Document:

Exhibit 10.1

 

 

 

 

 

 

Dated 23 November 2018

 

 

 

 

GE HEALTHCARE LIMITED

 

 

 

 

and

 

 

 

 

Q BIOMED, INC

 

 

 

 

 

 

ASSET SALE AGREEMENT

 

 

     

     

    

 

THIS ASSET SALE AGREEMENT (the "Agreement")
is dated 23 November 2018

 

Parties

 

		(1)	GE HEALTHCARE LIMITED incorporated and registered in England and Wales with company number
01002610 whose registered office is at Amersham Place, Little Chalfont, Buckinghamshire, HP7 9NA (the “Seller”).

 

		(2)	Q BIOMED, INC incorporated in the State of Nevada whose registered office is at 366 Madison
Ave, 3rd Floor, 10022, New York, NY (the “Buyer”).

 

Seller and
Buyer are referred to herein individually as a “Party” and collectively as the “Parties”.

 

Recitals

 

		A.	The Seller is engaged in the manufacture and sale of Metastron®, a Strontium-89 Chloride for
injection, and owns all rigths related to this product. The Buyer is interested in acquiring all such product-related rights from
the Seller.

 

		B.	The Seller has agreed to sell and the Buyer has agreed to purchase the Assets (as defined below)
under the terms and conditions set out in the Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and the representations, warranties, covenants, agreements and provisions set forth in this Agreement, and in the Other
Agreements, and for other good and valuable consideration, and intending to be legally bound hereby, the Parties agree as follows:

 

Agreed Terms

 

		1.	Definitions And Interpretation

 

		1.1	The definitions and rules of interpretation in this clause apply in this agreement.

 

		1.2	Capitalised terms used in this Agreement shall have the following meaning:

 

Affiliates:
means any Person that directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with, a specified Person. For purposes of this definition, “control” (as well as the terms “controlling,”
“controlled by” and “under common control with”), as applied to any Person, means: (i) the ownership of
at least fifty percent (50%) of the voting securities of that Person; or (ii) the possession, directly or indirectly, of the power
to direct or cause the direction of the management of that Person, whether through the ownership of voting securities or by contract
or otherwise;

 

Agreement:
means this Asset Purchase Agreement and its Schedules;

 

Assets: the Product Rights,
Trademarks and Transfer Package.

 

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	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Assignment of Trademarks:
means the Assignment of Trademarks agreement executed by Seller and the Buyer with respect to the Trademarks, in substantially
the form of Schedule 5.

 

Bill of Sale: means
the Bill of Sale and Assignment Agreement executed by Seller and the Buyer in substantially the form of Schedule 4.

 

Business Day: a day (other
than a Saturday, Sunday or public holiday) when banks in London are open for business.

 

Claim: a claim by the
Buyer against the Seller under this Agreement.

 

Completion: the completion
of the sale and purchase of the Assets pursuant to and in accordance with clause 3 of this agreement.

 

Completion Date: the last
date of signature of this Agreement.

 

Demand: any action, award,
claim or other legal recourse, complaint, cost, debt, demand, expense, fine, liability, loss, outgoing, penalty and proceeding.

 

Disclosed: fairly disclosed
or deemed to have been disclosed (with sufficient explanation and detail to enable a reasonable buyer to identify the nature, scope
and implications of the matters disclosed) in or under the Disclosure Letter.

 

Encumbrance: any mortgage,
charge (fixed or floating), pledge, lien, hypothecation, guarantee, trust, right of set-off or other third party right or interest
(legal or equitable) including any assignment by way of security, reservation of title or other security interest of any kind,
however created or arising, or any other agreement or arrangement (including a sale and repurchase agreement) having similar effect.

 

Marketing Authorisation:
means an approval by a Regulatory Authority enabling the marketing, promotion, pricing and sale of the Product in a country by
the holder.

 

Milestone Payment: shall
have the meaning set forth in clause 2.3 b).

 

Net Sales: mean the price
invoiced by Buyer, its Affiliates or sub-licensees for the Product sold, leased or otherwise disposed of by Buyer, its Affiliates
or sub-licensees to third parties. Such price shall not include normal discounts actually granted by Buyer, credit for claims,
actual allowances for returned goods or bad debts, insurance fees and packing transportation charges as invoiced separately to
customers and duties and taxes actually incurred and paid by the Buyer in connection with delivery of the Product.

 

Where the Product is sold to
a third party (such as a reseller or distributor) for resale to a physician practice, clinic, hospital, or other healthcare provider,
Net Sales will be the amount invoiced by Buyer, for such sales to such reseller or distributor.

 

Other Agreements: means,
collectively, the Assignment of Trademarks and the Bill of Sale.

 

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	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Purchase Price: shall
have the meaning set forth in clause 2.3 a).

 

Product: means
10ml vial of Strontium-89 Chloride for injection licensed for sale in the Territory for those indications stated in the Product
Rights, as more particularly described in Schedule 1. 

 

Product Rights: means
the Seller's right, title and interest in and to the Marketing Authorisations for the Product in the Territory as set out in Schedule
2.

 

PSUR: means
periodic safety update report.

 

Regulatory Authority:
means any national, regional, state or local regulatory agency, department, bureau, commission council or other governmental entity
in the Territory involved in the granting of Marketing Authorisation for the Product.

 

Royalties: shall have
the meaning set forth in clause 2.3 c).

 

Royalty Term: 15 (fifteen)
years from first commercial sale of the Product by Buyer.

 

Tax or Taxation: all forms
of taxation and statutory, governmental, state, federal, provincial, local, government or municipal charges, duties, imposts, contributions,
levies, withholdings or liabilities wherever chargeable and whether of the UK or any other jurisdiction; and any penalty, fine,
surcharge, interest, charges or costs relating thereto.

 

Territory: The territories
where a Marketing Authorisation is held for the Product, as set out in Schedule 1.

 

Trademarks:
The Metastron trademarks for the Product as set out in Schedule 2.

 

Transfer Package: means
the documentation associated with the Product Rights as more particularly set out in Schedule 3.

 

VAT: value added tax chargeable
under the Value Added Tax Act 1994 and any similar replacement or additional tax.

 

Warranties: the warranties
set out in clause 5.

 

		1.3	In this Agreement (unless the context requires otherwise):

 

		a)	the words "including", "include", "for example",
"in particular" and words of similar effect shall not limit the general effect of the words which precede them;

 

		b)	reference to any agreement, contract, document or deed shall include that document as varied, supplemented
or novated from time to time;

 

		c)	words importing the singular shall include the plural and vice versa;

 

    	 	3	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		d)	construction of this Agreement shall ignore the headings, contents list and frontsheet (all of
which are for reference only);

 

		e)	references to a clause or Schedule are references to the clause or Schedule of, or to, this Agreement;
and

 

		f)	reference to any legislative provision shall be deemed to include any statutory instrument, by-law,
regulation, rule, subordinate or delegated legislation or order and any rules and regulations which are made under it, and any
subsequent re-enactment or amendment of the same.

 

		1.4	References to times of the day are, unless the context requires otherwise, to London time and references
to a day are to a period of 24 hours running from midnight on the previous day.

 

		2.	Agreement To Sell And Purchase

 

		2.1	On the terms and subject to the conditions contained in this Agreement and in consideration of
the terms set forth herein, Seller shall sell, convey, transfer, assign and deliver, and shall cause its respective Affiliates
to sell, convey, transfer, assign and deliver, to the Buyer, and Buyer shall purchase, take delivery of and acquire from Seller,
all of Seller’s right, title and interest in and to the Assets.

 

		2.2	The Trademarks shall be assigned from Buyer to Seller by way of the Assignment of Trademarks (Schedule 5),
and the Product Rights and the Transfer Package shall be transferred from Seller and its respective Affiliates to Buyer by way
of the Bill of Sale (Schedule 4). The assignment and transfer of the Assets shall be effective on the Completion Date, subject
to the condition precedent of a full and satisfactory completion of all actions on Completion Date pursuant to clause 3.3, including
full payment of the Purchase Price.

 

2.3       Consideration

 

In consideration
for the assignment, sale, conveyance, delivery and transfer of the Assets (excluding any payment for Inventory), Buyer shall pay
the Seller the following amounts:

 

		a)	a non-refundable, non-contingent, non-creditable payment of **** U.S. Dollars ($****) upon the
execution of this Agreement by both Parties (the “Purchase Price”). Such payment shall be made
in U.S. Dollars, via wire transfer of immediately available funds on the Completion Date. Such payment shall be without deduction
of exchange, collection, transfer or other charges and shall be made free and clear of any taxes, duties, levies, or fees. Payment
by wire transfer will be made to the following account:

 

	Name	GE Healthcare Ltd
	Bank	####
	Account	####
	Sort Code	####
	Swift Code	####
	IBAN	####

 

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	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		b)	a payment of **** U.S Dollars ($****) within thirty (30) days of the date upon which the Buyer
first realises a total aggregate annual Net Sales of ****U.S Dollars ($****) (the “Milestone Payment”);

 

		c)	an amount equal to **** percent (****%) of Net Sales of the Product (“Royalties”).

 

		3.	Completion

 

		3.1	Completion shall take place on the Completion Date, but in any event no later than November 30,
2018.

 

		3.2	The Parties will exchange (or cause to be exchanged) at the Completion Date the agreements, instruments,
certificates and other documents, and do, or cause to be done, all of the things respectively required of each Party as specified
in clause 3.3.

 

		3.3	Actions at Completion Date:

 

		3.3.1	Seller shall deliver or cause to be delivered to the Buyer:

 

		a)	executed counterparts of this Agreement and each of the
Other Agreements to which Seller or an Affiliate of Seller is a party;

 

		b)	the Transfer Package as set forth in Schedule 3;

 

		c)	such other documents and instruments as may be reasonably
necessary to effect or evidence the Agreement.

 

		3.3.2	Buyer shall deliver or cause to be delivered to Seller:

 

		a)	executed counterparts of this Agreement and each of the
Other Agreements to which Buyer or an Affiliate of Buyer is a party;

 

		b)	the Purchase Price;

 

		c)	such other documents and instruments as may be reasonably
necessary to effect or evidence the Agreement; and

 

		d)	a document stating in which territories the Buyer intends
to submit applications for the transfer of the Marketing Authorisations.

 

    	 	5	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		3.4	Actions following Completion:

 

		3.4.1	Seller shall:

 

		a)	provide a maximum of forty (40) hours reasonable technical and regulatory support to the Buyer
to facilitate knowledge transfer and assistance with Market Authorization amendments, which shall take place at Seller’s
premises in Amersham, UK or via teleconference, and shall be limited to six months following the Completion Date;

 

		b)	for those territories in which pursuant to the applicable law a transfer of the Marketing Authorisations
can be applied for or notified to the Regulatory Authorities by the Buyer, provide signed statements to Regulatory Authorities
providing authorisation for the assignment of the Product Rights to Buyer within ten (10) Business Days following notification
by Buyer in accordance with clause 3.3.2 d) above;

 

		c)	in those territories in which pursuant to the applicable law a transfer of the Marketing Authorisations
only needs to be notified to the Regulatory Authorities by the Seller, provide the necessary power of authority to Buyer to entitle
the latter to notify the Regulatory Authorities accordingly;

 

		d)	use reasonable efforts to provide, within ten (10) Business Days of a request from the Buyer, documents
or information which relate to the Product which is necessary for the Buyer to meet its regulatory obligations provided always
that such documents and information are in the Seller's possession and have not previously or otherwise been provided;

 

		e)	within thirty (30) Business Days following the Completion Date, issue a statement to the customers
of the Product informing them of the transfer of the Product Rights to the Buyer in the form attached hereto as Schedule 7; and

 

		f)	as a further asset sold under this Agreement and in consideration of the amounts paid by Buyer
under clause 2.3, within thirty (30) Business Days following the Completion Date, provide a list of customer details to Buyer,
in markets where Seller sells directly to customers, in full compliance with the General Data Protection Regulation (EU) 2016/679
and other applicable data privacy laws and regulations.

 

		3.4.2	Buyer shall:

 

		a)	reimburse the Seller for the cost of any regulatory holding or renewal fees and all expenses duties,
taxes and fees incurred by the Seller (other than internal costs) to maintain any Market Authorizations until such time as they
are transferred from Seller to the Buyer. Pursuant to terms detailed in clause 7.4, the Seller shall issue an invoice to the Buyer
documenting the relevant costs incurred;

 

    	 	6	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		b)	submit applications for and notifications of the transfer of Marketing Authorisations with the
Regulatory Authorities within twelve (12) months following the Completion Date;

 

		c)	shall ensure that the effective date of the transfer of Marketing Authorisations registered with
the Regulatory Authorities shall take effect no earlier than 1 February 2019;

 

		d)	inform Seller of the dates of the application for Marketing Authorisation
transfer and approval within ten (10) Business Days following such application or transfer in each country; and

 

		e)	have insurance in place sufficient to cover the Buyer’s indemnification obligations pursuant
to this Agreement no later than 1 February 2019.

 

		3.4.3	For the avoidance of doubt, Seller will withdraw the Marketing Authorisations for the Product with
the relevant Regulatory Authority in the territories that the Buyer does not wish to have assigned or has not submitted an application
or notification for Marketing Authorisation transfer within twelve (12) months following the Completion Date.

 

		4.	Manufacture, Sale And Promotion After Completion

 

		4.1	Following Completion and until 31 January 2019, Buyer grants Seller a license to the Assets to
enable Seller to make, have made, use, import, sell and offer for sale the Product in the Territory without any responsibility
or payment obligation towards the Buyer for Product sold following the Completion Date and until 31 January 2019.

 

		4.2	Buyer acknowledges that neither Seller nor any of its Affiliates shall have an obligation to supply
to Buyer any Product or any pharmaceutical ingredients, raw materials, packaging materials or other components for the manufacture
of the Product. Buyer will be fully responsible for the manufacture of the Product or for developing and maintaining a new source
of supply for the Product as well as taking all regulatory actions associated therewith. In the event that Buyer is unable to manufacture
or obtain a new source of supply of the Product, Buyer shall not be entitled to any refund, in whole or in part, to the amounts
due under clause 2.3 or any other costs and expenses or losses possibly incurred in relation or in furtherance thereof. Effective
as of the Completion Date, and subject to clause 4.1, sales and commercial policy and decisions on the Product will be Buyer's
sole responsibility, with no involvement or participation from Seller.

 

		4.3	Except as expressly stated otherwise in this Agreement or as expressly approved by Seller in writing,
starting on the Completion Date, Buyer shall be responsible for development and approval of all new advertising and promotional
materials for the Product, all in compliance with all applicable laws, under its exclusive risks and liabilities. Buyer shall not
use the name or logo of Seller and/or of its Affiliates or any variation thereof, or other word, name, letter or combination substantially
similar thereto, or any other trade name or trademark or logo of Seller and/or of its Affiliates in connection with the Product.
Buyer shall not do anything that may give the impression to the public that the Product are manufactured, sold and/or distributed
by Seller or any of its Affiliates or in any other way connected to Seller or any of its Affiliates.

 

    	 	7	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		5.	Warranties And Liability

 

		5.1	Each Party represents and warrants to the other as of the Completion Date that:

 

		5.1.1	it is a corporation duly organised, validly existing, and in good standing under the laws of its
jurisdiction of formation; and

 

		5.1.2	it has full corporate power and authority to execute, deliver, and perform this Agreement, and
has taken all corporate action required by law and its organisational documents to authorise the execution and delivery of this
Agreement and the consummation of the transactions contemplated by this Agreement.

 

		5.2	The Seller hereby warrants to the Buyer that as of the Completion Date:

 

		5.2.1	the Seller's entry into and performance of its obligations pursuant to this Agreement will not
breach any agreement or instrument to which it is a party or by which it is bound;

 

		5.2.2	to the best of its knowledge, the Seller is the sole
legal and beneficial owner of all right, title and interest in the Assets and such right, title and interest is not subject to
any Encumbrance, lien or ownership interest of any third party;

 

		5.2.3	to the best of its knowledge, it has not been informed in writing of any actual infringement or
threatened infringement of the Assets;

 

		5.2.4	to the best of its knowledge, all applicable registration and maintenance fees relating to the
Product Rights and Trademarks have been paid and the Trademarks have been diligently prosecuted; and

 

		5.2.5	it has diligently and completely executed the Transfer Package as defined in Schedule 3.

 

		5.3	The Buyer hereby warrants to the Seller that as of the Completion Date:

 

		5.3.1	the Buyer has the right, power and authority and all necessary consents and authorisations to enter
into and perform its obligations pursuant to this Agreement and that the Buyer's obligations pursuant to this Agreement are enforceable
against it in accordance with its terms;

 

		5.3.2	the Buyer's entry into and performance of its obligations pursuant to this Agreement will not breach
any agreement or instrument to which it is a party or by which it is bound;

 

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	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		5.3.3	it shall have commenced the process of purchasing the insurance coverage necessary to cover Buyer’s
indemnification obligations under this Agreement; and

 

		5.3.4	the Buyer is solvent and able to pay its debts under this Agreement as they fall due.

 

		5.4	Except as expressly set out in this Agreement, and to the extent permitted by law, the Seller and
the Buyer each exclude all conditions, warranties and representations, expressed or implied by statute, common law or otherwise,
in relation to the Assets. In particular, the Parties expressly agree and acknowledge that Seller (except as expressly set out
in this Agreement) will make reasonable commercial efforts but does not warrant or guarantee that (i) the Transfer Package or any
other information and documents provided under this Agreement will provide Buyer with sufficient information to manufacture or
to source the Product or that Buyer will be able to manufacture the Product in accordance with the Marketing Authorisations, (ii)
the Assets are merchantable and/or fit for any particular purpose, and (iii) the Assets do not infringe the intellectual property
rights of any third party.

 

		5.5	Limitations on Claims.

 

		5.5.1	The Seller is not liable for any Claim to the extent that the Claim relates to matters Disclosed.

 

		5.5.2	The Seller is not liable for a Claim unless the Buyer has given the Seller written notice of the
Claim, specifying (in reasonable detail) the nature of the Claim and the amount claimed within the period of three (3) months from
the Completion Date.

 

		5.5.3	Nothing in this Schedule applies to a Claim that arises
or is delayed as a result of dishonesty, fraud, wilful misconduct or wilful concealment by the Seller or employee (or former employee
or officer), agent or adviser of the Seller.

 

		5.6	Any notified Claim shall if not previously satisfied, settled or withdrawn, be deemed to have been
irrevocably withdrawn on the date falling nine (9) months after the date on which written notice of the relevant Claim was given,
unless on or before that date a Mediation Notice has been issued and served on the Seller in respect of the relevant claim in accordance
with clause 13. Any notified Claim which is not satisfied, settled or withdrawn following completion of the mediation procedure
in clause 13 shall in any event be have been irrevocably withdrawn on the date falling eight (8) months after the date of conclusion
of the mediation procedure, unless on or before that date a legal proceedings have been issued and served on the Seller in respect
of the relevant claim.

 

		5.7	Neither Party shall be liable to the other Party (or their respective Affiliates) in contract,
tort (including negligence or breach of statutory duty) or otherwise for any of the following liabilities, losses, damages, costs,
legal costs, professional and other expenses of any nature whatsoever, whether direct or indirect, arising out of, or in connection
with, the performance, non-performance or delay in performance of this Agreement and the obligations pursuant to it or otherwise
in connection with this Agreement:

 

		(a)	loss of actual or anticipated profits;

 

		(b)	loss of business opportunity;

 

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	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		(c)	loss of anticipated savings;

 

		(d)	loss of goodwill;

 

		(e)	injury to reputation; or

 

		(f)	any indirect, special or consequential loss, damage, costs or expenses howsoever caused even if
the other Party was advised of the possibility of them in advance.

 

		5.8	The entire aggregate liability of the Seller, and its Affiliates arising out of or in connection
with the performance, non-performance or delay in performing this Agreement, or otherwise in connection with this Agreement, whether
in contract, tort (including negligence or breach of statutory duty), misrepresentation or otherwise, and whether or not caused
by the Seller's, and/or its Affiliates negligence, or that of its employees, agents or contractors, is limited to an aggregate
sum equal to **** pounds (£****).

 

		5.9	Nothing in this Agreement shall operate to exclude or restrict any Party's liability for:

 

		(a)	death or personal injury resulting from such Party's negligence;

 

		(b)	fraud or deceit; or

 

		(c)	any matter for which it would be unlawful for any such Party to exclude or limit or attempt to
exclude or limit its liability.

 

		6.	Responsibilities And Liabilities Prior And After Transfer Of Marketing Authorisations

 

		6.1	Seller retains all liabilities related to the Assets which arose prior to the date of the Marketing
Authorisation transfer from Seller to Buyer on a country-by-country basis (the “Transfer Date”).

 

		6.2	Subject to clause 3.4.2, from the Transfer Date, the Buyer will bear responsibility for all regulatory
matters, including (i) taking all actions, paying all fees and conducting all communication with
the appropriate Regulatory Authority required by law in respect of the Product sold
by Buyer, including submission of variations to Product Rights, as required to comply
with regulatory requirements, (ii) taking all actions and conducting all communication with third
parties with respect to the Product sold by Buyer, including responding to all complaints in respect thereof, including complaints
related to tampering or contamination, (iii) investigating all complaints with respect to the Product sold by the Buyer, and
(iv) paying, satisfying or discharging all costs, expenses, duties, taxes and fees. Buyer shall indemnify and/or reimburse the
Seller for any failure by the Buyer to so pay, satisfy or discharge any and all such costs, expenses, duties, taxes and fees.

 

    	 	10	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		6.3	Buyer hereby assumes and accepts all liabilities related to the Assets which arise after the Transfer
Date. With effect from the Transfer Date, Buyer shall assume responsibility and indemnify the Seller for any Demands in relation
to the Assets, provided that such indemnity shall not apply to the extent that such Demand arises out of the Seller’s breach
of this Agreement, negligence, wilful misconduct or fraud. In particular, the Buyer shall indemnify the Seller and its Affiliates
against all liabilities, costs, expenses, damages and losses (including any direct losses and all interest, penalties and legal
costs (calculated on a full indemnity basis)) and all other professional costs and expenses suffered or incurred by the Seller
and/or its Affiliates arising out of or in connection with any product liability claim or any other third party claim relating
to the Product ("a Product Claim”) manufactured, sold, disposed of, supplied or put into use by or on behalf
of the Buyer, its Affiliates, licensees and subcontractors. The Seller and its Affiliates shall (i) notify the Buyer of any such
Product Claim without delay after becoming aware of it, (ii) not make any admissions with respect to the Product Claim without
the Buyer’s prior written consent, and (iii) assist the Buyer and provide access to documents, records and personnel as reasonably
requested by the Buyer with respect to the defense and settlement of such Product Claim.

 

		6.4	From and after the Transfer Date, in case of any litigation, hearing, regulatory proceeding, audit
or investigation against the Seller and relating to the Product, Buyer agrees that it shall make available to the Seller, during
normal business hours but without unreasonably disrupting its business, all records and information as to the Product held by it
and reasonably necessary to permit or facilitate Seller the defense or investigation of such matters.

 

		6.5	Buyer agrees that the Seller shall not be liable or have any further obligation to the Buyer in
the event that a Regulatory Authority in the Territory refuses to transfer one or more of the Product Rights from the Seller to
the Buyer for any reason.

 

		6.6	If Seller’s pharmacovigilance department is in receipt of a reported adverse event concerning
the Product following the Completion Date, the information will be forwaded to the Buyer. Buyer’s contact details for pharmacovigilance
is as follows:

 

		(a)	By Email to Kristen Keller kkeller@qbiomed.com
                                         cc: DCorin@qbiomed.com

 

		(b)	By Mail if necessary to Q BioMed Inc. 366 Madison Ave, 3rd Floor, New York NY 10017

 

		6.7	Seller shall provide the Buyer with an electronic PSUR relating to the Product from the time period
of 1 June 2017 until the transfer of the last Marketing Authorisation held by Seller to Buyer.

 

		6.8	Prior to Completion, Seller will engage with a third party vendor in order to extract relevant
electronic adverse event data from the global safety database and will provide Buyer with such data within an agreed timeframe.

 

		6.9	The Seller warrants to the Buyer that it shall retain historic adverse event reports relating to
the Product in a secure environment in accordance with applicable retention periods. In the event that the Buyer requires specific
adverse event reports in relation to the Product for legal or regulatory purposes, it shall notify the Seller in writing, who shall
provide the relevant adverse event data within fourteen (14) Business Days following the request.

 

    	 	11	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		7.	Payment Process

 

		7.1	Within thirty (30) Business Days of the end of each calendar quarter (starting with the
                                                           quarter in which the first commercial sale occurs), the Buyer shall submit to the Seller a detailed statement (the "Royalty
                                                           Statement") to ****, recording the calculation of Royalties payable in respect of such quarter and in particular:

 

		7.1.1	Product description (including the effective date of
the Agreement),

 

		7.1.2	the total revenue for the Product during the applicable
quarter

 

		7.1.3	the total Net Sales for the Product during the quarter;
and

 

		7.1.4	the calculation for the amount of Royalties payable to the Seller in respect of the Product for
the applicable quarter.

 

		7.2	Following the Seller's receipt of each Royalty Statement, the Seller shall submit to the Buyer
an invoice in U.S. Dollars for the Royalties payable in respect of the relevant quarter. The Seller will also submit an invoice
for the Milestone Payment when the milestone is reached. The remittance of Royalties payable on sales outside the United States
shall be payable in U.S. Dollars (USD) and the official rate of exchange to be used in computing the amount of currency equivalent
to USD shall be that quoted by Wall Street Journal. The prevailing rate to be used will be the rate on the last business day of
the last month of the royalty period in which the sales occurred.

 

		7.3	Royalties shall be payable by Buyer to Seller whether or not payment in full has been received
for the Product from Buyer’s customers, subcontractors or sub-licensees.

 

		7.4	With the exception of the Purchase Price, the Buyer shall pay all amounts payable pursuant to this
Agreement within thirty (30) days of the date on the relevant invoice into the Seller's bank account (as detailed on the relevant
invoice or as otherwise notified to the Buyer from time to time).

 

		7.5	All payments due and payable by Buyer to Seller under this Agreement are exclusive of any VAT,
business tax, or stamp duty including any surcharges on any indirect taxes due. In the event that any VAT, business tax or stamp
duty, including any surcharges on any indirect taxes due, are properly due under any applicable law, regulation or otherwise, this
shall be charged by Seller in addition to any other payments due under this Agreement and shall be borne and will be payable by
Buyer on receipt of a valid invoice issued by Seller, unless the Buyer provides Seller with valid exemption documentation allowing
Seller not to charge the relevant indirect taxes.

 

		7.6	All payments due and payable by Buyer to Seller under this Agreement shall be made in full, free
and clear of all deductions (including but not limited to withholding taxes), except to the extent that Buyer is required by law
to deduct any such taxes, subject to any applicable exemption entitlement under any double taxation or similar agreement. The parties
shall, if applicable, cooperate with each other to make all necessary applications under the terms of any relevant double taxation
agreements or other law to ensure that any withholding or similar taxes are exempted or reduced to the extent possible. Any such
taxes that remain payable on the payments due from the Buyer to Seller shall be paid by Buyer when due and Buyer shall deliver
to Seller, within thirty (30) days after the end of the month in which the payment is made, evidence satisfactory to Seller (including
all relevant tax receipts) that the payment has been duly remitted to the appropriate competent authority.

 

    	 	12	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		7.7	Upon reasonable advance written notice from the Seller, the Buyer shall (on an annual basis) provide
access to its relevant books and records (including, without limitation, sales records) to an independent external professional
auditor appointed by the Buyer, and subject to all required confidentiality obligations, to verify the Buyer’s compliance
with the terms of this Agreement. If such audit reveals a violation by the Buyer of the terms of this Agreement, the Buyer will
immediately and at its sole cost and expense, take all requisite actions to remedy such violation. If any audit reveals an underpayment
of Royalties in excess of five percent (5%) during the period being audited, the Buyer shall pay within thirty (30) Business Days
of the audit results (a) the full costs of such audit plus (b) interest on such Royalties at the rate of two percent (2%) above
the prime rate of interest most recently reported by The Wall Street Journal from the date such Royalties were originally payable
hereunder.

 

		8.	Termination

 

		8.1	This Agreement may not be terminated at any time on or after the Completion Date, save as explicitly
described in this Agreement.

 

		8.2	Each Party may terminate this Agreement in the event the other Party has (i) breached any warranty
under this Agreement, or (ii) committed any other material breach of this Agreement, and the breach has not been cured for a period
of thirty (30) days after the notice of breach.

 

		8.3	The termination of this Agreement shall not eliminate any liability arising out of conduct prior
to the actual date of termination, and each Party may, following such termination, pursue such remedies as may be available with
respect to such liabilities.

 

		8.4	The termination of this Agreement shall not affect:

 

		8.4.1	any provisions of this Agreement which by their terms should survive such termination, in particular
this clause and clauses 1 (Definitions), 5 (Warranties), 10 (Confidentiality) and 11 (General).

 

		8.4.2	any obligations under this Agreement which accrued prior to such termination or serve to eliminate
liability arising out of conduct, events or circumstances accrued prior to such termination or expiration.

 

		9.	Notices

 

		9.1	Except as expressly provided otherwise in this Agreement, any notice given by one Party to the
other Party under this Agreement must be in writing and may be delivered personally, by pre-paid first class post (but only if
sent from and to an address within the same country) or airmail and will be deemed to have been given:

 

		(a)	if delivered personally, at the time of delivery;

 

    	 	13	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		(b)	if delivered by pre-paid first class post (from and to an address within the same country), two
Business Days after the date of posting; or

 

		(c)	if delivered by airmail, five Business Days after the date of posting,

 

provided that, in each case,
if deemed receipt occurs before 9:00am on a Business Day the notice shall be deemed to have been received at 9:00am on that day,
and if deemed receipt occurs after 4:30pm on a Business Day, or on a day which is not a Business Day, the notice shall be deemed
to have been received at 9:00am on the next Business Day.

 

		9.2	For the avoidance of doubt, notices shall not be validly given by email.

 

		9.3	Notices shall be delivered or sent to the addresses of the Parties as set out below or to any other
address notified in writing by one Party to the others for the purpose of receiving notices after the date of this Agreement:

 

	To the Seller	To the Buyer
	
        Legal Counsel,

        Pharmaceutical Diagnostics

        Pollards
        Wood,

        Nightingales
        Ln,

        Chalfont
        Saint Giles

        Amersham

        HP8
        4SP

        UK

         
	
        Q BioMed Inc.

        366 Madison Avenue –
        3rd Floor

        New York, NY 10017

        Attention: Denis Corin

	
        with a copy to

        Head
        of Licensing

        100
        Results Way

        Marlborough,
        MA 01752

        USA
	
        with a copy to:

        Ortoli Rosenstadt LLP

        366 Madison Ave –
        3rd Floor

        New York, NY 1007

        Attention: William S.
        Rosenstadt

 

		10.	Confidentiality And Publicity

 

		10.1	Neither Party (the "Receiving Party") shall disclose to any third party, and/or
use for any purpose other than to perform its obligations under this Agreement, any Information (as defined in clause 10.2) of
the other Party ("Disclosing Party"), without the prior written consent of the Disclosing Party. Notwithstanding
the foregoing, the Receiving Party may disclose the Disclosing Party's Information to such of its employees, and employees of its
Affiliates and sub-contractors who need to know the same to carry out such purpose and who are bound by obligations no less strict
than those set out herein.

 

		10.2	The Receiving Party undertakes to treat all information and materials, including without limitation
scientific, technical, commercial and/or other information, data, documents, results, regulatory, or legally sensitive information,
practices, procedures, software and other business information including, but not limited to specifications, compounds, ingredients,
formulae, recipes, samples, reports, methods, strategies, plans, documents, drawings, machines, tools, models, inventions, patent
disclosures, materials received from the Disclosing Party and owned or belonging to the Disclosing Party or disclosed by it under
a right of disclosure from a third party (hereinafter "Information") as confidential in accordance with clause
10.1 except for Information which the Receiving Party is able to demonstrate:

 

		(a)	was already rightfully in the possession of the Receiving Party at the time it was acquired from
the Disclosing Party as evidenced by the Receiving Party's written records;

 

    	 	14	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		(b)	is already generally available to the public, or subsequently becomes so available without default
on the part of the Receiving Party;

 

		(c)	is received by the Receiving Party from a third party who did not acquire it directly or indirectly
from the Disclosing Party in confidence;

 

		(d)	is developed by the Receiving Party, independently from and without access to the Information disclosed
as evidenced by the Receiving Party's written records.

 

		10.3	Neither Party will use, nor authorize others to use, the name, symbols, or marks of the other Party
in any advertising or publicity material or make any form of representation or statement to a third party with regard to this Agreement
without that other Party's prior written consent (such consent not to be unreasonably withheld, delayed or conditioned).

 

		10.4	Buyer will not disclose (including, but not limited to, issuing any press release or announcement),
the existence or terms of this Agreement without first obtaining Seller’s prior written consent on a case-by-case basis.

 

		10.5	If a Party is required by judicial or administrative process to disclose Information that is subject
to the non-disclosure provisions of this clause 10, such Party shall promptly inform the other Party of the disclosure that is
being sought in order to provide the other Party an opportunity to challenge or limit the disclosure obligations.  Information
that is disclosed by judicial or administrative process shall remain otherwise subject to the confidentiality and non-use provisions
of this clause 10, and the Party disclosing Information pursuant to law or court order shall take all steps reasonably necessary,
including without limitation obtaining an order of confidentiality, to ensure the continued confidential treatment of such Information.
Each Party agrees that it shall cooperate fully and in a timely manner with the other with respect to all disclosures to the Securities
and Exchange Commission and any other governmental or regulatory agencies, including requests for confidential treatment of 
Information of either party included in any such disclosure.  Such disclosures may include Information that is disclosed to
governmental or other regulatory agencies in order to obtain patents or to gain or maintain approval to conduct clinical trials
or to market Product, but such disclosure may be only to the extent reasonably necessary to obtain patents or authorizations. As
a result, the Buyer agrees to the Form 8-K found attached hereto as Schedule 6.

 

		10.6	The confidentiality obligations of this clause 10 shall survive termination of this Agreement for
a period of ten (10) years.

 

    	 	15	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		11.	General

 

		11.1	Except as expressly set out in this Agreement, each Party shall bear its own costs and expenses
incurred in relation to the negotiation, preparation, execution and implementation of this Agreement and all other documents to
be completed in accordance with its provisions.

 

		11.2	The rights and remedies provided by this Agreement may be waived only in writing and specifically,
and any failure to exercise or any delay in exercising a right or remedy shall not constitute a waiver of that right or remedy
or of any other rights or remedies. A waiver of any breach of any of the terms of this Agreement or of a default under this Agreement
shall not constitute a waiver of any other breach or default and shall not affect the other terms of this Agreement.

 

		11.3	The rights and remedies provided by this Agreement are cumulative and (unless otherwise provided
in this Agreement) are not exclusive of any rights or remedies provided at law or in equity.

 

		11.4	Nothing in this Agreement is intended to create a partnership, joint venture or legal relationship
of any kind between the Parties that would impose liability upon one Party for the act or failure to act of the other Party (except
as expressly set out in this Agreement), or to authorise one Party to act as agent for the other. Except where otherwise expressly
provided in this Agreement, neither Party shall have authority to make representations, act in the name or on behalf of, or otherwise
to bind the other Party.

 

		11.5	A person who is not party to this Agreement shall have no rights under the Contracts (Rights of
Third Parties) Act 1999 to enforce any term of this Agreement. This clause does not affect any right or remedy of any person which
exists or is available otherwise than pursuant to that Act.

 

		11.6	If any provision of this Agreement is found by any court or administrative body of competent jurisdiction
to be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of this Agreement which
shall remain in full force and effect.

 

		11.7	If any provision of this Agreement is so found to be invalid or unenforceable but would cease to
be invalid or unenforceable if some part of the provision were deleted, the provision in question shall apply with such modification
as may be necessary to make it valid and enforceable.

 

		11.8	No variation of this Agreement shall be valid unless it is in writing and signed by or on behalf
of each of the Parties.

 

		11.9	This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts,
but shall not be effective until each Party has executed at least one counterpart. Each counterpart shall constitute an original
of this Agreement, but all the counterparts shall together constitute one and the same agreement.

 

		11.10	This Agreement sets out the entire agreement and understanding between the Parties in respect of
its subject matter and supersedes any previous agreement, warranty, statement, representation (including any negligent representation
but excluding any fraudulent misrepresentation), understanding, or undertaking (in each case whether written or oral) given or
made before the date of this Agreement by, or on behalf of, the Parties and relating to its subject matter.

 

    	 	16	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		11.11	Each Party confirms that it has not relied upon, and shall have no remedy in respect of, any agreement,
warranty, statement, representation (including any negligent representation but excluding any fraudulent misrepresentation), understanding
or undertaking made by any other Party with respect to the subject matter of this Agreement unless that agreement, warranty, statement,
representation, understanding or undertaking is expressly set out in this Agreement.

 

		11.12	Each Party shall, as and when requested by the other Party and without charge, do all acts and
execute all documents as may be reasonably necessary or reasonably desirable to give full effect to the provisions of this Agreement.

 

		12.	DISPUTE RESOLUTION

 

		12.1	The Parties shall attempt in good faith to negotiate a settlement to any dispute between them arising
out of or in connection with this Agreement.

 

		12.2	If the dispute cannot be resolved by the Parties, either party may refer the dispute to mediation
by a neutral advisor or mediator (the “Mediator”) who shall be accredited by the Centre for Dispute Resolution (“CEDR”)
or otherwise appropriately qualified by giving notice (a “Mediation Notice”) to the other Party.

 

		12.3	The procedure for mediation and the consequential provisions relating to mediation are as follows:

 

		12.3.1	If any dispute arises in connection with this Agreement, and either Party gives a Mediation Notice
to the other Party, the Parties will attempt to settle it by mediation in good faith in accordance with the Centre for Effective
Dispute Resolution (CEDR) Model Mediation Procedure and the mediation will start, unless otherwise agreed between the Parties,
within 28 days of one Party issuing a Mediation Notice to the other.

 

		12.3.2	Unless otherwise agreed between the parties, the mediator will be nominated by CEDR. The mediation
will take place in London and the language of the mediation will be English.

 

		12.3.3	The Mediation Agreement referred to in the Model Mediation Procedure shall be governed by, and
construed and take effect in accordance with, the substantive law of England and Wales (without reference to any rules of conflict
of laws).

 

		12.3.4	If the dispute is not settled by mediation within 28 days of commencement of the mediation or within
such further period as the parties may agree in writing, then any dispute may be referred to the courts in accordance with clause
13.

 

    	 	17	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

		13	Law and Jurisdiction

 

This
Agreement and any matter arising from or in connection with it (including any non-contractual obligation) shall be governed by
and construed in accordance with the laws of England and Wales, without reference to any rules of conflict of laws.

 

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

 

[Signature Page Follows]

 

 

 

 

 

 

    	 	18	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

IN WITNESS whereof the Parties have
executed this Agreement the day and year first above written.

 

	
        Signed for and on behalf of

        GE HEALTHCARE LIMITED

         

	
        By

         

        .../s/ Kevin O’Neill..................................................

         

	
        Name

         

        ...Kevin O’Neill..................................................

         

	
        Title

         

        ...Director..................................................

         

	
        Date

         

        ...23 November 2018..................................................

         

	 
	
        Signed for and on behalf of

        Q BIOMED, INC

         

	
        By

         

        .../s/ Denis Corin..................................................

         

	
        Name

         

        ...Denis Corin..................................................

         

	
        Title

         

        ...Chief Executive Officer..................................................

         

	
        Date

         

        ...November 23, 2018..................................................

         

[Signature Page to Asset Sale Agreement]

 

    	 	19	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Schedule 1 – Product Rights

 

	Country	Marketing Authorisation (MA) Holder 	MA Number 
	Australia	GE Healthcare Pty Ltd 	42958
	Bulgaria	GE Healthcare Ltd  	20060652
	Canada	GE Healthcare Canada Inc.	101469-A
	China	GE Healthcare Ltd 	H20140617
	Colombia	GE Healthcare Ltd 	2009 M-013079-R1
	Cyprus	GE Healthcare Ltd	S00438
	Czech Republic	GE Healthcare Ltd 	88/028/93-C
	France	GE Healthcare SAS	55801-20
	Germany	GE Healthcare Buchler GmbH & Co. KG, Braunschweig	29574.00.00
	Greece	GE Healthcare AE 	42480/20-11-16
	Hungary	GE Healthcare Ltd 	OGYI-T-9495/01
	Israel	GE Healthcare Ltd 	100-18-28395-00
	Italy	GE Healthcare S.r.l. 	28109015
	Japan	GE Healthcare Ltd	21900AMG0003000
	Netherlands	GE HEALTHCARE BV 	RVG 16074
	Norway	GE Healthcare Ltd 	MTnr 8358
	Panama	GE Healthcare Ltd 	81195
	Romania	GE Healthcare Ltd 	8755/2016/01
	Slovakia	GE Healthcare Ltd 	88/0061/04-S
	Spain	GE Healthcare Bio-Sciences, S.A.U 	59337
	United Kingdom	GE Healthcare Ltd 	PL00221/0127
	United States	GE Healthcare Inc 	020134

 

    	 	20	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Schedule 2 – Trademarks

 

	Trademark	Country	Registration no	Registration date	Next renewal due	Owner	Trademark status
	METASTRON	Australia	515675	25-Jul-89	25-Jul-26	GE Healthcare Ltd	Registered
	METASTRON	China	3071723	7-Mar-03	6-Mar-23	GE Healthcare Ltd	Registered
	METASTRON	Japan	2421692	30-Jun-92	30-Jun-22	GE Healthcare Ltd	Registered
	METASTRON	Colombia	208366	19-May-98	19-May-28	GE Healthcare Ltd	Registered
	METASTRON	India	745864	5-Feb-97	5-Feb-27	GE Healthcare Ltd	Registered
	METASTRON	Korea - Republic of (South)	383182	21-Nov-97	21-Nov-27	GE Healthcare Ltd	Registered
	METASTRON	United States of America	1612635	11-Sep-90	11-Sep-20	GE Healthcare Ltd	Registered
	METASTRON	Switzerland	P-375699	4-Apr-90	5-Sep-19	GE Healthcare Ltd	Registered
	METASTRON	South Africa	896626	25-Jul-89	24-Jul-19	GE Healthcare Ltd	Registered
	METASTRON	Brazil	817719490	7-Nov-95	7-Nov-25	GE Healthcare Ltd	Registered
	METASTRON	EUTM	1974666	28-Feb-02	27-Nov-20	GE Healthcare Ltd	Registered
	METASTRON	Canada	TMA377391	14-Dec-90	14-Dec-20	GE Healthcare Ltd	Registered
	METASTRON	Mexico	473597	14-Sep-94	18-Jul-24	GE Healthcare Ltd	Registered
	METASTRON	Israel	152305	3-Sep-02	30-Sep-18	GE Healthcare Ltd	Registered
	METASTRON (CHINESE CHARACTERS)	China	6500257	28-Mar-10	27-Mar-20	GE Healthcare Ltd	Registered
	METASTRON (HANGUL CHARACTERS)	Korea - Republic of (South)	383184	21-Nov-97	21-Nov-27	GE Healthcare Ltd	Registered
	METASTRON (KATAKANA CHARACTERS)	Japan	4056544	12-Sep-97	12-Sep-27	GE Healthcare Ltd	Registered

 

    	 	21	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Schedule 3 –
Transfer Package

 

As part
of the sale of the Product Rights the Seller will provide the Buyer with the information as listed below:

 

		1.	Core dossier provided electronically and summary of local
variants

 

		2.	Historic electronic PSUR’s. For the avoidance of
doubt this does not include paper copies of PSUR’s or adverse event data extracted from the global safety database, which
will be handled in accordance with clauses 6.8 and 6.9

 

		3.	Current registered Product information e.g SmPC, Labels
& Leaflets as registered in each market in electronic format

 

		4.	Documentation confirming Marketing Authorisations are
in force for each of the markets listed in schedule 1

 

 

 

    	 	22	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Schedule 4 –
Bill of Sale and Assignment Agreement

 

This Bill of Sale and
Assignment Agreement (this “Agreement”), dated as of 23/11/18, is entered into by and among GE HEALTHCARE
LIMITED (“Seller”) and Q BIOMED, INC. (“Buyer”). Seller and Buyer are each individually
referred to herein as a “Party” hereto, and are collectively referred to as the “Parties”
herein.

 

WHEREAS, the
Parties have entered into that certain Asset Sale Agreement, dated as of                     
(the “ASA”); and

 

WHEREAS, pursuant
to the ASA, Seller has agreed to sell Product Rights and Transfer Package ("Purchased Assets") to the Buyer;

 

NOW THEREFORE,
for good and valuable consideration, the Parties hereto, intending to be legally bound, hereby agree as follows:

 

1.       Definitions.
Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings set forth in the ASA.

 

2.       Conveyance
and Assignment. The Seller and its respective Affiliates do hereby sell, convey, transfer, assign and deliver to the Buyer
all of the Seller’s and its respective Affiliates' right, title and interest in and to the Purchased Assets, along with the
original instruments, if any, representing, evidencing or constituting such Purchased Assets in accordance with, and subject to
the terms and conditions of, the ASA, to have and to hold the same unto the Buyer, its successors and assigns, forever.

 

3.       Acknowledgment.
The Buyer hereby acknowledges Buyer’s receipt of such right, title and interest in and to the Purchased Assets, along with
the original instruments, if any, representing, evidencing or constituting such Purchased Assets, in accordance with, and subject
to the terms and conditions of, the ASA.

 

4.       Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors
and assigns.

 

5.       Governing
Law. This Agreement (including any claim or controversy arising out of or relating to this Agreement) and the rights and obligations
of the Parties hereunder shall be governed by and construed and enforced in accordance with the laws of England and Wales, without
regard to the conflict of laws principles thereof.

 

6.       Conflicts
with ASA. Nothing contained herein shall in any way be construed to supersede, modify, replace, amend or affect the provisions
of the ASA, including, without limitation, the warranties, covenants, agreements, conditions or representations set forth therein,
or to defeat, impair, limit, expand or enlarge in any way the rights, claims or remedies of either Party under the ASA, including,
without limitation, the Parties’ respective indemnification obligations thereunder. This Agreement is intended only to affect
the purchase of the Purchased Assets pursuant to the ASA and shall be governed entirely in accordance with the terms and conditions
of the ASA. In the event of a conflict between the terms and conditions set forth in this Agreement and the terms and conditions
set forth in the APA, or the interpretation and application thereof, the terms and conditions set forth in the ASA shall prevail,
govern and control in all respects.

 

7.       Severability.
If any term or provision of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void,
unenforceable or against its regulatory policy such determination shall not affect the enforceability of any others or the remainder
of this Agreement.

 

    	 	23	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

8.       Counterparts.
This Agreement may be executed electronically by email and in counterparts, each of which shall be deemed to be an original, but
all of which together shall constitute one and the same instrument.IN WITNESS WHEREOF, the Parties hereto have executed this Agreement
as of the date first written above.

 

[Signature Page Follows]

 

    	 	24	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

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

 

	
        Signed for and on behalf of

        GE HEALTHCARE LIMITED

         

	
        By

         

        .../s/ Kevin O’Neill..................................................

         

	
        Name

         

        ...Kevin O’Neill..................................................

         

	
        Title

         

        ...Director..................................................

         

	
        Date

         

        ...23 November 2018..................................................

         

	 
	
        Signed for and on behalf of

        Q BIOMED, INC

         

         

	
        By

         

        .../s/ Denis Corin..................................................

         

	
        Name

         

        ...Denis Corin..................................................

         

	
        Title

         

        ...Chief Executive Officer..................................................

         

 

 

[Signature Page to Bill of Sale and Assignment
Agreement]

 

    	 	25	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

Schedule 5 – Assignment of Trademarks

 

THIS ASSIGNMENT OF TRADEMARKS (this
“Assignment”) dated as of                        
by GE HEALTHCARE LIMITED (“Assignor”) to Q BIOMED INC. (“Assignee”). Each of
Assignor and Assignee are at times referred to each as a “Party” and, collectively, as the “Parties”.
Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings set forth in the ASA.

 

WHEREAS, the Parties have entered
into that certain Asset Purchase Agreement, dated as of                                             

(the “ASA”);

 

WHEREAS, Assignor owns the Trademarks
set forth in Schedule 2 attached hereto;

 

WHEREAS, Assignor desires to assign
all rights, title, and interests in and to the Trademarks to Assignee; and

 

WHEREAS, Assignee desires to accept
such Assignment of Trademarks.

 

NOW THEREFORE,
for good and valuable consideration, receipt of which is hereby acknowledged, Assignor does hereby sell, assign, transfer, set
over, and deliver to Assignee all rights, title and interest in and to the Trademarks, including any and all claims,whether presently
known, unknown, accrued or to accrue, arising out of or relating to the use or ownership of Trademarks, but not limited to, the
applications and registrations shown in Schedule 2 in respect of all goods and services covered by the specifications thereof,
whether registered or unregistered, including trade dress, trademark get-ups, logos, designs and labels, together with the associated
goodwill and all common law and related rights thereto, as well as all rights to sue for infringement (including past infringement)
in all jurisdictions of the world where Assignor has rights.

 

FURTHERMORE,
Assignee shall at its own expense, execute and deliver such further instruments including, without limitation, further instruments
of assignment and take such further actions as Assignee may reasonably require in order to register this Assignment and the change
of ownership of the Trademarks with the appropriate registries to demonstrate Assignee’s title to the Trademarks. Assignor
agrees to provide, at Assignee’s expense, assistance reasonably requested by Assignee to fulfill the purposes of this Assignment.
This Assignment shall be binding upon the successors and assigns of Assignor and Assignee. This Assignment (including any claim
or controversy arising out of or relating to this Assignment) and the rights and obligations of the Parties hereunder shall be
governed by and construed and enforced in accordance with the laws of England and Wales, without regard to the conflict of laws
principles thereof. This Assignment may be executed in one or more counterparts, each of which shall be deemed and original, but
all of which together shall constitute one and the same agreement.

 

 

 

[Signature Page Follows]

 

 

    	 	26	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.

     

    

 

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

 

	
        Signed for and on behalf of

        GE HEALTHCARE LIMITED

	
        By

         

        .../s/ Kevin O’Neill..................................................

         

	
        Name

         

        ...Kevin O’Neill..................................................

         

	
        Title

         

        ...Director..................................................

         

	
        Date

         

        ...23 November 2018..................................................

         

	 
	
        Signed for and on behalf of

        Q BIOMED, INC

         

	
        By

         

        .../s/ Denis Corin..................................................

         

	
        Name

         

        ...Denis Corin..................................................

         

	
        Title

         

        ...Chief Executive Officer..................................................

         

	
        Date

         

        ...November 23, 2018..................................................

         

 

[Signature Page to Assignment of Trademarks]

 

    	 	27	 
	 	 	 

	*	Confidential treatment has been requested for certain portions of this Exhibit. The confidential portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. Such portions have been marked with “****” at the exact place where material has been omitted.Exhibit 10.1

 

AGREEMENT

 

THIS
AGREEMENT is made on the 22 day of November 2018

 

BETWEEN

 

	(1)	Technovative
    Group, Inc., a company incorporated in the United States of America, Delaware (“the Company”); and

 

	(2)	Tan
    Wanhong (Passport No:            
    ) of                                                                 
    (hereinafter referred to as the “Executive”)

 

WHEREBY
IT IS AGREED as follows:

 

INTERPRETATION

 

	1.	In this Agreement (including the Schedules):

 

		(a)	each
                                         of the following expressions has the meaning shown opposite it:

 

	 	“Director”	a
    director at any given time of the Company
	 	 	 
	 	“Board”	the
    board of directors of the Company
	 	 	 
	 	“Effective
    Date”	22nd
    November 2018
	 	 	 
	 	“Employment”	the
    employment established by this Agreement
	 	 	 
	 	“Industry”	any
    industry that the Company is engaged or involved in during the Employment
	 	 	 
	 	“Group
    Company”	any
                                                                                     of (i) the Company, (ii) any holding company for the time being of the Company and (iii) any subsidiary for the time being of
                                                                                     the Company

	 	 	 
	 	“Territory”	China
    and all the member countries of ASEAN

 

(b)
clause headings are for ease of reference only.

 

EMPLOYMENT

 

	2.1	Employment:
    The Company shall employ the Executive and the Executive shall serve the Company as Chief Financial Officer. The Employment
    shall commence on the Effective Date and shall continue for 24 months or until the termination pursuant to Clause 7.1 or 7.2
    herein, whichever date being the earlier.

 

	2.2	Probation:
    The Executive shall be subjected to a probation period of three (3) months from the date of employment. In the probation period, the Company may terminate the Executive by giving the Executive three days
    notice.

 

DUTIES
AND PERFORMANCE

 

	3.1	Duties:
    The Executive shall perform such duties and undertake such responsibilities, as may from time to time, be assigned to him
    by or under the authority of the Board and shall comply with all reasonable directions     made by or under the authority of
    the Board except that the parties agree that the Executive shall not perform any of such     duties in China.

 

    	 	1	 

     

    

 

 

	3.2	Performance: During the Employment, the Executive
shall well and faithfully serve the Company and use his utmost endeavours to promote its interests, and shall devote the whole
of his time, attention and abilities to its affairs.

 

	3.3	Company’s Interest: The Executive undertakes
to refrain from any action, commission or omission that may damage the reputation or business of the Company while in the employ
of the Company.

 

REMUNERATION

 

	4.1	Rate: The Executive’s salary during the
Employment shall be HKD23,000 per month payable on the last day of each month. The salary shall be deemed to accrue from day to
day. The Company reserves the right to deduct from the Executive’s salary and/or bonus any amount as may be required by
law. The Executive’s salary shall be reviewed annually.

 

	4.2	Expenses: The Company will reimburse or advance
funds to the Executive for all reasonable documented travel (including travel expenses incurred by the Executive related to her
travel to the Company’s other offices), entertainment and miscellaneous expenses incurred in connection with the performance
of her duties under this Agreement, provided that the Executive properly provides a written accounting of such expenses to the
Company in accordance with the Company’s practices. Such reimbursement or advances will be made in accordance with policies
and procedures of the Company in effect from time to time relating to reimbursement of, or advances to, its executive officers.

 

RENEWAL

 

	5.1	Option for Renewal: The Company may by a notice
in writing, renew and continue the Employment for a further period of one (1) year from the date of expiry of the Employment as
stated in clause 2.1 herein upon the same terms and conditions herein contained except for this option for renewal and the Executive’s
salary. Upon receipt of the said notice in writing, the Executive and the Company shall enter into negotiations in good faith
to agree on the Executive’s salary for the renewed period.

 

HOURS
OF WORK, HOLIDAYS AND ABSENCE DUE TO SICKNESS

 

	6.1	Hours: The Executive is required to work in the
office three (3) days per week, provided that the Executive shall work such other hours as may be necessary or appropriate from
time to time to carry out his duties and responsibilities properly and effectively.

 

	6.2	Holidays: The Executive shall be entitled in
each full calendar year during the Employment to twenty-one (21) working days holiday (pro rata for any part calendar year) with
full salary (in addition to statutory holidays) to be taken at such reasonable time as may be approved by the Board.

 

	6.3	Absence due to sickness: Subject to the Executive
being entitled to be paid during any period of absence from work due to a sickness or injury up to a maximum of seven (7) days
(except in the case where hospitalisation is necessary, then, up to a maximum of thirty (30) days), the Executive shall not be
entitled to be paid during any period during which he has been absent without leave.

 

    	 	2	 

     

    

 

TERMINATION

 

	7.1	By Company with cause: Notwithstanding the other
provisions of this Agreement, the Company may terminate the Employment forthwith (but without prejudice to the rights and 2 remedies
of the Company for any breach of this Agreement and to the Executive’s continuing obligations under clauses 7.3, 8.1 and
as set out in Schedule 1) in any of the following cases:

 

	 	(a)	if
    the Executive is guilty of dishonesty or serious or persistent misconduct, in all cases whether or not in connection with
    or referable to the Employment; or

 

	 	(b)	if
    the Executive becomes bankrupt or has a receiving order made against him or makes any general composition with his creditors;
    or
	 	 	 
	 	(c)	if
    the Executive does any act or thing which may bring serious discredit on the Company or any other Group Company; or

 

	 	(d)	if
    the Executive neglects or refuses, without reasonable cause, to attend to the business of the Company; or

 

	 	(e)	if
    the Executive flagrantly or persistently fails to observe and perform any of the duties and responsibilities imposed by this
    Agreement or which are imposed by law; or
	 	 	 
	 	(f)	if
    the Executive is in the opinion of the Board incompetent in the performance of his duties; or

 

	 	(g)	if
    the Executive otherwise acts in breach of this Agreement so as to materially prejudice the business of the Company; or

 

	 	(h)	if
    the Executive suffers from any disability or mental incapacity.

 

	7.2	By Company without cause: Notwithstanding the
other provisions of this Agreement, the Company may terminate the Employment by giving the Executive three (3) months’ notice
in writing or three (3) months’ salary in lieu of such notice. Such termination is without prejudice to the rights and remedies
of the Company for any breach of this Agreement and to the Executive’s continuing obligations under clauses 7.3, 8.1 and
as set out in Schedule 1.

 

	7.3	Obligations upon termination: Upon the termination
of this Agreement howsoever arising the Executive shall:

 

	 	(a)	at
    any time or from time to time thereafter upon the request of the Company, resign without claim for compensation from all
    subsidiaries and other corporations of which he is a director by virtue of being nominated     by the Company or his position
    in the Company, and should he fail to do so the Company is hereby irrevocably authorised to     appoint some person in his
    name and on his behalf to sign and do any documents or things necessary or requisite to give effect     thereto;
    and

 

	 	(b)	within
    three (3) days, deliver to the Board of Directors documents (including correspondence, lists of clients or customers, notes,
    memoranda, plans and other documents of whatsoever nature) made or compiled     by or delivered to the Executive during his
    employment hereunder and concerning the business, finances or affairs of the Company.     For the avoidance of doubt, it is
    hereby declared that the property and all such documents as aforesaid shall at all times     be vested in the
    Company.

 

	7.4	No holding out:
    The Executive shall not, at any time after termination of the Employment for whatever reason, represent himself as being
    in any way connected with the business of the Company or any other Group Company.

 

ACTIVITIES
OF EXECUTIVE

 

	8.1	Obligations: the Executive shall observe and
be subject to the terms, conditions and restrictions relating to his activities set out in Schedule 1 attached.

 

    	 	3	 

     

    

 

		8.2	Restrictions:
                                         the Executive acknowledges and agrees that:

 

		(a)	each of the paragraphs of Schedule 1 constitutes an entirely separate and independent
                                                                restriction on him;

 

		(b)	the duration, extent and application of each of the restrictions are no greater than is necessary for the protection of the interests of the Company; and

 

		(c)	if any such restriction shall be adjudged by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the interests of the
                                                                Company but would be valid if a part of the wording thereof was deleted and/or the period thereof was reduced and/or the area
                                                                dealt with thereby was reduced the said restriction shall apply within the jurisdiction of that court with such modifications
                                                                as may be necessary to make it valid and effective.

 

INTELLECTUAL PROPERTY

 

		9.1	If at any time during the Employment the Executive (whether
alone or with any other person or persons) makes any invention which relates either directly or indirectly to the business of
the Company or any Group Company, the Executive shall promptly disclose to the Company the full details, including drawings and
models, of such invention.

 

		9.2	The Executive shall hold the said invention in trust for
the Company and, at the request and expense of the Company, do all things necessary or desirable to enable the Company or its
nominee to obtain for itself the full benefit of and to secure patent or other appropriate forms of protection for the said invention
throughout the world.

 

		9.3	The decisions as to the patenting and exploitation of any
invention shall be at the sole discretion of the Company.

 

		9.4	The Executive irrevocably appoints the Company to be his
attorney in his name and on his behalf to execute documents, to use the Executive’s name and to do all things which may be necessary
or desirable for the Company to obtain for itself or its nominee the full benefit of the provisions of clauses 9.1 to 9.8 herein
and a certificate in writing signed by any director of the Company that any instrument or act falls within the authority hereby
conferred shall be conclusive evidence that such is the case so far as any third party is concerned.

 

		9.5	The Executive shall promptly disclose to the Company all
copyright works or designs originated, conceived, written or made by him alone or with others during the Employment and shall
hold them in trust for the Company until such rights shall be fully and absolutely vested in the Company.

 

		9.6	The Executive hereby assigns to the Company by way of future
assignment all copyright, design right and other proprietary rights (if any) for the full terms thereof throughout the world in
respect of all copyright works and designs originated, conceived, written or made by the Executive during the Employment (the
‘Works’).

 

		9.7	The Executive acknowledges that the covenants on the part
of him and the Company will be treated as good consideration and the Company will be the proprietor of any design which forms
part of the Works.

 

		9.8	The Executive shall, at the request and expense of the
Company, do all things necessary or desirable to substantiate the rights of the Company to or in respect of any Works.

 

    	 	4	 

     

    

 

MISCELLANEOUS

 

		10.1	Entire agreement: This Agreement (including the
Schedules) contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes
any prior and contemporaneous agreements or correspondence or understanding, express or implied, oral or written.

 

		10.2	Invalidity of any provision: The various provisions
of this Agreement are severable and if any provision is held to be invalid or unenforceable by any court of competent jurisdiction
then such invalidity or unenforceability shall not affect the remaining provisions of this Agreement.

 

		10.3	Notices: Any notice to be given hereunder to the
Executive may be served by hand to him personally or by being sent by post to him at his usual or last known address; and any
notice to be given to the Company may be served by being left at or sent by post to its registered office for the time being.
Any notice served by post shall be deemed to have been served on the day (excluding Sundays and statutory holidays) next following
the date of posting and in proving such service it shall be sufficient proof that the envelope containing the notice was properly
addressed and posted as a prepaid letter by recorded delivery first class post.

 

		10.4	Governing law: This Agreement is governed by, and
shall be construed in accordance with, the laws of U.S. State of Delaware and parties hereto submit to the non-exclusive jurisdiction
of the Courts in U.S. State of Delaware.

 

IN WITNESS WHEREOF the parties have hereunto set
their hands on the day and date first written above.

 

	Signed by 	 
	Tan Wanhong 	)
	in the presence of:	) /s/ Tan Wanhong
	 	 
	Signed by Nicolas Lin 	)
	for and on behalf	)
	of Technovative Group, Inc.	) /s/ Nicolas Lin

 

    	 	5	 

     

    

 

SCHEDULE
1

 

		1.	During
the period of the Employment, the Executive shall not (without the Company’s prior written consent) be:

 

		(a)	directly or indirectly engaged or interested in any capacity or in any other business, trade or occupation whatsoever, except as disclosed or declared in writing to the Company prior to the date hereof; or

 

		(b)	directly or indirectly engaged or interested in any capacity whatsoever (whether as principal, servant, agent, consultant or otherwise) in any business or trade within the Industry in the Territory.

 

		2.	The Executive shall keep secret and shall not at any time
(whether during or after his Employment and for whatever reason) use for his own or another’s advantage, or reveal to any person,
firm or company, any of the trade secrets, business methods or information which the Executive knew or ought reasonably to have
known to be confidential concerning the Company or any Group Company including, but not limited to, the business or affairs of
the Company or any Group Company so far as they shall have come to his knowledge during the Employment. The restriction contained
in this paragraph 2 shall not apply:

 

		(a)	to any disclosure or use authorised by the Board or required by law or the Employment;
                                                                or

 

		(b)	so as to prevent the Executive from using his own personal skill in any business in which he may be lawfully engaged (subject to paragraph 5 of this Schedule) after the Employment is terminated; or

 

		(c)	to any trade secrets, business methods of information which may lawfully have come into
                                                                the public domain.

 

		3.	The Executive shall at all times observe any generally
accepted standards of professional conduct for the Industry and related industries in the Territory and shall comply with any
directives in this regard (including any compliance manuals) as may be issued by the Company or the relevant authorities from
time to time.

 

		4.	The Executive shall not at any time and for whatever reason
endeavour (whether on his own account or for any other person, firm or company) to entice away any employee of the Company from
the Company.

 

		5.	For a period of one (1) year after termination of the Employment
for whatever reason, the Executive shall not (without the previous consent in writing of the Board and whether on his own account
or for any other person, firm or company) solicit or endeavour to entice away from the Company or any other Group Company any
person, firm or company who are or which in the preceding two years shall have been a customer of or in the habit of dealing with
the Company or any other Group Company.

 

		6.	The Executive undertakes to unconditionally compensate
the Company for any damages that may arise from breach of any part of the above undertakings as assessed by an independent arbitrator
to be appointed by the Company.

 

		7.	For a period of one (1) year after termination of the Employment
for whatever reason the Executive shall not be engaged or interested in any capacity whatsoever (whether as principal, servant,
agent, consultant or otherwise) In any business or trade in the Territory which is in direct competition with the Company or any
Group Company.

 

 

6

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