Document:

Exhibit 10.13

 

 

29 January 2021

 

Tory Jarmain

Triage Technologies, Inc

1 Adelaide Street East, Suite 3001 Toronto, Ontario
M5C 2V9, Canada

 

Dear Mr Jarmain,

 

LETTER OF VARIATION – TERMS SHEET

 

		1.	Introduction

 

We refer to the binding terms sheet dated 27 November 2020
between MyFiziq Limited and Triage Technologies, Inc (Terms Sheet).

 

Unless the context otherwise requires, words and expressions
defined in the Terms Sheet shall have the same meanings when used in this letter agreement.

 

		2.	Extension of due diligence period

 

This letter agreement is intended to vary the Terms
Sheet to amend the Terms Sheet completion date and to extend the due diligence period to 12 March 2021, or such other date agreed by the
parties in writing.

 

To record your agreement to the above variation of the Terms
Sheet, please execute this letter agreement where indicated below and return it to me.

 

		3.	General

 

This letter agreement may be executed in any number
of counterparts. All counterparts will be taken to constitute one instrument.

 

Electronic or facsimile signatures are taken to be valid
and binding to the same extent as original signatures.

 

The parties have agreed the terms set out in this letter
agreement and intend to be immediately legally bound by them.

 

Yours sincerely

 

	/s/ Steven Richards	 
	Mr Steven Richards	 
	Company Secretary	 
	MyFiziq Limited	 

 

     

     

    

 

EXECUTED by the parties as a deed.

 

	EXECUTED by MYFIZIQ LIMITED	)
	ACN 602 111 115	)
	in accordance with section 127 of the	)
	Corporations Act 2001 (Cth):	)

 

	/s/ Vlado Bosanac	 	/s/ Steven Richards
	Signature of Chief Executive Officer	 	Signature of Chief Financial Officer
	 	 	 
	Vlado Bosanac	 	Steven Richards
	Chief Executive Officer	 	Chief Financial Officer

 

	EXECUTED by TRIAGE TECHNOLOGIES,	)
	INC	)
	 	)
	 	)

 

in accordance with the laws of its place of incorporation:

 

	/s/ Tory Jarmain	 	/s/ Eric Lau
	Signature of director	 	Signature of director/company secretary
	 	 	 
	Tory Jarmain	 	Eric Lau
	Name of director	 	Name of director/company secretary*Exhibit
10.14

 

BINDING
TERMS SHEET

PRIVATE AND CONFIDENTIAL

 

MYFIZIQ
LIMITED (an entity incorporation in Australia) (MyFiziq) is a technology company that owns a fitness tracking software platform
that provides users with a simple means to track body measurements, body circumference change and other biometrics via an application
on the user’s smartphone (MyFiziq Platform).

 

TRIAGE
TECHNOLOGIES, INC. is a technology company that has developed an application for the identification of dermatologic conditions, using
artificial intelligence (AI), to interpret the user’s skin images taken on a smartphone and provide those results to the user (“Triage”),

 

Triage
and MyFiziq are each a “Party” and together are the “Parties” in this document

 

This
Terms Sheet sets out the terms upon which the Triage and MyFiziq will integrate the Triage technology into the CompleteScan SaaS
offering and the basis upon which the companies will generate revenue together. Additionally, MyFiziq will make an equity investment
in Triage to create a strategic relationship between the companies

 

This
Terms Sheet is binding on the Parties:

 

	1.	Integration of the Triage Platform	The Parties agree to collaborate
    and work together to design, develop and integrate the Triage Platform into the CompleteScan existing platform according to the timeline
    and functional specifications set out in Schedule 1 (Product Integration).
	 	 	 
	2.	Contributions from the Parties	(a)	The Parties each agree to make
    available sufficient personnel and resources to prioritise the Product Integration.
	 	 	 	 
	 	 	(b)	Other than as set out in Schedule 1, each of
    the Parties will bear their own costs and expenses associated with the Product Integration, where applicable.
	 	 	 	 
	3.	Pricing and Promotion of CompleteScan Platform	(a)	Once the Product Integration is complete, the
    Parties agree to use their best efforts to promote the use of the CompleteScan platform to existing and new sales channel
    partners, across both MyFiziq and Triage.
	 	 	 	 
	 	 	(b)	The Parties agree that the revenue sharing
    and pricing model for use of the Triage Scan as part of CompleteScan Platform will be agreed upon between the parties as part of
    the formal agreements.
	 	 	 	 
	4.	Cash and Share Equity Consideration	(a)	Under the terms of the agreement MyFiziq will
    provide USD$3M in equity investment to Triage. Use of funds will be outlined in the formal funding agreement.
	 	 	(b)	MyFiziq will pay to Triage an amount of USD$500,000
    upon signing of this Terms Sheet.
	 	 	(c)	MyFiziq will pay a further USD$500,000 to Triage
    six months from the signing of the Terms Sheet.
	 	 	(d)	MyFiziq will make available further equity
    funding to Triage in allocations of USD$500,000 for a further USD$2M. Triage will give MyFiziq 60 days’ notice of further drawdowns
    of his amount.

 

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	 	 	(e)	MyFiziq will issue registered common
    shares to the value of USD$3M to Triage. Share tranches and will be outlined in the formal funding agreement.
	 	 	 	 
	 	 	(f)	The Parties have agreed the cash equity and
    MyFiziq share payments will be issued at a pre-money valuation of Triage at USD$33.5m
	 	 	 	 
	 	 	(g)	MyFiziq has a first right of refusal on future
    capital requirements of Triage.
	 	 	 	 
	 	 	 	 
	5.	Intellectual Property	(a)	All intellectual property that is owned by,
    or is proprietary to, a Party as at the date of this Terms Sheet will at all times remain owned by that Party exclusively.
	 	 	 	 
	 	 	(b)	Other than as expressly set out in this Terms
    Sheet, nothing in this Terms Sheet confers on a Party any right or interest in, or licence to use (or permit or cause to be used)
    any of the other Party’s, or any third parties,, intellectual property.
	 	 	 	 
	 	 	(a)	MyFiziq currently owns all intellectual property
    in the MyFiziq and CompleteScan SaaS platforms, including any modifications or improvements in relation to the platform. Triage
    covenants that it will not, or attempt to, reverse engineer, copy or otherwise replicate the MyFiziq or CompleteScan Platforms.
	 	 	 	 
	 	 	(b)	Triage owns all intellectual property in the
    Triage platform, including any modifications or improvements in relation to the platform, excluding any contributed MyFiziq and CompleteScan
    intellectual property. MyFiziq covenants that it will not, or attempt to, reverse engineer, copy or otherwise replicate Triage’s
    intellectual property.
	 	 	 	 
	6.	Commercial Contract	Notwithstanding the fact that this
    document is legally binding on the Parties, MyFiziq and the Triage agree to enter into a subsequent, definitive agreement (Formal
    Agreement) to more fully document the terms/conditions and intent of the Parties as set out in this Terms Sheet no later than
    30 days from the execution date of this Terms Sheet. The Formal Agreement shall be shall be consistent with the terms set out in
    this Terms Sheet, except to the extent otherwise agreed by the Parties, and will include clauses on (but not limited to) licences
    to be granted, promotion and marketing, support services, implementation services, cloud services, billing, liabilities, IP and confidentiality.
	 	 	 	 
	7.	Warranties, Representations and Covenants	The Formal Agreement will also
    contain warranties, representations and covenants by both MyFiziq and Triage that are customary for transactions of the type contemplated
    by this Terms Sheet.
	 	 	 	 
	8.	Confidentiality	Each Party is to keep confidential
    the content and existence of this Terms Sheet and any other information obtained from each other during the negotiations preceding
    the execution of this Terms Sheet or in the course of furthering the transactions contemplated by this Terms Sheet whether in the
    course of conducting due diligence or otherwise (Confidential Information), and is not to disclose it to any person except:

 

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	 	 	(a)	to employees, shareholders, legal
    advisers, auditors and other consultants requiring the information for the purposes of this Terms Sheet;
	 	 	 	 
	 	 	(b)	with the consent of a Party which owns or controls
    the Confidential Information;
	 	 	 	 
	 	 	(c)	if the information is, at the date of this
    Terms Sheet, lawfully in the possession of the recipient of the information through sources other than any of the other Parties;
	 	 	 	 
	 	 	(d)	if required by a regulatory agency, court or
    a stock exchange rule/practice;
	 	 	 	 
	 	 	(e)	if strictly and necessarily required in connection
    with legal proceedings relating to this Terms Sheet;
	 	 	 	 
	 	 	(f)	if the information is generally and publicly available other than as
    a result of a breach of confidence; or
	 	 	 	 
	 	 	(g)	to a financier or prospective financier (or its advisers) of a Party.
	 	 	 	 
	 	 	A Party disclosing Confidential
    Information must use all reasonable endeavours to ensure that persons receiving the Confidential Information from it do not disclose
    the Confidential Information except in the circumstances permitted in this clause.
	 	 	 	 
	 	 	The obligations under this clause contain obligations separate
    and independent from the other obligations of the Parties and remain in existence for a period of two years from the date of this
    Terms Sheet, regardless of any termination of this Terms Sheet.
	 	 	 	 
	9.	Due Diligence	will utilize the following 30-day
    due diligence period to verify and validate information about each Triage. Triage will supply MyFiziq, in an orderly manner information
    requested pertaining to the company’s financial standing and technology. Other information may be requested that is contemplated
    in a transaction of this type.
	 	 	 
	10.	Further Assurance	Each Party shall sign and execute
    and do all deeds, acts, documents and things as may reasonably be required by the other Parties to effectively carry out and give
    effect to the terms and intentions of this Terms Sheet.
	 	 	 
	11.	Governing Law	The binding terms of this Terms
    Sheet shall be governed by and construed in accordance with the law from time to time in New York. The Parties agree to submit to
    the exclusive jurisdiction of the Courts of New York and the Courts which hear appeals from those Courts.
	 	 	 
	12.	Assignment	None of the Parties may assign
    any of the rights or obligations conferred by this Terms Sheet without the consent of the other Party which will not be unreasonably
    delayed or withheld.
	 	 	 
	13.	Costs	Each Party shall bear its own legal
    costs of and incidental to the preparation, negotiation and execution of this Terms Sheet.

 

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	14.	Waiver	 	A provision of,
    or a right under, this Terms Sheet may only be waived in writing signed by the Party granting the waiver. A failure or delay in exercise,
    or partial exercise, or a power, right, authority or remedy arising from a default or breach under this Terms Sheet does not result
    in a waiver of that power, right, authority or remedy.
	 	 	 	 
	15.	  Remedies	 	The rights, power and remedies
    provided in this Terms Sheet are cumulative with and not exclusive to the rights, power or remedies provided by law independently
    of this Terms Sheet.
	 	 	 	 
	16.	Whole Agreement	 	This Terms Sheet, any formal
    agreement, and the other agreements envisaged by this Terms Sheet, shall constitute the sole understanding of the Parties with respect
    to the subject matter and replaces all other agreements with respect thereto.
	 	 	 	 
	17.	Variation	 	 No modification or alteration
    of the terms of this Terms Sheet shall be binding unless made in writing dated subsequent to the date of this Terms Sheet and duly
    executed by all Parties. 
	 	 	 	 
	18.	Notices	 	Each
    notice authorised or required to be given to a Party shall be in writing and may be delivered personally or sent by properly addressed
    prepaid mail in each case addressed to the Party at its address set out in below:

     

    In
    the case of MyFiziq:

     

    Suite
    5, 71–73 South Perth Esplanade South Perth, WA, 6151, Australia Email: vlado@myfiziq.com

    Attention:
    Vlado Bosanac

     

    In
    the case of the Triage Technologies, Inc.

     

    1 Adelaide
    Street East, Suite 3001 Toronto,

    Ontario
    M5C 2V9, Canada

    Email:
    legal@triage.com Phone: 1-800-892-4603

    Attention:
    Tory Jarmain

	 	 	 	 
	19.	Severance	 	If any provision of this Terms
    Sheet is invalid and not enforceable in accordance with its terms, all other provisions which are self- sustaining and capable of
    separate enforcement without regard to the invalid provision shall be and continue to be valid and forceful in accordance with their
    terms.
	 	 	 	 
	20.	Board Approval	 	Upon execution of this Terms
    Sheet by the Parties, MyFiziq Limited, as a public company, will immediately seek its Board approval to ratify this binding Terms
    Sheet by way of signed Board resolution. This approval will be provided no later than Tuesday 1st December 2020.
	 	 	 	 
	21.	Counterparts	 	This Terms Sheet may be executed
    in any number of counterparts, including by email, each of which when executed and delivered to the other Parties shall constitute
    an original, but all counterparts together shall constitute one and the same agreement.
	 	 	 	 
	22.	Interpretation	 	In this Terms Sheet unless the context otherwise requires:

 

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	 	 	(a)	headings
    are for convenience only and do not affect its interpretation;
	 	 	 	 
	 	 	(b)	an
    obligation or liability assumed by, or a right conferred on, two (2) or more Parties binds or benefits all of them jointly and each
    of them severally;
	 	 	 	 
	 	 	(c)	the
    expression person includes an individual, the estate of an individual, a corporation, an authority, an association or joint
    venture (whether incorporated or unincorporated), a partnership and a trust;
	 	 	 	 
	 	 	 	 
	 	 	(d)	a reference
    to any Party includes that Party’s executors, administrators, successors and permitted assigns, including any person taking
    by way of novation;
	 	 	 	 
	 	 	(e)	a
    reference to any document (including this Terms Sheet) is to that document as varied, novated, ratified or replaced from time to
    time;
	 	 	 	 
	 	 	(f)	a
    reference to any statute or to any statutory provision includes any statutory modification or re-enactment of it or any statutory
    provision substituted for it, and all ordinances, by-laws, regulations, rules and statutory instruments (however described) issued
    under it;
	 	 	 	 
	 	 	(g)	words importing
    the singular include the plural (and vice versa) and words indicating a gender include every other gender;
	 	 	 	 
	 	 	(h)	reference
    to Parties, clauses, schedules, exhibits or annexure are references to Parties, clauses, schedules, exhibits and annexure to or of
    this Terms Sheet and a reference to this Terms Sheet includes any schedule, exhibit or annexure to this Terms Sheet;
	 	 	 	 
	 	 	(i)	where
    a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding
    meaning; and
	 	 	 	 
	 	 	(j)	a
    reference to AUD$ is to Australian currency and USD$ is to the current of the United States of America.

 

INTENTIONALLY LEFT BLANK

 

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If
the terms and conditions set out above are acceptable, please execute this Terms Sheet in the appropriate place below.

 

	Dated this 27th day of November 2020.	 	 
	 	 	 
	EXECUTED by MYFIZIQ LTD 	)	 
	ACN 602 111 115	)	 
	in accordance with section 127 of the	)	 
	Corporations Act 2001 (Cth):	)	 
	 		 
	 	 	 
			 
	Signature of director		Signature of Company Secretary
	 	 	 

	Vlado
    Bosanac (CEO)	 	Steven
    Richards
	Name/title of Chief Executive Officer	 	Name of CFO & Company Secretary

 

	 	)	 
	 	)	 
	SIGNED by TRIAGE TECHNOLOGIES, INC.	)	 
	 	 	 
	Company number in the presence of:		 
	 	 	 
		 	
	Signature of Director	 	Signature
	 	 	 
	Tory Jarmain (CEO)	 	Eric
    Lau
	Name/title of CEO & Founder	 	CFO
    & Director

 

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SCHE DUL
E 1 – PRO DU CT I NT EG RA T I ON

 

		●	The
                                            Triage & MyFiziq will work together to design and implement a full integration within
                                            90 days of the formal agreement being executed. A breakdown of the integration timeline is
                                            below.

 

	Milestone	 	Prerequisites	 	Milestone Completion
    Date
	 	 	 	 	 
	Terms Sheet Execution	 	Nil.	 	27th November 2020
	MyFiziq SDK EULA Execution	 	Terms Sheet executed	 	11th December 2020
	Product Integration (including QA)	 	MyFiziq SDK EULA executed	 	27th January 2021
	Formal Agreement (includes commercials arrangements, data processing
    and technical support)	 	MyFiziq
    SDK EULA executed
	 	

    27th
    December 2020

	Target
    market(s) ready “go-live”
	 	Formal Agreement executed, and Product Integration complete	 	

    TBA

 

		●	Triage
                                            will make available to MyFiziq the SDK kits or platform integration requirements to facilitate
                                            an integration into the CompleteScan Demonstration Application. This activity is based
                                            on the current MyFiziq functionality.

 

		●	The
                                            Parties will work together to deliver a demonstratable product not later than 27th
                                            January , 2021.

 

		●	MyFiziq
                                            will make its continued platform improvements available to Triage from time to time at no
                                            cost to Triage.

 

 

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