Document:

EX-10.130

 Exhibit 10.130 

PROJECT AGREEMENT 
 (Project
Eagle) 
 THIS PROJECT AGREEMENT (this “Agreement”) is hereby made and entered into as of September 30, 2021 (the
“Effective Date”), by and among THE INDUSTRIAL DEVELOPMENT BOARD OF BLOUNT COUNTY AND THE CITIES OF ALCOA AND MARYVILLE, TENNESSEE, a public, nonprofit corporation organized and existing under the laws of the State of Tennessee (the
“Board”), and Smith & Wesson Brands, Inc., a Nevada corporation (the “Company”). The Board and the Company are herein together sometimes referred to collectively as the “Parties” and,
individually, as a “Party”. 
 RECITALS 

A. The Board is a public, nonprofit corporation and a public instrumentality of Blount County (the “County”), the City of
Alcoa and the City of Maryville, Tennessee and is authorized by the provisions of Chapter 53, Title 7, Tennessee Code Annotated, as amended (the “Act”), to, among other things, finance, acquire, improve, construct, equip,
reconstruct, furnish, better, extend, own, lease, and dispose of properties in order to maintain and increase employment opportunities in the State of Tennessee, by inducing manufacturing, industrial, governmental, educational, financial, service,
commercial, and recreational enterprises to locate, or remain, in the State of Tennessee. 
 B. To induce the Company to relocate its global
headquarters to the County and to construct, equip and operate research & development, manufacturing, assembly facilities and any other related operations on certain real property (the “Land”) described in Exhibit A
(the Land and all other improvements or fixtures constructed or to be constructed on the Land being the “Facility”), the Board desires to, among other things, design and construct, or cause the design and construction of, certain
road, greenway and utility infrastructure improvements as described in this Agreement (the “Infrastructure Work”) and provide a property tax abatement (the “PILOT Transaction”) in which the Board shall
(i) acquire the Facility and lease the Facility to the Company (or an affiliate thereof) pursuant to a certain lease agreement, in substantially the form attached hereto as Exhibit I (as may be amended from time to time, the
“Facility Lease”), and (ii) acquire the Equipment from time to time and lease the Equipment to the Company (or an affiliate thereof) pursuant to a certain lease agreement, in substantially the form attached hereto as Exhibit
J (as may be amended from time to time, the “Equipment Lease”) and make certain other commitments as described herein. 

C. The Company’s decision to locate the Project (as defined below) on the Land is contingent upon the timely completion of the annexation
of the Land as described in Section 2.1 hereof by the City of Maryville, Tennessee with the zoning and municipal code changes described in Section 2.2 hereof. 

D. The Company has represented to the Board that the Company and its affiliates intend to incur, or cause to be incurred, no less than
$120,000,000 in aggregate capital expenditures for the Project, create no less than 620 new jobs, and sustain an average Hourly Wage of at least $25.97 at the Facility, all as more fully described herein. 

E. The Board has duly considered the nature of the Project and is of the opinion that the Infrastructure Work and the PILOT Transaction will
develop trade and commerce in and adjacent to the County; will induce the Company to provide the Project; will serve to substantially maintain or increase employment opportunities in the State of Tennessee, thereby alleviating conditions of
unemployment; will contribute to the general welfare; and will, therefore, be in furtherance of the public purposes for which the Board was created. 

  
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 F. The Board has, therefore, determined that the undertaking of the Infrastructure Work and
the PILOT Transaction is necessary to implement the public purposes enumerated in the Act. 
 NOW, THEREFORE, in consideration of the
foregoing and the agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. In addition to the words, terms and phrases elsewhere defined in this Agreement, the following words,
terms and phrases shall have the following meanings: 
 “Achievement Percentage” has the meaning set forth in Exhibit
E hereto. 
 “Additional PILOT Payments” has the meaning set forth in Section 3.2(f) hereof. 

“Affiliate” means any business entity that controls or is controlled by the Company or by another business entity that
controls the Company, including a parent or subsidiary of the Company, or another subsidiary of a parent of the Company. Control means exercising authority over the management, business policies and operations of the entity, through ownership of a
majority of the stock, membership interest or assets of the entity. 
 “Alcoa” means the City of Alcoa, Tennessee. 

“Alternative Phase 1 Road Improvements” means improvements to Louisville Loop Road to provide reasonable access to the
Facility. 
 “Annexation and Zoning Deadline” means January 31, 2022, provided, however, that if, on January 31,
2022 the Board reasonably expects that the de-annexation and annexation process described in Section 2.1 and the zoning and regulatory changes described in Section 2.2 will be complete on or before
April 30, 2022 based upon the then current status, then the “Annexation and Zoning Deadline” means April 30, 2022. 

“Board Infrastructure and Land Costs” means the sum of the Board Infrastructure Costs, plus the Land Cost. 

“Board Infrastructure Costs” means the aggregate out of pocket costs actually incurred by the Board in connection with its
obligations under Section 3.1 hereof through the date of calculation. 
 “Company” has the meaning set forth in the
recitals to this Agreement. 
 “County” has the meaning set forth in the recitals to this Agreement. 

“Employee” means a full time employee who is either (i) salaried and considered full-time for the Company’s
benefits eligibility or (ii) hourly and works an average of 36 hours per week (excluding vacation and FMLA leave); and in either case, (x) has been employed by the Company (or an Affiliate thereof) at the Facility or in the County for no
less than 30 days, (y) is not employed on a temporary basis, and (z) is offered medical insurance and retirement benefits. 

“Equipment” means the tangible personal property installed at the Facility and leased to the Company (or an Affiliate
thereof) by the Board pursuant to the terms of the Equipment Lease. 
 “Equipment Lease” has the meaning set forth in the
recitals to this Agreement. 

  
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 “Facility” has the meaning set forth in the recitals to this Agreement.

 “Facility Lease” has the meaning set forth in the recitals to this Agreement. 

“Force Majeure” means fires, floods, inability to obtain materials, conditions arising from governmental orders or
regulations, war or national emergency, acts of God, pandemics, epidemics, and any other cause, similar or dissimilar, beyond the applicable party’s reasonable control. Where this Agreement expressly provides that a party’s obligations are
subject to Force Majeure, then delay or non-performance on the part of such party will be excused upon the occurrence and during the continuance of such event of Force Majeure, provided that such party
promptly gives the other party written notice of the occurrence and abatement of such event of Force Majeure, and subject to any express provisions hereof dealing with such event of Force Majeure. 

“Greenway Improvements” means the construction of a greenway in the location generally depicted as the “Walking
Trail” on Exhibit B attached hereto. 
 “Hourly Wage” shall mean total compensation, exclusive of benefits such
as health plans, health savings funds contributions, retirement fund matching contributions, general operating expenses and other similar benefits given to an Employee, but to include profit sharing contributions and cash and non-cash taxable compensation such as, bonuses and equity grants, as calculated on an hourly basis. 

“Land” has the meaning set forth in the recitals to this Agreement. 

“Land Cost” means $6,000,000. 

“Maryville” means the City of Maryville, Tennessee. 

“Phase 1 Road Improvements” has the meaning set forth in Exhibit D attached hereto. 

“Phase 2 Road Improvements” has the meaning set forth in Exhibit D attached hereto. 

“PILOT Leases” means, collectively, the Facility Lease and the Equipment Lease. 

“PILOT Transaction” has the meaning set forth in the recitals to this Agreement. 

“Project” means the Facility and the Equipment. 

“Qualified Capital Expenditures” has the meaning set forth in Section 3.2(e)(i). 

“Road Improvements” means the road improvements generally described and depicted on Exhibit D attached hereto. 

“Sewer Line Extension” means the extension of the sewer line to service the Land, as generally depicted on Exhibit B.

 “Tax Year” shall mean each annual period beginning on January 1 of each year and ending on December 31 of that
year. 
 “TDOT” means the Tennessee Department of Transportation. 

“TDOT Agreement” has the meaning set forth in Section 3.1(d). 

  
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 “Water and Sewer Extensions” means, collectively, Water Line Extension and
the Sewer Line Extension. 
 “Water Line Extension” means the extension of the water line to service the Land, as generally
depicted on Exhibit C. 
 ARTICLE II 

ANNEXATION 

Section 2.1 Annexation. The Parties acknowledge that (a) the Land is located within the city limits of Alcoa as of the
Effective Date, and (b) as set forth in the letter of commitment from the respective mayors of Alcoa, Maryville and the County (attached hereto as Exhibit H), the Land is to be de-annexed from
Alcoa and annexed by Maryville. The Board hereby agrees to use good faith efforts to support such de-annexation and annexation process and to cooperate with the Company, Alcoa, Maryville and the County in
connection with such de-annexation and annexation process. 
 Section 2.2 Zoning and
Permissible Uses. The Parties acknowledge that the Land shall be zoned “Industrial” and that all proposed uses of the Land as referenced herein and in the letter from the City of Maryville dated September 23, 2021 (attached hereto
as Exhibit H) are permissible uses thereunder and that Maryville Municipal Code Section 11-603 shall be amended as required to allow for all such uses (in accordance with the proposed amendment
attached hereto as Exhibit H). The Board hereby agrees to use good faith efforts to support such zoning and municipal code changes and to cooperate with the Company, Maryville and the County in connection with such process. 

Section 2.3 Termination. If the Land has not been de-annexed from Alcoa and annexed by
Maryville, along with the zoning and regulatory changes referenced hereinabove in Section 2.2 on or before the Annexation and Zoning Deadline, the Company shall have the right in its sole discretion to terminate this Agreement upon written
notice to the Board and the Parties shall have no further liabilities or obligations arising from this Agreement except as set forth in this Section. If the Company terminates this Agreement in accordance with this Section: 

(a) the Facility Lease (and the Company’s purchase option therein) shall also simultaneously terminate; 

(b) the ownership of the Land shall be retained by the Board; 

(c) the Company shall cause any deed of trust, mortgage or other lien or title encumbrance encumbering the Land and arising after the date
hereof to be released; and 
 (d) notwithstanding the terms of the Facility Lease, the Company shall not have an option to purchase the Land.

 ARTICLE III 
 CONSTRUCTION
OF THE PROJECT AND INFRASTRUCTURE WORK 
 Section 3.1 Obligations of the Board. 

(a) PILOT Transaction. On the Effective Date, the Board shall execute the PILOT Leases. 

  
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 (b) Water and Sewer Extensions. The Board shall contract with South Blount Utility
District for the design and construction of the Water Line Extension. The Board shall bid out and enter into contracts for the design and construction of the Sewer Line Extension. The Board shall fulfill its obligations under such contracts, and
shall use commercially reasonable efforts to cause each of the counterparties to such contracts to fulfill its obligations, in a timely manner to facilitate the completion of the Water and Sewer Extensions by the time set forth herein. The Company
shall cooperate with the Board in providing the specifications reasonably needed by the Company for the Water and Sewer Extensions, which shall be, at a minimum, as described in Exhibit B and Exhibit C hereto. Subject to Force Majeure,
the Board will cause the Water and Sewer Extensions to be completed on or before April 1, 2023. 
 (c) Greenway Improvements. The
Board shall cause the design and construction of the Greenway Improvements to be complete and open to the public on or before the date that is four (4) years after the Effective Date, subject to Force Majeure. 

(d) Road Improvements. The Parties acknowledge that Maryville and TDOT are entering into an agreement for the construction of the Road
Improvements, which agreement is expected to be entered into within thirty (30) days after the Effective Date (the “TDOT Agreement”). The Board shall reimburse Maryville for all of its obligations under the TDOT Agreement. The
Parties agree to use good faith commercially reasonable efforts to cooperate with TDOT and each other and to encourage TDOT and Maryville to comply with their obligations under the TDOT Agreement and to encourage TDOT to construct and complete the
Phase 1 Road Improvements on or before the date that is 18 months after the Effective Date and to encourage TDOT to construct and complete the Phase 2 Road Improvements on or before the date that is 36 months after the Effective Date. The Company
agrees to cooperate with TDOT to provide input in the design for the Phase 2 Road Improvements. 
 (e) Alternative Phase 1 Road
Improvements. The Company shall assess TDOT’s progress on the Phase 1 Road Improvements (and TDOT’s progress on the bid package therefor) on or around June 15, 2022 (the “Assessment Date”). The Company acknowledges that
as of the date hereof, with respect to the Phase 1 Road Improvements, TDOT expects (i) to commence the right of way acquisition, utility coordination and permit application on November 1, 2021, (ii) to complete its construction field
review on or before May 31, 2022, (iii) to submit final plans on or before June 30, 2022, (iv) to finalize the bid package and bid out such project on or around August 31, 2022, (v) to commence construction on or around
September 30, 2022, and (vi) to complete the Phase 1 Road Improvements on or before May 31, 2023. If the Company determines in its reasonable discretion on the Assessment Date that TDOT’s progress on the Phase 1 Road Improvements
is insufficient to provide access to the Facility by the date on which the Company anticipates completing construction thereof, the Company shall provide written notice to the Board of such failure and the Board shall commence design and
construction work on the Alternative Phase 1 Road Improvements no later than ten (10) days following the date of such notice, which improvements must be completed no later than May 31, 2023, subject to Force Majeure. 

(f) Temporary Office Space. The Board shall use good faith commercially reasonable efforts to cooperate with the Company and the Massey
Group and to facilitate discussions between the Company and the Massey Group for the provision of temporary office space for the Company. 

Section 3.2 Obligations of the Company. 

(a) PILOT Transaction. On the Effective Date, the Company (or an Affiliate thereof) shall execute the PILOT Leases. The Company shall
cause all payments in lieu of taxes and other amounts due under the PILOT Leases (collectively, the “PILOT Payments”) to be paid as and when due thereunder. Notwithstanding the foregoing, the Parties specifically acknowledge that
the Company (or an Affiliate thereof) may enter into a developer-financed arrangement as a sale-leaseback or other capital financing mechanism, pursuant to which the Facility will be leased by the Board to such developer, which in turn

  
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will sublease the Facility to the Company (or an Affiliate thereof) (a “Capital Financing Structure”). The Board agrees to permit such Capital Financing Structure under the terms of
this Agreement and the PILOT Leases and agrees to modify or amend any such documents and/or enter into new PILOT Leases and related documents as reasonably needed to effectuate such Capital Financing Structure so long as the property tax abatement
provided thereunder is not increased, the other terms and protections to the Board thereunder are no less favorable to the Board and the Company remains liable to the Board for the obligations thereunder. 

(b) Construction of Facility. The Company shall cause the construction of the Facility at its sole cost and expense in accordance with
all permits and plans approved by the applicable governmental authorities. Subject to Force Majeure and timely receipt of all permits required therefor (so long as the Company diligently pursues such permits), the Company shall cause the
construction of the Facility to commence on or before May 31, 2022. The Company shall be solely responsible for the amount of any costs, fees and expenses incurred by its contractors and the Company in connection with the construction and
equipping of the Facility. The IDB shall use good faith efforts to cause the County, Alcoa, Maryville, and each of their utilities and associated agencies, as applicable, to provide all permits for the construction and equipping of the Facility on
an expedited basis. The parties acknowledge that the City of Maryville and the City of Alcoa have provided letters dated September 24, 2021 (attached hereto as part of Exhibit H) regarding the permitting process. 

(c) Capital Expenditures. Subject to Force Majeure, the Company and its Affiliates shall incur, or shall cause to be incurred, aggregate
capital expenditures in connection with the construction and equipping of the Facility in an aggregate amount of not less than $120,000,000.00 on or before December 31, 2025. 

(d) Completion and Operation of the Facility. Subject to Force Majeure, the Company shall cause the construction of the Facility to be
substantially completed and for a certificate of occupancy to be issued therefor on or before December 31, 2023. The Company shall maintain its global headquarters in the County commencing no later than December 31, 2023 through and
including December 31, 2030. Subject to Force Majeure, the Company shall continuously operate the Facility as a research & development, manufacturing, and assembly facility, along with related operations, commencing no later than
December 31, 2023 through and including December 31, 2030. 
 (e) Annual Reports. Not later than January 31 of each
year during the period commencing on January 31, 2024 and ending on January 31, 2031, the Company shall provide the Board with a written report certified by an authorized officer of the Company and in the form attached hereto as Exhibit
G (each, an “Annual Performance Report”) that includes the following information: 
 (i) the amount of all capital
expenditures made in connection with the acquisition of the Land and the construction and equipping of the Facility on the Land (collectively, the “Qualified Capital Expenditures”) from the Effective Date through the
December 31 immediately preceding the date of such report; 
 (ii) the total number of Employees employed by the Company and its
Affiliates at the Facility, as of the December 31 immediately preceding the date of such report; 
 (iii) the average Hourly Wage of
such Employees as are required to achieve the Projected Number of Employees described on Exhibit E hereto, as of the December 31 immediately preceding the date of such report; and 

(iv) If requested by the Board, invoices or other evidence of payment reasonably satisfactory to the Board supporting the amount of the
Qualified Capital Expenditures incurred. 

  
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 Notwithstanding the foregoing, after $120,000,000.00 of Qualified Capital Expenditures have been incurred
and the Company has included such amount in an Annual Performance Report, the Company shall not be required to include the amount of Qualified Capital Expenditures incurred on any subsequent Annual Performance Reports, and for the purposes of
satisfying the Qualified Capital Expenditure obligations herein, shall be deemed as fully satisfied. 
 (f) Additional PILOT Payments.
Subject to Force Majeure (so long as such Force Majeure negatively impacts the Company’s ability to meet its expenditure, employment and wage targets under this subsection and so long as the Company uses commercially reasonable efforts to
mitigate the effects of such Force Majeure), if, as of December 31, 2023 or any December 31 thereafter through and including December 31, 2030, any of the Qualified Capital Expenditures, Employees or average Hourly Wage of such
Employees are less than the Company’s projections for such date (as set forth in Exhibit E), the Company shall (1) make the calculations required on the form attached hereto as Exhibit F for such Tax Year and shall provide a
copy of such form to the Board at the same time the Annual Performance Report for such Tax Year is filed with the Board and (2) in accordance with the procedures provided in Exhibit F, pay to the Board as required, within thirty
(30) days of the delivery of such report and form the following additional payments in lieu of taxes (collectively, the “Additional PILOT Payments”): 

(i) an amount equal to (A) one seventh of the total Board Infrastructure and Land Costs multiplied by (B) 1 minus the Achievement
Percentage for such Tax Year, plus 
 (ii) an amount equal to (A) the amount of ad valorem taxes that would otherwise be payable
with respect to the Equipment and Facility for such Tax Year if the Equipment and Facility were owned by the Company (less the payments in lieu of taxes made under the PILOT Leases for such Tax Year) multiplied by (B) 1 minus the Achievement
Percentage. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Representations and Warranties of the Board. The Board hereby makes the following representations and warranties: 

(a) The Board is a public non-profit corporation duly organized, validly existing and in good standing
under the laws of the State of Tennessee, has full power and authority to enter into this Agreement and to perform all obligations contained herein, and has, by proper action, been duly authorized to execute and deliver this Agreement and, when
executed and delivered by the parties thereto, this Agreement will constitute the valid and binding obligation of the Board enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies. 

(b) Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated herein by the Board, nor the
fulfillment of or compliance with the terms and conditions of this Agreement, does or will conflict with or result in a breach of the terms, conditions or provisions of any restriction or internal governing document of the Board or any agreement or
instrument to which the Board is now a party or by which it is bound, or any existing law, rule, regulation, judgment, order or decree to which it is subject, or constitutes a default under any of the foregoing or results in the creation or
imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of the Board under the terms of any instrument or agreement. 

  
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 (c) There are no proceedings pending, or to the knowledge of the Board threatened, against
or affecting the Board in any court or before any Governmental Authority, arbitration board or tribunal which involve the possibility of materially and adversely affecting the ability of the Board to perform its obligations under this Agreement. The
Board is not in default with respect to an order of any court, Governmental Authority, arbitration board or tribunal that would materially and adversely affect the ability of the Board to perform its obligations under this Agreement. 

(d) No event has occurred and no condition exists with respect to the Board that would constitute a Board Event of Default under this
Agreement, or which, with the lapse of time or with the giving of notice, or both, would become a Board Event of Default. 

Section 4.2 Representations and Warranties of the Company. The Company makes the following representations and warranties: 

(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, is either
authorized to conduct business in the State of Tennessee under Tennessee law or will soon after execution of this agreement take steps to be authorized to conduct business in the State of Tennessee under Tennessee law, has full power and authority
to enter into this Agreement and to perform all obligations contained herein, and has, by proper action, been duly authorized to execute and deliver this Agreement and, when executed and delivered by the parties thereto, this Agreement will
constitute the valid and binding obligation of the Company enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by
general principles of equity limiting the availability of equitable remedies. 
 (b) Neither the execution and delivery of this Agreement,
nor the consummation of the transactions contemplated herein by the Company, nor the fulfillment of or compliance with the terms and conditions of this Agreement, does or will conflict with or result in a breach of the terms, conditions or
provisions of any restriction or internal governing document of the Company or any agreement or instrument to which the Company is now a party or by which it is bound, or to the Company’s knowledge any existing law, rule, regulation, judgment,
order or decree to which it is subject, or constitutes a default under any of the foregoing or, except as contemplated hereby, results in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of
the Company under the terms of any instrument or agreement, in each case that would materially and adversely affect the ability of the Company to perform its obligations under this Agreement. 

(c) Other than any items disclosed by the Company in public filings required by the Securities and Exchange Commission, there are no
proceedings pending, or to the knowledge of the Company threatened, against or affecting the Company in any court or before any Governmental Authority, arbitration board or tribunal which involve the possibility of materially and adversely affecting
the ability of the Company to perform its obligations under this Agreement. The Company is not in default with respect to an order of any court, Governmental Authority, arbitration board or tribunal that would materially and adversely affect the
ability of the Company to perform its obligations under this Agreement. 
 (d) No event has occurred and no condition exists with respect to
the Company that would constitute a Company Event of Default or which, with the lapse of time or with the giving of notice, or both, would become a Company Event of Default. 

  
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 ARTICLE V 

EVENTS OF DEFAULT AND REMEDIES 

Section 5.1 Events of Default by the Board. 

(a) Any one or more of the following shall constitute an event of default by the Board under this Agreement (a “Board Event of
Default”) (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (i) the dissolution or liquidation of the Board, or the filing by the Board of a voluntary petition
in bankruptcy, or the Board seeking of or consenting to or acquiescing in the appointment of a receiver of all or substantially all of its property, or the adjudication of the Board as a bankrupt, or any assignment by the Board for the benefit of
its creditors, or the entry by the Board into an agreement of composition with its creditors, or if a petition or answer is filed by the Board proposing the adjudication of the Board as a bankrupt or its reorganization, arrangement or debt
readjustment under any present or future federal bankruptcy code or any similar federal or state law in any court, or if any such petition or answer is filed by any other person and such petition or answer shall not be stayed or dismissed within 60
days; or 
 (ii) if default shall be made by the Board in the due performance of or compliance in any material respect with any of the terms
hereof, and such default shall continue for thirty (30) days after the Company gives the Board written notice of such default; provided, however, if such default is curable but not within said thirty (30) day period, then within such
additional time as may be reasonably necessary to cure same, provided the Board commences the curing thereof within such thirty (30) day period, and thereafter prosecutes the curing of such default to completion with all due diligence. 

(b) If a Board Event of Default occurs, the Company shall have right to seek all remedies available to it in law and equity (including, without
limitation, specific performance and mandamus). 
 Section 5.2 Events of Default by the Company. 

(a) Any one or more of the following shall constitute an event of default by the Company under this Agreement (a “Company Event of
Default”) (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (i) at any time prior to the completion by the Company of its obligations and commitments
hereunder, the Company is dissolved or liquidated, or the filing by the Company of a voluntary petition in bankruptcy, or the Company seeking or consenting to or acquiescing in the appointment of a receiver of all or substantially all of its
property, or the adjudication of the Company as a bankrupt, or any assignment by the Company for the benefit of its creditors, or the entry by the Company into an agreement of composition with its creditors, or if a petition or answer is filed by
the Company proposing the adjudication of the Company as a bankrupt or its reorganization, arrangement or debt readjustment under any present or future federal bankruptcy code or any similar federal or state law in any court, or if any such
petition or answer is filed by any other person and such petition or answer shall not be stayed or dismissed within 60 days; 
 (ii) if
default shall be made by the Company in the due performance of or compliance in any material respect with any of the terms hereof, other than that referred to in the foregoing subdivision (i), and such default shall continue for thirty
(30) days after the Board gives the Company written notice of such default; provided, however, if such default is curable but not within said thirty (30) day period, then within such additional time as may be reasonably necessary to cure
same, provided the Company commences the curing thereof within such thirty (30) day period, and thereafter prosecutes the curing of such default to completion with all due diligence. 

  
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 (b) After the occurrence of a Company Event of Default and while such Event of Default is
continuing, the Board may suspend the performance of its obligations under this Agreement and the Board may give a written notice to the Company, which notice shall specify the nature of the Event of Default and establish a date not less than thirty
(30) days after the giving of such notice by which such Company Event of Default shall be cured. 
 (i) If the Company fails to cure
the Company Event of Default within the additional thirty (30) day cure period provided in this subsection (b), less than $20,000,000 in Qualified Capital Expenditures have been incurred at such time and the Company has not entered into a sale
leaseback transaction or financing transaction with a third party in connection with the construction the Facility at such time, this Agreement will terminate and 

A. the Company shall pay to the Board or cause to be paid to the Board (i) all Board Infrastructure Costs and (ii) all enforcement
costs and other costs incurred by the Board (including reasonable attorney fees) in connection with the default by the Company and the termination of this Agreement, which termination and payment (and the items set forth in B-F below) shall be the Board’s sole and exclusive remedy for such Company Event of Default; 
 B.
the Facility Lease (and the Company’s purchase option therein) shall also simultaneously terminate; 
 C. the ownership of the Land
shall be retained by the Board (or if the purchase option under the Facility Lease has been exercised by the Company, the Company shall cause the Land to be conveyed back to the Board); 

D. the Company shall cause any deed of trust, mortgage or other lien or title encumbrance encumbering the Land and arising on or after the
Effective Date to be released; 
 E. notwithstanding the terms of the Facility Lease, the Company shall not have an option to purchase the
Land; and 
 F. at the Board’s request, the Company shall remove all or a portion of any improvements on the Land constructed after the
Effective Date and restore the Land to the condition that existed as of the Effective Date. 
 (ii) If the Company fails to cure a Company
Event of Default arising under Section 3.2(d), (e) or (f) and the Company and the Board do not reach an alternative compromise within the additional thirty (30) day cure period provided in this subsection (b) and
Section 5.2(b)(i) does not apply, this Agreement will terminate and the Company shall pay to the Board or cause to be paid to the Board (i) all Board Infrastructure and Land Costs (less any amounts previously paid to the Board under
Section 3.2(f)(i)) and (ii) all enforcement costs and other costs incurred by the Board (including reasonable attorney fees) in connection with the default by the Company and the termination of this Agreement, and the Board shall have
right to seek all remedies available to it in law and equity. 
 (iii) If the Company fails to cure any other Company Event of Default
within the additional thirty (30) day cure period provided in this subsection (b) and Sections 5.2(b)(i) and (ii) do not apply, the Board shall have right to seek all remedies available to it in law and equity. 

  
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 ARTICLE VI 

MISCELLANEOUS PROVISIONS 

Section 6.1 Assignment. Except with the prior written consent of the Board, not to be unreasonably conditioned or delayed, the
Company shall not have the right to assign or otherwise transfer its rights and interest hereunder, except to an Affiliate of the Company. 

Section 6.2 Applicable Law. This Agreement shall be governed exclusively by the provisions hereof and by the applicable laws of
the State of Tennessee without regard to its conflicts of law rules. 
 Section 6.3 Severability. In the event that any clause
or provision of this Agreement shall be held to be invalid by any court of competent jurisdiction, the invalidity of such clause or provision shall not affect any of the remaining provisions hereof. 

Section 6.4 Notices and Demands. All notices, certificates, demands, requests, consents, approvals and other similar instruments
under this Agreement shall be in writing, and shall be deemed to have been properly given and received if sent by nationally recognized overnight courier service (a) if to the Company addressed to the Company, at 2100 Roosevelt Avenue,
Springfield, Massachusetts 01104, Attention: President and Chief Executive Officer, or at such other address as the Company from time to time may have designated by written notice to the Board; and (b) if to the Board addressed to the Board at
201 South Washington Street, Maryville, Tennessee 37804, Attention: Chairman, or at such other address as the Board may from time to time have designated by written notice to the Company. 

Section 6.5 Headings and References. The headings in this Agreement are for convenience of reference only and shall not define or
limit the provisions thereof. All references in this Agreement to particular Articles or Sections are references to Articles or Sections of this Agreement, unless otherwise indicated. 

Section 6.6 Successors and Assigns. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective permitted successors and assigns. 
 Section 6.7 Multiple Counterparts. This Lease may
be executed in multiple counterparts, each of which shall be an original and all of which together shall constitute but one and the same instrument. 

Section 6.8 Expenses. The Company shall pay all reasonable costs and expenses of the Board in connection with the preparation,
negotiation and administration of this Agreement, any amendments hereto and the performance hereof, including the reasonable fees and expenses of the Board’s attorneys. 

Section 6.9 No Liability of Officers, Etc. No recourse under or upon any obligation, covenants or agreement contained in this
Agreement shall be had against any incorporator, members, director or officer, as such, past, present or future, of the Board, either directly or through the Board, as applicable. Any and all personal liability of every nature, whether at common law
or in equity, or by statute or by constitution or otherwise, of any such incorporator, member, director or officer is hereby expressly waived and released by the Company or the Board, as applicable, as a condition of and consideration for the
execution of this Agreement. 

  
 11 

 Section 6.10 No Liability of Maryville, Alcoa, County, Officers, Etc. Maryville,
Alcoa and the County are not parties to this Agreement and as such, they and the officers and agents of Maryville, Alcoa and the County shall not be liable for the performance of any obligations of this Agreement, except to the extent that such
obligations are separately committed. None of the agreements or obligations of the Board contained in this Agreement or otherwise shall be construed to constitute an indebtedness of the Maryville, Alcoa, the County or the officers or agents of
Maryville, Alcoa or the County, within the meaning of any constitutional or statutory provision whatsoever. 
 Section 6.11
Limitation of Liability. Notwithstanding any other provision hereof, no Party shall have the right to recover consequential, punitive, special, incidental, or similar damages or other damages such as those claimed to arise from pain,
suffering or mental anguish from any other party hereto. Notwithstanding any other provision hereof, the Board’s liability hereunder shall be limited to the reasonable costs to complete the Board’s obligations under Section 3.1 and,
if applicable, the Board’s obligations under Section 6.14. 
 Section 6.12 Interest. In addition to all other amounts
payable under this Agreement, the Company shall also pay interest on any undisputed payment due hereunder that is not paid on the date such payment is due until paid at the interest rate, as it may vary from time to time, that the County would
impose on a delinquent tax payment during the period such payment was due. 
 Section 6.13 Entire Agreement. This Agreement
contains the entire agreement of the Parties regarding the transactions described herein, and there are no representations, oral or written, relating to the transactions described herein which have not been incorporated herein. Any agreement
hereafter made shall be ineffective to change, modify, or discharge this Agreement in whole or in part unless such agreement is in writing, and is signed by the Party against whom enforcement of any change, modification, or discharge is sought. 

Section 6.14 Attorneys’ Fees. In the event of any action or proceeding for enforcement of any of the terms or conditions of
this Agreement, the prevailing party in such action, or the non-dismissing party where the dismissal occurs other than by reason of a settlement, will be entitled to recover, from the non-prevailing party, its reasonable costs and expenses, including without limitation reasonable attorneys’ fees and costs of defense paid or incurred in good faith. 

Section 6.15 No Waiver. No consent or waiver, express or implied, by any Party hereto to any breach or default by any other Party
in the performance by such other Party of its obligations and commitments hereunder shall be valid unless in writing, and no such consent or waiver to or of one breach or default shall constitute a consent or waiver to or of any other breach or
default in the performance by such other Party of the same or any other obligations or commitments of such Party hereunder. Failure on the part of any Party to complain of any act or failure to act of any other Party or to declare such other Party
in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder. The granting of any consent or approval in any one instance by or on behalf of any Party hereto shall be construed to
be a waiver or limit the need for such consent in any other or subsequent instance. 
 Section 6.16 No Partnership or Joint
Venture. The relationship of the Parties is solely that of independent third parties engaged in an arm’s length transaction. Nothing contained herein shall be deemed or construed as creating a partnership, joint venture, agency relationship
or other similar relationship between the Parties. 
 Section 6.17 Third-Party Beneficiaries. This Agreement is intended only
for the benefit of the Parties only, and neither this Agreement, nor any of the rights, interest, obligations or commitments hereunder, is intended for the benefit of any other person or third-party. 

[SIGNATURE PAGES TO FOLLOW] 

  
 12 

 IN WITNESS WHEREOF, the Board and the Company have each caused this Agreement to be duly
executed in its name, under seal, and the same attested, all by officers thereof duly authorized thereunto, and have caused this Agreement to be dated the Effective Date. 
  

							
	BOARD:	 		 	THE INDUSTRIAL DEVELOPMENT BOARD OF BLOUNT COUNTY AND THE CITIES OF ALCOA AND MARYVILLE, TENNESSEE
				
		 		 	By:	 	 /s/ Matthew N. Murray

		 		 	Name:	 	Matthew N. Murray
		 		 	Title:	 	Chair, The Industrial Development Board of Blount County and the Cities of Alcoa and Maryville, Tennessee

 SIGNATURE PAGE TO PROJECT AGREEMENT 

							
	COMPANY:	 		 	SMITH & WESSON BRANDS, INC.
				
		 		 	By:	 	 /s/ Mark Smith

		 		 	Name:	 	Mark Smith
		 		 	Title:	 	President and Chief Executive Officer

 SIGNATURE PAGE TO PROJECT AGREEMENT 

 EXHIBIT A 

Description of the Land 
 Tract One: 

Being a tract of land situated in the Tenth Civil District of Blount County, Tennessee, Being all of Parcel 31.19 on Tax Map 35 in the Assessor’s Office
for Blount County, Tennessee, and being more particularly described as follows: 
 Beginning at a point located South 49 degrees 27 minutes 58 seconds West
at a distance of 44.70’ from the centerline intersection of Proffitt Springs Rd and Lovingood Way to a point, said point being the Point of Beginning. Thence from the Point of Beginning and with the right of way of Proffitt Springs Rd South 07
degrees 42 minutes 38 seconds West a distance of 413.49’ to an iron rod. Thence South 08 degrees 14 minutes 18 seconds West a distance of 115.80’ to an iron rod. Thence South 08 degrees 14 minutes 18 seconds West a distance of 151.92 to an
iron rod, said iron rod being the common corner of Industrial Development Board of Blount County (IDB) Parcels 31.19 and 41.00. Thence leaving the right of way of Proffitt Springs Rd and with IDB Parcel 41.00 North 89 degrees 24 minutes 35 seconds
West a distance of 460.69’ to a point. Thence South 58 degrees 13 minutes 20 seconds West a distance of 2003.78’ to a point. Thence North 33 degrees 15 minutes 55 seconds West a distance of 848.07’ to an iron rod, said iron rod being
the common corner of IDB and (Wolz and Depew). Thence with the line of (Wolz and Depew) North 60 degrees 38 minutes 27 seconds East a distance of 272.81’ to an iron rod, said iron rod being the common corner of (Wolz and Depew) and King. Thence
with the line of King North 60 degrees 01 minutes 23 seconds East a distance of 274.31’ to an iron rod, said iron rod being the common corner of King and Law. Thence with the line of Law North 60 degrees 05 minutes 12 seconds East a distance of
285.51’ to an iron rod, said iron rod being the common corner of Law and Johnson. Thence with the line of Johnson North 60 degrees 05 minutes 17 seconds East a distance of 300.02’ to an iron rod, said iron rod being the common corner of
Johnson and Shallcross. Thence with the line of Shallcross North 60 degrees 15 minutes 42 seconds East a distance of 263.76’ to an iron rod, said iron rod being the common corner of Shallcross and Presby. Thence with the line of Presby North 59
degrees 54 minutes 07 seconds East a distance of 91.83’ to an iron rod, said iron rod being the common corner of Presby and Geyer. Thence with the line of Geyer North 60 degrees 03 minutes 59 seconds East a distance of 144.54’ to an iron
rod, said iron rod being the common corner of Geyer and Fairman. Thence with the line of Fairman South 31 degrees 34 minutes 15 seconds East a distance of 72.87’ to an iron rod. Thence North 71 degrees 10 minutes 33 seconds East a distance of
108.01’ to an iron rod, said iron rod being the common corner of Fairman and Watkins. Thence with the line of Watkins North 71 degrees 09 minutes 11 seconds East a distance of 150.01’ to an iron rod, said iron rod being the common corner
of Watkins and Payne. Thence with the line of Payne North 70 degrees 54 minutes 07 seconds East a distance of 149.97’ to an iron rod, said iron rod being the common corner of Payne and Hurst. Thence with the line of Hurst North 71 degrees 24
minutes 02 seconds East a distance of 110.80’ to an iron rod, said iron rod being the common corner of Hurst and Serpa. Thence with the line of Serpa South 70 degrees 25 minutes 00 seconds East a distance of 77.71’ to an iron rod, said
iron rod being the common corner of Serpa and Nuchols. Thence with the line of Nuchols South 70 degrees 24 minutes 11 seconds East a distance of 149.92’ to an iron rod, said iron rod being the common corner of Nuchols and Funk. Thence with the
line of Funk South 70 degrees 21 minutes 38 seconds East a distance of 150.10’ to an iron rod. Thence North 19 degrees 36 minutes 20 seconds East a distance of 300.24’ to an iron rod, said iron rod lying in the right of way of Lovingood
Way. Thence with the right of way of Lovingood Way South 69 degrees 31 minutes 38 seconds East a distance of 57.81’ to a point. Thence with a curve turning to the left with an arc length of 270.82’, with a radius of 718.31’, with a
chord bearing of South 82 degrees 02 minutes 24 seconds E, with a chord length of 269.22’ to a point, said point being the Point of Beginning. 

  
 Exhibit A, Page 1 

 Described Parcel having an area of 1994008.87 square feet, 45.78 acres, more or less, as shown by Survey of
Randall R. White, C2RL, INC. Engineers, 240 W. Bessemer St., Alcoa, TN 37701, Job No. 0850. 
 Tract Two: 

Being a tract of land situated in the Tenth Civil District of Blount County, Tennessee, Being all of Parcel 41 on Tax Map 35, in the Assessor’s Office for
Blount County, Tennessee, and being more particularly described as follows: 
 Beginning at a point located North 04 degrees 37 minutes 47 seconds East at a
distance of 123.56’ from the centerline intersection of Proffitt Springs Rd and Louisville Loop Rd to a new iron rod, said iron rod being the Point of Beginning. Thence from the point of beginning and with the right of way of Proffitt Springs
Rd South 21 degrees 03 minutes 03 seconds West a distance of 500.46’ to a point. Thence South 12 degrees 29 minutes 36 seconds West a distance of 351.92’ to an existing iron rod. Thence leaving the right of way of Proffitt Springs Rd South
29 degrees 31 minutes 38 seconds West a distance of 186.52’ to an iron rod, said iron rod being the common corner of McMillan and Metropolitan Knoxville Airport Authority (MKAA) and the Industrial Development Board of Blount County (IDB).
Thence along the line of MKAA South 44 degrees 54 minutes 13 seconds West a distance of 313.92’ to an existing iron rod. Thence South 32 degrees 26 minutes 28 seconds West a distance of 1631.03’ to an iron rod. Thence North 53 degrees 03
minutes 29 seconds West a distance of 534.26’ to an iron rod, said iron rod in base of the tree. Thence South 40 degrees 13 minutes 41 seconds West a distance of 1692.41’ to an iron rod. Thence North 26 degrees 30 minutes 15 seconds West a
distance of 157.48’ to an iron rod. Thence North 25 degrees 55 minutes 50 seconds West a distance of 1065.53’ to an iron rod, said iron rod being the common corner of MKAA, IDB, Johnson and Kirby. Thence along the line of Kirby North 25
degrees 34 minutes 18 seconds West a distance of 627.52’ to an iron rod. Thence North 26 degrees 08 minutes 28 seconds West a distance of 117.56’ to an iron rod. Thence North 26 degrees 08 minutes 01 seconds West a distance of
1272.01’ to an iron rod at a fence post, said iron rod being in the line of Massey. Thence North 47 degrees 43 minutes 29 seconds East a distance of 430.91’ to an iron rod, said iron rod being the common corner of Massey, IDB and Lovingood
Properties. Thence with the line of Lovingood Properties South 38 degrees 26 minutes 43 seconds East a distance of 195.62’ to an iron rod at a fence post. Thence North 44 degrees 41 minutes 42 seconds East a distance of 1320.69’ to an iron
rod, said iron rod being the common corner of Lovingood Properties, IDB and (Wolz and Depew). Thence with the line of (Wolz and Depew) South 33 degrees 30 minutes 39 seconds East a distance of 734.96’ to an iron rod, said iron rod being the
common corner of IDB and (Wolz and Depew). Thence with the line of IDB property (Parcel 31.19) South 33 degrees 15 minutes 55 seconds East a distance of 848.07’ to a point. Thence North 58 degrees 13 minutes 20 seconds East a distance of
2003.78’ to a point. Thence South 89 degrees 24 minutes 35 seconds East a distance of 460.69’ to an iron rod, said iron rod lying in the right of way of Proffitt Springs Rd. Thence with the right of way of Proffitt Springs Rd South 08
degrees 22 minutes 56 seconds West a distance of 115.83’ to an iron rod. Thence South 03 degrees 48 minutes 13 seconds West a distance of 59.57’ to an iron rod, said iron rod being the Point of Beginning. 

Described parcel having an area of 8286108.69 square feet, 190.22 acres, more or less, as shown by Survey of Randall R. White, C2RL, INC. Engineers, 240 W.
Bessemer St., Alcoa, TN 37701, Job No. 0850. 
 Being the same property conveyed to Industrial Development Board of Blount County and the Cities of
Alcoa and Maryville, Tennessee, a not-for-profit corporation, by Quitclaim Deed from AMI Investment Holdings, L.L.C., a Nevada corporation, of record in Record Book
2478, Page 1716, Register’s Office for Blount County, Tennessee. 

  
 Exhibit A, Page 2 

 EXHIBIT B 

Greenway Improvements and Sewer Line Extension 
  

 

  
 Exhibit B, Page 1 

 Sewer Line Extension Anticipated Minimum Specifications 

 

	1.	 Projected Water Consumption and Sewage Generated: 

 

					
	 	  	Shift 1	  	Shifts 2 & 3
	 Phase 1
	  	~9 gpm	  	~7 gpm
	 Phase 2
	  	~13 gpm	  	~10 gpm

  

	2.	 Minimum pump capacity to find a pump for discharge head conditions. 

475 gpm 

230 ft (Approximate head conditions) 

An allowance will be made to allow for additional domestic sewage to be contributed to this pump station to allow for an acceptable flow/head
condition. 
  

	3.	 Service will be provided by the City of Maryville, Tennessee. A wetpit/drypit system is envisioned with an
8” diameter force main. The pump station is proposed to be located at Lackey Creek with the force main constructed along Proffitt Springs Road to Old Glory Road to Mt. Tabor Road to discharge to an existing interceptor sewer along Culton Creek
in Blount County Industrial Park. 

  

	4.	 Additional depiction below: 

 
 

 

  
 Exhibit B, Page 2 

 EXHIBIT C 

Water Line Extension 
 Water Line
Extension Anticipated Minimum Specifications 
  

	1.	 Daily consumption: 16,000 cfpd = 120,000 gpd 

 

	2.	 Phase 1 consumption: domestic use only 

 

	 	A.	 (750 employees)(15 gpcd) = 11,250 gpd ~11,000 gpd 

 

	3.	 Process water generated in Phase 2 = 109,000 gpd 

 

	4.	 3 Shift Operation 

  

	 	A.	 40% water consumed shift 1 

 

	 	B.	 30% water consumed each of shifts 2 and 3 

 

	5.	 Water consumption project per shift: 

 

					
	 	  	Shift 1	  	Shifts 2 & 3
	 Phase 1
	  	~9 gpm	  	~7 gpm
	 Phase 2
	  	~100 gpm	  	~75 gpm

  

	6.	 Service Provider – South Blount Utility District 

Primary Point of Contact:         Al Scott, District Manager 

                        
                          alscott@southblountutility.org 

Secondary Point of Contact:    Quentin Caldwell, Asst. District Manager 

                        
                          quentin@southblountutility.org 

Telephone No.:
                        (865) 982-3560 

 

	7.	 Existing Facilities Near Facility 

 

	 	A.	 8” PVC water line on Louisville Road 

 

	 	B.	 6” PVC water line on Proffitt Springs Road to Lovingood Lane 

 

	 	C.	 Fire Hydrant Lovingood Lane 

 

	 	1.	 165 psig static pressure 

 

	 	2.	 75 psig residual pressure @ 1450 gpm 

 

	8.	 Planned improvements to serve Facility: 

 

	 	A.	 Construct 12” PVC water line from Louisville Road to just beyond limits of construction of roadway
improvements along Proffitt Springs Road. This will allow overall future system upgrade from Old Glory to Topside Road. This is in the 6-year plan for SBCUD. 

 

	 	B.	 Schedule for completion of this work: Prior to completion of Phase 1 Road Improvements. 

 

	9.	 Additional depiction below: 

  
 Exhibit C, Page 1 

 

 

  
 Exhibit C, Page 2 

 EXHIBIT D 

Road Improvements 
 The Road Improvements
include (a) improvements to the intersection of Proffitt Springs Road and Louisville Road with turn lanes for truck traffic, deceleration lanes on Louisville Road and a signalized intersection and labeled as TDOT Phase 1 below and further
depicted on drawings 9B and 10B on the following pages (the “Phase 1 Road Improvements”) and (b) improvements to Louisville Road from Proffitt Springs Road to Topside Road to facilitate the truck traffic and commuter traffic and
labeled as TDOT Phase 2 below and further depicted on drawings 4B, 5B, 6B, 7B and 8B on the following pages (the “Phase 2 Road Improvements”), all as to be more fully set forth in and subject to the TDOT Agreement. 

 
 

 

  
 Exhibit D, Page 1 

 

 

  
 Exhibit D, Page 2 

 

 

  
 Exhibit D, Page 3 

 

 

  
 Exhibit D, Page 4 

 

 

  
 Exhibit D, Page 5 

 EXHIBIT E 

Projections and Additional PILOT Payment 

The Company’s Projections 

The Company projects that as of December 31, 2023, subject to Force Majeure (so long as such Force Majeure negatively impacts the
Company’s and its Affiliates’ ability to meet its expenditure, employment and wage targets hereunder and so long as the Company and its Affiliates use commercially reasonable efforts to mitigate the effects of such Force Majeure), the
Company and its Affiliates will have no less than 200 Employees at the Facility or in the County, the average Hourly Wage of such Employees will be no less than $25.97 and the Company will have incurred, or will have caused to be incurred, no less
than $100,000,000 in Qualified Capital Expenditures from the Effective Date through such December 31. 
 The Company projects that as of
December 31, 2024, subject to Force Majeure (so long as such Force Majeure negatively impacts the Company’s and its Affiliates’ ability to meet its expenditure, employment and wage targets hereunder and so long as the Company and its
Affiliates use commercially reasonable efforts to mitigate the effects of such Force Majeure), the Company and its Affiliates will have no less than 500 Employees at the Facility or in the County, the average Hourly Wage of such Employees will be no
less than $25.97 and the Company will have incurred, or will have caused to be incurred, no less than $112,000,000 in Qualified Capital Expenditures from the Effective Date through such December 31. 

The Company projects that as of December 31, 2025, subject to Force Majeure (so long as such Force Majeure negatively impacts the
Company’s and its Affiliates’ ability to meet its expenditure, employment and wage targets hereunder and so long as the Company and its Affiliates use commercially reasonable efforts to mitigate the effects of such Force Majeure), and as
of each December 31 thereafter through and including December 31, 2030, the Company and its Affiliates will have no less than 620 Employees at the Facility or in the County, the average Hourly Wage of such Employees will be no less than
$25.97 and the Company will have incurred, or will have caused to be incurred, no less than $120,000,000 in Qualified Capital Expenditures from the Effective Date through such December 31. 

Methodology for Calculating Achievement 

Percentage and Additional PILOT Payment 

Any Additional PILOT Payment will be based upon a percentage of achievement of economic goals. The economic goals will be divided into three categories:
Qualified Capital Expenditures, Employees and the average Hourly Wage of such Employees. Each category will represent one third of the weighted value in determining percentage of achievement. 

Using the projections set forth above and the actual Qualified Capital Expenditures, Employees and average Hourly Wage of such Employees (which shall be
provided in the Annual Performance Report), the percentage of achievement will be calculated as follows (the “Achievement Percentage”): 
  

 

  
 Exhibit E, Page 1 

 For purposes of the calculation above, if the actual Qualified Capital Expenditures divided by the projected
Qualified Capital Expenditures is greater than 100%, such amount shall be deemed to be 100%. Such 100% cap shall not apply to the other two categories. 

  
 Exhibit E, Page 2 

 EXHIBIT F 

Chart for Calculating Achievement Percentage 

and Additional PILOT Payment 
 Reporting
Date: December 31, 20___ 
  

			
		
	 A. Actual Aggregate Qualified Capital Expenditures from ____, 2021 through the Reporting
Date
	  	$___________
		
	 B. Projected Qualified Capital Expenditures from ____, 2021 through the Reporting
Date
	  	$___________
		
	 C. A ÷ B
	  	_______%*
		
	 D. C × 1/3
	  	              
		
	 E.  Actual Employees as of the Reporting Date
	  	$_____________
		
	 F.  Projected Employees as of the Reporting Date
	  	              
		
	 G. E ÷ F
	  	_______%
		
	 H. G × 1/3
	  	                        
		
	 I.   Actual average Hourly Wage of the Employees as of the Reporting
Date
	  	$_____________
		
	 J.   Projected average Hourly Wage of the Employees as of the Reporting
Date
	  	$_____________
		
	 K. I ÷ J
	  	_______%
		
	 L.  K × 1/3
	  	                        
		
	 M.   Achievement Percentage: D + H + L
	  	________%
		
	 N. 1 minus M
	  	________%
		
	 O. Board Infrastructure and Land Costs
	  	$_____________
		
	 P.  N × (1/7) × O
	  	$_____________
		
	 Q. The amount of ad valorem taxes that would otherwise be payable with respect to the
Equipment and Facility for the Tax Year ending on the Reporting Date if the Equipment and Facility were owned by the Company (less the payments in lieu of taxes made under the PILOT Leases for such Tax Year)
	  	$_____________

  
 Exhibit F, Page 1 

			
	 R. N × Q
	  	$_____________
	S. Additional PILOT Payment: P + R	  	$_____________

  

	*	 If amount is greater than 100%, such amount shall be deemed to be 100% 

Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in that certain Project Agreement dated as of
_________, 2021 between [Company] and The Industrial Development Board of Blount County and the Cities of Alcoa and Maryville, Tennessee. 

  
 Exhibit F, Page 2 

 EXHIBIT G 

Form of Annual Performance Report 

ANNUAL PERFORMANCE REPORT 

This Annual Performance Report (“Report”), for the period ended December 31, 20____ (the “Measurement Date”) is
furnished pursuant to that certain Project Agreement dated as of _________, 2021 (as amended or otherwise modified from time to time, the “Project Agreement”) between __________ (“Company”) and The Industrial Development Board of
Blount County and the Cities of Alcoa and Maryville, Tennessee (“Board”). Unless otherwise defined herein, capitalized terms used in this Report have the meanings ascribed thereto in the Project Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 
  

	 	1.	 I am the _____________ of the Company, and I am authorized to deliver this Report on behalf of the Company. I
am familiar with the Company’s business, books, records and operations in connection with the Facility, including, without limiting the generality of the foregoing, all of the matters herein described. 

 

	 	2.	 The aggregate amount of capital expenditures made by or on behalf of Company and its Affiliates with respect to
the construction and equipping of the Facility (collectively, the “Qualified Capital Expenditures”) from the date of the Project Agreement through the Measurement Date referenced above is: $______________. 

 

	 	3.	 The total number of Employees employed by Company and its Affiliates at the Facility, as of the Measurement
Date referenced above is: _______________. 

  

	 	4.	 The average Hourly Wage of such Employees is $_________________. 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of _________________, 20___. 

 

			
	[________________]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit G, Page 1 

 EXHIBIT H 

Mayor Commitment Letter for Annexation 
  

 
 Mr. David H. Cooper Wa,point Advisors, UC One Perimeter P11rk Sovth, Suite lOON Birminghcrn, Alabama 35243 Rc:
Partl’lcrshlp North Property/Project Eagle Dear David: ThE lndvslrlal Development Board of8JountCounty andthe Otic) of Aloo~ and M oryville, T~nne~s.ee. al’td the local governments of Blount COunty. the City of MafVv1lle, and the City
ofAlcoa are honored to have our co mmunity chosen iiS the new M;~~dqu31“tOr ::and o,:omtlons center foe Project Eagle. Each of these entities iscommitted to take all steps reasonable and nece:ssa:y to ensure the success of the project.
Specifically, each government has begun to take thE appropriate steps to tran ltlon the proposed Partnership Park North property from within the dty linits of Alcoa to wtthln the boundaries of t:fle City of Maryville. Please consider this Jetter a
fonnal commitment by the four entlt~listed aboveto acx.omplish this change o r jurisdlctlol\ al’ld to do it a& promptly ;md cfficionttv ;u: m:lv be ~ lowed bv o:~ppllcable state law. Sincerely, 201 S. Washington Street Maryvil$. TN 37004 Ph
ae6.Qf)l2241 F’ax 8SS.004J386 ~Wo\lblounlp¢~l’l,l“lEE(~Com 

  
 Exhibit H, Page 1 

 City of Maryville Letter dated September 23, 2021 regarding Zoning 

 
 

 
 september 23. 2021 Melame Oav s C ty At10I’W’ll y Tr{ln.-.mittc :l vi;) c mcail to· md.:tvi~@ki~erblack.eom As aescnbed
n 14-209(16)of tt e Oty of Maryville ZO“ling Otd1nance_ t’le tndvsliat Ton rg dislnC1 silo~ fot o wld’o vtlfiOt) of l’ldue:I\EII, monvfoc:vrins. pro :.4:J$$ing w;uaho-. :.ln.g ::.nd
eu’l’lll~t t.’ :-0 :. ThO Zoo ng Orotoance also recogn zes tha’l there are inodenat and accessory 001npone1Hs d M) ptln: pal use. for a fact ty wnose pn1op.a1 purpose 1s mana.tu:umng. UltJ
OIJU’at o- of d uSt~v· . tt t t :no e and \iSJIO’ certer would be considQf’Qd occcssory uses anct peorus$ible in the distric1 An outdoor Siootng range or shoobllg course viOLid atso te
consdered an accessory use prm dec lhe po()c.’~Sed ::tfi’\Qr.t.rm..-nt t: Snchon 11.fl0:\ of 1hP. Ml’ tyvite MJOic()a1 Codereoardiro SU”..h faC1h11es 1S adopled tf yov have further
ques:ions, please I~QI Iroo t cooa-ct me ~u Jordan Clark. AICP O :puty Oevctoom¢“lt Serv cc::. D rcdor (o65l 213~s:ro lt:larloJ@milryvlla·Ul-QO’Y

  
 Exhibit H, Page 2 

 Proposed Amendment to Maryville Municipal Code
Section 11-603 
 Add to City Code 11-603. Weapons and firearms
generally. 
 Further exempted from the prohibition of unauthorized discharge of a firearm within the municipality are any firearm discharge occurring
on the premises of a legally operating firearm manufacturer: 1) by any employee or authorized agent of such firearm manufacturer for the purpose of testing a firearm in the regular course of business; 2) by any duly authorized participants in any
shooting tournament or competition operating within the scope of such shooting tournament or competition hosted, sponsored or administered by such firearm manufacturer; and 3) by employees, authorized agents, authorized visitors, authorized guests,
customers, licensees, or other invitees of such firearm manufacturer for the purpose of engaging or participating in firearms training, practice, demonstration, evaluation, testing, or any shooting sports activity while under the supervision and
control, either directly or indirectly, of a legally operating firearm manufacturer. 

  
 Exhibit H, Page 3 

 Letters dated September 24, 2021 regarding Permitting Process 

 
 

 
 Septc:mber 24. 2021 Otnceof IN 4(14Wiil$ 8 TH 37$)1 (&6$) 27$3401 ~ (86$J 27:). )42 1 .... Projc: :t Eagle Team Tbe City or M_
re.ryville values exis6ng business aod uew businesses alike. Ooe specific way to sbow that appreciation is to make tbe perm.it6ng process as painJess as possible ror all co.ocerued. Our codes nod planning divisions pride tbemselvcs on oomprcbensh c
plans review io a ‘\‘Cry expeditious way. We bring every dcpartmcol together 10 review the plans together with 1be company to ensure clear and c.oocisc commuoicatioos with our stafT. architccl:s.. engineers. and contractors involved.
Maryville wiJJ assir;o a )jajsoo to assi st you in tbis effort Their roJe is 10 advocate on your behalf and coordinate with our internal workings. This advocate will be there to take out the guess work on process or issues tbat m~y arise: along tbc:
way. I too will be vc:ry invoJvc:d and avl\iJablc: t·o you nnd your StnfT for the duration or this prOje(t and beyond RS you nnd your staff ~lcclitDAtc:d 10 our community. Many ofour starr come: from tbc private sector and understand your
desire ror assurnoce tbat we wiU be partners and not bui’Cflucrats. I give you my personal guarantee you wiJI be met with a wimng aod proressional city staff who will lake you through this band in hand. Sioccrc1y, ·~ Greg McClain City
Msoager 

  
 Exhibit H, Page 4 

 

 
 OpmtntSttvlus ·1 16\ ,eslBro l(tv. .lyAW MM”(ViUr TN’78CI 865)273·1500 I .scptemoer 23. 2021 Melame Oav s C ty
At10I’W’ll y Tr{ln.-.mittc :l vi;) c mcail to· md.:tvi~@ki~erblack.eom As aescnbed n 14-209(16)of tt e Oty of Maryville ZO“ling Otd1nance_ t’le tndvsliat Ton rg dislnC1 silo~ fot o
wld’o vtlfiOt) of l’ldue:I\EII, monvfoc:vrins. pro :.4:J$$ing w;uaho-. :.ln.g ::.nd eu’l’lll~t t.’ :-0 :. ThO Zoo ng Orotoance also recogn zes tha’l there are inodenat and
accessory 001npone1Hs d M) ptln: pal use. for a fact ty wnose pn1op.a1 purpose 1s mana.tu:umng. UltJ OIJU’at o- of d uSt~v· . tt t t :no e and \iSJIO’ certer would be considQf’Qd
occcssory uses anct peorus$ible in the distric1 An outdoor Siootng range or shoobllg course viOLid atso te consdered an accessory use prm dec lhe po()c.’~Sed ::tfi’\Qr.t.rm..-nt t: Snchon 11.fl0:\ of
1hP. Ml’ tyvite MJOic()a1 Codereoardiro SU”..h faC1h11es 1S adopled tf yov have further ques:ions, please I~QI Iroo t cooa-ct me 

  
 Exhibit H, Page 5 

 

 
 September 24, 2021 Dear Project Eagle Personnel: The City of AJcoa prides itself on the ability to expedite the permittin.g al\d
approval process for all development projects but especially with respect to those that are large and complex. We accomplish t.hls by assigrllng a projec-t manager to guide the development through the various
phases. In this case it will be our Development Services Director who is a licensed Professional £nglneer and has years of experience In project management. Additionally, I will take a direct oversight role in monitoring the progress of the
project and will assist In wotklng through any Issues with outs.ide agencies not under the c.ontrol of the Oty ofAlcoa. Staff will offer to work hand-ln·hand with your development team in preparing
submittals to any reviewing body or individuals to ensure that the plans meet the r~uirements for approval to the greatest extent possible. Even If there are minor pending or missing items, staffwill recommend approval subject to the stipulation
that lhose Items are subseqoently corrected to staffs satisfaction. This has tAJsically eliminated the sit~tion of reje tion and repeated submissions. Finally, I will can a special meetjng ofany required board or commission if it is critical to the
timeline of a major economic development project_ such as yours. I hope this provides you with the assurance that the City of AJcoa undeBtands the Importance of your investment in our c.ommunity. Our goal is to get your project complete and in
operation as quickly possible. Please feel free to call me if you have any questions or concerns. Sincerely, Martr L Johnson A cc.: Bruce Applegate MPPA, Deputy City Manager 1 Megan 8rooks Development SetVices Director 1 

  
 Exhibit H, Page 6 

 EXHIBIT I 

Form of Facility Lease 

See attached. 

  
 Exhibit I, Page 1 

 EXHIBIT J 

Form of Equipment Lease 

See attached. 

  
 Exhibit J, Page 1Exhibit 10.1

 

	 	 
	 	 
	(1)	
     

    NEMAURA MEDICAL INC. and

     

	(2)	MYSUGARWATCH DUOPACK LIMITED
	 	 
	
     

     

     

     
	 
	 	 
	 	 
	
     

    LICENCE, SUPPLY AND DISTRIBUTION AGREEMENT

     

 

 

 

 

 

 

 

 

 

    	  

    	 

    

 

	1	Definitions	4
	2	Interpretation	6
	3	Appointment	7
	4	Supply of Products, Forecasting & Orders	8
	5	Undertakings	9
	6	Specifications and Regulatory Matters	10
	7	Title, Risk, Shipment, Delivery And Acceptance	11
	8	Prices & Payment	13
	9	Limitation Of Liability	14
	10	Freedom to Contract	14
	11	Product Liability And Insurance	14
	12	Confidentiality	15
	13	Force Majeure	16
	14	Duration	16
	15	Termination and Rights Upon Termination	17
	16	Notices	18
	17	Assignment And Other Dealings	18
	18	Modification And Waiver	19
	19	Severability	19
	20	Entire Agreement	19
	21	Applicable Law & Venue	19
	22	Anti-Bribery Compliance	19
	23	Additional General Terms	20
	24	expert	20
	 	Schedule 1 The Products	23
	 	Part 1 The Sensor Patches
Pack Product	23
	 	Part 2 the sensor assembly
device and transmitter (sadt) product	23
	 	Schedule 2 The Territory	24
	 	Part 1 Territory A	24
	 	Part 2 Territory B	24
	 	Part 3 Territory C	24
	 	Schedule 3 The Patents	26
	 	Schedule 4 Cost Price Of Products
Pursuant To clause 8.1 And 8.2	27

 

 

    	2  

    	 

    

 

 

	 	 	
	 	Schedule 5 Pharmaceutical Medicines	28
	 	Part 1 PHARMACEUTICAL
MEDICINES WITH ANTICIPATED LAUNCH DATES – TERRITORY a	28
	 	Part 2 pharmaceutical
medicines with ANTICIPATED launch dates – territory B	30
	 	Schedule 6 MSW Quick Start Guide	32
	 	 	 

 

 

    	2  

    	 

    

THIS AGREEMENT
IS MADE THE 17 day of SEPTEMBER 2021

the parties

		(1)	NEMAURA MEDICAL INC. incorporated and registered in the state of Nevada, CIR number 0001602078
and whose registered office is located at The Advanced Technology Centre, Oakwood Drive, Loughborough, United Kingdom. LE11 3QF (“Nemaura”)
and

		(2)	MYSUGARWATCH DUOPACK LIMITED (“MSW”) incorporated and registered in Jersey with
company number 137563 whose registered office is at Lande a Geon, Le Veaux Beaumont, St Peter, Jersey, JE3 7EA.

pURPOSE

		(A)	Nemaura is engaged in the development, production and licensing of intellectual property rights regarding
pharmaceutical products and manufacturing of medical devices, in particular the Products (as defined below).

		(B)	Nemaura is engaged in discussions with MSW regarding the licensing, supply and distribution of the Products
together in the Territory (as defined below) together with any one of the Pharmaceutical Medicines (as defined below) as a Combination
Pack (as defined below). Nemaura and MSW have agreed to enter into this licence, supply and distribution agreement in which Nemaura agrees
to appoint MSW as its exclusive licensee for the licence, supply and distribution of the Products together with any one of the Pharmaceutical
Medicines as a Combination Pack in the Territory and for the exploitation of Nemaura’s Patents, Apps, Algorithms and Website (each
as defined below) in the Territory and MSW agrees to accept the appointments on the terms of this Agreement.

1                
Definitions

		1.1	The definitions and rules of interpretation in this clause 1 apply in this Agreement:

“Agreed
Quality” shall have the meaning as defined in clause 7.11.

“Algorithms” means
all those medical algorithms developed by the Third Party Developers and forming part of the SADT Product which allows the SADT Product
to communicate securely and interpret continuous glucose monitoring data to Smart Reader Devices. 

“Approved Facility”
means the facility of Nemaura at which Nemaura manufactures the Products as at the Full Launch Date
and/or such other manufacturing facility of Nemaura and/or of any of its subcontractors that is approved by Nemaura for the manufacture
of the Products from time to time.

“Apps” means
all those medical apps developed by the Third Party Developers and forming part of the SADT Product which allows the SADT Product to communicate
secure continuous glucose monitoring data to Smart Reader Devices. 

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

“Combination Packs”
means the Products together with any one of the Pharmaceutical Medicines in combination, as listed
in Schedule 5. 

“Commencement
Date” means the the date of this Agreement.

    	2  

    	 

    

“Defect” or
“Defective” shall mean the failure of any Product to conform to the Agreed
Quality as defined in clause 7.11.

“Defective Claim”
shall have the meaning as defined in clause. 7.5.

“Evidenced Cost Price”
means the evidenced costs incurred by Nemaura for the manufacture of the Products, including evidenced
direct costs of materials, labour and overheads. This will include evidenced 3rd party manufacturing costs where any element
of production is outsourced, as well as any evidenced transport costs incurred for shipping materials or finished products and any evidenced
associated Duty costs that are incurred where raw materials or finished good parts are stored.

“Expert” has
the meaning given in clause 24.1.

“Full Launch Date”
means the date of commercial launch of a Combination Pack in the Territory.

“Good Manufacturing Practice”
means that degree of skill, care, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled,
experienced and reputable manufacturer of consumer products engaged in the same type of undertaking as Nemaura.

“Group”
means in relation to a company, that company, any subsidiary or holding company from time to time of that company, and any subsidiary
from time to time of a holding company of that company.

“Independent Adviser”
shall have the meaning as defined in clause 7.8.

“Intellectual Property
Rights” means all patents, Relevant Approvals, apps, algorithms, rights to inventions, copyright and related rights, trade marks
and services marks, trade names and domain names, rights in get-up, goodwill and the right to sue for passing off and unfair competition,
rights in designs, rights in computer software, database rights, rights to preserve the confidentiality of information (including know-how
and trade secrets) and any other intellectual property rights, including all applications for (and rights to apply for and be granted),
renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection
which subsist or will subsist, now or in the future, in any part of the world, in relation to the Products used as an adjunct to finger
prick glucose testing for blood glucose trending; said Products utilising passive diffuson effected by skin poration, in combination with
glucose oxidase enzyme based planar electrodes, placed on the skin surface for glucose monitoring.

“Market Value”
has the meaning given in clause 14.6.

“MSW
Exit Payment” means Market Value.

“Nemaura Technical Support
Services” means the technical services provided by Nemaura to MSW which include product training
to MSW but does not include product training or support regarding sales or to any third parties or consumers.

“Patient Data”
means all that data (whether personal data or personal medical history data or otherwise) collected, stored or processed by MSW from
individuals in the Territory using a Combination Pack.

“Patents” means
those patents which are listed in Schedule 3, and any future patents filed to support the Products.

“Pharmaceutical Medicines”
means the pharmaceutical medicines listed at Schedule 5.

    	2  

    	 

    

“Products”
means together the Sensor Patches Pack Product and the SADT Product for continuous glucose monitoring.

“Relevant Approval”
means a relevant approval for the Products obtained by Nemaura for the sale of the Products as a
medical device in any relevant Territory.

“SADT Product”
means the sensor assembly device and transmitter described in Part 2 of Schedule 1 of this Agreement
incorporating the Apps and the Algorithms for continuous glucose monitoring. 

“Sensor Patches Pack
Product” means the sensor patches and the pack described in Part 1 of Schedule 1 of this Agreement.

“Sensor Patches”
means the sensor patches more particularly described within the Sensor Patches Pack Product. 

“Smart Reader Device”
means a smart device or stand-alone reader device or android or IOS smartphone or any other device
capable of receiving a patient’s data. 

“Replacement Shipment”
shall have the meaning as defined in clause 7.6.

“Term”
means the term of this Agreement, as determined in accordance with clause 14.

“Territory” means
Territory A and/or Territory B and/or Territory C.

“Territory
A” means those territories set out in Part 1 of Schedule 2.

“Territory B” means
those territories set out in Part 2 of Schedule 2.

“Territory C” means
those territories set out in Part 3 of Schedule 2. 

“Third
Party Developers” means any developer appointed by agreement between the parties
from time to time.

“Trademarks” means
the trademarks to be used by MSW to market the Combination Packs in the Territory.

“Valuer” means
any of the London based offices of KPMG, Deloitte, Ernst & Young or PwC as shall be agreed between the parties within 14 days of the
first name being proposed by one of them or, in default of agreement, appointed by the President for the Institute of Chartered Accountants
in England and Wales on the application of either party. 

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

“Website”
means the website designed by One Limited for Nemaura for the online sale of sugarBEAT.

2                
Interpretation

		2.1	Clause, schedule and paragraph headings shall not affect the interpretation of this Agreement.

		2.2	A “person” includes a natural person, corporate or unincorporated body (whether or
not having separate legal personality) and that person's personal representatives, successors or permitted assigns.

    	2  

    	 

    

		2.3	The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this
Agreement. Any reference to this Agreement includes the Schedules.

		2.4	A reference to a “company” shall include any company, corporation or other body corporate,
wherever and however incorporated or established.

		2.5	Words in the singular shall include the plural and vice versa.

		2.6	Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders.

		2.7	A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted
from time to time.

		2.8	A reference to “writing” or “written” includes email and documents
appended to emails.

		2.9	Any words following the terms “including”, “include”, “in
particular”, “for example” or any similar expression shall be construed as illustrative and shall not limit
the sense of the words, description, definition, phrase or term preceding those terms.

3                
Appointment

		3.1	With effect from the Commencement Date and throughout the Term, Nemaura appoints MSW and grants MSW the
right to act as its exclusive licensee and distributor to market, promote and distribute the Products which have been manufactured by
or on behalf of Nemaura under and in accordance with the Patents and the Relevant Approval in the Territory together with any one of the
Pharmaceutical Medicines listed in schedule 5 as a Combination Pack, and subject to the terms of this Agreement.

		3.2	With effect from the Commencement Date and throughout the term, Nemaura grants MSW the right to exploit
Nemaura’s Patents together with the Apps, the Algorithms and the Website in the Territory and to the extent necessary to give effect
to this appointment Nemaura grants to MSW an exclusive, non-assignable, royalty free licence limited to the Territory to exploit the Patents,
the Apps, the Algorithms and the Website in connection with the marketing, promotion and distribution of the Products together with any
one of the Pharmaceutical Medicines listed in schedule 5 as a Combination Pack in the Territory.

For the avoidance
of doubt:

		(i)	nothing in this Agreement provides any party with any right, title or interest in respect of any other
party’s Intellectual Property Rights (whether in or relating to the Products or otherwise) other than the rights granted to MSW
under this clause 3.1 and 3.2;

		(ii)	so far as Nemaura is aware, the Patents, the Relevant Approval, the Apps, the Algorithms, the Website
and all other Intellectual Property Rights of Nemaura in or relating to the Products, the Relevant Approvals, the Apps, the Algorithms
and the Website are valid and the exercise by MSW of the rights granted under clause 3.2 will not infringe the rights of any person; and

		(iii)	so far as MSW is aware, the Trademarks and all other Intellectual Property Rights of MSW that it will
use in relation to the Combination Packs will be valid and the use by MSW of any of its or any third parties Intellectual Property Rights
in relation to the Combination Packs, the Apps, the Algorithms and the Website will not infringe the rights of any person.

    	2  

    	 

    

		3.3	MSW shall throughout the Term purchase the Products only from Nemaura, and shall not throughout the Term
market, distribute, promote or manufacture any products (other than the Products) which provide for the continuous monitoring of blood
glucose levels together with a Pharmaceutical Medicine as a Combination Pack.

		3.4	MSW shall throughout the Term refrain from making active sales of the Combination Packs to: (i) customers
or end users outside the Territory; and/or (ii) to any other persons inside the Territory for onward sale to customers, end users or any
other persons outside the Territory. For these purposes, active sales shall be understood to mean actively approaching or soliciting custom,
including the following actions: (i) visits; (ii) direct mail; (iii) advertising in media, on the internet or other promotions, where
such advertising or promotion is specifically targeted at customers, end users or any other persons outside the Territory; (iv) online
advertisements and other such efforts addressed to or to be found specifically by customers, end users or any other persons outside the
Territory; and (v) advertising or promotion in any form, or translation of MSW’s website into a language other than an official
language of any territory forming part of the Territory, that MSW would not reasonably carry out but for the likelihood that it will reach
customers, end users or any other persons outside the Territory.

		3.5	Nemaura shall use its reasonable endeavours throughout the Term to monitor and prevent other distributors
of the Products outside of the Territory from making direct sales of the Products together with any Pharmaceutical Medicines (as listed
in schedule 5), as a combination pack into the Territory themselves or through third parties (in particular pharmaceutical and medical
device wholesalers and pharmacy retail owners), including person to person and online sales of the Products together with any Pharmaceutical
Medicines (as listed in schedule 5) as a combination pack in the Territory, and where Nemaura becomes aware of any such activity it shall
use its reasonable endeavours to ensure that such activity is promptly ceased.

		3.6	MSW shall not: (i) represent itself as an agent of Nemaura for any purpose; (ii) pledge Nemaura’s
credit; (iii) give any condition or warranty on Nemaura’s behalf; (iv) make any representation on Nemaura’s behalf; (v) commit
Nemaura to any contracts; or (vi) otherwise incur any liability for or on behalf of Nemaura.

		3.7	Nemaura shall not: (i) represent itself as an agent of MSW for any purpose; (ii) pledge MSW’s credit;
(iii) give any condition or warranty on MSW’s behalf; (iv) make any representation on MSW’s behalf; (v) commit MSW to any
contracts; or (vi) otherwise incur any liability for or on behalf of MSW.

		3.8	MSW shall not, without Nemaura's prior written consent, make any promises or guarantees about the Products
beyond those contained in any Relevant Approval.

		4	Supply of Products, Forecasting & Orders

		4.1	No later than 8 months prior to the Full Launch Date, MSW shall provide Nemaura with a non-binding written
forecast of its estimated requirements of the Products for the next 12 forthcoming calendar months and shall update such forecasts on
quarterly basis.

		4.2	Nemaura undertakes (subject to the parties’ agreement of the applicable price for the Products under
clause 8.3) to meet all orders for the Products forwarded to it by MSW in accordance with this Agreement to the extent that the orders
do not exceed the corresponding forecast or quarterly updated forecast (as applicable) for the Products given under clause 4.1. MSW shall
buy the Products for its own account for resale under this Agreement.

		4.3	In the event that MSW’s requirements exceed the corresponding forecast or quarterly updated forecast
(as applicable) Nemaura shall, subject to its manufacturing capabilities, use its reasonable endeavours to meet these requirements.

    	2  

    	 

    

		4.4	The parties agree that, when MSW places an order for the Products with Nemaura, the order shall be subject
to the terms of this Agreement and to Nemaura’s standard terms and conditions of sale (to be reviewed and agreed by MSW when available)
and provided always that in the event of a conflict between the provision of this Agreement and the provisions of Nemaura’s standard
terms and conditions of sale then the provisions of this Agreement shall prevail.

		4.5	Quarterly updated forecasts shall be accompanied by a purchase order for the Products.

		4.6	MSW’s purchase orders for the Products shall be submitted in writing, and shall include:

		4.6.1	the quantity of the Products to be purchased by MSW; and

		4.6.2	the requested delivery date(s) of the Products ordered, provided that the delivery date(s) shall be at
least 120 days from the date of MSW’s purchase order and Nemaura shall use its reasonable endeavours to meet such delivery date(s).

		4.7	Subject to clauses 4.2 and 4.3, Nemaura shall confirm in writing its receipt and acceptance (whether wholly
or in part) of MSW’s purchase orders within 10 Business Days from receipt of the relevant purchase order from MSW.

		5	Undertakings

		5.1	MSW undertakes and agrees with Nemaura that at all times during the Term it will:

		5.1.1	use its reasonable endeavours to promote, distribute and sell the Combination Packs in the Territory;

		5.1.2	submit written reports at monthly intervals to Nemaura as agreed by the parties, showing details of sales,
service stock, outstanding customer orders and orders placed by MSW with Nemaura that are still outstanding, and any other information
relating to the performance of its obligations under this Agreement that Nemaura may reasonably require from time to time;

		5.1.3	maintain, on its own account, an inventory of the Products at levels which are appropriate and adequate
for MSW to meet customer delivery requirements for the Combination Packs throughout the Territory;

		5.1.4	insure at its own cost with a reputable insurance company all stocks of the Products as are held by it
against all risks which would normally be insured against by a prudent businessman to at least their full replacement value and produce
to Nemaura on demand full particulars of that insurance and the receipt for the then current premium; and

		5.1.5	be responsible for advertising, promoting and distributing the Combination Packs in the Territory.

		5.2	MSW shall give Nemaura written notice as soon as possible of all life-threatening, serious or unexpected
adverse events or adverse experience or product reaction reports filed with any regulatory authority in relation to any of the Products
and promptly supply Nemaura with copies of these reports.

		5.3	Nemaura undertakes and agrees with MSW that at all times during the Term it will provide the Nemaura Technical
Support Services to MSW.

		5.4	Nemaura will not charge MSW for the provision of the Nemaura Technical Support Services.

    	2  

    	 

    

		5.5	The Nemaura Technical Support Services shall at all times be provided to a reasonable standard of care
and skill and in accordance with good industry practice.

		5.6	The parties acknowledge that the Trademarks used by MSW to market, promote and distribute the Combination
Packs in the Territory shall be chosen by MSW at its sole discretion and MSW agrees to indemnify Nemaura and MSW (EU) against any infringement
actions resulting from the registration and use of MSW trademarks.

		5.7	The parties acknowledge and agree that all Patient Data shall belong to and be under the control and ownership
of MSW. Nemaura shall have no right or entitlement to access, use or process any such data and information.

		5.8	MSW will create and provide the artwork and branding for the Combination Pack packaging including the
MySugarWatch quick start guide and owners booklet, branded MySugarWatch website and the branded MySugarWatch app, all such artwork and
branding being subject to Nemaura’s prior written approval (such approval not to be unreasonably withheld, conditioned or delayed)
to ensure any regulatory requirements are met.

		5.9	MSW will (provided no such design or appearance in any way adversely effects or impacts on the Agreed
Quality of the Products) create and provide its own design and the outward appearance of the MSW branded Combination Packs using Nemaura’s
sugarBEAT technology platform for continuous glucose monitoring using design studios or agents of its own choosing and at its own expense,
with all such designs and outward appearances being subject to Nemaura’s prior written approval to ensure compliance with regulatory
protocol, (such approval not to be unreasonably withheld, conditioned or delayed).

		6	Specifications and Regulatory Matters

		6.1	Nemaura shall ensure that throughout the Term the Products supplied for sale comply with the specifications
contained in any Relevant Approval.

		6.2	Each party shall at its own expense comply with all laws and regulations relating to its activities under
this Agreement, as they may change from time to time, and with any conditions binding on it in any applicable licences, registrations,
permits and approvals.

		6.3	MSW shall give Nemaura as much advance notice as possible of any prospective or actual changes in laws
and regulations applicable to the promotion and marketing of the Combination Packs in the Territory.

		6.4	Nemaura shall support MSW by providing all information it is reaasonably able to provide, for the inclusion
of the Products within the drug tariff or for reimbursement in the relevant Territory if required. This information will be provided prior
to commercial launch in the relevant Territory where reasonably practical. MSW shall be responsible for the submission of the application
and for the payment of any fees to the drug tariff authorities or for reimbursement relating to the application.

		6.5	MSW warrants to Nemaura that (to the extent not already known by or to Nemaura) it has informed Nemaura
of all laws and regulations affecting the manufacture, sale, packaging and labelling of the Products which are in force within the Territory
or any part of it (“Local Regulations”) at the Commencement Date. MSW is solely responsible for ensuring Combination
Packs comply with the Local Regulations in force at the Commencement Date, as a combination pack. Nemaura warrants that the Products meet
all local regualtory guidelines for a Class 2B (in Europe) and Class 3 (in the USA) medical device. Each party shall give to the other
party (to the extent not already known by or to the other party) as much advance notice as reasonably possible of any prospective changes
in the Local Regulations and, on giving or receiving any such notification (as applicable),

    	2  

    	 

    

Nemaura shall, if reasonably possible,
use its reasonable endeavours to make such changes to the Products as are required to ensure that the Products comply with such changes
in the Local Regulations by the date of implementation of such changes or as soon as is reasonably possible afterwards.

		7	Title, Risk, Shipment, Delivery And Acceptance

		7.1	For insurance purposes, liability for the Products shall pass to MSW immediately upon receipt of the goods
by MSW at its deisgnated delivery address.

		7.2	Ownership of and title in the Products shall pass to MSW immediately upon receipt by Nemaura of payment
in full and cleared funds from MSW for the Products.

		7.3	Nemaura shall deliver the Products to a MSW nominated wholesale warehouse in the Territory as directed
by MSW in accordance with DDP as defined in INCOTERMS 2010. The costs for delivery and payment of any duty shall be in addition to the
agreed cost of goods. Alternatively MSW may at its discretion choose to arrange collection from Nemaura’s designated manufacture/storage
location(s) in the United Kingdom.

		7.4	MSW shall perform a routine visual inspection of all delivered Products and release the Combined Products
to market in the Territory.

		7.5	Any claims with respect hidden or latent Defects in a Product shall be submitted by MSW to Nemaura detailing
the Defect in writing within 30 days from the date that MSW becomes aware of the Defect (“Defective Claim”).

		7.6	Upon receipt of a Defective Claim, Nemaura shall make best endeavours to replace the Defective Product(s)
with the same Product which meets the Agreed Quality as soon as possible, and preferably within 45 business days from receiving a claim
in respect of a Defective Product (“Replacement Shipment”).

		7.7	Nemaura shall supply all Replacement Shipments at its own expense to the same location(s) as per the original
defective shipment.

		7.8	In the event the parties dispute whether a Product is Defective, the parties shall endeavour to settle
such a dispute amicably and in good faith. In the event that the parties fail to reach an agreement within 4 weeks after deemed delivery
of the notice of the Defective Claim to Nemaura, a sample of the Defective Products shall be sent to an independent testing laboratory,
as agreed by the parties, (“Independent Adviser”) for independent determination. The decision of the independent testing
laboratory shall be binding on both parties. Any cost resulting from such tests shall be borne by the party with whom the results of such
tests proved to be incorrect.

		7.9	If the Independent Adviser concludes that the Product(s) are Defective, Nemaura shall at MSW’s option
either provide a Replacement Shipment or reimburse MSW, within 30 days of receiving the decision of the Independent Adviser, the full
price paid by MSW for the Defective Products. MSW shall, at Nemaura’s expense and option, either return the Defective Products to
Nemaura or destroy the Defective Products.

		7.10	In the event that the Independent Adviser concludes that the Product(s) are not Defective MSW shall pay
for the cost of any Replacement Shipment, if any was provided, within 30 days of receiving the decision of the Independent Adviser.

		7.11	Nemaura warrants and represents that:

    	2  

    	 

    

		7.11.1	the Products have been manufactured and packed only in an Approved Facility and in accordance with the
requisite directives governing the manufacture, storage and distribution of medical devices;

		7.11.2	the Products shall at the time of delivery and throughout their respective shelf-lives comply with the
requirements of the specification referred to in clause 6.1 and with any approved labelling and packaging requirements, the certificate
of analysis and all applicable laws and regulations in force from time to time; and

		7.11.3	the Products shall at the time of delivery and throughout their respective shelf-lives be of good and
saleable quality,

herein collectively
referred to as the “Agreed Quality”.

7.12          
Nemaura shall at its cost: (i) conduct ongoing post registration stability studies in accordance with applicable laws and regulations;
and (ii) use its reasonable endeavours to conduct ongoing post registration stability studies each year as may be further required by
the then current medical device directives and guidelines and/or from time to time on or in relation to the Products, including continuing
stability studies which may be specifically requested for MSW production batches during the period of manufacture. Nemaura shall provide
the result of these studies to MSW on request and the studies must be able to demonstrate that the Products meet the Agreed Quality standards.
The studies will endeavour to provide at least 2 years’ worth of stability data or, if the Agreement has been in force less than
2 years, the total available stability data from the Commencement Date to the date of the request by MSW.

7.13          
Nemaura shall at its cost conduct all routine product quality reviews for the Products required by applicable laws and regulations
and provide MSW with such reports for use for purposes of this Agreement.

7.14          
Nemaura shall provide MSW together with each shipment of Products with a certificate of product conformance demonstrating conformance
with the product release specification.

7.15          
Either Party shall advise the other Party promptly as soon as it becomes aware that a Product may have any deficiencies or may
cause or have caused any deaths, personal injuries or health risks.

7.16          
Nemaura shall not deliver Products which are not manufactured at an Approved Facility.

		7.17	During the Term MSW is entitled upon reasonable prior written notice and with reasonable frequency to
visit Nemaura and carry out reasonable audits at any Approved Facility of Nemaura and/or any of its subcontractors, provided that Nemaura
cannot guarantee such access for such purposes to any Approved Facility of any of Nemaura’s subcontractors and in any such circumstances
shall use its reasonable endeavours to afford MSW such access as is reasonably possible to such Approved Facility, to verify Nemaura’s
compliance with this Agreement. Such visits shall be arranged during normal working hours within 4 weeks from the date of MSW’s
notice. For the purposes of any such audit, Nemaura undertakes to co-operate in good faith with MSW and provide MSW with such information
and documentation relating to the Products and the manufacture thereof, which MSW may reasonably request, subject to such audit not being
refused by Nemaura’s contract manufacturers, and subject to confidentiality obligations that may be imposed by Nemaura’s contract
manufacturers, in particular where the contract manufacturer is manufacturing mutliple products for multiple parties within the same facility.

		7.18	Should MSW (as a result of any audit carried out pursuant to clause 7.17) reasonably determine that an
Approved Facility does not meet quality requirements set forth in applicable laws and regulations, MSW shall be entitled to serve a written
notice on Nemaura and Nemaura shall as soon as reasonably possible from the date

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of the said notice rectify the
issues identified by MSW and ensure that the quality requirements are met and continue thereafter to be achieved.

		8	Prices & Payment

		8.1	Subject to clause 8.3, the price to be paid by MSW to Nemaura for the Sensor Patches Packs is to be calculated
as set out in Schedule 4.

		8.2	Subject to clause 8.3, the price to be paid by MSW to Nemaura for the SADT’s will be Evidenced Cost
Price.

		8.3	The prices for the Products may be reviewed:

		8.3.1	on each anniversary from Full Launch Date by Nemaura and MSW when they shall meet in good faith to discuss
price reviews and the prices(s) of the Products may be varied on the agreement of Nemaura and MSW (such agreement not to be unreasonably
withheld, conditioned or delayed); or

		8.3.2	if any applicable laws and/or regulations is or are passed which has or have (or is likely to have) the
effect of decreasing the ultimate drug tariff or pharmaceutical brand price of the Combination Product whether purchased by the relevant
health authority in the Territory or private individuals or clinics, in which case Nemaura and MSW shall meet in good faith to discuss
the impact of such laws and/or regulations on the price of the Products and the price(s) of the Products may be varied on the agreement
of Nemaura and MSW (such agreement not to be unreasonably withheld, conditioned or delayed).

Where Nemaura
and MSW agree a change to the price of the Products as permitted in accordance with this clause 8.4, the price shall be reviewed with
a pricing transparency mechanism using evidenced cost prices. When the parties agree to a revised price this shall be documented in writing
and the revised price shall commenced from the date agreed by the parties. Where no agreement is reached between the parties, the price
of the Peoducts shall remain as it was until such time as the matter is resolved by an Expert in accordance with clause 24, at which point
depending upon what the Expert decides in terms of price revision(s) (if any) and the date from such revision(s) should have taken effect)
such price revisions(s) shall be deemed to have applied from such date and appropriate reimbursement shall be promptly made by the relevant
party to the other party in accordance with the Expert’s determination and this clause 8.

		8.4	MSW shall pay the full amount invoiced to it by Nemaura in GBP Sterling within 30 days of the month end
in which the invoice is dated and the Products delivered.

		8.5	All sums payable under this Agreement, or otherwise payable by any party to any other party under this
Agreement are exclusive of any VAT chargeable on the supplies for which such sums (or any part of them) are the whole or part of the consideration
for VAT purposes.

		8.6	If a party fails to make any payment due to the other party under this Agreement by the due date for payment,
then the defaulting party shall pay interest on the overdue amount at the rate of 4% per annum above The Bank of England’s base
rate from time to time. In relation to payments disputed in good faith, interest under this clause 8.6 is payable only after the dispute
is resolved, on sums found or agreed to be due, from the due date until payment.

		8.7	Invoiced evidence of Evidenced Cost Price for SADT and for delivery costs of the Sensor Patches shall
be provided by Nemaura quarterly commencing from the placing of the first purchase order for Products pursuant to this Agreement.

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9                
 Limitation Of Liability

		9.1	Nothing in this Agreement shall limit or exclude any party’s liability for:

		9.1.1	death or personal injury caused by its negligence, or the negligence of its employees, agents or subcontractors
(as applicable);

		9.1.2	fraud or fraudulent misrepresentation; and

		9.1.3	any matter in respect of which it would be unlawful to exclude or restrict liability.

		9.2	Subject to clause 9.1:

		9.2.1	no party shall under any circumstances be liable to the other party, whether in contract, tort (including
negligence), breach of statutory duty or otherwise, for any indirect or consequential loss or damage (including loss of profits, business,
contracts, revenue, goodwill, reputation and/or anticipated savings); and

		9.2.2	each party’s total liability to the other party in respect of any direct loss and/or damage arising
under or in connection with this Agreement, whether in contract, tort (including negligence), breach of statutory duty or otherwise, shall
be limited to the actual proceeds received by the liable party under its relevant insurance policy or policies in respect of the liability
in question.

10             
Freedom to Contract

		10.1	The parties declare that they each have the right, power and authority and have taken all action necessary
to execute and deliver and to exercise their rights and perform their obligations under this Agreement, including the right, power and
authority for Nemaura to appoint MSW and grant MSW the right to act as its exclusive distributor under clause 3.1.

		11	Product Liability And Insurance

		11.1	Nemaura shall indemnify and keep MSW indemnified against any and all damages, losses, costs, expenses
and liability incurred by MSW in respect of damage to property, death or personal injury arising from any fault or defect in the Products
for which Nemaura is liable and any reasonable costs, claims, demands and expenses arising out of or in connection with that liability
(“Nemaura Relevant Claim”), except to the extent the
liability arises as a result of the action or omission of MSW.

		11.2	MSW shall, as soon as it becomes aware of a matter which may result in a Nemaura Relevant Claim:

		11.2.1	give Nemaura written notice of the details of the matter;

		11.2.2	give Nemaura access to and allow copies to be taken of any materials, records or documents as Nemaura
may require to take action under clause 11.2.3;

		11.2.3	allow Nemaura the exclusive conduct of any proceedings and take any action that Nemaura requires to defend
or resist the matter, including using professional advisers nominated by Nemaura; and

		11.2.4	not admit liability or settle the matter without Nemaura's written consent.

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		11.3	During the Term, Nemaura shall maintain product liability insurance with a reputable insurer of no less
than £1 million for any one occurrence and no less than £10 million in total in any one year (or such other amounts as shall
be agreed between the parties having regard to the recommendations of Nemaura’s insurance brokers) for any and all liability (however
arising) for a claim that the Products are faulty or defective. Nemaura shall provide a copy of the insurance policy and proof of payment
of the current premium to MSW on request.

		11.4	MSW shall indemnify and keep Nemaura indemnified against any and all damages, losses, costs, expenses
and liability incurred by Nemaura in respect of damage to property, death or personal injury arising from any fault or defect in the Combination
Packs for which MSW is liable and any reasonable costs, claims, demands and expenses arising out of or in connection with that liability
(“MSW Relevant Claim”), except to the extent the liability
arises as a result of the action or omission of Nemaura.

		11.5	Nemaura shall, as soon as it becomes aware of a matter which may result in a MSW Relevant Claim:

		11.5.1	give MSW written notice of the details of the matter;

		11.5.2	give MSW access to and allow copies to be taken of any materials, records or documents as Nemaura may
require to take action under clause 11.5.3;

		11.5.3	allow MSW the exclusive conduct of any proceedings and take any action that MSW requires to defend or
resist the matter, including using professional advisers nominated by MSW; and

		11.5.4	not admit liability or settle the matter without MSW’s written consent.

		11.6	During the Term, MSW shall maintain product liability insurance with a reputable insurer of no less than
£1 million for any one occurrence and no less than £10 million in total in any one year for any and all liability (however
arising) for a claim that the Combination Packs are faulty or defective. MSW shall provide a copy of the insurance policy and proof of
payment of the current premium to MSW on request.

		11.7	MSW undertakes to maintain appropriate, up-to-date and accurate records to enable the immediate recall
of any Combination Packs or batches of Combination Packs from the retail or wholesale markets. These records shall include records of
deliveries to customers (including batch numbers, delivery date, name and address of customer, telephone number, fax number and email
address).

		11.8	MSW shall, at Nemaura's cost, give any assistance that Nemaura shall reasonably require to recall, as
a matter of urgency, Products from the retail or wholesale market.

12             
Confidentiality

		12.1	Each party undertakes that it shall not at any time during this Agreement and for a period of 4 years
after termination of this Agreement, disclose to any person any confidential information concerning the business, affairs, customers,
clients or suppliers of the other party except for mandatory disclosures required by the Securities and Exchanges Commission, and as provided
by clause 12.2.

		12.2	Each party may disclose the other party's confidential information:

		12.2.1	to those of its employees, officers, representatives or advisers who need to know such information for
the purpose of carrying out the party's obligations under this Agreement. Each party shall ensure that its employees, officers, representatives
or advisers to whom it discloses the other party's confidential information comply with this clause 12; and

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		12.2.2	as may be required by law, court order or any governmental or regulatory authority.

		12.3	No party shall use any other party's confidential information for any purpose other than to perform its
obligations under this Agreement.

13             
Force Majeure

		13.1	“Force Majeure Event”
means any circumstance not within a party's reasonable control including, without limitation:

		13.1.1	acts of God, flood, fire, explosion, drought, earthquake or other natural disaster;

		13.1.2	terrorist attack, civil war, civil commotion or riots, war, threat of or preparation for war, armed conflict,
imposition of sanctions, embargo, or breaking off of diplomatic relations;

		13.1.3	collapse of buildings, fire, explosion or accident;

		13.1.4	interruption or failure of utility service; and

		13.1.5	13.1.5 a regulatory affairs issue.

		13.2	If a party is prevent, hindered or delayed in or from performing any of its obligations under this Agreement
by a Force Majeure Event (“Affected Party”), the Affected Party shall not be in breach of this Agreement or otherwise
liable for any such failure or delay in the performance of such obligations. The time for performance of such obligations shall be extended
accordingly and the parties shall meet in good faith to discuss and identify alternative sources of manufacture of the Products and shall
recommence all obligations under this Agreement at the first possible opportunity.

		13.3	If following good faith discussions it becomes apparent that in relation to a particular territory or
territories forming part of the Territory it will not be practical or possible to recommence all obligations under this Agreement within
a reasonable period of time, then either party may terminate this Agreement in relation only to the territory or territories affected
by service of three month’s written notice. Service of notice by either party pursuant to this clause 13.3 shall not trigger an
entitlement to an Exit Payment pursuant to the provisions of clause 14.

		14	Duration

		14.1	This Agreement takes effect on the Commencement Date and, subject to earlier termination where permitted
by the terms of this Agreement, shall continue for an initial term of 10 years from the Full Launch Date (“Initial Term”).

		14.2	Either Nemaura or MSW can serve a notice (being at least 12 months in duration) during the Initial Term
to terminate this Agreement at the end of the Initial Term. The effect of this notice is to ensure the Agreement does not automatically
continue beyond its Initial Term.

		14.3	If a notice to terminate the Agreement is not served in accordance with clause 14.2 then the Agreement
shall automatically continue after the Initial Term until terminated by either party giving at least 12 months' prior written notice.

		14.4	Where this Agreement is terminated by Nemaura on notice in accordance with clause 14.2 or 14.3, the parties
agree that Nemaura shall pay on demand to MSW a sum equal to the MSW Exit Payment. The parties confirm

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that the MSW Exit Payment represents
a genuine pre-estimate of MSW’s losses as a result of such termination. This clause shall not apply to a termination by Nemaura
pursuant to clause 15.1.1.

		14.5	Nothing in this Agreement is intended to breach any legislation or guidance in relation to EU competition
law, specifically the Competition Act 1998 and the Treaty on the Functioning of the European Union Articles 101 and 102.

		14.6	For the purposes of this clause 14 and for the purpose of establishing MSW Exit Payment, Market Value
shall be the open market value of the business carried out by MSW under this Agreement at the date of termination of a notice served under
clause 14.2 or 14.3 (“Termination Date”) such value to be agreed between the parties within 30 days of Termination
Date (or such longer period as the parties shall agree) or in default of such agreement within the relevant time period shall be the value
reported by the Valuers as being their written opinion of the open market value of the licence, supply and distribution venture business
carried out by MSW under this Agreement as at the Termination Date.

		14.7	If instructed to report on their opinion of Market Value under clause 14.6 then the Valuers shall:

		14.7.1	act as expert and not as arbitrator and their written determination shall (save in the case of manifest
error) be final and binding on the parties; and

		14.7.2	assume a transaction between a willing purchaser and willing sellers.

		14.8	The Valuers’ fees for reporting on their opinion of Market Value shall be in their award.

		15	Termination and Rights Upon Termination

		15.1	Without affecting any other rights that it may be entitled to, either Nemaura or MSW may give notice in
writing to the other terminating this Agreement immediately if:

		15.1.1	the other party commits a material breach of any term of this Agreement and (if such breach is remediable)
fails to remedy that breach within a period of 30 days of being notified in writing to do so; or

		15.1.2	an order is made or a resolution is passed for the dissolution or winding-up of the other party or an
order is made for the appointment of an administrator to manage the affairs, business and property of the other party or such an administrator
is appointed or documents are filed with the court for the appointment of an administrator or notice of intention to appoint an administrator
is given by the other party or its trustees, officers, directors or by a qualifying floating charge holder (as defined in paragraph 14
of Schedule B1 to the Insolvency Act 1986), or a receiver and/or manager or administrative receiver is appointed in respect of all or
any of the other party’s assets or undertaking or circumstances arise which entitle the court or a creditor to appoint a receiver
and/or manager or administrative receiver or which entitle the court to make a winding-up or bankruptcy order or the other party takes
or suffers any similar or analogous action in consequence of debt.

		15.2	Any provision of this Agreement that expressly or by implication is intended to come into or continue
in force on or after termination or expiry of this Agreement shall remain in full force and effect.

		15.3	Termination or expiry of this Agreement shall not affect any rights, remedies, obligations or liabilities
of the parties that have accrued up to the date of termination or expiry, including the right to claim damages in respect of any breach
of the Agreement which existed at or before the date of termination or expiry.

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		16	Notices

		16.1	Any notice given to a party under or in connection with this Agreement shall be in writing and shall be:

		16.1.1	delivered by hand or

		16.1.2	by pre-paid first-class post (or airmail where the address is outside of the UK) or other next working
day delivery service at its registered office (if a company) or its principal place of business (in any other case).

		16.2	Any notice shall be deemed to have been received:

		16.2.1	if delivered by hand, on signature of a delivery receipt or at the time the notice is left at the proper
address;

		16.2.2	if sent by pre-paid first-class post or other next working day delivery service, at 9.00 am on the second
Business Day after posting or at the time recorded by the delivery service; or

		16.2.3	if sent by airmail, at 9.00 a.m. on the fifth Business Day after posting or at the time recorded by the
delivery service.

		16.3	This clause 16 does not apply to the service of any proceedings or other documents in any legal action
or, where applicable, any arbitration or other method of dispute resolution.

17             
Assignment And Other Dealings

		17.1	This Agreement is personal to the parties and neither Nemaura or MSW shall (without the prior written
consent of the other parties) assign, transfer, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any
of its rights and obligations under this Agreement.

		17.2	The consent of a party to the assignment or transfer by the other party of its rights and obligations
under this Agreement shall not be unreasonably withheld or delayed in circumstances where:

		17.2.1	the assignment or transfer is to a bona fides purchaser of that party’s rights under this Agreement;
and

		17.2.2	the other party has been given 20 Business Days notice of first refusal to acquire that party’s
rights under this Agreement at the price to be paid by the proposed purchaser and otherwise on the terms agreed with the proposed purchaser
and the other party has not within such 20 Business Days period confirmed its intention to proceed with the acquisition of rights within
a further period not to exceed 20 Business Days; and

		17.2.3	that party and/or the proposed purchaser is able to demonstrate to the reasonable satisfaction of the
other party the ability of the proposed purchaser to comply with all of that party’s obligations under this Agreement; and

		17.2.4	the proposed purchaser is not a direct competitor of the other party in any market in which the other
party may operate at the time of the proposed assignment or transfer.

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18             
 Modification And Waiver

		18.1	No failure or delay by a party to exercise any right or remedy provided under this Agreement or by law
shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any
other right or remedy. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or
any other right or remedy.

		18.2	No amendment or variation of this Agreement shall be effective unless it is in writing and signed by the
parties (or their authorised representatives).

19             
Severability

		19.1	If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable,
it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible
(or is not capable of modification because it is prohibited by UK or EU Competition Law) the relevant provision or part-provision shall
be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause 19.1 shall not affect the validity
and enforceability of the rest of this Agreement.

		19.2	If one party gives notice to the other of the possibility that any provision or part-provision of this
Agreement is invalid, illegal or unenforceable, the parties shall negotiate in good faith to amend such provision so that, as amended,
it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision.

20             
Entire Agreement

		20.1	This Agreement constitutes the entire agreement between the parties and supersedes and extinguishes all
previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating
to its subject matter.

		20.2	Each party agrees that it shall have no remedies in respect of any statement, representation, assurance
or warranty (whether made innocently or negligently) that is not set out in this Agreement. Each party agrees that it shall have no claim
for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

21             
Applicable Law & Venue

		21.1	This Agreement and any dispute or claim arising out of or in connection with it or its subject matter
or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and
Wales.

		21.2	Subject to clause 7.8, clause 8.3, clause
14.6 and clause, each party irrevocably agrees that the courts of England and Wales shall have non-exclusive jurisdiction to settle
any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual
disputes or claims).

		22	Anti-Bribery Compliance

		22.1	Both parties shall:

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		22.1.1	comply with all applicable laws, statutes, regulations relating to anti-bribery and anti-corruption including
but not limited to the Bribery Act 2010; and

		22.1.2	not engage in any activity, practice or conduct which would constitute an offence under sections 1, 2
or 6 of the Bribery Act 2010 if such activity, practice or conduct had been carried out in the UK.

23             
Additional General Terms

		23.1	A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of
Third Parties) Act 1999 to enforce any term of this Agreement.

		23.2	Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture
between any of the parties, constitute any party the agent of another party, or authorise any party to make or enter into any commitments
for or on behalf of any other party.

		23.3	Each party confirms it is acting on its own behalf and not for the benefit of any other person.

		23.4	This Agreement may be executed in any number of counterparts, each of which when executed shall constitute
a duplicate original, but all the counterparts shall together constitute the one agreement.

		24	expert

		24.1	Where Nemaura and MSW disagree on the amount of the applicable price for the Products under clause 8.3,
this dispute shall be referred to the Expert for determination. The Expert shall be an accountant with at least 10 years professional
qualification experience and in particular with experience resolving valuation disputes of this nature. If the parties are unable to agree
on an Expert or the terms of his appointment within seven days of either party serving details of a suggested expert on the other, either
party shall then be entitled to request that the President of the Institute of Chartered Accountants of England & Wales appoint an
Expert accountant of repute with experience resolving valuation disputes of this nature (“Expert”).

		24.2	The Expert is required to prepare a written decision including reasons and give notice (including a copy)
of the decision to the parties within a maximum of 3 months of the matter being referred to the Expert.

		24.3	If the Expert dies or becomes unwilling or incapable of acting, or does not deliver the decision within
the time required by this clause 24 then:

		24.3.1	either party may apply to the Institute of Chartered Accountants of England and Wales to discharge the
Expert and to appoint a replacement Expert with the required expertise; and

		24.3.2	this clause 24 shall apply to the new Expert as if he were the first Expert appointed.

		24.4	All matters under this clause 24 must be conducted, and the Expert's decision shall be written, in the
English language.

		24.5	Nemaura and MSW are entitled to make submissions to the Expert and will provide (or procure that others
provide) the Expert with such assistance and documents as the Expert reasonably requires for the purpose of reaching a decision.

		24.6	To the extent not provided for by this clause 24, the Expert may in his reasonable discretion determine
such other procedures to assist with the conduct of the determination as he considers just or appropriate including

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(to the extent he considers necessary)
instructing professional advisers to assist him in reaching his determination.

		24.7	Nemaura and MSW shall with reasonable promptness supply each other with all information and give each
other access to all documentation and personnel and/or things as the other party may reasonably require to make a submission under this
clause 24.

		24.8	The Expert shall act as an expert and not as an arbitrator. The Expert shall determine the applicable
price for the Products under clause 8.3 which may include any issue involving the interpretation of any provision of this Agreement, his
jurisdiction to determine the matters and issues referred to him and/or his terms of reference. The Expert's written decision on the matters
referred to him shall be final and binding on the parties in the absence of manifest error or fraud.

		24.9	Nemaura and MSW shall bear its own costs in relation to the reference to the Expert.

		24.10	All matters concerning the process and result of the determination by the Expert shall be kept confidential
among Nemaura and MSW and the Expert.

 

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	SIGNED by DR D F CHOWDHURY for and on behalf of NEMAURA MEDICAL INC. 	
    )

    )
	 
	 	 	
    /s/ Dr D F Chowdhury

    DR D F CHOWDHURY

	 	 	 

 

 

	SIGNED by DR DALLAS JOHN BURSTON for and on behalf of MYSUGARWATCH DUOPACK LIMITED	
    )

    )

    )
	 
	 	 	
    /s/ Dr Dallas John Burston

    DR DALLAS JOHN BURSTON

 

    	2

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