of enabling the Licensee to develop the Technology and to produce, distribute, market and sell the Subject
Isotope. The Licensor will, at the reasonable request of the Licensee make available, for such period as the Licensor in its sole reasonable
discretion may determine, technical and other staff for the purposes of fulfilling the Licensor’s obligations in terms hereof;

 

		6.1.2.5	provide the Licensee with such assistance as the Licensee may reasonably require, at no charge to the
Licensee, to obtain any regulatory approvals as may be required for the Licensee to use the Technology and to produce, distribute, market
and sell the Subject Isotope.

 

		6.1.3	It is expressly recorded that the Licensor shall not be responsible or liable for consequential damages
or loss of profit which might arise out of the use by the Licensee of any technical information or advice furnished to the Licensee hereunder,
unless Licensee can prove on a balance of probabilities that the technical information or advice was wrong or misleading, and that an
expert in the field would have known it to be wrong or misleading.

 

		6.2	Quality control

 

The Licensee shall –

 

		6.2.1	use the Technology and produce, distribute and market the Subject Isotope strictly in accordance with
the specifications and quality standards from time to time prescribed by the Licensor;

 

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		6.2.2	ensure that the highest standards of workmanship and material available are employed in the use of the
Technology and the production of the Subject Isotope; and

 

		6.2.3	upon receipt of reasonable notice, permit the Licensor’s duly authorised representatives at all reasonable
times to enter the premises where the Technology is being used, or the Subject Isotope is being produced in order to ascertain whether
the Licensor’s quality control standards are being adhered to and for this purpose will also have the right to take necessary samples
of the Subject Isotope for examination, testing and analysis.

 

		7	warranties, EXCLUSION OF LIABILITY and indemnity

 

		7.1	Warranties

 

		7.1.1	The Licensor warrants that, as at the Effective Date and on each day during the Term–

 

		7.1.1.1	it is the sole beneficial owner of the Intellectual Property Rights and that it has the right to licence
the Intellectual Property Rights in the Territory;

 

		7.1.1.2	it is free to grant the licence conferred by this Agreement and that it has not granted any other licence
to the Intellectual Property Rights in the Territory;

 

		7.1.1.3	the Intellectual Property Rights are valid, enforceable and unencumbered;

 

		7.1.1.4	the Intellectual Property Rights and the use thereof does not infringe the intellectual property rights
of any third party;

 

		7.1.1.5	its rights in and to the Intellectual Property Rights have not been contested, in whole or in part, by
anyone whomsoever;

 

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		7.1.1.6	it has no knowledge of any circumstances or facts that might render the Intellectual Property Rights invalid,
unenforceable, or encumbered; and

 

		7.1.1.7	it has not taken any action or omitted to take any action as a result of which the Intellectual Property
Rights or any part thereof could become unenforceable.

 

		7.1.2	The Licensor does not, and the Licensee expressly acknowledges that under this Agreement the Licensor
does not in any way warrant or guarantee either expressly or by implication the Technology or the Subject Isotope.

 

		7.2	Exclusion of liability

 

		7.2.1	Subject to this Agreement and to the extent permitted by applicable law, the Licensor disclaims all warranties
and representations, either express or implied with respect to the Intellectual Property Rights, including but not limited to any implied
warranties of merchantability or fitness for any particular purpose.

 

		7.2.2	Save for any claim for damages arising from a breach of warranty in terms of this Agreement, and subject
to clause 7.2.3, the Licensor shall not be liable for any loss or damage whatsoever or howsoever caused arising directly or indirectly
in connection with the use, or licensing of the Intellectual Property Rights in any manner by the Licensee.

 

		7.2.3	Save for any claim for damages arising from a breach of warranty in terms of this Agreement, neither Party
will be liable to the other Party for any indirect, special, incidental or consequential loss or damage which may arise in respect of
the Intellectual Property Rights, its use or in respect of loss of profit, business, revenue, goodwill or anticipated savings.

 

		7.3	Indemnity

 

		7.3.1	The Licensee hereby indemnifies the Licensor, to the fullest extent permitted in law, against all claims,
costs, damages, losses and expenses which the Licensor may suffer arising from the use of the Intellectual Property Rights by the Licensee,
any breach by the Licensee of its statutory obligations or any breach by the Licensee of its obligations as set forth in clause 10.

 

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		7.3.2	The Licensor hereby indemnifies and holds the Licensee harmless against all claims, costs, damages, losses
and expenses which the Licensee may suffer or sustain as a direct result of any claim –

 

		7.3.2.1	against the Licensee arising as a result of the failure of any warranty given in this Agreement to be
true and correct;

 

		7.3.2.2	that the conduct of the Licensee contemplated in this Agreement has resulted in an infringement of the
intellectual property rights of any third party; or

 

		7.3.2.3	that any third party has a prior right in respect of any of the Intellectual Property Rights.

 

		7.3.3	The Licensee undertakes that it will not continue using the Technology and will cease producing, distributing,
marketing and selling the Subject Isotope where these activities will increase the potential damages which the Parties could suffer as
a result thereof, unless:

 

		7.3.3.1	the Licensee is obligated to do so in terms of any agreement, or

 

		7.3.3.2	the Independent Auditors confirm that the potential damages award will be less than potential profits
from ongoing activities such that the risk is mitigated. The Independent Auditors shall act as experts and not as arbitrators, and their
determination shall be final and binding on the Parties. The cost of the Independent Experts shall be borne equally by the Parties.

 

		8	force majeure

 

		8.1	Delay or failure to comply with or breach of any of the terms and conditions of this Agreement if occasioned
by or resulting from an act of God or public enemy, fire, explosion, earthquake, perils of the sea, flood, storm or other adverse weather
conditions, war declared or undeclared, civil war, revolution, civil commotion or other civil strife, riots, strikes, blockade, embargo,
sanctions, epidemics, act of any government or other authority, compliance with government orders, demands or regulations, or any circumstances
of like or different nature beyond the reasonable control of the Party so failing (“force majeure”), will
not be deemed to be a breach of this Agreement nor will it subject either Party to any liability to the other.

 

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		8.2	Should either Party be prevented from carrying out its contractual obligations by reason of force majeure
lasting continuously for a period of 30 (thirty) days, the Parties will consult with each other regarding the future implementation of
this Agreement. If no mutually acceptable arrangement is arrived at within a further period of 10 (ten) days after the expiration of such
30 (thirty) day period, either Party will be entitled to cancel this Agreement forthwith on written notice to the other Party.

 

		9	TERMINATION

 

		9.1	Either Party may terminate this Agreement with immediate effect upon written notice to the other Party
in the event that -

 

		9.1.1	the other Party commits an act of insolvency, is placed under business rescue or is wound-up (whether
provisionally or finally);

 

		9.1.2	the other Party ceases or threatens to cease to carry on business or disposes of its business or changes
the fundamental nature of its business; or

 

		9.1.3	there is a change of control of the other Party.

 

		9.2	The Licensor may terminate this Agreement in the event the Licensee:

 

		9.2.1	commits a material breach of the turnkey contract contemplated in the Term Sheet;

 

		9.2.2	fails to purchase assets of Molybdos (Pty) Limited; or

 

		9.2.3	has not produced, distributed, marketed and sold the Subject Isotope for a continuous period of 3 years
once the turnkey contract contemplated by the Term Sheet has been successfully concluded.

 

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		9.3	Upon termination or cancellation of this Agreement for any reason whatsoever, the Licensee shall  –

 

		9.3.1	have no further right or entitlement to use all or any of the Intellectual Property Rights;

 

		9.3.2	cease all use of the Intellectual Property Rights;

 

		9.3.3	within 2 (two) weeks of such termination or cancellation, deliver to the Licensor all papers, correspondence,
records, copies and other documents of every kind concerning or containing any reference to the Intellectual Property Rights;

 

		9.3.4	at the election of the Licensor, either sell all stock of the Subject Isotope to the Licensor or destroy
same;

 

		9.3.5	cease any representations or claims and not hold forth in any manner whatsoever that the Licensee has
or ever had any relationship with or connection to the Licensor.

 

		10	confidentiality and protection of information

 

		10.1	Each Party undertakes that during the operation of, and after the expiration, termination or cancellation
of, this Agreement for any reason, it will keep confidential all Confidential Information of the other Party.

 

		10.2	If the receiving Party is uncertain about whether any information is to be treated as confidential in
terms of this clause 10, it shall be obliged to treat it as such until written clearance is obtained from the disclosing Party.

 

		10.3	Each Party undertakes, subject to clause 10.4, not to disclose any Confidential Information of the other
Party, nor to use such information for its own or anyone else’s benefit.

 

		10.4	Notwithstanding the provisions of clause 10.3, the Licensee shall be entitled to disclose any information
to be kept confidential if and to the extent only that the disclosure is bona fide and necessary for the purposes of using the Technology
and producing, distributing, marketing and selling the Subject Isotope pursuant to this Agreement, and only if the party to whom the information
is disclosed provides a written undertaking to both the Licensee and Licensor that such information shall be kept confidential.

 

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		10.5	The obligation of confidentiality placed on the receiving Party in terms of this clause 10 shall
cease to apply to the receiving Party in respect of any information which –

 

		10.5.1	is or becomes generally available to the public other than by the negligence or default of the receiving
Party or by the breach of this Agreement by the receiving Party;

 

		10.5.2	the disclosing Party confirms in writing is disclosed on a non-confidential basis;

 

		10.5.3	has lawfully become known by or come into the possession of the receiving Party on a non-confidential
basis from a source other than the disclosing Party having the legal right to disclose same, provided that such knowledge or possession
is evidenced by the written records of the receiving Party existing at the Effective Date; or

 

		10.5.4	is disclosed pursuant to a requirement or request by operation of law, regulation or court order, to the
extent of compliance with such requirement or request only and not for any other purpose,

 

provided that –

 

		10.5.5	the onus shall at all times rest on the receiving Party to establish that information falls within the
exclusions set out in clauses 10.5.1 to 10.5.4;

 

		10.5.6	information will not be deemed to be within the foregoing exclusions merely because such information is
embraced by more general information in the public domain or in the receiving Party’s possession; and

 

		10.5.7	any combination of features will not be deemed to be within the foregoing exclusions merely because individual
features are in the public domain or in the receiving Party’s possession, but only if the combination itself and its principle of
operation are in the public domain or in the receiving Party’s possession.

 

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		10.6	In the event that the receiving Party is required to disclose Confidential Information as contemplated
in clause 10.5.4, the receiving Party will –

 

		10.6.1	advise the disclosing Party thereof in writing prior to disclosure, if possible;

 

		10.6.2	take such steps to limit the disclosure to the minimum extent required to satisfy such requirement and
to the extent that it lawfully and reasonably can;

 

		10.6.3	afford the disclosing Party a reasonable opportunity, if possible, to intervene in the proceedings;

 

		10.6.4	comply with the disclosing Party’s reasonable requests as to the manner and terms of any such disclosure;
and

 

		10.6.5	notify the disclosing Party of, and the form and extent of, any such disclosure or announcement immediately
after it is made.

 

		10.7	All documentation concerning the Intellectual Property Rights remains the exclusive property of the Licensor
and upon termination of this Agreement will be returned to the Licensor. The Licensee undertakes to prevent the unauthorised use of such
documentation and will not make copies of any such documentation without the prior written consent of the Licensee.

 

		11	BREACH

 

Should any Party (“Defaulting
Party”) commit a breach of any of the provisions of this Agreement, then the other Party (“Aggrieved Party”),
shall be obliged to give the Defaulting Party 10 (ten) Business Days written notice or such longer period as may be reasonably required
in the circumstances, to remedy the breach. If the Defaulting Party fails to comply with the notice, the Aggrieved Party shall be entitled
to claim immediate payment and/or specific performance by the Defaulting Party of all the Defaulting Party’s obligations without prejudice
to the Aggrieved Party’s rights to claim damages. The foregoing is without prejudice to any other rights as the Aggrieved Party
may have at law, provided that the Aggrieved Party shall not be entitled to cancel this Agreement for any breach by the Defaulting Party.

 

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		12	dispute resolution

 

		12.1	The Parties agree that the terms of this Agreement will be performed in the spirit of mutual co-operation,
trust and confidence. The Parties further agree to use their reasonable endeavours to resolve, through mutual consultation, without involving
any third party or parties, any dispute which may arise under, out of, or in connection with or in relation to this Agreement. If following
such mutual consultation, the dispute still remains outstanding, the matter shall be referred to the chief executive officer of each Party
to the dispute or their respective representatives, who shall negotiate for a period of up to 5 (five) Business Days from the date of
such referral in an attempt to resolve such dispute. If following the expiry of such 5 (five) Business Day period, the dispute is still
unresolved, then, save where otherwise provided in this Agreement, the matter shall be referred to arbitration in accordance with the
remaining provisions of this clause 12.

 

		12.2	This clause 12 is a separate, divisible agreement from the rest of this Agreement and shall -

 

		12.2.1	not be or become void, voidable or unenforceable by reason only of any alleged misrepresentation, mistake,
duress, undue influence, impossibility (initial or supervening), illegality, immorality, absence of consensus, lack of authority or other
cause relating in substance to the rest of the Agreement and not to this clause 12, which issue, the Parties intend, shall be subject
to arbitration in terms of this clause 12; and

 

		12.2.2	remain in effect even if the Agreement terminates or is cancelled.

 

		12.3	Save to the extent to the contrary provided for in this Agreement, any dispute arising out of or in connection
with this Agreement or the subject matter of this Agreement including, without limitation, any dispute concerning –

 

		12.3.1	the existence of this Agreement apart from this clause 12;

 

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		12.3.2	the interpretation and effect of this Agreement;

 

		12.3.3	the Parties’ respective rights or obligations under this Agreement;

 

		12.3.4	the rectification of this Agreement;

 

		12.3.5	the breach, termination or cancellation of this Agreement or any matter arising out of such breach, termination
or cancellation;

 

		12.3.6	damages in contract, in delict, compensation for unjust enrichment; or

 

		12.3.7	any other claim whether or not the rest of this Agreement apart from this clause 12 is valid and enforceable,

 

shall be decided by arbitration as
set out in this clause 12.

 

		12.4	The Parties to this dispute shall agree on the arbitrator. If agreement is not reached within 10 (ten)
Business Days after any Party to the dispute in writing calls for agreement, the arbitrator shall be a practising commercial attorney
or advocate of at least 10 (ten) years standing on the panel of arbitrators of the Arbitration Foundation of Southern Africa (“AFSA”)
nominated at the request of any Party to the dispute by the Registrar of AFSA for the time being.

 

		12.5	The request to nominate an arbitrator shall be in writing outlining the claim and any counterclaim of
which the Party to the dispute concerned is aware and, if desired, suggesting suitable nominees for appointment, and a copy shall be furnished
to the other Parties to the dispute who may, within 5 (five) Business Days, submit written comments on the request to the addressor of
the request.

 

		12.6	The arbitration shall, unless otherwise agreed between the Parties to the dispute, be held in Johannesburg
and the Parties shall endeavour to ensure that it is completed as soon as reasonably possible after notice requiring the claim to be referred
to arbitration is given.

 

		12.7	The proceedings in the arbitration shall as far as practicable take place in private and be kept confidential.

 

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		12.8	The arbitration shall be governed by the Arbitration Act, No. 42 of 1965, as amended, or any replacement
act and shall take place in accordance with the Commercial Arbitration Rules of AFSA.

 

		12.9	The decision resulting from such arbitration shall be subject to a right of appeal to a panel of 3 (three)
arbitrators as provided for in the Commercial Arbitration Rules of AFSA whose decision shall, or, in the event that the single arbitrator’s
decision shall not have timeously been taken on appeal, the decision of the single arbitrator shall, in the absence of manifest error,
be final and binding upon the Parties to the dispute, and may be made an order of any court of competent jurisdiction.

 

		12.10	This clause 12 shall not preclude any Party to a dispute from obtaining interim relief on an urgent basis
from a court of competent jurisdiction pending the decision of the arbitrator or panel of arbitrators, on appeal.

 

		12.11	A written notice by any Party to the dispute requesting the nomination of an arbitrator, shall be deemed
to be a legal process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, No. 68 of 1969.

 

		13	NOTICES AND DOMICILIA

 

		13.1	The Parties choose as their domicilia citandi et executandi their respective addresses set out
in this 13 for all purposes arising out of or in connection with this Agreement, at which addresses all the processes and notices arising
out of or in connection with this Agreement, its breach or termination, may validly be served upon or delivered to the Parties.

 

		13.2	For the purposes of this Agreement, the Parties’ respective addresses shall be -

 

		13.2.1	as regards the Licensor at Building 46, CSIR Campus, Meiring Naude Road, Brummeria, Pretoria, 0184

 

facsimile number: (012) 349 2128

 

email address: carl.ronander@klydon.co.za

 

marked for the attention
of: Dr E Ronander

 

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		13.2.2	as regards the Licensee at, Unit 19 2nd floor, 1 Melrose Boulevard, Melrose Arch, Gauteng,
2076

 

Email address:

 

robert.ainscow@pdsphotonica.com
; cc derrick.hyde@iqeq.com and geoff.miller@pdsphotonica.com

 

marked for the
attention of: Mr Robert Ainscow

 

		13.3	Any notice given in terms of this Agreement shall be in writing and shall -

 

		13.3.1	if delivered by hand, be deemed to have been duly received by the addressee on the 1st (first)
Business Day following the date of delivery;

 

		13.3.2	if transmitted by facsimile or email, be deemed to have been duly received by the addressee on the 1st
(first) Business Day following the date of despatch; and

 

		13.3.3	if delivered by recognised international courier service, be deemed to have been duly received by the
addressee on the 1st (first) Business Day following the date of such delivery by the courier service concerned,

 

provided that the
relevant notice is marked for the attention of the relevant Party’s designated person for receipt of any processes and notices in connection
with this Agreement as contemplated in 13.2.

 

		13.4	Notwithstanding anything to the contrary contained in this Agreement, a written notice or communication
actually received by the relevant Party’s designated person for receipt of any processes and notices in connection with this Agreement
as contemplated in 13.2 from another Party, shall be adequate written notice or communication to such Party.

 

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		14	miscellaneous Warranty of Authority

 

		14.1	Warranty of authority

 

Each Party warrants to each of the
other Parties that it has the power, authority and legal right to sign and perform this Agreement and that this Agreement constitutes
valid and binding obligations on it in accordance with the terms of this Agreement and, in respect of each Party that is a company, has
been duly authorised by all necessary actions of its directors.

 

		14.2	Independent Advice

 

Each Party hereto acknowledges that
it has been free to secure independent legal advice as to the nature and effect of all of the provisions of this Agreement and that it
has either taken such independent legal advice or dispensed with the necessity of doing so. Further, each Party hereto acknowledges that
all of the provisions of this Agreement and the restrictions herein contained are fair and reasonable in all the circumstances and are
part of the overall intention of the Parties in connection with the Company.

 

		14.3	Implementation

 

The Parties undertake
to do all such things, perform all such acts and take all steps to procure the doing of all such things and the performance of all such
acts, as may be necessary or incidental to give or be conducive to the giving of effect to the terms, conditions and import of this Agreement.

 

		14.4	Payment

 

		14.4.1	Any payment payable in terms of this Agreement shall be net of any withholding taxes, other taxes, duties
or levies, if any, payable in respect of such payment except to the extent that VAT is payable on such amount in which case the relevant
amount shall include the relevant VAT amount.

 

		14.4.2	Any amount not paid when due and payable under this Agreement shall bear interest at the Prime Rate from
the due date to date of payment in full.

 

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		14.5	Whole Agreement

 

This Agreement constitutes the whole
agreement between the Parties as to the subject matter hereof and no agreement, representations or warranties between the Parties other
than those set out herein are binding on the Parties. This Agreement may only be varied by mutual written agreement.

 

		14.6	Variation

 

No addition to or variation, consensual
cancellation or novation of this Agreement and no waiver of any right arising from this Agreement or its breach or termination shall be
of any force or effect unless reduced to writing and signed by each of the Parties or their duly authorised representatives.

 

		14.7	Relaxation

 

No latitude, extension of time or other
indulgence which may be given or allowed by either Party to the other Party in respect of the performance of any obligation hereunder
or enforcement of any right arising from this Agreement and no single or partial exercise of any right by either Party shall under any
circumstances be construed to be an implied consent by such Party or operate as a waiver or a novation of, or otherwise affect any of
that Party’s rights in terms of or arising from this Agreement or estop such Party from enforcing, at any time and without notice, strict
and punctual compliance with each and every provision or term hereof.

 

		14.8	Counterparts

 

This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original and all of which shall be taken together and deemed to be one instrument.

 

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Signed at Pretoria on this the 30th
day of September 2021

 

	/s/ H.J. Strydom	 	For: Klydon (PTY) Limited
	Duly Authorised	 	 

 

	Name:	H.J. Strydom	 
	 	 	 
	Designation:	CEO	 

 

Signed at Pretoria on this the 30th
day of September 2021

 

	/s/ Robert Ainscow	 	For: PDS Photonica South Africa (PTY) Limited
	Duly Authorised	 	 

 

	Name:	Robert Ainscow	 

 

	Designation:	Director	 

 

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