Document:

Exhibit
10.155

 

THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A)
AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH
COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.

 

THE
ISSUE PRICE OF THIS NOTE IS $114,850.00

THE
ORIGINAL ISSUE DISCOUNT IS $11,850.00

 

	Principal
    Amount: $114,850.00	Issue
    Date: October 25, 2022
	Purchase
    Price: $103,000.00	 

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, CLEAN ENERGY TECHNOLOGIES, INC., a Nevada corporation (hereinafter called the “Borrower”), hereby
promises to pay to the order of 1800 DIAGONAL LENDING LLC, a Virginia limited liability company, or registered assigns (the “Holder”)
the sum of $114,850.00 together with any interest as set forth herein, on October 25, 2023 (the “Maturity Date”), and to
pay interest on the unpaid principal balance hereof from the date hereof (the “Issue Date”) as set forth herein. This Note
may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note
which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the
same is paid (“Default Interest”). All payments due hereunder (to the extent not converted into common stock, $0.001 par
value per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money of the United States
of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance
with the provisions of this Note. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto
in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase
Agreement”).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall apply to this Note:

 

Article
I. GENERAL TERMS

 

1.1
Interest. A one-time interest charge of ten percent (10%) (the “Interest Rate”) shall be applied on the Issuance Date
to the Principal ($114,850.00 *.1 = $11,485.00). Interest hereunder shall be paid as set forth herein to the Holder or its assignee in
whose name this Note is registered on the records of the Company regarding registration and transfers of Notes in cash or, in the Event
of Default, at the Option of the Holder, converted into share of Common Stock as set forth herein.

 

    	 

     

    

 

1.2
Mandatory Monthly Payments. Accrued, unpaid Interest and outstanding principal, subject to adjustment, shall be paid in ten (10)
payments each in the amount of $12,633.50 (a total payback to the Holder of $126,335.00). The first payment shall be due December 15,
2022 with nine (9) subsequent payments each month thereafter. The Company shall have a five (5) day grace period with respect to each
payment. The Company has right to accelerate payments or prepay in full at any time with no prepayment penalty. All payments shall be
made by bank wire transfer to the Holder’s wire instructions, attached hereto as Exhibit A. For the avoidance of doubt, a missed
payment shall be considered an Event of Default.

 

1.3
Security. This Note shall not be secured by any collateral or any assets pledged to the Holder

 

Article
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

Article
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note,
whether at maturity, upon acceleration or otherwise and such breach continues for a period of five (5) days after written notice from
the Holder.

 

3.2
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and
any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days
after written notice thereof to the Borrower from the Holder.

 

3.3
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall
be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material
adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.4
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or
apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such
a receiver or trustee shall otherwise be appointed.

 

3.5
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary
of the Borrower.

 

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3.6
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which
specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq
National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.7
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act;
and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.8
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.9Cessation
of Operations.Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as
such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern”
shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.10Financial
Statement Restatement.The restatement of any financial statements filed by the Borrower with the SEC at any time after 180 days
after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would, by
comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect
to this Note or the Purchase Agreement.

 

3.11
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.12
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a
breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage
of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the
Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder
under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements”
means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder
and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term “Other Agreements”
shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other
loan transaction and with all other existing and future debt of Borrower to the Holder.

 

Upon
the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and the Borrower
shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w)
the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this
Note to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred
to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Article IV hereof (the then outstanding principal
amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known
as the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand,
presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and
expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

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If
the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable, then
the Holder shall have the right at any time, to convert the balance owed pursuant to the note including the Default Amount into shares
of common stock of the Company as set forth herein.

 

Article
IV. CONVERSION RIGHTS

 

4.1
Conversion Right. At any time following an Event of Default, the Holder shall have the right, to convert all or any part of the
outstanding and unpaid amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on
the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed
or reclassified at the conversion price determined as provided herein (a “Conversion”); provided, however,
that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion
of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of
Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised
or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations
contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect
to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more
than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. The beneficial ownership limitations
on conversion as set forth in the section may NOT be waived by the Holder. The number of shares of Common Stock to be issued upon
each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price
then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit B(the “Notice of Conversion”),
delivered to the Borrower by the Holder in accordance with Section 4.4 below; provided that the Notice of Conversion is submitted by
facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New
York, New York time on such conversion date (the “Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm,
New York, New York time the Conversion Date shall be the next business day. The term “Conversion Amount” means, with respect
to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at
the Holder’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note
to the Conversion Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately
preceding clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 4.4
hereof.

 

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4.2
Conversion Price. The conversion price (the “Conversion Price”) shall mean 70% multiplied by the lowest Trading Price
for the Common Stock during the five (5) Trading Days prior to the Conversion Date (representing a discount rate of 30%) (subject to
equitable adjustments by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower,
combinations, recapitalization, reclassifications, extraordinary distributions and similar events). “Trading Price” means,
for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading
market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder
(i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the
principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security
is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed
in the “pink sheets”. If the Trading Price cannot be calculated for such security on such date in the manner provided above,
the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of
the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such
Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal
securities exchange or other securities market on which the Common Stock is then being traded.

 

4.3
Authorized Shares. The Borrower covenants that during the period that the Note is outstanding, the Borrower will reserve from
its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common
Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have
authorized and reserved five times the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion
Price of the Note in effect from time to time initially 19,078,073 shares) (the “Reserved Amount”). The Reserved Amount shall
be increased from time to time in accordance with the Borrower’s obligations hereunder. The Borrower represents that upon issuance,
such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or
make any change to its capital structure which would change the number of shares of Common Stock into which the Notes shall be convertible
at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient
number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note. The Borrower
(i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion
of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance
with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under this Note.

 

4.4
Method of Conversion.

 

(a)
Mechanics of Conversion. As set forth in Section 4.1 hereof, at any time following an Event of Default, the balance due pursuant
to this Note may be converted by the Holder in whole or in part at any time from time to time after the Issue Date, by (A) submitting
to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion
Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 4.4(b), surrendering this Note at the principal office of
the Borrower (upon payment in full of any amounts owed hereunder).

 

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(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion.

 

(c)
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or
other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
4.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the
Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely
in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and
the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on
this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with
respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other
securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided
herein, the Borrower’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective
of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery
of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation
of the Borrower to the Holder in connection with such conversion.

 

(d)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder
by crediting the account of Holder’s Prime Broker with DTC through its Deposit and Withdrawal at Custodian (“DWAC”)
system.

 

(e)
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of
this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $2,000
per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the “Fail to Deliver Fee”);
provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and
not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common
Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the
option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall
be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note
and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees
that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference
with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages
provision contained in this Section 4.4(e) are justified.

 

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4.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless:
(i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 4.5
and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any
restrictive legend on certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed and the
Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall
have received an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which
opinion shall be accepted by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon
conversion of this Note, such security is registered for sale by the Holder under an effective registration statement filed under the
Act; or otherwise may be sold pursuant to an exemption from registration. In the event that the Company does not reasonably accept the
opinion of counsel provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration (such
as Rule 144), it will be considered an Event of Default pursuant to this Note.

 

4.6
Effect of Certain Events.

 

(a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more
than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower
with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default
(as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition
to such transaction an amount equal to the Default Amount (as defined in Article III). “Person” shall mean any individual,
corporation, limited liability company, partnership, association, trust or other entity or organization.

 

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(b)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of
another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially
all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this
Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified
herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which
the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction
(without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect
to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower
shall not affect any transaction described in this Section 4.6(b) unless (a) it first gives, to the extent practicable, ten (10) days
prior written notice (but in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders
to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization,
reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b)
the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above
provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its
assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend
or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note
after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would
have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder
of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.

 

Article
V. Miscellaneous

 

5.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

5.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be
in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a)
upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a business day during normal business hours where such notice
is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If
to the Borrower, to:

 

CLEAN
ENERGY TECHNOLOGIES, INC.

2990
Redhill Ave.

Costa
Mesa, California 92626

Attn:
Kambiz Mahdi, Chief Executive Officer

Fax:

Email:
KMahdi@cetyinc.com

 

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If
to the Holder:

 

1800
DIAGONAL LENDING LLC

1800
Diagonal Road, Suite 623

Alexandria
VA 22314

Attn:
Curt Kramer, President

Email:
ckramer@sixthstreetlending.com

 

5.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the
Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the
other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended
or supplemented.

 

5.4
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in
Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be pledged
as collateral in connection with a bona fide margin account or other lending arrangement; and may be assigned by the Holder without
the consent of the Borrower.

 

5.5
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

5.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the Circuit Court of Fairfax County, Virginia or in the Alexandria Division of the United States
District Court for the Eastern District of Virginia. The parties to this Note hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any objection or defense based on lack of jurisdiction or venue or
based upon forum non conveniens. The Borrower and Holder waive trial by jury. The Holder shall be entitled to recover from the
Borrower its reasonable attorney’s fees and costs incurred in connection with or related to any Event of Default by the Company,
as defined in Article III hereof. In the event that any provision of this Note or any other agreement delivered in connection herewith
is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent
that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof or any agreement
delivered in connection herewith. Each party hereby irrevocably waives personal service of process and consents to process being served
in any suit, action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this
Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.

 

    	9

     

    

 

5.7
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

5.8
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at
law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in
equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach
of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required.

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this on October 25, 2022

 

	CLEAN
    ENERGY TECHNOLOGIES, INC.	 
	 	 	 
	By:
    	 	 
	 	Kambiz
    Mahdi	 
	 	Chief
    Executive Officer	 

 

    	10

     

    

 

EXHIBIT
A – WIRE INSTRUCTIONS

 

[to
be provided via email]

 

    	11

     

    

 

EXHIBIT
B — NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $_________________ principal amount of the Note (defined below) into that number
of shares of Common Stock to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth below,
of CLEAN ENERGY TECHNOLOGIES, INC., a Nevada corporation (the “Borrower”) according to the conditions of the convertible
note of the Borrower dated as of October 25, 2022 (the “Note”), as of the date written below. No fee will be charged to the
Holder for any conversion, except for transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

	[  
    ] 	The
    Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
    or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).
	 	 
	 	Name
    of DTC Prime Broker:
	 	Account
    Number:
	 	 
	[  
    ] 	The
    undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth
    below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or,
    if additional space is necessary, on an attachment hereto:

 

	 	Date
    of conversion: 	 
	 	Applicable
    Conversion Price: 	$	
	 	Number
    of shares of common stock to be issued	 
	 	pursuant
    to conversion of the Notes: 	 
	 	Amount
    of Principal Balance due remaining	 
	 	under
    the Note after this conversion:	 

 

	 	1800
    DIAGONAL LENDING LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Curt Kramer	 
	 	Title:	Presdient	 
	 	 	Date:	           	 

 

    	12Exhibit 4.11

 

	 	 

 

Share Sale and Purchase
Agreement

 

between

 

Each of the Parties listed in Schedule
1

(each
a Seller and together, the Sellers)

 

 and

 

Lekhram
Changoer, George Anastassov and Eric Kim

(each a Restrained Individual and together,
the Restrained Individuals)

 

and

 

Incannex
Healthcare Limited

ACN 096 635 246

(Buyer)

 

 

 

	 	 

 

     

     

    

 

Table
of contents

 

	1	Definitions and interpretation	1
	 	1.1	Definitions	1
	 	1.2	Interpretation	6
	 	1.3	Headings	7
	 	1.4	Weekends and holidays	8
	 	 	 	 
	2	Conditions	8
	 	2.1	Conditions	8
	 	2.2	Cooperation	8
	 	2.3	Waiver	8
	 	2.4	Obligations to notify	8
	 	2.5	Termination	8
	 	2.6	Rights on termination	9
	 	 	 	 
	3 	Sale and purchase	9
	 	3.1	Agreement to sell and purchase	9
	 	3.2	Title and risk	9
	 	3.3	Waiver of pre-emptive rights	9
	 	 	 	 
	4 	Total Consideration and payment terms	9
	 	4.1	Total Consideration	9
	 	4.2	Payment of Total Consideration	9
	 	4.3	Subscription Shares	10
	 	 	 	 
	5 	Conduct prior to Completion	10
	 	5.1	Conduct prior to Completion	10
	 	5.2	Restricted conduct before Completion	10
	 	5.3	Permitted acts	11
	 	5.4	Notification of warranty breaches	11
	 	5.5	Supervised access to the Business prior to Completion	12
	 	5.6	Changes to Company Group officers	12
	 	5.7	Repayment of Inter-company Payables and Inter-company Receivables	12
	 	5.8	Insurance	12
	 	 	 	 
	6 	Completion	12
	 	6.1	Time and location of Completion	12
	 	6.2	Completion	12
	 	6.3	Obligations interdependent	12
	 	 	 	 
	7 	Post Completion matters	13
	 	7.1	Conduct until the Sale Shares are registered	13
	 	7.2	ASIC, ASX, Nasdaq and Governmental Agency notification	13
	 	7.3	Registration	13
	 	7.4	Wrong pockets	13
	 	7.5	Licensing	13
	 	7.6	Transfer and assignment of Owned Intellectual Property Rights	13
	 		 	 
	8 	Sellers’ Warranties	13
	 	8.1	Sellers’ Warranties	13
	 	8.2	Reliance	13
	 	8.3	Indemnified Loss	14
	 	 	 	 
	9 	Foreign resident CGT withholding	14
	 	9.1	Declaration that Sale Shares are not indirect Australian real property interests	14
	 	9.2	Renewal of declaration	14
	 	 	 	 
	10	Tax indemnity	14
	 	10.1	Indemnity	14
	 	10.2	Scope of Tax Indemnity	15
	 	10.3	Payment of Tax Liabilities	15
	 	10.4	Tax effect of Claims	15

 

    
	 	i	 
	 	Share Sale and Purchase Agreement	 

 

     

    

 

	11	Specific Indemnity	16
	 	 	 
	12	Limitation of liability	16
	 	12.1	Exclusion of liability	16
	 	12.2	Buyer acknowledgements	16
	 	12.3	Maximum aggregate amount	16
	 	12.4	Threshold limit	16
	 	12.5	Double recovery	17
	 	12.6	Time limits	17
	 	12.7	Later recovery	17
	 	12.8	Additional Limits on Buyer Claim	17
	 	12.9	Scope of limitation of liability clause	18
	 	12.10	Independent limitations	18
	 	 	 
	13	Procedure for dealing with Claims	18
	 	13.1	Notice of Claims	18
	 	13.2	Third Party Claims	18
	 	 	 
	14	Buyer Warranties	19
	 	14.1	Buyer Warranties	19
	 	14.2	Buyer indemnity	19
	 	 	 
	15	Goods and Services Tax	19
	 	15.1	Definitions	19
	 	15.2	Input Taxed	20
	 	15.3	Gross up for GST if the supply is not Input Taxed	20
	 	15.4	Parties’ obligations to provide documentation	20
	 	15.5	Payment by reimbursement or indemnity	20
	 	 	 
	16	Confidentiality	20
	 	16.1	General obligation	20
	 	16.2	Confidentiality obligations of Buyer	21
	 	16.3	Agreement on press announcements	21
	 	16.4	Continuing obligation	22
	 	16.5	Confidentiality obligations of Sellers	22
	 	 	 
	17	Restraint	22
	 	17.1	Restraint	22
	 	17.2	Acknowledgements	22
	 	 	 
	18	Continuing obligations	23
	 	18.1	No merger	23
	 	18.2	Survival	23
	 	 	 	 
	19	Notices	23
	 	19.1	Notices	23
	 	19.2	Sellers’ and Restrained Individual’s address	24
	 	19.3	Buyer’s address	24
	 	 	 	 
	20	General	25
	 	20.1	Costs	25
	 	20.2	Governing law and jurisdiction	25
	 	20.3	Severability	25
	 	20.4	Further assurance	25
	 	20.5	Consents	25
	 	20.6	Rights, powers and remedies	25
	 	20.7	Amendment	26
	 	20.8	Assignment	26
	 	20.9	Counterparts	26
	 	20.10	Entire understanding	26
	 	20.11	Execution by attorney	26
	 	20.12	Time of the essence	26

 

    
	 	ii	 
	 	Share Sale and Purchase Agreement	 

 

     

    

 

	Schedue 1	27
	Sellers’ Details	27
	 	 
	Schedue 2	28
	Group details	28
	 	 
	Schedue 3	30
	Conditions	30
	 	 
	Schedue 4	31
	Completion Steps	31
	 	 
	Schedue 5	33
	Sellers’ Warranties	33
	 	 
	Schedue 6	48
	Buyer Warranties	48
	 	 
	Schedue 7	49
	Intellectual Property Rights	49
	 	 
	Annexure A	52
	Non-Pharmaceutical Assets	52

 

    
	 	iii	 
	 	Share Sale and Purchase Agreement	 

 

     

    

 

	This Agreement is made
    on the 	2022
    

 

	 	between	Each of the Parties listed in Schedule 1
(each a Seller and together, the Sellers)
	 	 	 
		and	Incannex Healthcare Limited ACN 096 635 246 (Buyer)
	 	 	 
		and	George Anastassov (George) Lekhram Changoer (Lekhram), Eric Kim. (Eric)
	 	 	 
	 	 	(each a Restrained Individual and together, the
Restrained Individuals)

  

Recitals

 

	A	The Sellers own all legal and beneficial interests in the
Sale Shares.

 

	B	The Sellers have agreed to sell all legal and beneficial
interests in the Sale Shares to the Buyer and the Buyer has agreed to buy all legal and beneficial interests in the Sale Shares from
the Sellers on the basis set out in this Agreement.

 

	C	The Restrained Individuals have agreed to be subject to certain
restraints on the basis set out in this Agreement.

 

Now it is agreed as follows:

 

	1	Definitions and interpretation

 

	1.1	Definitions

 

In this Agreement, unless the context requires otherwise

 

Accounts Date means 31 December 2021.

 

Accounts means the consolidated
balance sheet of the Company Group as at the Accounts Date and the consolidated profit and loss statement of the Company Group as at the
Accounts Date for the 12 months ending on the Accounts Date as Fairly Disclosed to the Buyer.

 

Agreed Form means in a
form agreed on or around the date of this Agreement between the parties to the relevant document and initialled by each of them for the
purposes of identification.

 

Agreement means this share sale
and purchase agreement.

 

ASIC means the Australian Securities
and Investments Commission.

 

ASX means, as the context
requires, ASX Limited ACN 008 624 691 or the financial market operated by it.

 

ASX Listing Rules means the
official listing rules of ASX.

 

ATO means the Australian Taxation
Office.

 

Authorisation means any
licence, consent, approval, permit, registration or other authorisation given or issued by any Governmental Agency or any other person.

 

Business Day means a day
on which the banks are open for business in Melbourne, Victoria, other than a Saturday, Sunday or public holiday in Melbourne, Victoria.

 

Business means the business
of innovative biotechnology focused on research, development, and production of prescription pharmaceutical cannabinoid medicines, carried
on by the Company Group as at the date of this Agreement.

 

    
	 	1	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Buyer Group means the
Buyer and each Related Body Corporate of the Buyer, and after Completion includes the Company Group.

 

Buyer Warranties means the warranties
given by the Buyer as set out in Schedule 6.

 

cGMP means current good manufacturing
practice.

 

Claim means any allegation,
claim, Demand, cause of action, proceeding, litigation judgment, damage, Loss, cost, expense or liability in respect of this Agreement
or the transactions contemplated under this Agreement, however arising, whether present, unascertained, immediate, future or contingent,
whether based in contract, tort or statute and whether involving a Third Party or a Party.

 

Company means APIRx Pharmaceutical
USA, LLC, details of which are set out in Part 1 of Schedule 2.

 

Company Group means the
Company and the Subsidiaries, and each is a Company Group Entity.

 

Completion means completion
of the sale and purchase of all legal and beneficial interest in the Sale Shares in accordance with clause 6 and the allotment and issue
of the Subscription Shares in accordance with clause 4.3.

 

Completion Date means the date
on which Completion occurs.

 

Completion Steps means the steps
to be taken on Completion as set out in Schedule 4.

 

Conditions means the conditions
precedent set out in Schedule 3.

 

Contractors means all
contractors or consultants engaged by the Company Group in the conduct of the Business at the Completion Date.

 

Controller has the meaning given
in the Corporations Act.

 

Corporations Act means the Corporations
Act 2001 (Cth).

 

Demand means a written notice
of, or a demand for, an amount payable, or for any other action.

 

Due Diligence Investigation
means the due diligence investigation of the Company Group undertaken by and on behalf of the Buyer prior to the date of this Agreement.

 

Duty means any stamp,
transaction or registration duty, or similar charge, imposed by any Governmental Agency, and includes but is not limited to, any interest,
fine, penalty, charge or other amount imposed in respect of the above, but excludes any Tax.

 

Employees means all the
persons employed by the Company Group in the conduct of the Business at the Completion Date.

 

Encumbrance means an interest
or power:

 

		(a)	reserved in or over an interest in any asset including, but
not limited to, any retention of title or preferential right; or

 

		(b)	created or otherwise arising in or over any interest in any asset under any form
of security whatsoever including a bill of sale, contract or set-off, mortgage, charge, lien, pledge, trust, power or security interest
(within the meaning of PPSA),

 

whether registered or unregistered
and including any agreement to grant or create any of the above.

 

Entity has the meaning given
to that term in section 64A of the Corporations Act.

 

Escrow Deed means an escrow
deed in the form agreed between the Parties.

 

Fairly
Disclosed means disclosure in sufficient detail and context to enable a reasonable person in the position of the Buyer to fairly
identify the nature and scope of the relevant fact, matter, event or circumstance.

 

    
	 	2	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Governmental Agency means
any government or governmental, semi-governmental, administrative, monetary, fiscal or judicial body, department, commission, authority,
tribunal, agency or entity and includes a Tax Authority and drug administration bodies.

 

GST means goods and services
tax or similar value added tax levied or imposed in Australia under the GST Law or otherwise on a supply.

 

GST Act means A New Tax System
(Goods and Services Tax) Act 1999 (Cth).

 

GST
Law has the same meaning as in the GST Act, and also includes any applicable legislative determinations and Australian Taxation Office
public rulings with respect to GST.

 

IHL
Shares means fully paid ordinary shares in the capital of the Buyer.

 

Immediately Available Funds
means telegraphic or other electronic means of transfer of cleared funds into a bank account nominated in advance by the payee.

 

Independent Accountant means
a chartered accountant that is independent of the Sellers and the Buyer, who is a partner of a chartered accounting firm selected by agreement
between the Sellers and the Buyer or, failing agreement within 5 Business Days after either of them seek such agreement from the other,
then such person having the specified qualifications as is selected by the Chair of the Resolution Institute (or the Chair’s nominee).

 

Insolvency
Event means:

 

		(a)	in respect of an entity, the occurrence of any one or more
of the following events or circumstances in relation to that entity:

 
		(i)	a winding up, dissolution, liquidation, provisional liquidation,
administration or bankruptcy;

 

		(ii)	having a Controller or analogous person appointed to it or any of its property;

 

		(iii)	being unable to pay any of its debts as and when due and payable or being deemed
to be insolvent under any provision of the Corporations Act or any other law;

 

		(iv)	seeking protection from its creditors under any law, entering into a compromise,
moratorium, assignment, composition or arrangement with, or for the benefit of, any of its members or creditors;

 

		(v)	being subject to voluntary administration under any law applicable to it (including
Part 5.3A of the Corporations Act)

 

		(vi)	any analogous event or circumstance to those described in paragraphs (i) to (iv)
under any law; or

 

		(vii)	anything occurs under the law of any jurisdiction which has a substantially similar
effect to any of the events described in paragraphs (i) to (iv),

 

unless such event or circumstance
occurs as part of a solvent reconstruction, amalgamation, compromise, arrangement, merger or consolidation approved by the other parties
(which approval is not to be unreasonably withheld or delayed); and

 

		(b)	in relation to an individual, the individual is insolvent or bankrupt, or a trustee in bankruptcy or
similar officer has been appointed over any part of its assets.

 

Insurance Policies means
all insurance policies taken out by a Company Group Entity or in respect of which a Company Group Entity is a named insured as at 24 March
2022.

 

Inter-company Payable means
any amount owed by the Company Group to any Seller Group Member.

 

Inter-company Receivable
means any amount owed to the Company Group by any Seller Group Member.

 

    
	 	3	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Intellectual Property Rights
means all intellectual property and proprietary rights (whether registered or unregistered), existing anywhere in the world, now or
in the future, including:

 

		(a)	each business name and domain name registered or used by the Company Group;

 

		(b)	trade or service marks;

 

		(c)	any right to have information (including confidential information) kept confidential; and

 

		(d)	patents, patent applications, drawings, discoveries, inventions, improvements,
trade secrets, technical data, formulae, computer programs, data bases, know-how, logos, designs, design rights, copyright and similar
industrial or intellectual property rights.

 

Loss means any debt or
other monetary liability (including for Tax) or penalty, fine or payment or any damages, losses, costs (including legal costs on a solicitor
and client basis and Tax Claim), charges, outgoings or expenses of whatever description (including interest) however arising and whether
present, unascertained, immediate, future or contingent and includes any decrease in the value of the assets or the Sale Shares, whether
or not realised.

 

Management Accounts means
the monthly unaudited management accounts of each Company Group Entity for the period after the Accounts Date.

 

Material Adverse Change means
any fact, matter, event, change, occurrence, circumstance or development which is or could reasonably be expected to be materially adverse
to the Company Group’s ownership of the Intellectual Property Rights and the status and operation of the clinical trials conducted by
or on behalf of the Company Group.

 

Non-Pharmaceutical Assets
mean each of the non-pharmaceutical assets of the Company listed in Annexure A.

 

Owned Intellectual Property
Rights means all Intellectual Property Rights owned or will be owned pursuant to clause 7.6 by the Company Group in the course of
and for the purposes of the Business including the Intellectual Property Rights listed in Schedule 7.

 

Parties means the parties to
this Agreement, and Party means any of them.

 

Payment Recipient has the meaning
given to that term in clause 10.4.

 

Permitted Encumbrance means:

 

		(a)	any Encumbrance which the Buyer agrees in writing before Completion is a Permitted
Encumbrance; and

 

		(b)	any of the following PPSA security interests created in the ordinary course of
business after the execution of this Agreement:

 

		(i)	a retention of title arrangement under which title is retained by a supplier over
goods supplied to the relevant person or entity until payment for such goods is made; or

 

		(ii)	a lien or charge, arising by operation of law which has not been exercised.

 

Personal Information means
personal data, as that term is defined in the General Data Protection Regulation.

 

Personnel means any employee,
contractor, officer or agent.

 

PPSA means the Personal Property
Securities Act 2009 (Cth).

 

PPSR means the Personal Property
Securities Register established under the PPSA.

 

Privacy Act means the Privacy
Act 1988 (Cth).

 

Privacy Law means any statue,
regulation or law in Australia or elsewhere relating to the protection of Personal Information that the Company Group must observe including
under the Privacy Act, the US National Institute of Standards and Technology and the General Data Protection Regulation.

 

    
	 	4	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Property Lease means the
lease in effect on the date of this Agreement between APIRx Pharmaceuticals Holdings B.V and Business center de Burcht in respect of the
premises at Industrieweg 40, Unit B4. 3401 MA IJsselstein.

 

Records means all original
and copy documents, books, files, reports, accounts, plans and correspondence, regardless of their form or medium and whether coming into
existence before, on or after the date of this Agreement, belonging or relating to or used by the Company Group including certificates
of registration, minute books, statutory books and registers, books of account, tax returns, title deeds and other documents of title,
customer lists, price lists, computer programs and software, and trading and financial records.

 

Related Body Corporate
has the meaning given to that expression in section 9 of the Corporations Act.

 

Related Entity has the
meaning given to that term in the Corporations Act as if that meaning was modified to apply to both bodies corporate and persons other
than bodies corporate.

 

Remuneration Agreement (Eric)
means the remuneration agreement between Eric and the Buyer in the form agreed between Eric and the Buyer.

 

Remuneration Agreement (George)
means the remuneration agreement between George and the Buyer in the form agreed between George and the Buyer.

 

Remuneration Agreement (Lekhram)
means the remuneration agreement between Lekhram and the Buyer in the form agreed between Lekhram and the Buyer.

 

Respective Proportion means,
in respect of a Seller, the proportion set out in Column 4 of the table in Schedule 1 adjacent to that Seller’s name.

 

Restraint Area means:

 

		(a)	Europe, North America and Australia; or if that is unenforceable then

 

		(b)	North America and Australia; or if that is unenforceable then

 

		(c)	Australia.

 

Restraint Period means the period
commencing on the Completion Date and ending on:

 

		(a)	the third anniversary of the Completion Date; or if that is unenforceable then

 

		(b)	the second anniversary of the Completion Date; or if that is unenforceable then

 

		(c)	the first anniversary of the Completion Date.

 

Ruling means any ruling,
determination, arrangement, clearance, consent or advice issued by, or negotiated with, any Tax Authority in respect of any Tax, Duty
or Tax Law.

 

Sale Shares means the entire
share capital of the Company.

 

Seller Group means each Seller
and each Related Entity of a Seller.

 

Seller Group Member means any
member of the Seller Group.

 

Sellers’ Warranties means the
warranties given by the Sellers as set out in Schedule 5.

 

Shareholders Agreement
means the operating agreement between the Sellers and the Company as ratified on 22 April 2020.

 

Specific Indemnity Claim means
a Claim by the Buyer pursuant to clause 11.

 

Subscription Shares means
a total of 218,169,506 IHL Shares to be issued to the Sellers in accordance with the terms of this Agreement.

 

Sunset Date means 31 July
2022 or such other date as agreed in writing between the Buyer and the Sellers.

 

    
	 	5	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Subscription Share Issue Price means $0.573 per Subscription
Share.

 

Subsidiaries means each of the following:

 

		(a)	APIRx Pharmaceuticals B.V, The
Netherlands; and

 

		(b)	APIRx Pharmaceuticals Holdings B.V,
The Netherlands.

 

Tax means any income, gross
receipts, license, payroll, employment, excise, severance, occupation, premium, capital gains, windfall profits, environmental, customs
duties, escheat, unclaimed property, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability,
real property, personal property, sales, use, transfer, registration, goods and services, value added, alternative or add-on minimum,
estimated or other tax, levy, charge, impost, fee, deduction, compulsory loan or withholding, of any kind whatsoever and whenever imposed,
in any part of the world, imposed or collected by any Governmental Agency and includes any interest, fine, penalty, charge, fee or any
other amount imposed on, or in respect of any of the above, but excludes any Duty.

 

Tax Authority means any
revenue, customs, fiscal, statutory, federal, state, provincial, local, governmental or municipal authority, body or person, competent
to impose any Tax or Duty whether in Australia or elsewhere.

 

Tax Claim means a Claim
by the Buyer arising from breach of Sellers’ Warranty 13 or under the Tax Indemnity.

 

Tax Indemnity means the indemnity
given by the Sellers under clause 10.

 

Tax Law means any law in relation
to any Tax or Duty.

 

Tax Liability includes
any Loss arising from any obligation of any Company Group Entity to make a payment under any Tax Law in respect of the operations of the
Company Group in the period up to and including, or an event occurring within the Company Group up to and including, Completion.

 

Third Party means any person
or entity (including a Governmental Agency) other than a Seller Group Member, any member of the Buyer Group and the Company Group.

 

Third Party Claim means
any Claim or cause of action made or brought by a Third Party which may gave rise to a Claim by the Buyer against the Sellers in respect
of this Agreement or the transactions contemplated under this Agreement.

 

Title and Capacity Warranties
means Sellers’ Warranties 1, 2, 3 and 7.

 

Title and Capacity Warranty
Claim means any Claim arising out of a breach of a Title and Capacity Warranty.

 

Total Consideration means
the total amount to be paid by the Buyer to the Sellers for all legal and beneficial interests in the Sale Shares in accordance with clause
4.1.

 

Total Consideration means the
issue of the Subscription Shares.

 

Warranty Claim means any Claim
by the Buyer arising out of a breach of a Sellers’ Warranty.

 

	1.2	Interpretation

 

In this Agreement, unless the context
otherwise requires:

 

		(a)	a reference to a person includes a reference to a corporation, an association,
joint venture, an unincorporated body, partnership, government or local authority or agency or other entity;

 

		(b)	the singular includes the plural and the plural includes the singular;

 

		(c)	a reference to any gender includes a reference to all genders;

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(d)	a reference to money (including $ or dollars) is a reference to Australian currency
unless otherwise specified;

 

		(e)	a reference to time is to Melbourne, Australia time;

 

		(f)	a month means a calendar month;

 

		(g)	a reference to a recital, clause, paragraph, schedule or annexure is a reference
to a recital, clause or paragraph of, or schedule or annexure to, this Agreement and a reference to this Agreement includes any recital,
schedule or annexure;

 

		(h)	a reference to a Party includes that Party’s executors, administrators, successors, permitted assigns and substitutes;

  

		(i)	specifying anything in this Agreement after the words ‘including’, ‘includes’ or ‘for example’ or similar expressions does not
                                                             limit what else is included;

 

		(j)	a reference to legislation or to a provision of a legislation includes a reference
to a modification, consolidation, replacement or re-enactment of it, and includes subordinate legislation made under it;

 

		(k)	a reference to a body, other than a Party (including an institute, association
or authority), whether statutory or not:

 

		(i)	which ceases to exist; or

 

		(ii)	whose powers or functions are transferred to another body,

 

is a reference to the body which replaces it or which
substantially succeeds to its powers or functions;

 

		(l)	a reference to a document or instrument includes the document or instrument as
novated, altered, supplemented or replaced from time to time;

 

		(m)	a reference to an agreement other than this Agreement includes a legally enforceable
deed, undertaking, agreement, arrangement or understanding, whether or not in writing;

 

		(n)	where an expression is defined, another part of speech or grammatical form of
that expression has a corresponding meaning;

 

		(o)	if an act required to be done under this Agreement on or by a given day is done
after 5:30pm on that day, it is taken to be done on the following day;

 

		(p)	unless otherwise specified, any agreement, representation, warranty or indemnity
in favour of two or more Parties (including where two or more persons are included in the same defined term) is for the benefit of them
jointly and severally;

 

		(q)	unless otherwise specified, any agreement, representation, warranty or indemnity
by two or more Parties (including where two or more persons are included in the same defined term) binds them jointly and severally;

 

		(r)	a provision of this Agreement must not be construed to the disadvantage of a Party
merely because that Party was responsible for the preparation of the Agreement or the inclusion of the provision in the Agreement; and

 

		(s)	a reference to as far as the Sellers are aware, or words to that effect, in
relation to a matter, is a reference to the actual knowledge of any of Lekhram, Kim and Anastassov as at the date of this Agreement, or
such knowledge as Lekhram, Kim and Anastassov would have had after having made reasonable and diligent enquiries of their respective direct
reports in relation to the relevant matter.

 

	1.3	Headings

 

Headings and the table of contents are inserted for convenience
only and do not affect the interpretation of this Agreement.

 

    
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	1.4	Weekends and holidays

 

Where an act is required by this Agreement to be done
on a given day and that day is not a Business Day, then the act is required to be done on the next following Business Day.

 

	2	Conditions

 

	2.1	Conditions

 

Completion of the sale and purchase
of all legal and beneficial interests in the Sale Shares under this Agreement is subject to and will not proceed unless the Conditions
have been satisfied or waived.

 

	2.2	Cooperation

 

		(a)	Each Party must:

 

		(i)	use its reasonable endeavours to ensure that the Conditions are satisfied as expeditiously
as possible after execution of this Agreement and in any event no later than the Sunset Date (unless otherwise agreed in writing by the
Sellers and the Buyer); and

 

		(ii)	must provide all reasonable assistance to the other Parties as is reasonably necessary
to satisfy the Conditions.

 

		(b)	Without limiting clause 2.2(a), each Party must:

 

		(i)	keep the other informed in a timely manner of the progress of any applications
made and the status of any discussions or negotiations with relevant Third Parties regarding the Conditions; and

 

		(ii)	promptly notify the other on becoming aware of the satisfaction of any Condition
or of any Condition becoming incapable of being satisfied.

 

	2.3	Waiver

 

		(a)	A Condition is only waived if the Buyer notifies the Sellers in writing that the
Buyer waives the condition.

 

		(b)	A Condition that is waived in accordance with clause 2.3(a) is effective only to
the extent specifically set out in that waiver.

 

	2.4	Obligations to notify

 

If the Buyer or any of the Sellers becomes aware:

 

		(a)	that a Condition has been satisfied; or

 

		(b)	of any facts, circumstances or matters that may result in a Condition not being
or becoming incapable of being satisfied,

 

that Party must promptly notify the other Parties accordingly.

 

	2.5	Termination

 

		(a)	If a Party has complied with its obligations under clause 2.2, it may terminate
this Agreement prior to Completion by giving not less than 5 Business Days’ notice to the other Parties if:

 

		(i)	the Conditions are not satisfied, or waived in accordance with clause 2.3, by the Sunset Date;

 

		(ii)	a Condition is or becomes incapable of being satisfied; or

 

		(iii)	a Condition, having been satisfied, does not remain satisfied in all respects at all times before Completion,
unless it has been waived in accordance with clause 2.3.

 

    
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		(b)	If prior to Completion:

 

		(i)	an Insolvency Event occurs in respect of a Seller; or

 

		(ii)	there has been a Material Adverse Change since the date of this Agreement,

 

then the Buyer may terminate this Agreement immediately
by giving written notice to each of the Sellers.

 

	2.6	Rights on termination

 

Subject to clause 16, if this Agreement is terminated
under clause 2.5 prior to Completion then, in addition to any other rights, powers or remedies provided by law or in equity:

 

		(a)	each Party is released from its obligations and liabilities under or in connection
with this Agreement and this Agreement will have no further force of effect, other than clause 1 (but only to the extent required to give
meaning to any surviving clauses), this clause 2.6, clause 16 and clause 18; and

 

		(b)	each Party retains the rights, remedies and powers it has in connection with any
past breach or any claim that has arisen before termination.

 

	3	Sale and purchase

 

	3.1	Agreement to sell and purchase

 

Each Seller agrees to sell all
legal and beneficial interests in the Sale Shares and the Buyer agrees to purchase all legal and beneficial interests in the Sale Shares
from the Sellers:

 

		(a)	for the Total Consideration;

 

		(b)	free from all Encumbrances other than any Permitted Encumbrances;

 

		(c)	with all rights attached or accrued to them on or after the Completion Date; and

 

		(d)	subject to the provisions of this Agreement.

 

	3.2	Title and risk

 

Title and risk in the Sale Shares passes
to the Buyer on Completion.

 

	3.3	Waiver of pre-emptive rights

 

Each Seller, by its execution
of this Agreement, consents to the sale and purchase contemplated by clause 3.1 and irrevocably waives in favour of the Buyer any rights
of pre-emption that the Sellers have, or may have, in respect of the Sale Shares, whether conferred by the constituent documents of the
Company Group the Shareholders Agreement or otherwise.

 

 

	4	Total Consideration and payment terms

 

	4.1	Total Consideration

 

The Total Consideration for all legal and beneficial
interests in the Sale Shares under this Agreement is the issue of the Subscription Shares.

 

	4.2	Payment of Total Consideration

 

On the Completion Date, the Buyer must issue to the Sellers
in their Respective Proportions the Subscription Shares in accordance with clause 4.3.

 

    
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	4.3	Subscription Shares

 

		(a)	This Agreement serves as an application by the Sellers for the issue and allotment
on the Completion Date of the Subscription Shares in their Respective Proportions.

 

		(b)	Each Seller agrees to become a member of the Buyer and to be bound by the constitution
of the Buyer and consents to entry of its name on the Buyer’s register of members.

 

		(c)	On the Completion Date, the Buyer must:

 

		(i)	ensure that the Subscription Shares issued to the Sellers pursuant to clause 4.2;

 

		(A)	are fully paid and validly issued;

 

		(B)	are issued at the Subscription Share Issue Price;

 

		(C)	are free from any Encumbrance, except for:

 

		(I)	any Encumbrance under the constitution of the Buyer; and

 

		(II)	the transaction restrictions set forth in the Buyer’s share policy for its directors, executives and
employees or in the Escrow Deed;

 

		(D)	are issued with all rights and entitlements, including dividend, distribution
and voting rights attached or accrued to the Subscription Shares after Completion; and

 

		(E)	rank equally in all respects with the IHL Shares existing on the Completion Date;

 

		(ii)	enter in the Buyer’s register the name of the Sellers as the registered holders in respect of the Subscription
Shares; and

 

		(iii)	apply for official quotation of the Subscription Shares on ASX in accordance with ASX Listing Rule
2.8.

 

		(d)	The Subscription Share Issue Price for the Subscription Shares shall be deemed
to be paid by way of the transfer of the Sale Shares pursuant to this Agreement, and, otherwise, no money shall be payable by the Sellers
in respect of the Subscription Share Issue Price.

 

	5	Conduct prior to Completion

 

	5.1	Conduct prior to Completion

 

Subject to clause 5.2, from the
date of this Agreement until Completion, each Seller must (to the extent it reasonably can), unless the Buyer otherwise agrees in writing,
ensure that the Company Group:

 

		(a)	carries on its Business as a going concern in the ordinary and usual course and otherwise in substantially
the same manner as before the date of this Agreement;

 

		(b)	discharges current liabilities as they fall due in accordance with its usual practice; and

 

		(c)	collects receivables using the same method and policy as before the date of this Agreement.

 

	5.2	Restricted conduct before Completion

 

From the date of this Agreement
until Completion, except with the prior written consent of the Buyer (which must not be unreasonably withheld, delayed or conditioned),
each Seller (to the extent it reasonably can) must procure that the Company and any Subsidiary does not:

 

		(a)	issue or allot any shares or options, securities or other rights convertible into shares;

 

		(b)	buy back or redeem any Sale Shares or shares or securities or otherwise reduce
its share capital or provide financial assistance for the acquisition of its own shares or shares in any holding company;

 

		(c)	convert all or any of its shares into a larger or smaller number of shares;

 

    
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		(d)	declare or pay any dividend or other distributions;

 

		(e)	alter the provisions of its constituent documents;

 

		(f)	dispose of or create any Encumbrances (other than a Permitted Encumbrance) over,
or declare itself the trustee of, any asset of the Business (except in the ordinary and usual course of business);

 

		(g)	dispose of any part of its Business;

 

		(h)	acquire or dispose of any asset;

 

		(i)	enter into any transaction or agreement that results in a transfer of value out
of the Company to the Seller Group or any associates or affiliates of a Seller or enter into any new or unusual transaction which adversely
affects the Company Group or the Business;

 

		(j)	change in any material respect the accounting procedures, principles or practices
of the Company Group;

 

		(k)	in its conduct of the Business make any changes to its policy or practice as to
the payment of creditors or collection of receivables;

 

		(l)	vary the terms of, or terminate, the employment of any of its employees;

 

		(m)	vary the terms of, or terminate, the engagement of any of its contractors, other
than in the normal course;

 

		(n)	of its own volition, terminate or adversely vary or fail to enforce the terms
of any material contract, commitment or arrangement to which it is a party or accept or agree to any variations to services to be performed
or prices charged under any such contract, commitment or arrangement without the prior written consent of the Buyer, such consent not
to be unreasonably withheld, delayed or conditioned;

 

		(o)	grant any power of attorney;

 

		(p)	give any guarantee or indemnity;

 

		(q)	vary the terms of any key policies for the Company Group;

 

		(r)	resolve that any Company Group Entity be wound up; or

 

		(s)	authorise, commit or agree to take any action referred to in this clause 5.2.

 

	5.3	Permitted acts

 

Despite anything to the contrary in clause 5.2, prior
to Completion, the Company Group may do, or omit to do, anything:

 

		(a)	to reasonably and prudently respond to an emergency or disaster (being a situation
giving rise to a risk of personal injury or damage to property);

 

		(b)	which is necessary for a Seller or the Company Group to meet its legal or contractual
obligations (including under this Agreement); or

 

		(c)	which has been requested in writing by the Buyer.

 

	5.4	Notification of warranty breaches

 

Prior to Completion, the
Sellers must notify the Buyer in writing within 2 Business Days of becoming aware that a material breach of a Sellers’ Warranty has occurred
or is likely, in the opinion of the Sellers (acting reasonably), to occur. The notice must contain details of that breach known to the
Sellers that are reasonably sufficient to allow the Buyer to consider the effect of the breach on the Company Group.

 

    
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	5.5	Supervised access to the Business prior to Completion

 

		(a)	The Sellers must allow the Buyer and a reasonable number of nominated representatives
of the Buyer supervised access to the Business (including the assets, monthly management accounts, records and personnel of the Business)
as may be reasonably requested by the Buyer before Completion (such access and times to be agreed between the Buyer and the Sellers acting
reasonably), provided always that:

 

		(i)	the Buyer obtains the prior permission of the Sellers (which must not be unreasonably withheld, delayed
or conditioned); and

 

		(ii)	the access is with designated Personnel of the Buyer approved by the Sellers (such approval not to be
unreasonably withheld, delayed or conditioned).

 

		(b)	The Buyer must ensure that any access under clause 5.5(a) is exercised and conducted
in such manner as to avoid disruption to the conduct of the Business and the activities and operations of the Company Group and its Personnel.

 

	5.6	Changes to Company Group officers

 

At least 5 Business Days prior
to Completion, the Buyer must notify the Sellers of each person who will be appointed as a director and/or secretary and/or public officer
of each Company Group Entity from Completion.

 

	5.7	Repayment of Inter-company Payables and Inter-company Receivables

 

The Sellers must ensure that, immediately
prior to Completion:

 

		(a)	the Company repays all Inter-company Payables; and

 

		(b)	all Inter-company Receivables are paid to the Company.

 

	5.8	Insurance

 

Until Completion, the Sellers must
procure that the Company maintains the Insurance Policies.

 

 

	6	Completion

 

	6.1	Time and location of Completion

 

Completion will take place electronically at 11:00am
(Melbourne time) on the Completion Date or at such other place, date and time as the Sellers and the Buyer may agree in writing.

 

	6.2	Completion

 

		(a)	On or before Completion, each Party must carry out the Completion Steps which it
is obliged to carry out it in accordance with Schedule 4.

 

		(b)	Completion is taken to have occurred when each Party has performed all its obligations
under this clause 6.2 and Schedule 4. However, a Party may not delay Completion on the basis of that Party’s own failure to comply with
any such obligation.

 

	6.3	Obligations interdependent

 

		(a)	The transactions provided for in clause 6.2 and Schedule 4 are interdependent
and are to be carried out contemporaneously.

 

		(b)	No delivery, payment or other event referred to in clause 6.2 or Schedule 4 will
be regarded as having been made or occurred until all deliveries and payments have been made and all other specified events have occurred.

 

    
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	7	Post Completion matters

 

	7.1	Conduct until the Sale Shares are registered

 

After Completion and until the
Sale Shares are registered in the name of the Buyer, the Sellers must:

 

		(a)	convene and attend a general meeting of the Company; and

 

		(b)	vote at general meetings and take all other action in the capacity of the registered holder of the Sale
Shares which are not inconsistent with the terms of this Agreement,

 

as the Buyer may lawfully require from
time to time by notice in writing to the Sellers.

 

	7.2	ASIC, ASX, Nasdaq and Governmental Agency notification

 

The Buyer must ensure that ASIC
and any relevant Governmental Agencies are notified, in the prescribed form, within the applicable prescribed period after Completion
(as applicable) of the occurrence of those events under this Agreement that must be notified to them.

 

	7.3	Registration

 

The Buyer must ensure the transfers
of the Sale Shares are registered promptly after Completion.

 

	7.4	Wrong pockets

 

If the Buyer or a Seller becomes
aware that any asset relating to the Business remains under the direct or indirect control of a Seller Group Member following Completion,
then the relevant Seller shall promptly transfer or cause to be transferred such asset to the Buyer or the Company (at the Buyer’s sole
election) for no additional consideration.

 

	7.5	Licensing

 

Following Completion, the Buyer
will use its best endeavours to grant to George and Lekhram an exclusive licence to use the Non-Pharmaceutical Assets on mutually agreeable
terms to be determined following Completion.

 

	7.6	Transfer and assignment of Owned Intellectual Property Rights

 

As soon as practicable following
Completion, but no later than 3 months after Completion, each Seller Group Member and each Company Group Entity must, if required, procure
that the legal and beneficial ownership of each Owned Intellectual Property Rights is transferred and assigned to the Company.

 

	8	Sellers’ Warranties

 

	8.1	Sellers’ Warranties

 

		(a)	The Sellers warrant to the Buyer that each Sellers’ Warranty (other than Item 1
and Item 2 in Schedule 5) is true and correct as at the date of this Agreement and at the Completion Date (unless otherwise stated in
Schedule 5).

 

		(b)	Each Seller (in respect of itself only) warrants to the Buyer that each Sellers’
Warranty in Item 1 and Item 2 in Schedule 5 is true and correct as at the date of this Agreement and at the Completion Date (unless otherwise
stated in Schedule 5).

 

		(c)	Each Sellers’ Warranty is a separate warranty and is in no way limited by any
other Sellers’ Warranty and remains in full force and effect following Completion in accordance with its terms.

 

	8.2	Reliance

 

Each Seller acknowledges that the Buyer has entered
into this Agreement and will complete this Agreement in reliance on the Sellers’ Warranties.

 

    
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	8.3	Indemnified Loss

 

The Sellers jointly and severally
indemnify the Buyer from all Loss and must pay the Buyer an amount equal to any Loss suffered or incurred by the Buyer in connection with
a breach of a Sellers’ Warranty, except to the extent that the Sellers’ Warranty or the Sellers’ liability for the Loss and Claims are
excluded, limited or qualified under clause 12.

 

 

	9	Foreign resident CGT withholding

 

	9.1	Declaration that Sale Shares are not indirect Australian real property interests

 

For the purposes of section 14-225(2)
of Schedule 1 of the TAA 1953, each Sellers declares that, for the period from the date of this Agreement up to and including Completion,
the Sale Shares sold by that Seller under this Agreement:

 

		(a)	are membership interests (within the meaning of the ITAA 1997); and

 

		(b)	are not indirect Australian real property interests (within the meaning provided by section 855-25
of the ITAA 1997).

 

	9.2	Renewal of declaration

 

Upon request by the Buyer, each
Seller must renew its declaration given under clause 9.1 at intervals of up to six (6) months, up to and including Completion.

 

 

	10	Tax indemnity

 

	10.1	Indemnity

 

Subject to clause 10.2, the Sellers jointly and severally
indemnify and must keep indemnified the Buyer, in their Respective Proportions, for any:

 

		(a)	Tax Liabilities payable or incurred by the Company Group net of any additional
or increased tax benefit arising and receivable to the Buyer by reason of such Tax Liabilities;

 

		(b)	loss or reduction of a tax benefit; and

 

		(c)	costs and expenses incurred by or on behalf of the Company Group (including any
costs and expenses incurred in connection with any action taken to investigate, dispute, manage, avoid, resist or settle any Tax Liability)
to the extent those costs and expenses arise from or relate to any of the matters referred to in clauses 10.1(a) and 10.1(b) (Tax Costs),

 

incurred or arising in respect of any period up to
and including Completion incurred or arising as a result of, or in respect of, or by reference to:

 

		(d)	any acts or omissions of, or an event occurring, or deemed for Tax or Duty purposes
to occur or have occurred on or before the Completion Date, and which affects a Company Group Entity;

 

		(e)	an action, decision, direction or election made on or before the Completion Date;

 

		(f)	any grouping of the Company Group with any other business or corporation for payroll
tax purposes (or similar);

 

		(g)	any income, profits or gains (not falling within clause 10.1(d) above) earned,
accrued, derived or received, or deemed for any Tax or Duty purposes to be earned, accrued, derived or received on or before or in respect
of any period ending on or before the Completion Date;

 

		(h)	any deductions or losses deducted on or before the Completion Date, or deemed
for any Tax or Duty purposes to be deducted, on or before the Completion Date;

 

    
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		(i)	any underpayment of any Taxes or Duties by the Company Group where such Taxes
or Duty relate to the period on or before the Completion Date; or

 

		(j)	any failure by the Company Group to comply with statutory requirements including
failure to provide information or documents to any Governmental Agency where the time or date for compliance with those requirements or
the provision of the information or documents occurred or fell on or before the Completion Date.

 

	10.2	Scope of Tax Indemnity

 

		(a)	The Sellers will not be liable to make any payment under this clause 10 in respect
of any Tax Liability to the extent that (except in the event of fraud or evasion on the part of a Seller or the Company Group):

 

		(i)	it solely arises as a result of any income derived, loss, outgoing or deductions
incurred or activities undertaken, or deemed for Tax or Duty purposes to have been undertaken, after Completion unless arising from an
action, decision, direction or election made prior to the Completion Date;

 

		(ii)	it arises as a result of the transactions contemplated by this Agreement;

 

		(iii)	to the extent an amount has been recovered by the Company Group in respect of the
same subject matter (net of liabilities incurred in making that recovery).

 

		(b)	The Buyer may not make a Claim under clause 10.1 to the extent the Sellers have
compensated the Company Group for the subject matter of that Claim.

 

		(c)	The Sellers are not liable for any Tax Claim, and the Buyer must not bring any
Tax Claim, to the extent that:

 

		(i)	the Claim arises from, or is increased as a result of, the Company Group joining
a consolidated group for Tax purposes on or after Completion;

 

		(ii)	the Tax or Duty the subject of the Claim would not have arisen but for any change
in the accounting policy or practice of the Company Group after Completion; or

 

		(iii)	the Tax or Duty the subject of the Claim arises out of the cessation or alteration
of the Business after Completion, unless arising from an action,
decision or election made prior to the Completion Date.

 

	10.3	Payment of Tax Liabilities

 

Where a Claim under the Tax Indemnity
involves an actual payment of Tax or Duty by the Company Group:

 

		(a)	the Parties must procure that the Company Group pays the relevant Tax or Duty by
the date on which the Tax or Duty in question is due to be paid to the relevant Tax Authority; and

 

		(b)	where it is finally agreed by the Parties or determined by judicial determination
that the Sellers are liable to make a payment under the Tax Indemnity in respect of the amount of Tax or Duty referred to in clause 10.1(a),
the Sellers must pay the amount agreed or determined to the Buyer within 10 Business Days of the final agreement or determination of the
Sellers’ liability.

 

	10.4	Tax effect of Claims

 

If a Party (Payer) is
liable to pay an amount to another Party (Payment Recipient) in respect of a Claim and that payment is treated as income under
Tax Law such that the payment increases the income Tax payable by the Payment Recipient under Tax Law, then the payment must be grossed-
up by such amount as is necessary to ensure that the net amount retained by the Payment Recipient after deduction of Tax or payment of
the increased income Tax equals the amount the Payment Recipient would have retained had the Tax or increased income Tax not been payable.

 

    
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	11	Specific Indemnity

 

 

		(a)	The Sellers jointly and severally indemnify and must keep indemnified the Buyer
and each member of the Buyer Group, in their Respective Proportions, from all Claims suffered or incurred by or made against a member
of the Buyer Group or the Company Group arising as a result of, or in respect of, any liability incurred by any Company Group Entity arising
in relation to or in connection with the Company Group Entity’s failure to comply with any of its obligations arising under law, equity
or statute in respect of the Owned Intellectual Property Rights in the period before the Completion Date.

 

		(b)	The Sellers acknowledge that the benefit of this clause 11 is held by the Buyer
on trust for the Buyer Group and is able to be enforced by the Buyer against the Sellers or any one of them on behalf of each member of
the Buyer Group.

 

	12	Limitation of liability

 

	12.1	Exclusion of liability

 

To the maximum extent permitted by law:

 

		(a)	all terms, conditions, warranties, indemnities and statements (whether express,
implied, written, oral, collateral, statutory or otherwise) which are not expressly set out in this Agreement are excluded; and

 

		(b)	the Buyer must not make any Claim under or in connection with this Agreement unless
it is based solely on and limited to the express provisions of this Agreement.

 

	12.2	Buyer acknowledgements

 

The Buyer acknowledges and agrees that:

 

		(a)	it has received independent and professional advice (including legal, accounting,
tax and financial advice) concerning this Agreement and has satisfied itself about anything arising from that advice; and

 

		(b)	it has had the opportunity to conduct a Due Diligence Investigation and has satisfied
itself of the results of that investigation.

 

	12.3	Maximum aggregate amount

 

The maximum aggregate amount
that the Buyer may recover from the Sellers (whether by way of damages or otherwise) for a Claim is an amount equal to the aggregate issue
price of the Subscription Shares.

 

	12.4	Threshold limit

 

		(a)	Other than in respect of a Title and Capacity Warranty Claim, a Tax Claim or a
Specific Indemnity Claim, the Sellers are not liable to make any payment (whether by way of damages or otherwise) for any Claim under
or pursuant to this Agreement:

 

		(i)	unless the amount of each Claim exceeds $10,000; and

 

		(ii)	until the aggregate of the amount in clause 12.4(a)(i) for those Claims exceeds $50,000 in which event the Sellers are liable for
the whole of that amount, not merely the excess.

 

		(b)	In respect of a Title and Capacity Warranty Claim, a Tax Claim or a Specific Indemnity
Claim, the Sellers are not liable to make any payment (whether by way of damages or otherwise) under or pursuant to this Agreement until
the aggregate of the amount for those Claims exceeds $5,000 in which event the Sellers are liable for the whole of that amount, not merely
the excess.

 

    
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	12.5	Double recovery

 

To the extent that the Buyer or the
Company Group (as applicable) has recovered an amount:

 

		(a)	under the Tax Indemnity in respect of a matter that is also the subject matter
of a Sellers’ Warranty, the Buyer is not entitled to recover that amount in respect of a breach of that Sellers’ Warranty; or

 

		(b)	for a breach of a Sellers’ Warranty, the Buyer is not entitled to recover that
amount under the Tax Indemnity.

 

	12.6	Time limits

 

Despite any other provision of
this Agreement, the Sellers are not liable to make any payment (whether by way of damages or otherwise) for any Claims in respect of this
Agreement or the transactions contemplated under this Agreement unless:

 

		(a)	in relation to a Tax Claim or a Title and Capacity Warranty Claim or a Specific
Indemnity Claim, notice is given by the Buyer to the Sellers before the date that is 7 years after the Completion Date;

 

		(b)	in relation to any Claim by the Buyer however arising other than a Specific Indemnity
Claim, a Tax Claim or a Title and Capacity Warranty Claim, notice is given by the Buyer to the Sellers before the date that is 3 years
after the Completion Date.

 

	12.7	Later recovery

 

After the Sellers have made any
payment to the Buyer or the Company Group (as the case may be) for any Claim by the Buyer in respect of this Agreement or the transactions
contemplated under this Agreement, if the Buyer receives any benefit or credit, including a reduction or refund of Tax, including by claiming
an indemnity against or otherwise recovering from a person other than the Sellers, in respect of any Loss arising in connection with such
Claim (including payment under any insurance policy), the Buyer must immediately repay to the Sellers an amount corresponding to the amount
of the payment or (if less) the amount of the benefit or credit (net of all costs of recovery).

 

	12.8	Additional Limits on Buyer Claim

 

The Buyer is not entitled to
make any Claim in respect of this Agreement or the transactions contemplated under this Agreement to the extent that:

 

		(a)	the Claim would not have arisen but for:

 

		(i)	the enactment or amendment of any legislation or regulations;

 

		(ii)	a change in the judicial or administrative interpretation of the law;

 

		(iii)	a change in the practice or policy (including any change in any public ruling or new interpretation
by a Tax Authority) of any Governmental Agency, or

 

		(iv)	a change in any accounting policy or practice of a Company Group Entity that applied before the Completion
Date,

 

after the date of this Agreement, and this is so whether
or not the change purports to be effective retrospectively in whole or in part;

 

		(b)	the Claim has arisen directly as a result of any act or omission after Completion
by or on behalf of the Buyer or a Company Group Entity;

 

		(c)	the Claim has arisen as a result of any act or omission by or on behalf of the
Sellers where the Buyer has directed that act or omission;

 

		(d)	the Claim arises out of a cessation of the Business after the Completion Date; or

 

		(e)	the Loss does not flow directly or arise naturally from the relevant breach irrespective
of whether that type of loss may foreseeably arise.

 

    
	 	17	 
	 	Share Sale and Purchase Agreement	 

     

    

 

	12.9	Scope of limitation of liability clause

 

The limitations in this clause 12 do not apply in the event
of fraud, wilful concealment or wilful misconduct or gross negligence by or on behalf of a Seller.

 

	12.10	Independent limitations

 

Each limitation in this clause 12 is independent and
not limited by any other qualification or limitation.

 

	13	Procedure for dealing with Claims

 

	13.1	Notice of Claims

 

		(a)	In respect of any Claim by the Buyer against the Sellers in respect of this Agreement
or the transactions contemplated under this Agreement, the Buyer must:

 

		(i)	give written notice of the Claim to the Sellers within 90 days of the Buyer becoming aware of the existence
of the Claim; and

 

		(ii)	include sufficient details in the notice to the extent known by the Buyer including:

 

		(A)	all details if applicable, of any other Claims which together with the Claim give
rise to the applicable thresholds set out in clause 12.3 and clause 12.4;

 

		(B)	if applicable, details of the Third Party Claim; and

 

		(C)	the nature of the Claim and the Buyer’s estimate of the Loss suffered.

 

		(b)	The Buyer and the Sellers must also, on an ongoing basis, keep each other reasonably
informed of material developments of which they become aware in relation to the matter.

 

		(c)	The Buyer may not make a Claim if it fails to comply with clause 13.1(a).

 

	13.2	Third Party Claims

 

		(a)	Following receipt of a notice under clause 13.1 which involves a Third Party Claim,
the Sellers may, by notice in writing from the Sellers to the Buyer following acceptance of the Claim, assume the conduct of the defence
of the Third Party Claim (or any part of the Third Party Claim).

 

		(b)	Where a Third Party Claim is brought solely against a member of the Buyer Group
(other than the Company Group), or part of a Third Party Claim is brought solely against a member of the Buyer Group (other than the Company
Group), the Sellers will not be entitled to assume the conduct of the defence of the Third Party Claim or the relevant part of the Third
Party Claim. For the avoidance of doubt, where the Sellers are not entitled to assume conduct of part of a Third Party Claim on the basis
that it is brought solely against a member of the Buyer Group (other than the Company Group), they will remain entitled to assume conduct
of all other parts of the Third Party Claim.

 

		(c)	The Buyer must not:

 

		(i)	accept, compromise or pay;

 

		(ii)	agree to arbitrate, compromise or settle; or

 

		(iii)	make any admission or take any action in relation to,

 

a Third
Party Claim which may lead to liability on the part of the Sellers under a Claim without the prior written approval of the Sellers in
respect of any Third Party Claim (or any part of a Third Party Claim) which may not be unreasonably withheld or delayed. 

 

    
	 	18	 
	 	Share Sale and Purchase Agreement	 

     

    

 

		(d)	Following acceptance of the Claim the Buyer must take any action and provide any
assistance the Sellers reasonably require (at the Sellers’ cost or expense) to avoid, contest, compromise or defend any Third Party Claim
(or any part of any Third Party Claim), demand or legal proceedings which may lead to liability on the part of the Sellers under any Third
Party Claim (or any part of any Third Party Claim), including providing witnesses and documentary or other evidence and allowing the Sellers
and their Personnel to inspect and take copies of all relevant documents, records and accounts.

 

		(e)	If the Sellers do not assume conduct of the defence of the Third Party Claim (or
any part of the Third Party Claim) under this clause 13, the Buyer must ensure that it, or the member of the Company Group which conducts
the Third Party Claim (or that part of the Third Party Claim not assumed by the Sellers) on the Buyer’s behalf:

 

		(i)	acts in good faith;

 

		(ii)	keep the Sellers reasonably informed of developments in relation to defence of
the Third Party Claim (or that part of the Third Party Claim not assumed by the Sellers);

 

		(iii)	uses best endeavours to promptly notify the Sellers about contemplated steps by
or on behalf of the Buyer;

 

		(iv)	provides the Sellers with copies of all material documents in relation to the
defence of the Third Party Claim (or that part of the Third Party Claim not assumed by Sellers), except to the extent any such documents
are in the reasonable opinion of the Buyer subject to legal professional privilege which would be waived by disclosure to the Sellers;
and

 

		(v)	acts reasonably in the circumstances, including, having regard to the likelihood
of success.

 

	14	Buyer Warranties

 

	14.1	Buyer Warranties

 

The Buyer warrants to the Sellers
that each Buyer Warranty is true and correct at the date of this Agreement and immediately before Completion. Each Buyer Warranty is a
separate warranty in no way limited by any other Buyer Warranty. The Buyer acknowledges that the Sellers have entered into this Agreement
in reliance on the Buyer Warranties.

 

	14.2	Buyer indemnity

 

The Buyer indemnifies the Sellers
against all Liability arising from or connected with a breach of any Buyer Warranty.

 

	15	Goods and Services Tax

 

	15.1	Definitions

 

In this clause 15:

 

		(a)	words used in this clause which have a particular meaning in the GST Law have
the same meaning, unless the context otherwise requires;

 

		(b)	any reference to GST payable by a Party includes any corresponding GST payable
by the representative member of any GST group of which that Party is a member; and

 

		(c)	if the GST Law treats part of a supply as a separate supply for the purpose of
determining whether GST is payable on that part of the supply or for the purpose of determining the tax period to which that part of the
supply is attributable, such part of the supply is to be treated as a separate supply.

 

    
	 	19	 
	 	Share Sale and Purchase Agreement	 

     

    

 

	15.2	Input Taxed

 

		(a)	The Parties agree that the Supply of Sale Shares under this Agreement is a Financial
Supply by the Sellers to the Buyer.

 

		(b)	Unless GST is expressly included, any payment expressed to be payable under any
other clause for any supply made under or in connection with this Agreement does not include GST.

 

	15.3	Gross up for GST if the supply is not Input Taxed

 

 

		(a)	The Buyer acknowledges that the Total Consideration agreed under this Agreement
has been agreed on the basis that the supply of the Sale Shares is an Input Taxed Supply under the GST Act.

 

		(b)	Subject to clause 15.3(c), if for any reason GST is or becomes payable by the
Supplier on a taxable supply under this Agreement, the Recipient must pay an additional amount to the Supplier, as applicable, on account
of the GST payable by the Supplier on that Supply (GST Amount).

 

		(c)	Payment of the GST Amount pursuant to clause 15.3(b) is subject to the Supplier
first providing a Tax Invoice to the Recipient and to the extent the Supplier holds them, copies of all correspondence with the Australian
Taxation Office (including notices of assessments) confirming that GST is payable.

 

		(d)	The Recipient will pay the GST amount to the Supplier at the same time as the
consideration for the Supply is paid to the Supplier unless the payment of GST refers to a Supply that had already been paid for by the
time the GST liability on that Supply is known in which case the Recipient will pay the GST amount to the Supplier within 30 days after
the GST liability is known.

 

		(e)	To the extent that any Supply made under or in connection with this Agreement
is a taxable Supply, the GST exclusive consideration otherwise payable for that Supply is increased by an amount equal to that consideration
multiplied by the rate at which GST is imposed in respect of the Supply, and is payable at the same time as the consideration for the
Supply is payable (provided that a tax invoice in respect of the Supply has been received by the relevant party prior to the time at which
the consideration for the Supply is payable).

 

	15.4	Parties’ obligations to provide documentation

 

Each Party agrees to do all things,
including providing tax invoices and other documentation, that may be necessary or desirable to enable or assist each other Party to claim
any input tax credit, adjustment or refund in relation to any amount of GST paid or payable in respect of any supply made under or in
connection with this Agreement.

 

	15.5	Payment by reimbursement or indemnity

 

If a payment to a Party under
this Agreement is a payment by way of reimbursement or indemnity and is calculated by reference to the GST inclusive amount of a loss,
cost or expense incurred by that Party, then the payment is to be reduced by the amount of any input tax credit to which that Party is
entitled in respect of that loss, cost or expense before any adjustment is made for GST pursuant to clause 15.3.

 

	16	Confidentiality

 

	16.1	General obligation

 

		(a)	Subject to clause 16.1(b), each Party must keep confidential:

 

		(i)	the existence and terms of this Agreement (and any draft of this Agreement); and

 

		(ii)	all negotiations in connection with it and the transactions
contemplated by it, and must ensure that their respective Personnel do likewise.

 

    
	 	20	 
	 	Share Sale and Purchase Agreement	 

     

    

 

		(b)	A Party may disclose information:

 

		(i)	to its Related Bodies Corporate and its and their officers and employees and respective
professional advisers who need to know the information and who are under an obligation to keep it confidential;

 

		(ii)	to a person whose consent is needed in connection with this Agreement if the party
seeking consent gets the consenting person to agree to keep the information confidential (and then only to the extent that the consenting
person needs to know the information in order to decide whether to consent);

 

		(iii)	if that information is in the public domain (other than because the party has
disclosed it in breach of this clause);

 

		(iv)	if the Party lawfully had the information before it was disclosed to them in connection
with this Agreement;

 

		(v)	with the consent of each other Party in writing;

 

		(vi)	in connection with legal or other proceedings relating to this Agreement;

 

		(vii)	if compelled by law or by an authority such as a Governmental Agency, court, tribunal
or stock exchange; or

 

		(viii)	if this Agreement expressly requires or permits a Party to disclose information.

 

		(c)	A Party disclosing under clause 16.1(b)(vii) and clause 16.1(b)(viii) must, as
far as practical, consult with each other Party beforehand as to the content and timing of the disclosure.

 

	16.2	Confidentiality obligations of Buyer

 

Subject to any disclosure which is permitted under clause
16.1:

 

		(a)	until Completion, the Buyer must and must ensure that its Personnel keep confidential
and do not use any confidential information relating to the Business or the Company Group; and

 

		(b)	if this Agreement is terminated for any reason before Completion then:

 

		(i)	subject to any applicable law, the Buyer must, on demand, return or delete all
confidential information in its possession relating to the Business and the Company Group;

 

		(ii)	the Buyer must itself and must procure that its Personnel maintain the confidentiality
of all confidential information relating to the Business and the Company Group in their possession or under their control, and such obligation
shall continue after termination of this Agreement in accordance with clause 16.4; and

 

		(iii)	the Buyer may not itself and must procure that its Personnel do not make any use,
whether directly or indirectly or howsoever, of any confidential information relating to the Business and the Company Group in their possession
or under their control, and such obligation will continue after termination of this Agreement in accordance with clause 16.4.

 

	16.3	Agreement on press announcements

 

		(a)	Except as may be required by law or to meet the requirements of any securities
exchange or other financial market for continuous disclosure or periodic reporting purposes, no Party will make any public or press announcement
or statement concerning this Agreement or Completion without the prior written approval of the other Party, such consent not to be unreasonably
withheld, delayed or conditioned.

 

		(b)	If the Buyer is intending to make any public or press announcement or statement
concerning this Agreement and the transactions contemplated by it, then the Parties must use reasonable endeavours to agree at or before
Completion on the form of any such announcement or statement that the Buyer will make.

 

    
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	16.4	Continuing obligation

 

This
clause 16 continues to bind the Parties after Completion and after the Parties’ other obligations under this Agreement
terminate.

 

	16.5	Confidentiality obligations of Sellers

 

Following Completion, the Sellers
must and must ensure that their Personnel keep confidential, do not disclose to any person, and do not use any confidential information
relating to the Business or the Company Group.

 

	17	Restraint

 

	17.1	Restraint

 

Each Seller (in respect of itself
only) and each Restrained Individual (in respect of himself only) agrees that it/he/she will not and will procure that each of its Related
Bodies Corporate and Related Entities do not, directly or indirectly, on their own account, or for or on behalf of or through any person
or entity, do any of the following in the Restraint Area or during the Restraint Period:

 

		(a)	carry on, participate in, assist in or otherwise be directly or indirectly involved
in as a director, consultant, adviser, contractor, principal, manager, employee, partner, associate, or financier of, any business or
venture which is the same as, substantially similar to or competitive with the Business;

 

		(b)	solicit, canvass, induce, entice away or encourage any person or entity known
to it to leave their employment or engagement with the Company Group;

 

		(c)	solicit, canvass, approach or accept any approach from any person or entity who
was at any time during the immediately preceding 12 months a customer or supplier of the Company Group, with a view to establishing a
relationship with or obtaining the custom of that person or entity; or

 

		(d)	interfere or seek to interfere with the relationship between the Company Group
and its clients, customers, employees or suppliers in the conduct of the Business.

 

	17.2	Acknowledgements

 

		(a)	The Parties acknowledge that:

 

		(i)	the restraints contained in this clause 17.1(a), resulting from each combination
of Restraint Area and Restraint Period and each sub-paragraph in clause 17.1(a), are separate, distinct and several;

 

		(ii)	each obligation created by clause 17.1(a), as construed according to this clause
17, is severable from any other such obligation and, if held to be unenforceable, does not affect the enforceability of any other such
obligation which would otherwise remain;

 

		(iii)	this clause 17 confers a benefit on the Buyer which is no more than that which
is reasonably and necessarily required by the Parties for the maintenance and protection of the goodwill of the Business; and

 

		(iv)	it is the intention of the Parties that all combinations of such prohibitions
and restrictions will apply and be enforceable and that only those which a court, in exercising its discretion, may hold to be an unreasonable
restraint of trade will be severed.

 

		(b)	The Parties acknowledge and agree that damages would not be an adequate remedy
for any breach of the restraints contained in this clause 17 and the remedies of injunction, specific performance and other equitable
relief are appropriate for any threatened or actual breach of this clause.

 

		(c)	A Seller or a Restrained Individual will not be in breach of clauses 17.1 or 17.2:

 

		(i)	if they have an interest in IHL Shares;

 

		(ii)	if they have an interest in securities which are listed on a recognised securities
exchange or financial market, so long as the interest in the securities is less than 5% of the voting rights (if any) attaching to the
issued securities of that class; or

 

		(iii)	when performing any employment agreement or contracting arrangement for the Company
Group; or

 

		(iv)	when undertaking any act required or anticipated by this Agreement, or any act
otherwise undertaken with the prior written consent of the Buyer.

 

    
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	18	Continuing obligations

 

	18.1	No merger

 

The rights and obligations of
the Parties (including in relation to warranties, undertakings and indemnities) do not merge on the completion of any transaction contemplated
by this Agreement. They also survive the execution and delivery of any conveyance, assignment, transfer or other document entered into
for the purpose of implementing any transaction contemplated by this Agreement.

 

	18.2	Survival

 

Any term by its nature intended
to survive termination of this Agreement survives termination of this Agreement.

 

	19	Notices

 

	19.1	Notices

 

		(a)	A notice under this Agreement must be in writing and signed by or on behalf of the sender addressed
to the recipient and:

 

		(i)	delivered by personal service;

 

		(ii)	sent by pre-paid mail; or

 

		(iii)	transmitted by e-mail,

 

to the recipient’s address set out in this Agreement.

 

		(b)	A notice given to a person in accordance with this clause is treated as having been given and received:

 

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

 

		(ii)	if sent by pre-paid mail within Australia, on the third Business Day after posting;

 

		(iii)	if sent by pre-paid airmail to an address outside Australia or from outside Australia,
on the fifth Business Day (at the address to which it is posted) after posting; and

 

		(iv)	if transmitted by email, on the day of transmission, provided that the sender
does not receive an automated notice generated by the sender’s or the recipient’s email server that the email was not delivered.

 

		(c)	A Party may change its address for service by giving notice of that change to each other Party.

 

		(d)	The provisions of this clause 19.1 are in addition to any other mode of service permitted by law.

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(e)	If a notice is sent by any method other than pre-paid mail, and that notice is received:

 

		(i)	on a day which is not a Business Day; or

 

		(ii)	after 5:00pm on a Business Day,

 

that notice is deemed to be received
at 9am on the next Business Day.

 

		(f)	A notice sent or delivered in a manner provided by clause 19.1 must be treated
as validly given to and received by the Party to which it is addressed even if the addressee has been liquidated or deregistered or is
absent from the place at which the notice is delivered or to which it is sent.

 

		(g)	If the Party to which a notice is intended to be given consists of more than 1
person then the Notice must be treated as given to that Party if given to any of those persons.

 

	19.2	Sellers’ and Restrained Individual’s address

 

The Sellers’ and Restrained Individual’s
address for service and email address are:

 

	 	Name:	George Anastassov
	 	 	 
	 	Email address:	 
	 	Address:	 
	 	Copy to:	APIRx Pharmaceuticals, LLC
	 	 	 
	 	Name:	Prasch B.V. and Lekhram Changoer
	 	 	 
	 	Attention:	Lekhram Changoer
	 	Email address:	 
	 	Address:	 
	 	Copy to:	Prasch B.V.
	 	 	APIRx Pharmaceuticals Holding BV
	 	 	 
	 	Name:	Eric Kim
	 	 	 
	 	Email address:	 
	 	Address:	Copy to:        APIRx Pharmaceuticals, LLC

 

	19.3	Buyer’s address

 

The Buyer’s address for service and email address are:

 

	 	Name:	Incannex Healthcare Limited ACN 096 635 246
	 	 	 
	 	Attention:	Joel Latham, Managing Director 
	 	Email address:	
	 	Address:	 
	 	Copy to:	Thomson Geer
	 	 	Attention: David Schiavello
	 	 	Email:

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		20	General

 

		20.1	Costs

 

		(a)	Each Party will be responsible for its own costs and expenses of and in connection
with and incidental to the preparation and carrying into effect of this Agreement and for the preparation of any document contemplated
under the terms of this Agreement.

 

		(b)	Any Duty or other taxes of a similar nature (including fines, penalties and interest)
in connection with this Agreement or any transaction contemplated by this Agreement, must be paid by the Buyer.

 

	20.2	Governing law and jurisdiction

 

		(a)	This Agreement is governed by and is to be construed in accordance with the laws
applicable in Victoria, Australia.

 

		(b)	Each Party irrevocably and unconditionally submits to the non-exclusive jurisdiction
of the courts of Victoria, Australia and any courts which have jurisdiction to hear appeals from any of those courts and waives any right
to object to any proceedings being brought in those courts.

 

		20.3	Severability

 

If a provision of this Agreement
is illegal or unenforceable in any relevant jurisdiction, it may be severed for the purposes of that jurisdiction without affecting the
enforceability of the other provisions of this Agreement.

 

		20.4	Further assurance

 

Each Party must promptly do whatever
any other Parties reasonably require of it to give effect to this Agreement and to perform its obligations under it.

 

		20.5	Consents

 

Except as expressly stated otherwise
in this Agreement, a Party may conditionally or unconditionally give or withhold consent to be given under this Agreement and is not obliged
to give reasons for doing so.

 

		20.6	Rights, powers and remedies

 

		(a)	Except as expressly stated otherwise in this Agreement, the rights of a Party
under this Agreement are cumulative and are in addition to any other rights of that Party.

 

		(b)	A Party’s failure or delay to exercise a right, power or remedy does not operate
as a waiver of that right, power or remedy.

 

		(c)	A single or partial exercise or waiver by a Party of a right relating to this Agreement
does not prevent any other exercise of that right or the exercise of any other right.

 

    
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		(d)	Except as expressly stated otherwise in this Agreement, a Party may exercise a
right, power or remedy (including giving or withholding its approval or consent) entirely at its discretion (including by imposing conditions).

 

		(e)	In exercising, or deciding not to exercise, a right, power or remedy, a Party
is not required to take into account any adverse effect on another Party.

 

		(f)	Each Party agrees to comply with the conditions of any approval, consent or waiver
given by another Party.

 

		(g)	Waiver of a right, power or remedy is effective only in respect of the specific
instance to which it relates and for the specific purpose for which it is given.

 

		(h)	A Party is not liable for any loss, cost or expense of any other Party caused
or contributed to by the waiver, exercise, attempted exercise, failure to exercise or delay in the exercise of a right.

 

		20.7	Amendment

 

This Agreement may only be varied or
replaced by a document executed by the Parties.

 

		20.8	Assignment

 

		(a)	A Party must not assign, subject to clause 20.8(b), create or allow to exist any
Third Party interest over or deal with, any right under this Agreement without the prior written consent of the other Parties.

 

		(b)	The parties acknowledge and agree that the Buyer may grant a security interest
in respect of this Agreement in favour of its financier, the Commonwealth Bank of Australia.

 

		(c)	Any purported dealing in breach of clause 20.8 is ineffective.

 

		20.9	Counterparts

 

This Agreement may consist of
a number of counterparts and, if so, the counterparts taken together constitute one agreement. Delivery of an image of an executed counterpart
of this Agreement by PDF file (portable document format file) shall be as effective as delivery of a physically executed counterpart of
this Agreement.

 

		20.10	Entire understanding

 

		(a)	This Agreement contains the entire understanding between the Parties as to the
subject matter of this Agreement.

 

		(b)	All previous negotiations, understandings, representations, warranties, memoranda
or commitments concerning the subject matter of this Agreement are merged in and superseded by this Agreement and are of no effect. No
Party is liable to any other in respect of those matters.

 

		(c)	No oral explanation or information provided by any Party to another:

 

		(i)	affects the meaning or interpretation of this Agreement; or

 

		(ii)	constitutes any collateral agreement, warranty or understanding between any of the Parties.

 

		20.11	Execution by attorney

 

Where this Agreement is executed
by an attorney, that attorney, by executing, declares that it has no notice of revocation, termination or suspension of the power of attorney
under which it executes this Agreement.

 

		20.12	Time of the essence

 

		(a)	Time is of the essence of this Agreement.

 

		(b)	If the Parties agree to vary a time requirement (including in this Agreement), the time requirement
so varied is of the essence of this Agreement.

 

		(c)	An agreement to vary a time requirement set out in this Agreement must be in writing.

 

    
	 	26	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Schedule 1

 

Sellers’ Details

 

	
     

    Sellers
	Number of Sale Shares (legal interest)	Number of Sale Shares (beneficial interest)	
     

    Respective Proportion
	
     

    Details

	(Column 1)	(Column 2)	(Column 3)	(Column 4)	(Column 5)
	
    Prasch B.V. (RSIN: 818249377

    and establishment number: 00001385084

    9)
	
     

     

     

    104,687,500
	
     

     

     

    95,937,500
	
     

     

     

    46%
	
     

    Address:

    Attention: Lekhram changoer

    Email address:

	
     

     

    George E. Anastassov
	
     

     

     

    104,687,500
	
     

     

     

    95,937,500
	
     

     

     

    46%
	
    Address:

    Attention: George E. Anastassov

    Email address:

     

	
     

     

    Eric Kim
	
     

     

    0
	
     

     

    17,500,000
	
     

     

    8%
	
    Address:

    Attention: Eric Kim

    Email address:

	Total	209,375,000	209,375,000	100%	-

 

    
	 	27	 
	 	Share Sale and Purchase Agreement	 

     

    

 

Schedule
2

 

Group details

 

		1	Company

 

	Company name	APIRx Pharmaceutical USA, LLC
	Previous names	None
	Registered office	 
	Date of registration	9 January 2019
	State of registration	Delaware
	Share capital	209,375,000 shares
	Shareholders	
    PraschB.V.(RSIN:818249377andestablishmentnumber:
    000013850849)

    George Anastassov Eric Kim

	Directors	George Anastassov & Lekhram Changoer
	Secretary	Eric Kim
	Public Officer	George Anastassov

 

		2	Subsidiaries

 

		2.1	APIRx Pharmaceuticals B.V.

 

	Company name	APIRx Pharmaceuticals BV
	Previous names	None
	RSIN	859123066
	Establishment Number	000040584488
	Registered office	 
	Date of registration	31 August 2018
	State of registration	IJsselstein, The Netherlands
	Share capital	100 common shares
	Shareholder	APIRx Pharmaceuticals Holding BV
	Directors	Lekhram Changoer & George Anastassov
	Secretary	Eric Kim
	Public Officer	Lekhram Changoer

 

    
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		2.2	APIRx Pharmaceuticals Holdings B.V.

 

	Company name	APIRx Pharmaceuticals Holding BV
	RSIN	859121872
	Establishment Number	000040581861
	Registration number	72474386
	Registered office	 
	Date of registration	31 August 2018
	Country of registration	The Netherlands
	Share capital	
    100 common shares

    2 priority shares

	Shareholders	
    Prasch BV (30228278)

    George Anastassov

	Directors	Lekhram Changoer & George Anastassov
	Secretary	Eric Kim

 

    
	 	29	 
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Schedule 3

 

Conditions

 

Completion is conditional upon and will not proceed unless
prior to the Completion Date:

 

		1	(Escrow Deed) Each of the Sellers enters into an Escrow Deed in respect
of the Subscription Shares held by them.

 

		2	(Due Diligence Investigation) The Buyer confirming that it has had the
opportunity to conduct a Due Diligence Investigation and it is satisfied with the results of that investigation.

 

		3	(Buyer shareholder approval) The Buyer’s shareholders approve the issue
of the Subscription Shares to the Sellers, in accordance with ASX Listing Rule 7.1.

 

		4	(Approvals and consents) The Buyer obtaining any approvals or consents required
in connection with the transactions described in this Agreement (including for the avoidance of any doubt any government, regulatory (including
ASX, ASIC and Nasdaq).

 

		5	(Acquisition) The Company has completed its acquisition of:

 

		(a)	the entire issued share capital of APIRx Pharmaceuticals B.V and APIRx Pharmaceuticals Limited; and

 

		(b)	all of the pharmaceutical and non-pharmaceutical assets of APIRx Pharmaceuticals B.V and APIRx Pharmaceuticals
Limited.

 

		6	(Foreign resident CGT withholding) Each of the Sellers has complied with
the most recent request (if any) made by the Buyer to that Seller pursuant to clause 9.2.

 

    
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Schedule 4

 

Completion
Steps

 

		1	Sellers’ Completion obligations

 

		1.1	Seller’s delivery obligations

 

At Completion, the Sellers must deliver to the Buyer:

 

		(a)	(Evidence of Sale Shares being Encumbrance free) evidence that at Completion,
all of the Sale Shares are or will be free of Encumbrances, and all of the assets of the Company Group are or will be free of Encumbrances
(other than Permitted Encumbrances);

 

		(b)	(Share transfers) all documentation required to formally transfer ownership
of the Sale Shares to the Buyer, such documentation having been duly executed by the Sellers (if required);

 

		(c)	(Share certificates) share certificates for the Sale Shares or, where the
share certificates cannot be located, a deed poll of indemnity and statutory declaration on terms satisfactory to the Buyer;

 

		(d)	(Certificate) a certificate from the Sellers in a form acceptable to the
Buyer confirming, as far as the Sellers’ are aware (having made reasonable and diligent enquires as contemplated in clause 1.2(s)), there
has been no breach of a Sellers’ Warranty as at the Completion Date;

 

		(e)	(Bank account) such documents reasonably required by the Buyer to cause
the revocation with effect from Completion of all bank accounts of the Company Group;

 

		(f)	(Termination of Shareholders Agreement) a deed of termination of the Shareholders
Agreement duly executed by all persons that are party to it in a form acceptable to the Buyer (acting reasonably);

 

		(g)	(Power of attorney) any power of attorney or other authority under which
the transfers of the Sale Shares are executed;

 

		(h)	(Records) the Records, including the corporate registers (including any
common seals) and constitutions of each Company Group Entity, by making them available to the Buyer at the offices where they are usually
retained, other than the corporate register of each Company Group Entity which must be delivered at Completion.

 

		1.2	Completion meetings

 

At Completion, the Sellers must ensure that the directors
of each Company Group Entity pass written resolutions resolving, as applicable:

 

		(a)	to register the transfer of the Sale Shares in the register of members of the Company;

 

		(b)	to cancel the existing share certificates for the Sale Shares and issue a new
share certificate in the name of the Buyer for the Sale Shares;

 

		(c)	to appoint as directors, secretary and public officer of the relevant Company Group
Entities those persons nominated by the Buyer under clause 5.6, subject to those persons providing their written consent;

 

		(d)	to accept the resignations set out in paragraph Error! Reference source not
found. of this Schedule 4, subject to such persons providing their written resignation to act as officers;

 

		(e)	to transfer the registered office of the relevant Company Group Entity to the
address nominated by the Buyer;

 

    
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		(f)	if required by the Buyer, to revoke all existing banking authorities given by the
relevant Company Group Entity (including authorities to operate bank accounts over the internet); and

 

		(g)	to revoke all existing powers of attorney or other authorities granted by the relevant
Company Group Entity.

 

		2	Buyer’s Completion obligations

 

		2.1	Buyer’s delivery obligations

 

At Completion, the Buyer must:

 

		(a)	execute all documentation required to formally transfer ownership of the Sale Shares from the Sellers
to the Buyer (if required); and

 

		(b)	deliver to the Sellers holding statements for the Subscription Shares, duly executed by the Buyer.

 

		2.2	Completion meetings

 

At Completion, the Buyer must ensure that a written resolution
is passed:

 

		(a)	to approve the issue and allotment of the Subscription Shares;

 

		(b)	to appoint George as a director of the Buyer;

 

		(c)	to enter the names of the relevant Sellers in the register of members of the Buyer as the registered
holders of the Subscription Shares in their Respective Proportions; and

 

		(d)	issue holding statements in the names of the relevant Sellers for the Subscription Shares.

 

    
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Schedule 5

 

Sellers’
Warranties

 

		1	The Sellers

 

		(a)	(Power and capacity) Each Seller has complete and unrestricted power and
authority to enter into this Agreement and perform its obligations under this Agreement.

 

		(b)	(Binding) This Agreement constitutes valid and binding obligations of the
Sellers, enforceable against the Sellers in accordance with its terms.

 

		(c)	(No legal impediment) The execution, delivery and performance by each Seller
of this Agreement complies with:

 

		(i)	each law by which it is bound and which would prevent it from entering into and
performing its obligations under this Agreement;

 

		(ii)	any instrument to which the Seller is a party or by which the Seller is bound
and which is material in the context of the transactions contemplated by this Agreement; or

 

		(iii)	any order, judgment or decree of any court or Governmental Agency to which the
Seller is a party or by which it is bound and which is material in the context of the transactions contemplated by this Agreement.

 

		(d)	(Solvency): No:

 

		(i)	Insolvency Event has occurred in respect of a Seller;

 

		(ii)	trustee or other similar person has been or is appointed in relation to all or
any undertaking or material asset of a Seller;

 

		(iii)	mortgagee or chargee has taken, attempted or indicated an intention to take, possession
of all or any undertaking or material asset of a Seller; and

 

		(iv)	event has taken place with respect to a Seller which would make or deem the Seller
to be insolvent under any law applicable to it.

 

		(e)	(No adverse proceedings) No legal proceedings, arbitration, mediation or
other dispute resolution process is taking place, pending or threatened, the outcome of which is likely to have a material and adverse
effect on the ability of a Seller to perform its obligations under this Agreement.

 

		(f)	(Trust) Where a Seller enters into this Agreement as trustee of a trust
it warrants in its capacity as trustee of the trust that:

 

		(i)	in respect of the trust, no action has been taken or is now proposed to be taken
to terminate or dissolve the relevant trust; and

 

		(ii)	in respect of the trustee:

 

		(A)	it has full and valid power and authority under the terms of the relevant trust to enter into this Agreement
and to carry out the transactions contemplated by this Agreement;

 

		(B)	it has in full force and effect the authorisations necessary for it to enter into
this Agreement and perform its obligations under it and allow them to be enforced (including under the relevant trust deed and its constitution
(if any));

 

		(C)	it enters into this Agreement and the transactions contemplated by this Agreement
for the proper administration of the relevant trust and for the benefit of all the beneficiaries of the relevant trust;

 

    
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		(D)	it is the sole trustee of the relevant trust and no action has been taken or is
now proposed to be taken to remove it as trustee of the relevant trust;

 

		(E)	it has a right, including after any set off, to be fully indemnified out of the
assets of the relevant trust in respect of obligations incurred by it under this Agreement;

 

		(F)	it is not in breach of any of its obligations as trustee of a trust, whether under
the trust deed or otherwise; and

 

		(G)	it is not in default under the terms of the relevant trust.

 

		2	Sale Shares

 

		(a)	(Owner of Sale Shares) Each Seller is the registered holder of the Sale
Shares set out in Column 2 of the table in Schedule 1 adjacent to its name.

 

		(b)	(No Encumbrances) At Completion, the Sale Shares will be free from any Encumbrance.

 

		(c)	(Valid) The Sale Shares:

 

		(i)	are fully paid;

 

		(ii)	were validly issued; and

 

		(iii)	comprise the whole of the issued capital of the Company.

 

		(d)	(No restrictions) At Completion, there are no restrictions on the transfer
of the Sale Shares.

 

		(e)	(No outstanding rights) At Completion, there will be no outstanding options,
warrants, rights, calls, convertible or exchangeable securities or other commitments (other than this Agreement) pursuant to which the
Company is obliged to issue, redeem or repurchase, or any third party is entitled to purchase or otherwise acquire, any shares in the
capital of or other securities or interests in the Company.

 

		(f)	(No right to acquire) No person other than the Buyer (in accordance with
the terms of this Agreement) has, or will have, any right (including any option or right of first refusal) to acquire any Sale Shares,
options, units or any other securities in the capital of the Company or to create or issue any debentures.

 

		3	Status of the Company Group

 

		(a)	(Accurately described) The details of each Company Group Entity as set out in Schedule 2 are
accurate.

 

		(b)	(Incorporated) Each Company Group Entity is duly incorporated and validly exists under the law
of its place of incorporation.

 

		(c)	(Solvency) No:

 

		(i)	Insolvency Event has occurred in respect of a Company Group Entity;

 

		(ii)	meeting has been convened, resolution proposed, petition presented or order made
for the winding up of a Company Group Entity;

 

		(iii)	receiver, receiver and manager, provisional liquidator, liquidator or other officer
of the court, or other person of similar function has been appointed in relation to all or any material assets of a Company Group Entity;

 

		(iv)	security holder, mortgagee or chargee has taken, attempted or indicated an intention
to exercise its rights under any security of which a Company Group Entity is the security provider, mortgagor or chargor;

 

    
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		(v)	event has taken place with respect to a Company Group Entity which would make
or deem it to be insolvent under any law applicable to it (including within the meaning of section 95A of the Corporations Act);

 

		(vi)	Company Group Entity is unable to pay its debts as and when they fall due; or

 

		(vii)	Company Group Entity is subject to voluntary administration under any law applicable
to it (including Part 5.3A of the Corporations Act).

 

		(d)	(No partnership) None of the Company Group carry on business in partnership
with any other person.

 

		(e)	(Register and statutory books) The register of members of each Company
Group Entity is accurate and:

 

		(i)	the statutory books and other statutory registers of each Company Group Entity
are up to date and comply with applicable statutory requirements; and

 

		(ii)	no person has any right to obtain an order for the rectification of the register
of members of a Company Group Entity.

 

		(f)	(No outstanding rights) At Completion, other than as contemplated by this Agreement:

 

		(i)	there will be no outstanding options, warrants, rights, calls, convertible or
exchangeable securities or other commitments pursuant to which a Company Group Entity is obliged to issue, redeem or repurchase, or any
Third Party is entitled to purchase or otherwise acquire, any Sale Shares in the capital of or other securities or interests in a Company
Group Entity; and

 

		(ii)	no person has, or will have, any right (including any option or right of first
refusal) to acquire any Sale Shares, options, units or any other securities in the capital of a Company Group Entity.

 

		(g)	(No membership) No Company Group Entity is a member (otherwise than through
the holding of share capital) of any corporate or unincorporated body, undertaking or association (other than a trade association) or
holds shares in any company.

 

		(h)	(No power of attorney) No Company Group Entity has granted any power of
attorney or similar authority which remains in force.

 

		(i)	(Not trustee) No Company Group Entity acts as trustee of any trust or settlement.

 

		4	Financial information

 

		(a)	(Historical financial information) The historical financial information provided to the Buyer
in respect of the Company Group is true and correct in all material respects.

 

		(b)	(Status of Accounts) The Accounts:

 

		(i)	comply with all applicable statutory requirements; and

 

		(ii)	give a true and fair view of:

 

		(A)	the financial position and the assets and liabilities of each Company Group Entity as at the Accounts
Date; and

 

		(B)	the income, expenses and operational results of each Company Group Entity for the financial period
ended on the Accounts Date.

 

		(c)	(Status of Management Accounts) The Management Accounts:

 

		(i)	have been prepared with due care and attention and show an accurate view of the state of affairs, profit
and loss and financial position of the Company Group as at and for the period in respect of which, and at the
time at which, they have been prepared, but the Buyer acknowledges that they are not audited; and

 

    
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		(ii)	have been prepared from the Accounts Date for each month up to and including the
month before the Completion Date in a manner consistent with preparations of the Management Accounts before the Accounts Date.

 

		(d)	(Position since the Accounts Date) Since the Accounts Date:

 

		(i)	there has been no Material Adverse Change;

 

		(ii)	each Company Group Entity has carried on the Business in the ordinary course (having
regard to the nature of the Business) other than the transactions contemplated under this Agreement and actions taken by each Company
Group Entity to mitigate adverse impacts on the Business caused by the COVID-19 economic environment;

 

		(iii)	no dividend, share buyback, capital return, capital reduction or other distribution
of capital or income has been or agreed to be declared, made, paid or determined to be payable in respect of the share capital of a Company
Group Entity, whether of cash, specific assets or otherwise other than in accordance with this Agreement;

 

		(iv)	no Company Group Entity has incurred any capital expenditure other than in the
ordinary course of business and has not entered into any legal or financial commitments to incur any future capital expenditure;

 

		(v)	no Company Group Entity has waived any right or a debt owed to it;

 

		(vi)	no Company Group Entity has granted any Encumbrances over any of its inventory
or assets otherwise than in the ordinary course;

 

		(vii)	no Seller nor the Company Group has done, or omitted to do, anything which itself
has:

 

		(A)	prejudiced the continuing goodwill of the Business; or

 

		(B)	resulted in any person ceasing or refusing to transact business or contract with
any Company Group Entity other than in good faith or to vary in good faith the terms on which such person/entity transacts business with
any Company Group Entity;

 

		(viii)	there has been no material adverse change in the assets, liabilities, turnover
earnings, financial condition, trading position, affairs or prospects of the Business;

 

		(ix)	no Company Group Entity has incurred or undertaken any actual liabilities or obligations,
including Tax, except in the ordinary course of business;

 

		(x)	no Company Group Entity has acquired or disposed of or dealt with any assets,
nor has it entered into any agreement or option to acquire or dispose of an assets other than in the normal course of business for full
market value;

 

		(xi)	no Company Group Entity has paid or agreed to pay any retiring allowance or superannuation
benefit to any of its officers or employees except where the law requires;

 

		(xii)	no Company Group Entity has made any adverse changes to its terms of trade, including
price;

 

		(xiii)	no supplier of any Company Group Entity has:

 

		(A)	reduced the level of its supplies to the Company Group Entity; or

 

		(B)	indicated an intention to cease or reduce the volume of its trading with the Company
Group Entity after Completion; or

 

		(C)	altered the terms on which it trades with the Company Group Entity;

 

    
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		(xiv)	no customer of any Company Group Entity has:

 

		(A)	terminated or has indicated that it may terminate any contract with it;

 

		(B)	reduced the level of its custom with the Company Group Entity as a consequence
of a breach by the Company Group Entity of its obligations to any major customer, or any major customer being unwilling to deal with the
Company Group Entity as a result of service delivery inadequacies on the part of the Company Group Entity;

 

		(C)	indicated an intention to cease or reduce the volume of its trading with the Company
Group Entity after Completion; or

 

		(D)	altered the terms on which it trades with the Company Group Entity;

 

		(xv)	no loans have been made by a Company Group Entity to Employees or Contractors,
nor have any advances or loan money been accepted from any Employees or Contractors; and

 

		(xvi)	no resolutions have been passed by the members or directors of any Company Group
Entity except in the ordinary and usual course of business of the Company Group Entity and those necessary to give effect to this Agreement.

 

		(e)	(Share capital) All dividends, share buy backs, capital returns, capital
reductions or other distributions or profits or assets declared, made or paid by each Company Group Entity in the 3 years preceding Completion
has been declared, made and paid (as applicable) in accordance with law and its constituent (or equivalent) documents.

 

		(f)	(No completion bonuses) There are no bonuses or other incentive payments
payable by each Company Group Entity to any Employee or Contractor in relation to the transactions contemplated by this Agreement.

 

		5	Information

 

		(a)	The information set out in Schedule 1, Schedule 2 and Schedule 7 is complete and
accurate in all material respects and the information disclosed to the Buyer in connection with the Due Diligence Investigation is complete
and accurate in all material respects.

 

		(b)	The information disclosed by the Sellers to the Buyer regarding the Company Group
and the Business is, in all material respects, complete, reliable, true and accurate in respect of the facts represented in it.

 

		(c)	The Sellers have not disclosed any information to the Buyer regarding the Company
Group and the Business that is false or misleading in any material respect.

 

		(d)	The Sellers have disclosed to the Buyer all matters concerning the Company Group
and the Business which a prospective buyer in the Buyer’s position would reasonably require for the purpose of making a decision whether
the acquire the Sale Shares.

 

		(e)	The Sellers have not intentionally or recklessly omitted to disclose any information
which would be likely to affect the Buyer’s decision to purchase the Sale Shares on the terms of this Agreement.

 

		6	Property

 

		(a)	(Leases binding) The Property Lease is registered, legally valid and subsisting.

 

		(b)	(Property Leases) No lessor or lessee under the Property Lease has:

 

		(i)	defaulted in the payment of rent or other moneys;

 

		(ii)	breached any other material obligation;

 

    
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		(iii)	served any notice to terminate the relevant Property Lease; or

 

		(iv)	knowingly waived any breach of covenant, obligation or restriction under a lease.

 

		7	Assets

 

Any assets required to carry on the Business or any assets
held in connection with the Business:

 

		(a)	have been Fairly Disclosed to the Buyer;

 

		(b)	are held by the Company Group; and

 

		(c)	are not Encumbered.

 

		8	Compliance with statutory requirements

 

		(a)	(Holds Authorisations) Each Company Group Entity:

 

		(i)	holds all necessary Authorisations for the proper carrying on of the Business; and

 

		(ii)	has complied with the terms of all those Authorisations.

 

		(b)	(Complied with Authorisations) All Authorisations have been complied with
and there is no fact or matter which might prejudice the continuance or renewal, or result in the revocation, of any licence or other
Authorisation.

 

		(c)	(Applicable laws) The Company Group has complied with all requirements of
applicable laws and administrative requirements in Australia or any jurisdiction in which any Company Group Entity develops, manufactures,
packages, labels, tests, markets or sells products and services and no contravention or allegation of any contravention of any applicable
law or administrative requirement is known to the Company Group or any Seller.

 

		(d)	(Disclosure) The Sellers have Fairly Disclosed to the Buyer:

 

		(i)	all Authorisations necessary for the carrying on of the Business which are material to the conduct of
the Business as it is being carried on at Completion;

 

		(ii)	all conditions and notices attaching or applicable to the licences referred to in paragraph 8(d)(i).

 

		(e)	(Notice) No Seller nor any Company Group Entity has received any notice
that any Authorisation will be revoked, suspended, modified or will not be renewed.

 

		(f)	No product of the Company Group has been recalled, suspended or discontinued, nor
have any Company Group Entities received any written notice, warning letter or other communication from any Governmental Agency that they
are not, or any product is not, in compliance with applicable Authorisations, nor have any Company Group Entities received any written
notice from any Governmental Agency that it has commenced, or threatened to initiate, any action to withdraw approval, place sales or
marketing restrictions on or request the recall of any product, or that it has commenced or threatened to initiate any action to enjoin
or place restrictions on the production of any product by a Company Group Entity.

 

		(g)	No officer, employee or agent of the Company Group has made an untrue statement
of a material fact or fraudulent statement to any Governmental Agency regarding any product or failed to disclose a material fact required
to be disclosed to a Governmental Agency in connection with the Business, in each case in violation of any applicable law.

 

		9	Employees and Contractors

 

		(a)	As at the date provided, the Sellers have provided to the Buyer the full and correct particulars of
the Employees and Contractors including their:

 

		(i)	length of service;

 

    
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		(ii)	remuneration;

 

		(iii)	annual leave and long service leave entitlements;

 

		(iv)	terms of employment or engagement; and

 

		(v)	superannuation entitlements and payments.

 

		(b)	(Contracts, arrangements and understandings) There are no contracts, arrangements
or understandings with Employees or Contractors of the Company Group other than as Fairly Disclosed to the Buyer.

 

		(c)	(Investigations) The Company Group has not been investigated or audited
by any regulator in relation to its compliance with workplace laws or instruments within the last 3 years.

 

		(d)	(No commitment) No Company Group Entity has given any commitment (whether
legally binding or not) and is not, as at the date of this Agreement, engaged in any negotiations, to increase or supplement any remuneration,
compensation or benefit of any Employee or Contractor other than in the ordinary course of business.

 

		(e)	(Industrial action) There is no industrial action on foot, and there is
no issue which may lead to industrial action by Employees or any industrial organisation of employees which may disrupt the Business or
cause it to incur financial expenditure.

 

		(f)	(Compliance) Each Company Group Entity has complied with all its obligations
arising under law, equity, statute (including occupational health and safety, annual leave, long service leave, equal opportunity, anti-discrimination,
Tax, superannuation, workers compensation and workplace or industrial laws), award, enterprise agreement or other instrument made or approved
under any law with respect to Employees and Contractors.

 

		(g)	(Superannuation obligations) Each Company Group Entity has complied with,
and until the Completion Date will continue to comply with, all its superannuation related obligations and commitments in relation to
the Employees and where applicable, Contractors and former contractors.

 

		(h)	(Membership change) No Company Group Entity has made any contract, arrangement,
understanding or representation (whether written or oral) under which one or more employees, contractors or agents will or may be entitled
to any benefit (monetary or otherwise) if ownership (direct or indirect) of the Company Group Entity changes as a consequence of Completion,
or any other change in control of the Company Group Entity.

 

		(i)	(Ability to terminate) All contracts of employment between the Company
Group Entity and an Employee and any contracts between a Contractor and the Company Group Entity will be capable of being terminated by
the Company Group Entity by giving 5 weeks’ notice or less, subject to applicable law.

 

		(j)	(No obligation) Subject to applicable law, no Company Group Entity is under
any obligation to pay any of its current or former directors, officers or employees or contractors or former contractors any amount as
compensation for loss of office, or any superannuation payment or gratuities.

 

		(k)	(Claims from Employees) No Claim has been made, and no Company Group Entity
has received written notice of any potential claim, by or on behalf of any past or present director, officer, employee or contractor against
the Company Group Entity and is not aware of any circumstances which would give rise to a Claim including:

 

		(i)	underpayment of salary, wages, allowances, overtime, bonuses, commissions or other similar entitlements;

 

		(ii)	working conditions or award requirements;

 

		(iii)	contributions to superannuation funds;

 

    
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		(iv)	workers compensation claims or common law claims for injury or any kind of disease;

 

		(v)	personal or other leave benefits; or

 

		(vi)	redundancy or severance payments or payments in lieu of notice.

 

		(l)	(Awards and enterprise agreements) There are no awards, enterprise agreements
or other instruments made or approved under law which apply to the Employees.

 

		(m)	(Bonus scheme) No Company Group Entity operates a bonus, profit share or
employee incentive plan or scheme for its Employees or officers.

 

		(n)	(Injuries) As far as the Sellers are aware, none of the Employees has any
existing injury, disability or illness which may adversely affect their ability to perform their normal duties as an Employee in the Business.

 

		(o)	(Entitlement to work in jurisdiction) All Employees and Contractors and
their personnel who perform work for the Company Group are entitled to work in the jurisdiction in which they perform their services.

 

		(p)	(No wrong classification) No Contractor engaged by the Company Group is
entitled or required to be treated as an employee of the Company Group at law.

 

		(q)	(No notice of dismissal) No Employee is under notice of dismissal or termination.

 

		10	Litigation

 

		(a)	(No proceedings) No Company Group Entity is a party to or involved in any
investigation, inquiry, litigation, prosecution, arbitration, mediation or any other form of dispute resolution process, proceeding or
administrative or governmental proceedings.

 

		(b)	(No threatened proceedings) There is no litigation, prosecution or arbitration
proceedings relating to a Company Group Entity pending, threatened or reasonably likely to arise and the Sellers are not aware of any
facts or disputes likely to give rise to any litigation, prosecution or arbitration proceedings relating to the Company Group Entity.

 

		(c)	(Unsatisfied judgments) There are no unsatisfied judgments, awards, Claims
or demands against any Company Group Entity.

 

		(d)	(No customer Claims) No Company Group Entity is a party to, the subject
of, or involved in any existing, pending or threatened Claims brought by or on behalf of any customers of the Company Group Entity whenever
or howsoever arising.

 

		11	Insurance

 

		(a)	(Compliance) Each Company Group Entity has complied with all of the conditions
to which the liability of the insurers is subject under the Insurance Policies.

 

		(b)	(No expiry) No Company Group Entity’s Insurance Policies will expire before
the Completion Date.

 

		(c)	(Premiums) All premiums in respect of the Insurance Policies which have
become due for payment prior to Completion will have been paid prior to the Completion Date.

 

		(d)	(Unpaid claims) There are no individual or related claims made but unpaid
under the Insurance Policies and there are no material threatened or pending claims or circumstances existing which could lead to such
a claim being made.

 

		(e)	(No notice) No Company Group Entity has been notified by any insurer that
it is required or advised to carry out any maintenance, repairs or other works in relation to any of the assets which remain outstanding.

 

    
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		(f)	(Adequate insurance) Under the Insurance Policies:

 

		(i)	all of the assets of the Company Group of an insurable nature are insured in amounts
representing their full replacement value against fire and other risks normally insured against; and

 

		(ii)	the Company Group is adequately insured for such amounts as would be maintained
in accordance with prudent business practice in respect of all risks, whether in relation to damage to property, personal injury, public
liability, workers’ compensation, business interruptions insurance or otherwise.

 

		12	Intellectual property

 

		(a)	(Completeness) Schedule 7 contains a complete and accurate list of all Intellectual
Property Rights owned, registered or used by the Company Group and all documentation relating to those Intellectual Property Rights has
been Fairly Disclosed to the Buyer.

 

		(b)	(Intellectual Property Rights) The Intellectual Property Rights specified
in Schedule 7 comprise all of the Intellectual Property Rights necessary to enable the Business to be operated in the ordinary course.

 

		(c)	(Owned IP) The Company Group is, or will be pursuant to clause 7.6, the
legal and beneficial owner of the Owned Intellectual Property Rights.

 

		(d)	(Licensed IP) All agreements under which the Company Group has the right
to use, but not ownership of, Intellectual Property Rights used in connection with the Business are valid, binding and enforceable and
the licensor has not given notice to terminate any of the licenses or intends to do so.

 

		(e)	(No licensing) The Company Group has not licensed or granted any rights
in respect of, assigned or otherwise dealt with any of the Owned Intellectual Property Rights to any person.

 

		(f)	(Fees) There are no royalties, licence fees or other similar fees payable
by the Company Group in connection with the use of any Intellectual Property Rights.

 

		(g)	(Employees and Contractors) The Company Group has the right, against its
Employees and Contractors employed in or engaged in connection with the Business, to claim ownership and title to all the Intellectual
Property Rights generated by those persons in the course of, or in connection with, the Business.

 

		(h)	(No breach of IP licences) The Company Group is not in breach of a material
term of an Intellectual Property Licence or other agreement relating to the Intellectual Property Rights to which it is a party (whether
as licensor or licensee) and, so far as the Sellers are aware, no Third Party is in breach of any such agreement.

 

		(i)	(No third party infringement) The use of the Owned Intellectual Property
Rights does not infringe any Intellectual Property Rights of any third party, and the Sellers are not aware of any circumstances which
are likely to give rise to any infringement.

 

		(j)	(No unauthorised use) The Sellers are not aware of any unauthorised use
by any person of any Intellectual Property Rights or confidential information of the Company Group.

 

		(k)	(No challenge) There is not currently any unresolved challenge, dispute
or claim which has been made, or as far as the Sellers are aware, threatened by any person with respect to any of the Intellectual Property
Rights used in connection with the Business.

 

		(l)	(Fees) All renewal, application and other fees required for the maintenance
of the Owned Intellectual Property Rights that have become due have been paid.

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		13	Taxation

 

		(a)	(Tax and Duty paid) All Tax and Duty of any nature for which the Company Group
is liable and which has become due for payment has been duly paid or will be paid as at Completion.

 

		(b)	(Investigations) The Company Group is not involved, nor has been involved
within the 4 years prior to Completion, in any audit, investigation by, or any dispute with, any Tax Authority in any jurisdiction responsible
for the collection of Tax or Duty, and the Sellers are not aware of any circumstances which may give rise to such an audit, investigation
or dispute.

 

		(c)	(Tax obligations) All necessary information, notices, elections, clearances,
computations and returns in respect of the Tax or Duty obligations of the Company Group which are required to be lodged or filed prior
to the Completion Date have been lodged or filed with the appropriate Tax Authorities in accordance with all applicable laws and within
the prescribed times.

 

		(d)	(Information) Any information, notice, computation or return which has been
submitted to a relevant authority by the Company Group in respect of any Tax or Duty matter:

 

		(i)	is true, correct and complete;

 

		(ii)	discloses all material facts which should be disclosed under any relevant Tax Law;

 

		(iii)	does not contain any false or misleading statement; and

 

		(iv)	has been made, filed, lodged or submitted on time.

 

		(e)	(Rulings) Any transaction that any Company Group Entity has entered into
in reliance on any Ruling has been implemented in the manner disclosed in the application for the Ruling. No Company Group Entity has
acted or failed to act in any way which has or might alter, prejudice or infringe any arrangement which has been negotiated with a Tax
Authority or any Ruling which has previously been obtained from or issued by a Tax Authority.

 

		(f)	(Tax or Duty deducted and remitted) Each member of the Company Group has properly
withheld and paid to the appropriate Government Agency all amounts required to have been withheld and paid in connection with amounts
paid or owing, whether on its behalf of as agents, to any to any current or former employees, independent contractors, creditors, equity
holders and other third parties and each Company has complied with all reporting and recordkeeping requirements in connection therewith.

 

		(g)	(Limitation periods, etc) No member of the Company Group has waived any
statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax or Duty assessment or deficiency.

 

		(h)	(Power of attorney) There are no powers of attorney relating to any Company
Group Entity currently in force with respect to any Tax or Duty matter.

 

		(i)	(Arm’s length dealings) All transactions and other dealings between a Company
Group and a third party have been (and can be demonstrated to have been) conducted on arm’s length commercial terms.

 

		(j)	(Dividends) No member of the Company Group:

 

		(i)	has made a frankable distribution (as defined in section 202-40 of the ITAA 1997) in breach of the
benchmark rule (as defined in section 203-25 of the ITAA 97);

 

		(ii)	has made a linked distribution (as defined in section 204-15 of the ITAA 1997);

 

		(iii)	has issued tax exempt bonus shares (as defined in section 204-25 of the ITAA 1997);

 

		(iv)	has streamed a distribution within the meaning of section 204-30 of the ITAA 1997;

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(v)	has notified, or is required to notify, the Australian Federal Commissioner of
Taxation about variances in its benchmark franking percentage under section 204- 75 of the ITAA 1997;

 

		(vi)	is liable, nor will it be liable at or before Completion, to pay franking deficit
tax imposed by the A New Business Tax System (Franking Deficit Tax) Act 2002 (Cth) in accordance with section 205-45 of the ITAA
1997; or

 

		(vii)	is a former exempting company.

 

		(k)	(Share capital account) No Company Group Entity has a tainted share capital
account within the meaning of Division 197 of the ITAA 1997 or has taken any action that might cause its share capital account to become
a tainted share capital account, nor has an election been made at any time to untaint a Company’s share capital account.

 

		(l)	(Losses)

 

		(i)	Nothing has occurred to deny or disallow a Company Group Entity a Tax deduction
in respect of any:

 

		(A)	current year Tax losses;

 

		(B)	carry forward Tax losses under any Tax Law, as at the Accounts Date; or

 

		(C)	Tax losses incurred between the Accounts Date and Completion,

 

other than the entry into this Agreement or the transfer
of the Sale Shares as contemplated by this Agreement.

 

		(ii)	Nothing has occurred to deny or disallow a Company Group Entity a Tax deduction
in respect of any prior year Tax losses allowed or claimed under any Tax Law as at Completion.

 

		(m)	(Debt forgiveness) No debt owed by a Company Group Entity has been, or has
been agreed to be, released, waived, forgiven or otherwise extinguished by a person which would attract the operation of the former Division
245 of Schedule 2C of the ITAA 1936 or Division 245 of the ITAA 1997.

 

		(n)	(Rollover) No asset of a Company Group Entity as at Completion was acquired
by a Company Group Entity under:

 

		(i)	a replacement-asset roll-over (as listed in s112-115 of the ITAA 1997);

 

		(ii)	a same-asset roll-over (as listed in s112-150 of the ITAA 1997);

 

		(iii)	a roll-over under Subdivision 328-G of the ITAA 1997; or

 

		(iv)	a roll-over under s40-340 of the ITAA 1997.

 

		(o)	(Interposed entity election) No Company Group Entity has ever made an interposed
entity election (within the meaning provided by s272-85 of Schedule 2F of the ITAA 1936) or will make such an election prior to Completion.

 

		(p)	(Fines) The Company Group has not within the period of 4 years prior to
Completion paid or become liable to pay, nor are there any circumstances before Completion by reason of which the Company Group is likely
to become liable to pay, any material penalty, fine, surcharge or interest whether charged by virtue of the provisions of any law relating
to Tax.

 

		(q)	(Transactions) The Company Group has not been involved in any transaction
or series of transactions which, or any part of which, may for any Tax or Duty purposes be disregarded or reconstructed by reason of any
motive to avoid, reduce or delay a possible liability to Tax.

 

		(r)	(Stamp duty) All Tax or Duty payable in respect of every agreement (other
than this Agreement), document or transaction to which the Company Group is or has been a party or by which the Company Group derives, or has derived,
a substantial benefit has been duly paid.

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(s)	(Provision) Adequate provision has been made in the Accounts for any Tax
and Duty which is payable or may become payable in respect of any transaction or income occurring or arising before the Accounts Date
but which was unpaid as at the Accounts Date.

 

		(t)	(Records) The Company Group has maintained proper and adequate records to
enable it to comply in all material respects with its obligations under any Tax Law and under any agreement.

 

		(u)	(No overseas permanent establishment) Other than as Fairly Disclosed to
the Buyer, no Company Group Entity carries on business through a permanent establishment (as that expression is defined in any Tax Law
or any relevant double taxation agreement) in any country other than the country of incorporation.

 

		(v)	(No anti-avoidance) No Company Group Entity has entered into or been a
party to any transaction which will cause any anti-avoidance provisions of any Tax Law to apply or which will allow a Tax Authority, acting
reasonably, to apply any such anti-avoidance provisions.

 

		(w)	(No franking account deficit) No Company Group Entity will have a franking
account deficit immediately after Completion. No act or omission of a Company Group Entity at or before Completion will cause a Company
Group Entity to be liable for franking tax immediately after Completion. No Company Group Entity expects to receive a refund of Tax within
3 months of Completion.

 

		14	Privacy Laws

 

		(a)	(Compliance) The Company Group has in all respects complied with Privacy Law.

 

		(b)	(Claims) No individual has claimed and, to the best of the Sellers’ knowledge,
no grounds exist for an individual to claim, compensation from the Company Group for a breach of Privacy Law in connection with the Business.

 

		(c)	(Notice) No notice has been received by the Company Group from a competent
authority alleging a breach of Privacy Law in connection with the Business.

 

		(d)	(Breach) The Company Group has not suffered any breach of security leading
to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to any Personal Information.

 

		(e)	(Personal Information) To the extent the Company Group stores or otherwise
deals with Personal Information (other than the Personal Information of any officer, employee or service provider of the Company Group),
that Personal Information can only be accessed within Australia (or, if it can be accessed from outside Australia, that access is reasonable
in the circumstances).

 

		(f)	(Spam) The Company Group has complied with the Spam Act 2003 (Cth)
and Do Not Call Register Act 2006 (Cth) and all similar or equivalent legislation in any relevant jurisdiction.

 

		(g)	(Technology and risk controls) The Company Group has appropriate technology
and risk controls in place.

 

		(h)	(Malicious code) The Company Group’s systems are not currently vulnerable
to, and do not contain, any malicious code.

 

		15	Contracts

 

		(a)	Accurate and complete copies of all material contracts of the Business have been Fairly Disclosed to
the Buyer.

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(b)	(Legally enforceable) The material contracts of the Business are in writing,
legally binding and enforceable by the Company Group.

 

		(c)	(No breaches) No Company Group Entity is in breach of any material contract
or has received written notice or is aware of any facts or circumstances which might affect any rights or interests of the Company Group
or the exercise of any rights by the Company Group in respect of any agreement.

 

		(d)	(No knowledge of breach by other party) None of the Sellers are aware or
have been made aware of any counterparty to a contract being in breach of that contract or any reason which might preclude the counterparty
from fulfilling its obligations under such contract.

 

		(e)	(Unusual contracts) The Company Group is not bound by any material contract
which is of an unusual nature or was entered into outside the normal course of business.

 

		(f)	(No contracts liable to be terminated): The Company Group is not a party
to any contractual arrangement which may be terminated by any other party by reason of a change in the ownership of the Sale Shares or
by reason of such change being subject to the consent of the other party which consent has not been obtained.

 

		(g)	(No notice): No Third Party has given notice to the Company Group that it
will not renew the term of its agreement with the Company Group when the subsisting term elapses and, so far as the Sellers are aware,
there are no Third Parties who are parties to agreements with the Company Group that will not renew the term of their agreement before
it elapses.

 

		(h)	(All contracts enforceable): All contracts of the Company Group are valid,
in full force and effect and enforceable in accordance with their respective terms. Each Company Group Entity has fulfilled or taken all
action necessary to fulfil when due all of their obligations under such contracts. There has not occurred any material default by any
Company Group Entity or any event which with the lapse of time or at the election of any person other than a Company Group Entity will
become a material default under any such contract.

 

		(i)	(Generally) Except as Fairly Disclosed to the Buyer, there are no material
agreements, arrangements or understandings to which the Company Group is party or is bound:

 

		(i)	that the Company Group will be unable to terminate after the Completion Date on
giving 30 days’ notice or less without penalty;

 

		(ii)	that are material to the operation of the Business;

 

		(iii)	that contain any unusual, abnormal or onerous provisions;

 

		(iv)	that are incapable of being fulfilled or performed on time without undue or unusual
expenditure of money or effort;

 

		(v)	that are not arm’s length agreements;

 

		(vi)	that will result in any indebtedness of the Company Group becoming immediately
due and payable;

 

		(vii)	which involve either directly or indirectly any offer or payment to any official
of a Governmental Agency to improperly influence him or her to assist in the obtaining or retaining of any Business; or

 

		(viii)	under which a Company Group Entity is or may be bound to share any profits or to
pay any royalties or to waive or abandon any rights in connection with the Business or any of the assets of the Company Group.

 

		(j)	(No guarantee) No guarantee, surety or indemnity or letter of comfort has
been given or entered into:

 

		(i)	by a Company Group Entity in relation to the discharge of the liabilities or the
performance of the obligations (in either case whether present or future) of any other person; or

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(ii)	by a Seller in relation to the discharge of the liabilities or the performance of the obligations of
the Company Group.

 

		(k)	(Contracts) No offer, tender, quotation or the like given or made by a Company
Group Entity is capable of giving rise to a contract merely by any unilateral act of a Third Party, other than in the ordinary course
of business.

 

		16	Competition

 

		(a)	(Non-compete agreements) There are no agreements which limit or exclude
the rights of the Company Group from doing business and/or competing in any area or field with any person.

 

		(b)	(Competition breaches) No Company Group Entity is currently or has ever
been involved in any practice, arrangement or understanding which has, would or may result in the Company Group being in breach or being
found to have been in breach of the Competition and Consumer Act 2010 (Cth) or the Hart-Scott-Rodino Antitrust Improvements Act
of 1976.

 

		(c)	(No notice or communication) No Company Group Entity has received any material
notice, communication or process from the Australian Competition and Consumer Commission, ASIC or any other authority having jurisdiction
in completion or anti-trust, and corporate regulation matters in relation to any aspect of the Business of the Company Group.

 

		17	Dealings with the Sellers

 

		(a)	(Dealings) There is no current or outstanding agreement, arrangement or
understanding (whether legally binding or not) to which a Company Group Entity is, or was, a party in which:

 

		(i)	a Seller or any of its Related Entities;

 

		(ii)	any person who at the time of such agreement, arrangement or understanding was
beneficially interested in any of the Company Group’s shares or any Related Entity of any such person; or

 

		(iii)	any director, officer, employee or consultant or former director, officer, employee
or consultant of the Company Group,

 

is or was interested, whether directly or indirectly.

 

		(b)	(Arm’s length transactions) No Company Group Entity is a party to any agreement,
arrangement or understanding (whether legally binding or not) which is not and was not entirely of an arm’s length nature.

 

		(c)	(Interest in competitors) No Seller nor any of their Related Entities has
any interest, direct or indirect, in any business which competes with that carried on by the Company Group.

 

		18	Records

 

The Records:

 

		(a)	are in the possession of the Company Group;

 

		(b)	have been properly and accurately maintained;

 

		(c)	include all records required under, or to comply with or support any return or claim under, any applicable
law (including any Tax law);

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

		(d)	do not contain material inaccuracies or material discrepancies of any kind and
are maintained in all material respects in accordance with all applicable laws and are up-to- date where legally required; and

 

		(e)	have been prepared in accordance with the requirements of the Corporations Act.

 

		19	Borrowings and bank accounts

 

		(a)	At the date of this Agreement, the Company Group does not have outstanding any
borrowing or indebtedness in the nature of borrowing, including any finance lease, hire purchase agreement, deferred terms or other transaction
having the commercial effect of a borrowing or any factored debts.

 

		(b)	No:

 

		(i)	event of default has occurred in relation to any loan or security documentation
to which any Company Group Entity is a party;

 

		(ii)	notices or demands have been served on any Company Group Entity in relation to
default or non-compliance with any of the provisions of loan or security documentation; and

 

		(iii)	further action has been taken by the lenders to enforce any security granted by
any Company Group Entity.

 

		(c)	The Sellers have Fairly Disclosed to the Buyer the full details of all mortgages,
charges and other security interests created by the Company Group or in respect of any of the assets of the Company Group.

 

		(d)	The bank accounts of the Company Group are operated separately from the bank accounts
of any other person and there is no right of set off against moneys in the Company’s bank accounts or the bank accounts of any other Company
Group Entity for the liabilities of any other person.

 

		(e)	The bank accounts of the Company Group have been operated in accordance with all
legal and administrative requirements.

 

		20	Clinical Trials

 

		(a)	All clinical trials conducted by or on behalf of the Company Group have been and
are being undertaken in accordance with applicable standards of cGMP.

 

		(b)	The Company Group has implemented appropriate insurance and other risk mitigation
policies and procedures to ensure that the Company Group is not exposed to the risk of a material adverse change to its financial position
or financial performance in the event of a breach of paragraph 20(a).

 

		(c)	Each Company Group Entity holds all necessary Authorisations for the proper carrying
on of its clinical trial program across all its products in accordance with cGMP.

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

Schedule 6

 

Buyer Warranties

 

	1	(Incorporation) The Buyer is duly incorporated and validly exists under
the law of its place of incorporation.

 

	2	(Power and capacity) The Buyer has full corporate power and authority to
enter into this Agreement and perform its obligations under this Agreement, to carry out the transactions contemplated by this Agreement,
and to own its property and assets and carry on its business.

 

	3	(Binding) This Agreement constitutes a valid and binding obligation of the
Buyer, enforceable against the Buyer in accordance with its terms.

 

	4	(Solvency) The Buyer is not:

 

		(a)	wound up, no resolution for its winding up has been passed and no meeting of members or creditors has
been convened for that purpose;

 

		(b)	the subject of a winding up application which has been made to a court, and no event has occurred which
would entitle any person to apply to a court to wind up the Buyer;

 

		(c)	a party to a composition or arrangement with any of its creditors;

 

		(d)	the recipient of a demand under section 459E of the Corporations Act or any corresponding or analogous
provision governing the Buyer in a jurisdiction outside Australia;

 

		(e)	in receivership and none of its assets are in the possession of or under the control of a mortgagee
or chargee;

 

		(f)	subject to administration under Part 5.3 of the Corporations Act or any corresponding or analogous provision
governing the Buyer in a jurisdiction outside Australia; or

 

		(g)	insolvent (as defined in section 95A of the Corporations Act), and

 

so far as the Buyer is aware, there are no circumstances
that justify the Buyer being the subject of any of the above events.

 

	5	(No adverse proceedings) No legal proceedings, arbitration, mediation or
other dispute resolution process is taking place, pending or threatened, the outcome of which is likely to have a material and adverse
effect on the ability of the Buyer to perform its obligations under this Agreement.

 

	6	(Not trustee) The Buyer is not entering into this Agreement as trustee of any trust or settlement.

 

    
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	 	Share Sale and Purchase Agreement	 

     

    

 

Schedule 7

 

Intellectual
Property Rights

 

[insert table]

 

    
	 	49	 
	 	Share Sale and Purchase Agreement	 

     

    

 

	Executed as an agreement	 	 
	 	 	 
	Executed by Incannex Healthcare Limited	 	 
	ACN 096 635 246 in accordance with section 127 of the Corporations
Act 2001 (Cth):	 	 
	 	 	 
	 	 	 
	Director	 	*Director/*Company Secretary
	 	 	 
	/s/ Joel Latham	 	/s/ Madhukar Bhalla
	Joel Latham	 	Madhukar Bhalla
	Name of Director	 	Name of *Director/*Company Secretary
	BLOCK LETTERS	 	BLOCK LETTERS
	 	 	*please strike out as appropriate
	 	 	 
	Executed by Prasch B.V. (RSIN:	 	 
	 	 	 
	 	 	 
	Director	 	*Director/*Company Secretary
	 	 	 
	/s/ Lekhram Changoer	 	/s/ Prashant Changoer
	Lekhram Changoer	 	Prashant Changoer
	Name of Director	 	Name of *Director/*Company Secretary
	BLOCK LETTERS	 	BLOCK LETTERS
	 	 	*please strike out as appropriate
	 	 	 
	Executed by Lekhram Changoer	 	 
	 	 	 
	/s/ Lekhram Changoer	 	 
	 Lekhram Changoer	 	 
	 	 	 
	 	 	In the presence of
	 	 	 
	 	 	/s/ Prashant Changoer
	 	 	Prashant Changoer
	 	 	Name of Witness
	 	 	 
	Executed by George Anastassov	 	In the presence of
	 	 	 
	/s/ George Anastassov	 	/s/ Lekhram Changoer
	George Anastassov	 	Lekhram Changoer
	 	 	Name of Witness

 

    
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	 	Share Sale and Purchase Agreement	 

 

     

    

 

	Executed by Eric Kim	 	 
	 	 	 
	/s/ Eric Kim	 	 
	Eric Kim	 	
	 	 	 
	 	 	In the presence of
	 	 	 
	 	 	/s/ Lisa Kim
	 	 	Lisa Kim
	 	 	Name of Witness

 

    
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	 	Share Sale and Purchase Agreement	 

 

     

    

 

Annexure A

 

Non-Pharmaceutical Assets

 

[insert table]

 

 

52

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