Document:

Exhibit
10.2

 

AMENDED
AND RESTATED TECHNOLOGY LICENSE AGREEMENT

 

This
Amended and Restated Technology License Agreement (this “Agreement”) dated as of
12 September 2019 (the “Effective Date”), is by and between the following parties: 

 

Life
Science Biosensor Diagnostics Pty Ltd., an Australian proprietary limited company having an address at Level 9, 85 Castlereagh
Street, Sydney NSW 2000 Australia (“Licensor”); and 

 

GBS
Inc., a company having an address at 733 3rd Ave, Floor 16, New York, NY 10017 (“Licensee”),

 

(each,
a “Party” and collectively the “Parties”).

 

WHEREAS:

 

	(a)	Licensor
    owns: 

 

	 	i.	Technology
    related to measuring, or otherwise determining, the following: (a) the amount or concentration of glucose; (b) the existence
    of biological markers of cancer; and (c) allergy/ immunology and hormones, each in a bodily fluid (e.g., saliva, blood) (each
    an “Indicator” and collectively the “Indicators”);
	 	 	 
	 	ii.	products
    (including, meters, strips, and accessories), systems, methods, processes, applications, and implementation for or of measuring
    or otherwise determining the amount or concentration and existence of each Indicator in a bodily fluid (individually and collectively,
    the “Biosensor Technology”); and 
	 	 	 
	 	iii.	Proprietary
    Rights in and to Biosensor Technology (individually and collectively, the “Biosensor Proprietary Rights,”
    collectively with the Biosensor Technology, the “Biosensor IP”).

 

	(b)	Licensor
    wishes to permit Licensee, and Licensee wishes to have the right, to use, manufacture, market, offer, and sell Licensed Products
    including using Biosensor Technology in accordance with the terms and conditions of this Agreement.

 

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

 

1.
Definitions; Interpretation

 

1.1
Definitions.

 

“Affiliate”
means any entity or other legal or juridical person that, directly or indirectly, controls, or is controlled by, or is under common
control with, Licensor; whereby “control” of a person or Party means direct or indirect ownership of fifty percent
(50%) or more of the beneficial or record ownership of the outstanding shares or other ownership interests or the direct or indirect
power to designate fifty percent (50%) or more of directors, managers, or individuals exercising authority in its governance;
provided that, notwithstanding the foregoing, Licensee shall be deemed not to be an Affiliate of Licensor under or in connection
with this Agreement.

 

“Anonymized
Database” means a database collecting all Anonymized Demographic Information, and all Biosensor Data provided by Licensor
to Licensee under Section 4.6, categorized under the different Anonymized Identifiers that is stored on a cloud-based server or
cloud based servers controlled by Licensor with a cloud server provider approved in advance in writing by Licensor to Licensee,
and any back-up database that may be continuously and simultaneously updated with such production database and is located geographically
separate from the production database, or any other server notified by Licensor to Licensee as the server for the purposes of
storing the production database.

 

    	 	1	 

     

    

 

“Anonymized
Demographic Information” means, with regard to an End User, all demographic information, including, without limitation,
gender, age, race or ethnicity, disease information, other medical information, and eponymous data, of such End User, but excluding
any End User Identifiable Data.

 

“Anonymized
End User Data” means collectively with regard to a specific Anonymized Identifier such Anonymized Identifier, all Anonymized
Demographic Information under such Anonymized Identifier, and all Biosensor Data under such Anonymized Identifier. The term Anonymized
End User Data does not include any End User Identifiable Data.

 

“Anonymized
Identifier” means a unique identifier given to an individual End User, which unique identifier has the only purpose
of distinguishing such individual End User from any other individual End User but does not disclose or make available to Licensor
the identity or any End User Data of such End User.

 

“Authorized
Supplier” means, with regard to a Licensed Product, Licensor, Licensee or any of their Affiliates, or any third party
manufacturer and/or reseller that: (a) Licensee has expressly identified or approved in advance in writing with the Licensor;
(b) can manufacture and supply the Licensed Product in accordance with Good Manufacturing Practices for the manufacture and supply
of such Licensed Product for the Licensee, provided that such a supplier shall cease being an Authorized Supplier upon the earlier
of Licensor’s notifying Licensee thereof in writing or that supplier not being able to manufacture and supply the Licensed
Product in accordance with Good Manufacturing Practices.

 

“Biosensor
Data” means, individually and collectively, any and all data, documentation, and information collected by any Licensed
Product that measures or otherwise determines the existence, amount or concentration of any one or more Indicator in a bodily
fluid (e.g., saliva, blood) and stores such values and other information and/or transmits such values and other information for
storage, viewing, or processing on a different instrument (including, the blood glucose level, date, time, and other information
from or related to a specific measurement).

 

“Biosensor
Data Destination” means a server outside the Territory as controlled by or for Licensor and as identified by Licensor
to Licensee from time to time.

 

“Commercial
Unit” means, with regard to a Licensed Product, one (1) biosensor strip product unit at which such Licensed Product
is offered by Licensee to, or resale or provision to, individual end users of such Licensed Product.

 

“Derivation”
means, with regard to any Technology, any modification, improvement, derivative work, derivation, adaptation, localization, translation,
transliteration, and/or compilation of any kind, directly or indirectly, to or of or from or based on or over such Technology.
A Derivation to any Technology that is a Derivation is also a Derivation.

 

“End
User” means, with regard to a Licensed Product, any individual who procures for use or uses any Commercial Unit of such
Licensed Product. For the avoidance of doubt, End User includes any subject who provides a bodily fluid for the assessment of
any one or more Indicator and performs such assessment using such provided bodily fluid and any individual who receives for the
assessment of any one or more Indicator a bodily fluid of another and performs such assessment using such received bodily fluid.

 

“End
User Identifiable Data” means, with regard to an End User, any data and information that relates to the past, present,
or future physical or mental health or condition of such End User; the provision of health care to such End User; or the past,
present, or future payment for the provision of health care to such End User; in each case that identifies such End User or with
respect to which there is a reasonable basis to believe such data and information can be used to identify such End User including,
without limitation, the name, address, social security or similar government-issued number, and number of a passport or other
government-issued identification document of such End User.

 

    	 	2	 

     

    

 

“End
User Identifiable Database” means a production database collecting all End User Identifiable Data that is stored on
a cloud-based server or cloud based servers with a cloud server provider approved in advance in writing by Licensor to Licensee
to which Licensee shall for the Term have continuous password-protected and secure access, and any back-up database that may be
continuously and simultaneously updated with such production database and is located geographically separate from the production
database, or any other server notified by Licensor to Licensee as the server for the purposes of storing the production database.

 

“Expiry
Date of the Patent” means the final date of the protection afforded to the patent portfolio directly associated with
the development of the Licensed Product, as advised in writing by Licensor to Licensee from time to time.

 

“Good
Manufacturing Practices” means the good manufacturing practices that apply to the manufacture of medical device and
therapeutic goods, including the Licensed Product, in the Territory and as required under any applicable law, including, but not
limited to, guidelines set by the International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human
Use (ICH)

 

“Interference”
means, with regard to a Database, any event of: (i) any Malware having any effect on any data in such Database, on any data while
transmitted to or from such Database, or on any access to, or ability to access, such Database or any data therein, and/or (ii)
any invasion into or unauthorized or fraudulent access to, or interference with, such Database, any data in such Database, or
any data while transmitted to or from such Database.

 

“IDE”
means an investigational device exemption that allows the Licensee to collect data for the purposes of supporting a pre-market
approval application to, or a premarket notification submission from, a Regulatory Authority so that it can manufacture, offer,
sell, promote and supply the Licensed Product within the Territory.

 

“Investigational
Device” means a device, including a transitional device, which is an embodiment of the Licensed Product for the purpose
of obtaining Regulatory Approval for the Licensed Product.

 

“Investigation”
means the process of conducting any clinical trial, investigation or research involving any one or more subject of the for the
purpose of obtaining Regulatory Approval for an Investigational Device.

 

“Licensed
Material” means any sales literature or other promotional documents, items, material, or things for use in connection
with promoting, marketing, offering for sale, manufacturing and selling Licensed Products made available, approved by the Licensor.

 

“Licensed
Product” means products relating to the Biosensor Technology as outlined in Schedule 1 which is developed
by an Authorized Supplier as outlined in Schedule 1.

 

“Licensed
Rights” means the right, to use, market, offer, and sell Licensed Products including the use of the Biosensor Technology
in the Territory under the Biosensor Proprietary Rights owned by Licensor with legal effect in the Territory, including, without
limitation, the Proprietary Rights set forth in Schedule 2.

 

“Licensed
Trademark” means any of the Marks set forth in Schedule 3, provided that: (i) if Licensor identifies use
of any such Mark only for a specific Licensed Product, such Mark is a Licensed Trademark only with regard to such Licensed Product;
and (ii) Licensor may at any time discontinue any such Mark as a Licensed Trademark, or replace any such Mark with a different
Mark, or modify any such Mark, or add a Mark as a Licensed Trademark, by written notice to Licensee, in which case, in accordance
with such written notice, such replaced or discontinued Mark shall cease to be a Licensed Trademark, such replacing or added Mark
shall become a Licensed Trademark, and such modified Mark shall be a Licensed Trademark only as so modified.

 

“Licensee
Personnel” means any officer, director, employee, agent, and contractor of Licensee, including, without limitation,
any distributor, or any direct or indirect subdistributor of any distributor, of Commercial Units under agreement with Licensee.

 

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“Malware”
means, individually and collectively, any computer code or other mechanism of any kind designed to disrupt, disable or harm in
any manner the operation of any software or hardware or other business processes or to misuse, gain unauthorized access to or
misappropriate any business or personal information, including, without limitation, viruses, worms, Trojan horses, bombs, backdoors,
clocks, hidden keys, timers, traps or other disabling device code, or designs or routines that cause software or information to
be erased, inoperable or otherwise incapable of being used, either automatically or with passage of time or upon command.

 

“Mark”
means any trademark, service mark, trade name, corporate name, business name, domain name, design, logos, slogans, trade dress,
and other designation of source or origin, and any common law right, registration, application for registration, extension, and
renewal thereof or related thereto, and all goodwill of the business symbolized by any of the foregoing or associated therewith,
any where in or throughout the world and under any law or legal system.

 

“Net
sales” means the gross invoiced price for sales or other supplies of Licensed Products by the Licensee less only usual
arms’ length trade discounts and rebates actually given or allowed (such discounts and rebates not to exceed 5% of the gross
invoiced price), customs duties, transportation and insurance charges, and all taxes incurred on such sales.

 

“New
End User” means, with regard to any Licensed Product and with regard to a specified point in time, any End User who
has not previously, or has not during the preceding twelve (12) months’ time, procured such Licensed Product from Licensee
or any authorized distributor of Licensee.

 

“Royalty”
has the meaning set forth in Schedule 4.

 

“Projected
Net Sales” means a forecast for Net Sales on a rolling 5 year period, to be determined annually during the Term by agreement
in writing between the Licensor and the Licensee. In the event the Licensor and the Licensee cannot agree on the Projected Net
Sales in any year, the Projected Net Sales from the immediately preceding period will apply.

 

“Proprietary
Right” means any of the following, anywhere in or throughout the world and under any law or legal system: (i) any patent
and any patent application (including, without limitation, any utility and design patent and patent application, and any provisional,
continuation, continuation-in-part, divisional, reissue, reexamination, substitution, extension, and foreign, international and
other counterpart and equivalent of any patent and/or patent application), and any right in or to or arising from any utility
model, invention disclosure, patent disclosure, or invention (whether or not patentable), (ii) any copyright and any right similar
thereto, whether arising from statute, regulation, common or judicial law, treaty or otherwise, and any registration, application
for registration, and renewal thereof or related thereto, (iv) any mask work right, and any registration, application for registration,
and renewal thereof or related thereto, (v) any moral right, including, without limitation, rights of attribution and integrity,
(vi) any data base right and any right in or to or arising from any computer program (whether in source code, object code, or
other form), algorithm, data, website, webpage, web address, web presence, uniform resource locator, or digital property or information,
(vii) any right in or to or arising from any trade secret, any know-how, or any confidential information, (viii) any personality,
likeness, publicity, and privacy right, and (ix) any other intellectual or industrial property right, whether existing now or
being recognized or created in the future.

 

“Regulatory
Authority” means any government or governmental or semi-governmental authority; judicial entity; minister, department,
office, commission, delegate, instrumentality, agency, board, authority or organization of any government; regulatory organization
established under statute; or any standards organization administering or superintending compliance with standards within the
Territory, including, but not limited to, China’s National Medical Products Administration (formerly known as the China
Food and Drug Administration), Australia’s Therapeutic Goods Administration, Japan’s Pharmaceuticals and Medical Devices
Agency , and Malaysia’s Medical Device Authority.

 

    	 	4	 

     

    

 

“Technology”
means, individually and collectively, any material, item, document, documentation, technology, invention, creation, development,
discovery, reduction to practice, design, process, method, equipment, practice, work, know-how, show-how, software, source code,
object code, other code, data, database, device, product, prototype, specification, application, implementation, conception, idea,
and information of any kind, whether tangible or intangible.

 

“Term”
means the period commencing on the Effective Date and continuing until the termination, expiration, or cancellation of this Agreement.

 

“Termination
Date” means the date this Agreement is terminated or cancelled in accordance with clause 8.

 

“Territory”
means each of the following: (1) Mainland China; (2) Japan; (3) Indonesia; (4) Republic of Korea; (5) Philippines; (6) Vietnam;
(7) Malaysia; (8) Bangladesh; (9) Thailand; (10) Taiwan; (11) Australia; (12) Hong Kong; (13) Singapore; (14) New Zealand; (15)
Myanmar; (16) Cambodia; (17) Lao People’s Democratic Republic; (18) Mongolia; (19) Brunei Darussalam; (20) Papua New Guinea;
(21) Fiji; (22) New Caledonia; (23) French Polynesia; (24) Solomon Islands; (25) Timor L’Este; (26) Vanuatu; (27) Kiribati;
(28) Marshall Islands; (29) Tonga; (30) Samoa; (31) Federated States of Micronesia; (32) Palau; (33) Tuvalu; (34) Nauru; (35)
Cook Islands; (36) Niue; and (37) Tokelau.

 

1.2
Interpretation. In this Agreement: (i) any reference to “Section” means any of the numbered sections in this
Agreement; (ii) any reference to “Schedule” means any of the numbered schedules appended after the signature page
of this Agreement, which shall be deemed to be a part of this Agreement; (iii) any reference to any provision of a statute shall
be construed as a reference to that provision as amended, re-enacted or extended at the relevant time; (iv) where this Agreement
states that a Party “shall” or “will” perform in some manner or otherwise act or omit to act, it means
that such Party is legally obligated to do so in accordance with this Agreement; (v) the principle ejusdem generis shall
not apply to any provision in this Agreement; (vi) the provisions of this Agreement shall not be interpreted against the drafter,
and for purposes of any interpretation, both Parties shall be deemed to be drafters of this Agreement; (vii) all Section headings
and Schedule titles are intended solely for the convenience of the Parties, and none will be deemed to affect the meaning or construction
of any provision hereof; (viii) words of any gender used in this Agreement are intended to include any other gender, and words
in the singular number include the plural, and vice versa, unless the context clearly indicates otherwise; (ix) all amounts in
the agreement refer to amounts in United Sates of America dollars; (x) specifying anything in this Agreement after the words ‘include’
or ‘for example’ or similar expressions does not limit what else is included; and (xi) other parts of speech and grammatical
forms of a word or phrase defined in this Agreement have a corresponding meaning.

 

2.
Licenses

 

2.1
License. Licensor hereby grants to Licensee a non-transferable, non-assignable, non-sublicensable, royalty-bearing and
fee-bearing, limited license during the Term, in accordance with the terms and conditions of this Agreement under (1) the Licensed
Rights and (2) Licensor’s ownership and legally enforceable rights in Biosensor, solely:

 

a.
to act as the regulatory authorisation holder for the purpose of, prosecuting the application of, and obtaining any, Regulatory
Approval, including, being authorized to carry out any one or more Investigation for the purpose of: (a) seeking approval from
the relevant Regulatory Authorities to prosecute any approval for an Investigational Device to be used by an End User; and (b)
applying for an IDE, including, obtaining approval for the Investigational Device to be shipped lawfully for the purpose of conducting
Investigations for that Investigational Device, with an objective to submit such Investigations to the Regulatory Authority for
Regulatory Approval.

 

b.
to promote, market, import into the Territory, manufacture (either as the, or through an, Authorized Supplier), offer, sell, and
supply Licensed Products in the Territory, solely for use in the Territory, and

 

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c.
to provide reasonable customer support services to End Users of, and health care practitioners referring such End Users to use,
the Licensed Products in the Territory on the use of the Licensed Products,

 

d.
to use the Licensed Products only for the purposes identified and permitted pursuant to the regulatory approval obtained in the
Territory, and

 

e.
to collect for and on behalf of Licensor, Biosensor Data arising from use of Licensed Products in the Territory

 

(the
“License”). No other right or license is granted by Licensor under this Agreement in or to any Proprietary
Right or related to any Biosensor IP. Licensor has the right, but not the obligation, to agree to add or expand the License hereby
granted, including, but not limited to, by varying or adding to the Licensed Rights.

 

2.2
Exclusivity.

 

a.
The License is granted as an exclusive license in the Territory. Notwithstanding the exclusivity of the License under the foregoing
provision of this Section 2.2, nothing in this Agreement shall prevent or prohibit Licensor or any Affiliate from performing or
engaging in any direct or indirect promotion, marketing, import, export, representation, offer, sale, resale or supply outside
the Territory anywhere in any manner as decided by Licensor in its sole discretion, and Licensee shall have no right or claim
in connection therewith.

 

b.
The License does not permit, and the Licensee is prohibited from, exploiting or seeking to exploit any rights in respect of the
Licensed Product outside of the Territory through any means, including digitally or online, where the End User is not physically
resident in the Territory. The Licensee must do all things necessary in turn to ensure that any distributors of Licensed Products
in the Territory do not exploit or seek to exploit any rights in respect of the Licensed Product outside of the agreed territorial
boundaries for that particular distributor. For the avoidance of doubt a breach of the obligations set out in the clause will
be a material breach for the purposes of this agreement.

 

c.
The Licensor must (i) supply all Licensed Product as ordered by the Licensee in accordance with this agreement, (ii) ensure that
all Anonymized End User Data and End User Identifiable Data is accessible to the Licensee, and (iii) ensure that all Licensed
Product supplied to the Licensee will be of merchantable quality and in accordance with all laws and regulations in the Territory.

 

d.
Notwithstanding anything herein to the contrary, the License shall cease to be exclusive upon the latest Expiry Date of the Patents
covered by the License.

 

2.3
Trademark and Promotional Material License. Licensor hereby grants to Licensee a non-transferable, non-assignable, non-sublicensable,
limited license during the Term to use the Licensed Trademarks, and to reproduce, and use (without any modification or editing
not approved in advance in writing) any exact copies of any Licensed Material, solely in the Territory and solely for the purpose
of reasonably promoting, marketing, offering, selling the Licensed Products, all in accordance with the terms and conditions of
this Agreement (“Marketing License”). No other right or license is granted by Licensor under this Agreement
in or to any Licensed Trademark, any other Mark, or any Licensed Material. All use of the Licensed Trademarks shall comply with
any trademark usage guidelines that Licensor may provide to Licensee, as may be amended from time to time by Licensor in its sole
discretion with written notice to Licensee, and the provisions of this Section 2.3 and Section 2.4. Licensee shall ensure that
any Commercial Unit of a Licensed Product promoted and marketed under any Licensed Trademark, or with regard to which any Licensed
Trademark is used, meets the high quality of such Licensed Product made in accordance with Licensor’s specifications and
requirements and has not been modified, altered, or degraded in any way. Licensee shall not use any Licensed Trademark on or in
connection with any Commercial Unit that does not meet such quality requirements. Licensee may not use any Licensed Trademark
in any way such that it is used as, or appears to be, conjoined with any other mark or name without Licensor’s express prior
written consent and license and terms agreed to by Licensor in Licensor’s sole discretion. Licensee shall use each Licensed
Trademark at all times with such notice (® or TM as applicable) as directed by Licensor. Any Licensed Material shall
include a notice of Licensor’s copyrights by using the symbol ©, followed by the name of Licensor (or such other name
as identified by Licensor to Licensee) and the year identified by Licensor. Licensee may not modify, change, alter, cover, or
obliterate in any way any such marking or notice.

 

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2.4
Limitations. Licensee shall not assign or transfer, or grant any sublicense, or the right to sublicense, the license under
this Agreement, or agree or commit to do so, without the express consent of the Licensor in writing. Licensee does not have any
license to, and Licensee shall not: (i) use, practice, or reproduce any Biosensor Technology (other than as part of, and incidental
to, the marketing or promotion of any Licensed Product under the License), or use, make, promote, market, manufacture, offer,
sell, resell, represent, or license any product or service including or involving Biosensor Technology or Biosensor Proprietary
Rights other than the Licensed Products under the License; (ii) promote, market, import into the Territory, manufacture, offer,
sell, and supply Licensed Products outside, or for use or resale outside, the Territory or to the extent Licensee knows or suspects
that a third party buyer of Licensed Products will promote, market, export, offer, sell or supply such Licensed Products outside
or for use or application outside the Territory; (iii) promote, manufacture, market, offer, sell, and supply Licensed Products
for any use other than its intended use measuring or determining any one or more Indicator in humans from saliva; (iv) not reverse
engineer, decompile, disassemble, modify, edit, change, amend, customize, adapt, copy or reproduce (except as and to the extent
expressly permitted in the License), or create any Derivation of or to or from or based on any Licensed Product or any Biosensor
Technology; (v) without the prior written consent of Licensor include any Licensed Product in, or combine any Licensed Product
with, any product or any service other than a Licensed Product; (vi) use any Licensed Trademark or any Licensed Material for any
product or service other than a Licensed Product during the Term under the Marketing License; (vii) use any Licensed Trademark
or any Licensed Material outside the Territory; (viii) do or omit to do anything that could adversely affect their validity or
reputation or the reputation of Licensor or a Licensed Product or a Licensed Trademark; and (ix) cause, induce, or permit any
third party to do, or assist any third party with doing, any of the foregoing, whether for the benefit of Licensee, such third
party, and/or any other third party. Licensee must immediately notify Licensor in writing if it becomes aware of a breach, or
attempted breach, of any of the above obligations.

 

2.4A
Sublicense. On request of the Licensee, the Licensor must in good faith consider a request to allow the Licensee to sub-license
its obligations under this Agreement to a third party. If provided, any consent will be subject to the Licensee retaining all
rights, obligations and liability under this Agreement.

 

2.5
Licensed Products. Licensor may require any change to any Licensed Product by any Authorized Supplier and may make any
change to any Licensed Material by Licensee, provided that such changes do not affect any Regulatory Approvals obtained by the
Licensee. As of the effective time of such change, Licensee shall promote, market, import into the Territory, offer, sell, manufacture
and supply such Licensed Product, and all Commercial Units thereof, consistent with such change, and use only Licensed Material
with such change. Licensor shall not be liable in any way to Licensee for any such change or any costs, expenses, damages, or
liability arising therefrom.

 

2.6
Infringements. Licensee shall give written notice to Licensor of any infringement or attempted infringement of any intellectual
property rights in or to any Licensed Material that comes to Licensee’s attention and shall cooperate reasonably with Licensor,
at Licensor’s reasonable and necessary expense and reasonable request, in preventing and stopping any such infringement.

 

2.7
Performance. Licensee shall:

 

a.
promote, market, manufacture, import, offer, sell, and supply the Licensed Products, and all Commercial Units, on an arm’s
length basis in accordance with all applicable law and the requirements set forth in Schedule 5;

 

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b.
monitor and exercise all reasonable vigilance and meet all regulatory requirements in respect of quality control, sample control,
quality and control and any adverse events in respect of the Licensed Products; and

 

c.
Licensee shall be solely liable and responsible for all of its activities under this Agreement.

 

Without
limitation, Licensor shall not be liable for or obligated to make to Licensee, and Licensee shall not have any right or claim
against Licensor to, any fee, charge, compensation, reimbursement, or other payment of any kind in connection with any manufacturing,
making, installing, embedding, offering, selling, or other activity of Licensee.

 

2.8
Regulatory Approvals. Licensee shall file for, prosecute the application, and obtain the relevant regulatory approvals,
for each of the Licensed Products and all legal permits necessary for conducting clinical research, manufacturing, promoting,
marketing, offering, or selling each Licensed Product to the relevant regulatory authorities within the Territory, which will
include prosecuting the application for, and obtaining the relevant regulatory approvals for each Investigative Device referable
to each Licensed Product (“Regulatory Approval”). Licensor agrees to provide all information that is necessary
or advisable for obtaining the Regulatory Approval for each Licensed Product in each jurisdiction in the Territory.

 

3.
Fees and Royalties; Payment

 

3.1
Fees and Royalties. Licensee shall deliver to Licensor the reports, and pay to Licensor the Royalties (individually and
collectively, the “Compensation”) as set forth in Schedule 4.

 

3.2
Payment. Licensee shall pay all Compensation in readily available, indefeasible, unconditional funds, without any set-off
or deduction, in United States Dollar currency in such manner as directed by Licensor. Any amount of Compensation that is unpaid
when it is due shall accrue interest from the date it is due until Licensor’s receipt of the payment of such amount at the
rate of the lower of (i) one-and-one-half percent (1.5%) per each full or partial calendar month or (ii) the highest enforceable
rate of interest under applicable law. All such interest shall be paid simultaneously with the payment of the unpaid amount on
which such interest accrued.

 

3.3
Tax. Licensee shall bear or be liable or responsible for any sales, use, excise, value added, or other applicable taxes,
tariffs or duties, and none of which shall be included in or part of or deducted or withheld from any amount of any Compensation.
In the event that such taxes, tariffs or duties are assessed against Licensor, Licensee shall reimburse Licensor on demand for
any such amounts paid by Licensor. In the event that any such taxes, tariffs or duties are withheld from any payment to Licensor,
Licensee shall gross up the amount of such payment such that Licensor receives the full amount of such payment without any such
withholding.

 

3.4
Audit. Licensee will maintain financial records which are compliant with US generally accepted accounting principles (“GAAP”)
regarding all Compensation and data and information on which the calculation of Compensation in accordance with Schedule
4 is based for a period of not less than five (5) years after the end of the calendar year in which such Compensation
accrued. Licensor shall have the right, including through a certified public accountant, to audit and examine all such books and
records upon providing Licensee with reasonable notice. Licensee agrees to provide all reasonable assistance to Licensor and to
provide access to all personnel, employees and consultants and to premises at which books and records are retained for the purposes
of the audit referred to above, Licensor agrees to conduct any such audit during regular business hours. Any amount of Compensation
due but not paid shall be paid to Licensor immediately upon Licensee’s having notice of such non-payment. In the event that
an audit conducted by an auditor discloses, with regard to any type of Compensation, an underpayment of any amount of such type
of Compensation that is five percent (5%) or more of the full amount of such type of Compensation owed and due during the period
of time audited and examined, Licensee shall pay all reasonable and necessary costs and expenses of such audit and examination.
In the event that an audit has been conducted during the Term pursuant to which Licensee has become liable to pay all reasonable
and necessary costs of the audit, all reasonable and necessary costs and expenses of all future audits conducted by Licensor during
the Term will be at the cost of Licensee.

 

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3.5
No Precedent. The Parties agree that the amount or rate of any Royalty or other Compensation is based on the particular
circumstances of this transaction, shall not be deemed to be a precedent for any other transaction, whether between the Parties
or of any third party, or in connection with any rights or remedies asserted by Licensor, and shall not be deemed to be an indication
of what constitutes or may constitute, or be used in the determination of, a maximum reasonable royalty regarding any patent or
other Proprietary Right of Licensor.

 

4.
Data

 

4.1
Anonymized End User Data. Licensee shall: (i) promptly upon adding an individual as a New End User, establish an Anonymized
Identifier for such End User, (ii) promptly obtain as much of the Anonymized Demographic Information of such End User as may be
lawfully and reasonably collected for such End User and record same under such Anonymized Identifier, (iii) continuously cause
all Biosensor Data for such End User to be automatically transmitted in real time under such Anonymized Identifier to the Biosensor
Data Destination, with Licensee intercepting, storing, or capturing (but not modifying) any Biosensor Data, and (iv) retain all
of the Anonymized Demographic Information of such End User and any shared Biosensor Data provided by Licensor to Licensee under
such Anonymized Identifier in a single cohesive database that is part of the Anonymized Database. Licensee shall ensure that all
Anonymized Demographic Information is at all times recorded, and all Biosensor Data are at all times transmitted, one-hundred
percent completely and accurately under the correct Anonymized Identifier. Licensee shall within five (5) calendar days after
each calendar month, and at all other times upon request of Licensor, deliver, or provide access to, any Anonymized Demographic
Information collected during such calendar month, all in compliance with applicable law and as otherwise requested by Licensor,
identified by the Anonymized Identifier therefor.

 

4.2
End User Identifiable Data. Licensee shall obtain an express consent from any End User (in writing or such other form as
required by applicable law and clearly provable in the event of any dispute) for the collection, processing, storage, transmission,
and disclosure of all End User Identifiable Data and all Anonymized End User Data of such End User, including specifically, without
limitation, all transmission thereof to, and the use under this Agreement, by Licensor of all Anonymized End User Data and, in
the event of Section 8.3(b), all End User Identifiable Data, of such End User. Licensee shall ensure that the Anonymized Database
at no time, and no Anonymized End User Data at any time, links or reference to any End User Identifiable Data or the End User
Identifiable Database, or vice versa. In no event shall Licensee disclose, provide, or provide or permit access to any
End User Identifiable Data of any End User to any third party other than to such End User except to the extent required by applicable
law or with the written consent of the End User.

 

4.3
Databases. Licensee shall, on behalf of Licensor, establish and continuously maintain the Anonymized Database and the End
User Identifiable Database (each, a “Database”) at its sole responsibility, cost, and expense. Licensee shall
establish each Database such that it is at all times secured against any Interference and maintained in accordance with all applicable
law, using state of the art and continuously updated firewalls anti-Malware software and tools, highly secured access, and other
measures as reasonable. In the event of any Interference, Licensee shall promptly determine and notify Licensor of any impact
of such Interference, and perform any notification and other actions as required by applicable law. Licensee shall at all times
keep the Anonymized Database and the End User Identifiable Database completely digitally and physically separate without any links
or cross-references between both. Licensee shall ensure that no Anonymized End User Data or Anonymized Identifier is stored or
introduced into the End User Identifiable Database, and that no End User Identifiable Data is stored or introduced into the Anonymized
Database.

 

    	 	9	 

     

    

 

4.4
Correlation Database. Licensee shall create and maintain a list, cross-references or other correlation of End Users or
End User Identifiable Data with any Anonymized End User Data allowing the correlation of each End User’s End User Identifiable
Data with the Anonymized End User Data collected from such End User (the “Correlation Database”), provided
that the Correlation Database shall be maintained solely in a secure data base and server that is digitally and physically remote
from the Databases and the servers including either of the Databases. Licensee shall establish the Correlation Database such that
it is at all times secured against any Interference and maintained in accordance with all applicable law, using state of the art
and continuously updated firewalls anti-Malware software and tools, highly secured access, and other measures as reasonable. In
the event of any Interference, Licensee shall promptly determine and notify Licensor of any impact of such Interference, and perform
any notification and other actions as required by applicable law. In the event of any adverse event related to a Licensed Product
or its use (including, without limitation, a defect in a Licensed Product or a health or safety issue arising from its use) (“Adverse
Event”), Licensee shall promptly notify Licensor of such Adverse Event and resolve such Adverse Event in collaboration
and coordination with Licensor, including, without limitation, through use of the Correlation Database as necessary. Licensor
shall have the right to access the Correlation Database and the information thereon if it is necessary to address a serious Adverse
Event or if required or permitted by court order or governmental order in connection with an Adverse Event.

 

4.5
Ownership. Notwithstanding, and without limiting, the obligations and liability of Licensee for all Anonymized Data and
the Anonymized Database as set forth in this Agreement, all Anonymized End User Data, and the Anonymized Database, shall be belong
to, and be solely owned by, Licensor from the time of their creation. Licensee hereby assigns, transfers, and conveys any and
all rights, title, and interest in and to any Anonymized End User Data effective at the time of the creation of such Anonymized
Data and otherwise the earliest legally recognized and enforceable point in time if different, and all rights, title, and interest
in and to the Anonymized Data Base and all Proprietary Rights in and to any Anonymized Data and all Proprietary Rights in and
to the Anonymized Database. Licensee shall own during the Term all rights, title, and interest in and to all End User Identifiable
Data and the End User Database, subject to the assignment, transfer, and conveyance and Licensor’s rights thereto under
Section 8.3(b).

 

4.6
Provision of Biosensor Data to Licensee. Licensor shall provide, after receipt of Biosensor Data under an Anonymized Identifier,
certain of such Biosensor Data, as agreed with Licensee.

 

4.7
Provision of all data relating to regulatory approval. Licensee shall provide to Licensor a copy of all data, documents
and material provided to or received from any Regulatory Authority (“Regulatory Data”). Licensee unconditionally and
irrevocable provides a royalty free license to the Licensor to use, modify and exploit the Regulatory Data or incorporate the
Regulatory Data into its own data, documents and material and in relation to which the Licensee will have no Proprietary Rights.

 

5.
Ownership and Reservation of Rights

 

5.1
Reservation of Rights. As between Licensor on the one hand and Licensee and all Licensee Personnel on the other hand, Licensor
solely owns and shall solely retain all rights, title, and interest in and to any and all Biosensor Technology, Anonymized End
User Data, Licensed Material, Licensed Trademarks, all Confidential Information of Licensor, any other Mark and any other Technology
of Licensor or any Affiliate, and all Derivations to or of or from or based on or including any Biosensor Technology, Anonymized
End User Data, Licensed Material, Licensed Trademark, Licensor’s Confidential Information, and/or such other Mark and such
other Technology, and all Proprietary Rights in and to any of the foregoing (including, without limitation, all Biosensor Proprietary
Rights), including, without limitation, all rights and remedies for or against any misappropriation of any of the foregoing Technology
or any infringement or misappropriation of any such Proprietary Right, whether before, on, and/or after the Effective Date (collectively,
“Licensor Property”). All rights in and to any and all Licensor Property are expressly reserved. Licensor does
not, and shall not be deemed or held to make, have made, or have agreed to make, under or in connection with this Agreement or
any performance or activities under or related to this Agreement, any assignment, conveyance, transfer, grant, license (except
solely the License during the Term), or entitlement of any kind of or in or to any right, title, interest, lien, or encumbrance
of any kind in or to or under any Licensor Property. If and to the extent that Licensee or any Licensee Personnel owns, co-owns,
acquires, or is entitled to any right, title, interest, lien, or encumbrance of any kind in or to or covering any Licensor Property,
Licensee hereby irrevocably and unconditionally assigns, transfers, and conveys to Licensor, and Licensee shall cause that any
such Licensee Personnel irrevocably and unconditionally assign, transfer, and convey to Licensor, all of such right, title, interest,
lien, or encumbrance of any kind, all without having any right or claim to any royalty, fee, or other payment or value of any
kind against Licensor or any Affiliate.

 

    	 	10	 

     

    

 

5.2
Improvements. The Licensee agrees that all right, title and interest, including in any Technology or Derivation made by,
or on behalf of, the Licensee in connection with the Biosensor IP will be owned by the Licensor (“Improvement”).
The Licensee agrees to notify the Licensor of each Improvement made by, or on behalf of, the Licensee promptly after it is created.
The Licensee assigns to the Licensor, as a present assignment all future right, title and interest in any intellectual property
rights, including any Proprietary Rights, to each Improvement as soon as those rights are created. The Licensee agrees to sign
all documents and do everything required by the Licensor for the purpose of vesting the intellectual property rights, including
Proprietary Rights, in each Improvement to the Licensor. The Licensor agrees that the Proprietary Rights assigned to it by the
Licensee will form part of the license granted to the Licensee under Section 2.1.

 

5.3
Protection. Subject to Section 5.5, Licensor shall have the sole right to decide whether to, and if so, the right to solely
control over, protecting any of the Biosensor IP, Licensed Trademarks, Licensed Material, and other Licensor Property, including,
without limitation, filing, prosecuting, and/or abandoning any patent application, and obtaining, maintaining, and/or abandoning
any patent, for any Biosensor Technology or other Technology, and filing, prosecuting, and/or abandoning any trademark application,
and obtaining, maintaining, and/or abandoning any trademark, for any Licensed Trademark, Licensed Material, or other Mark, work,
or material, or to otherwise protect any Licensor Property, in and/or outside the Territory. Licensee shall, upon and in accordance
with Licensor’s request, assist Licensee with any such application, registration, patenting, or other protection or procedure.
Subject to Section 5.5, Licensee has no right to, and shall not: (i) file or prosecute, any patent application, seek or obtain
any patent, for or including any Biosensor IP; (ii) file or prosecute any application, or seek or obtain any registration, for
any other Licensor Property; (iii) adopt or use as part of its Mark, or apply for, seek, or obtain a registration in the Territory
or anywhere else in the world of or for, (aa) any Licensed Trademark or (bb) any other Mark of Licensor or (cc) any Affiliate
or any Mark similar to a Licensed Trademark or such other Mark, or (did) any translation or transliteration of any of the foregoing
(all except solely if and to the extent such right is granted expressly by Licensor in a written agreement with Licensee); (iv)
claim any ownership or other right, title, or interest in or to, or challenge the ownership or any right of Licensor or any Affiliate
in or to, or challenge the validity or enforceability of, any Licensor Property; and (v) cause, induce, or permit any third party
to do, or assist any third party with doing, any of the foregoing, whether for the benefit of Licensee, such third party, and/or
any other third party.

 

5.4
Infringement and Enforcement. Licensee shall give written notice to Licensor of any infringement of any Licensed Right
or misappropriation of any Biosensor Technology if, and promptly after, Licensee receives knowledge or suspicion thereof. Licensee
shall cooperate reasonably with Licensor in preventing and stopping any such infringement or misappropriation. Subject to Section
5.5, Licensee shall not take any action or undertake any enforcement of any Licensor Property against any third party, and shall
not cause, induce, or permit any third party to do, or assist any third party with doing, any of the foregoing, whether for the
benefit of Licensee, such third party, and/or any other third party.

 

5.5
Protection and Enforcement by Licensee. If within ten (10) days of a written request by Licensee to take action (i) to
protect any of the Biosensor IP, Licensed Trademarks, Licensed Material, and other Licensor Property in the Territory, or (ii)
to enforce any of the foregoing Intellectual Property in the Territory, Licensor does not agree in writing to take such action,
or if Licensor does not diligently pursue any such action after so agreeing in writing to take such action, Licensee may, at its
own cost and expense, take any action reasonably necessary (x) to protect any of the foregoing Intellectual Property in the Territory,
including, without limitation, filing, prosecuting, and/or abandoning any patent application, and obtaining, maintaining, and/or
abandoning any patent, for any Biosensor Technology or other Technology, and any filing, prosecuting, and abandoning any trademark
application, and obtaining, maintaining, and abandoning any trademark, for any Licensed Trademark, Licensed Material, or other
Mark, work, or material, or to otherwise protect any Licensor Property, or (y) to enforce any of the foregoing Intellectual Property
in the Territory.

 

    	 	11	 

     

    

 

5.6
Further Assurances. Licensee shall take, and cause all Licensee Personnel to take, all such actions and execute all such
documents (including, without limitation, sign and execute any assignment, license, waiver, and other document, provide any testimony
and evidence, and give any other assistance) as and when requested by Licensor to give effect to and implement the sole ownership
of Licensor in and to any and all Licensor Property and/or assist Licensor with protecting and enforcing any of the Licensor Property.

 

6.
Confidentiality and Non-Disclosure

 

6.1
Confidential Information. The term “Confidential Information” means any data, documentation, material,
and information that is owned by a Party or is disclosed, provided, or made available by a Party (such Party, the “Disclosing
Party”) to, or directly or indirectly obtained from the Disclosing Party by, the other Party (the “Receiving
Party”) under or in connection with this Agreement, other than any data, documentation, material, and information that
is Non-Confidential Information. The term “Non-Confidential Information” means solely such information that,
and to the extent it: (i) was known publicly, or was known by the Receiving Party without obligation of confidentiality or non-disclosure,
at the time such Property was provided, disclosed, or made available or accessible by the Disclosing Party to, or obtained from
the Disclosing Party by, the Receiving Party; or (ii) becomes known publicly thereafter through no action or fault of the Receiving
Party or any of its employees, or (iii) is developed, created, discovered, or authored by the Receiving Party independently from
this Agreement and any performance hereunder and independently from, and without reference to, any Confidential Information or
Technology of the Disclosing Party, or acquired from a third party other than under a confidentiality and non-disclosure obligation;
provided, however, that any and all. Notwithstanding the foregoing, (i) all Anonymized End User Data, and all Biosensor Technology
(except for any part of the Biosensor Technology that is, and after it becomes, Non-Confidential Information), shall be conclusively
deemed to be Confidential Information solely of Licensor, and (ii) all End User Identifiable Data shall be deemed to be Confidential
Information of Licensee during the Term until delivery thereof to Licensor under Section 8.3(b).

 

6.2
Permitted Use. The Receiving Party may use, copy, reproduce, and utilize any Confidential Information that is provided
or made accessible by the Disclosing Party to the Receiving Party as necessary for such Receiving Party to perform any obligations
or other activities of the Receiving Party, and to exercise any right that the Receiving Party is granted or has, in or under
this Agreement (collectively, “Permitted Use”).

 

6.3
Permitted Disclosure. The Receiving Party may disclose or make available any Confidential Information of the Disclosing
Party to any employee or contractor of such Receiving Party (and if the Receiving Party is Licensee, only any Licensee Personnel
with, and to the extent of, a need to know such Confidential Information) solely as necessary for any Permitted Use and if and
while such employee or contractor is subject to confidentiality and non-disclosure obligations (whether pursuant to a written
agreement or written policy) that are no less stringent than those in this Section 6 (such employee or contractor, a “Permitted
Disclosee”).

 

6.4
Prohibitions. Except solely to the extent expressly permitted under Section 6.2 and Section 6.3, the Receiving Party hereby
agrees that it will not, directly or indirectly, use, copy, reproduce, utilize, disclose, provide or reveal to, or permit or give
access to, any third party, or publish, disseminate, or distribute, any Confidential Information of the Disclosing Party, or any
part thereof, in whatever form or format.

 

6.5
Obligations. The Receiving Party shall (a) take the same precautions to protect the confidentiality of the Confidential
Information as it takes for its own Confidential Information, but in no event less than reasonable precautions and (b) cause any
and all Persons to which access to the Confidential Information is given by such Receiving Party to enter into non-disclosure
and confidentially agreements with the same terms set forth herein with regard to such Confidential Information. In the event
that applicable law requires disclosure of any Confidential Information, the disclosure of such Confidential Information shall
be subject to the following provisions of this Section 6.5. If the Receiving Party or any employee, agent or contractor is requested
under, or required by, law to disclose any Confidential Information of the Disclosing Party, the Receiving Party shall provide
the Disclosing Party with prompt notice of such request or requirement and reasonably assist the Disclosing Party with seeking
an appropriate protective order or other remedy as decided by the Disclosing Party. If such protective order or other remedy is
not obtained, or to the extent that the Disclosing Party waives compliance with the terms of this Agreement, the Receiving Party
or any Permitted Disclosee will disclose only such of the Confidential Information it is legally required to disclose and will
use its best efforts to ensure that all Confidential Information so disclosed will be accorded confidential treatment.

 

    	 	12	 

     

    

 

6.6
This Agreement. This Agreement, and the terms hereof and thereof, shall be deemed to be Confidential Information of Licensor
only, provided that Licensee may disclose and use this Agreement: (i) in connection with receiving legal or financial advice from
a contractor of Licensee that is subject to a confidentiality obligation regarding this Agreement; (ii) any assertion or enforcement
of any right or remedy under or related to this Agreement; or (iii) if and to the extent required by law upon compliance with
Section 6.5.

 

6.7
On Request. On the request of the Disclosing Party, the Receiving Party must: (i) cease all use of the Confidential Information
of the other party; (ii) destroy or delete all records and copies of the Confidential Information in its possession; (iii) return
to the other party all other Confidential Information of the other party in its possession (including all copies of the same);
and (iv) provide to the other party a written certificate confirming compliance with the requirements of this Section 6.7, provided
that each party may retain one copy of the Confidential Information of the other party to the extent required by law or for use
solely in the event of a dispute arising out of this agreement. In complying with this clause, the Receiving Party shall not be
required to destroy any copies of the Confidential Information which are maintained in electronic form in back-up tapes, servers,
or other sources as a result of the Receiving Party’s normal back-up procedures for electronic data, provided that provided
that such copies are: (v) collected under the Receiving Party’s usual back-up processes; (vi) are not readily accessible
by the Receiving Party; and (vii) no attempt is made to recover such Confidential Information from the back-up tapes, servers
or other sources (except for legal or compliance purposes).

 

7.
Warranties; Liability

 

7.1
Representations and Warranties. Each Party represents and warrants that it has the authority to enter into this Agreement,
it is not a party to any agreement of any kind that will or may prevent Licensee from entering into or performing its obligations
under this Agreement, and the execution, delivery and performance of this Agreement by such Party has been duly and properly authorized
by all necessary corporate actions, and this Agreement constitutes the valid and binding obligation of such Party. In addition,
Licensee warrants and represents that it will engage in any activities under this Agreement in a professional, good and workmanlike
manner in compliance with all applicable law and all good business and medical professional ethics in the Territory, that it will
not, directly or indirectly, claim ownership or co-ownership in or to, or challenge or contest Licensor’s ownership or rights
in or to, or the validity or enforceability of, any Licensor Property, or assist or support any third party making such claim,
challenge, or contest, that it will perform all activities under this Agreement without disclosing, deliberately or inadvertently,
any confidential information of a third party or misappropriating or violating any third party’s property or right. The
Licensor represents and warrants to the Licensee that it is the legal and beneficial owner of all intellectual property rights
in respect of the Licensed Property and the exercise by the Licensee of its rights under this Licence Agreement in respect of
the Licenced Product will not violate any third party’s property or right.

 

7.2
DISCLAIMER. WITH THE SOLE EXCEPTION OF A PARTY’S WARRANTIES EXPRESSLY SET FORTH IN SECTION 7.1, SUCH PARTY DOES NOT
MAKE ANY REPRESENTATION OR WARRANTY OR CONDITION, AND SUCH PARTY HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES AND CONDITIONS
OF ANY KIND, EXPRESS, IMPLIED, AND STATUTORY. LICENSOR EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES AND CONDITIONS
RELATED TO ANY LICENSED PRODUCT, LICENSED TRADEMARK, LICENSED MATERIAL, LICENSED RIGHTS, BIOSENSOR TECHNOLOGY, AND LICENSOR PROPERTY,
INCLUDING, WITHOUT LIMITATION, ALL WARRANTIES AND REPRESENTATIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT,
TITLE, OR WORKMANSHIP.

 

    	 	13	 

     

    

 

7.3
EXCLUSION AND LIMITATION OF LIABILITY. IN NO EVENT SHALL A PARTY BE LIABLE TO THE OTHER PARTY OR ANYBODY CLAIMING THROUGH
THE OTHER PARTY FOR ANY INCIDENTAL, CONSEQUENTIAL, INDIRECT, PUNITIVE, SPECIAL, OR LIQUIDATED DAMAGES OR LOSSES, INCLUDING, WITHOUT
LIMITATION, PROPERTY DAMAGE, DEATH, PHYSICAL OR PSYCHOLOGICAL HARM OR INJURY, LOST BUSINESS OR LOST PROFITS, OF ANY KIND UNDER
OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY SUCH DAMAGES THAT ARISE FROM ANY USE OF ANY LICENSED
TECHNOLOGY. IF A PARTY IS LIABLE FOR ANY DIRECT DAMAGES OR LOSSES UNDER THIS AGREEMENT, OR FOR ANY DAMAGES OR LOSSES THAT CANNOT
BE VALIDLY EXCLUDED UNDER THE FOREGOING PROVISION OF THIS SECTION 7.3, THE TOTAL AND AGGREGATE DAMAGES AND LOSSES FOR WHICH SUCH
PARTY IS LIABLE UNDER THIS AGREEMENT SHALL BE LIMITED IN THE AGGREGATE TO THE SUM OF THE ROYALTY PAID BY LICENSEE TO LICENSOR
UNDER THIS AGREEMENT WITHIN TWELVE (12) MONTHS PRIOR TO ASSERTING SUCH CLAIM FOR SUCH DAMAGES AND LOSSES, BUT IN NO EVENT MORE
THAN THE AGGREGATE AND TOTAL OF ALL ROYALTY AMOUNTS PAID BY LICENSEE TO LICENSOR UNDER THIS AGREEMENT. WITHOUT LIMITING THE FOREGOING,
IN NO EVENT SHALL LICENSOR HAVE ANY INDEMNITY, CONTRIBUTION, OR OTHER OBLIGATION OR LIABILITY WITH REGARD TO ANY OBLIGATION OR
LIABILITY OF LICENSEE OR ANY LICENSEE PERSONNEL, REGARDLESS OF THE LEGAL BASIS OF ANY SUCH OBLIGATION OR LIABILITY AND WHETHER
OR NOT LICENSOR HAS BEEN NOTIFIED OF THE RISK THEREOF. NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS SECTION 7.3, IN NO EVENT
SHALL ANY LIABILITY OR OBLIGATION OF LICENSEE (i) UNDER SECTIONS 4, 5, 6, 7.4, AND/OR 8.3, OR FOR ANY PERFORMANCE, OR FOR ANY
BREACH OF OR DEFAULT UNDER OR NON-PERFORMANCE OF, ANY OBLIGATION OR LIABILITY UNDER SECTIONS 4, 5, 6, 7.4, AND/OR 8.3, OR (ii)
FOR INFRINGEMENT OF ANY PROPRIETARY RIGHT, OR FOR MISAPPROPRIATION OF ANY TECHNOLOGY, OF LICENSOR OR A THIRD PARTY AFFILIATE OF
LICENSOR, OR (iii) TO THE EXTENT LICENSEE’S LIABILITY MAY NOT BE EXCLUDED UNDER APPLICABLE LAW, OR (iv) FOR ANY COMPENSATION
OR OTHER PAYMENT OWED TO LICENSOR UNDER THIS AGREEMENT, BE EXCLUDED OR LIMITED UNDER THIS SECTION 7.3.

 

7.4
Indemnity by Licensee. Licensee hereby agrees to defend, indemnify, and hold harmless Licensor, all Affiliates, and all
officers, directors, employees, and agents of Licensor or any Affiliate (collectively, the “Indemnitees”) from
and against any claim, action, suit, litigation, demand, allegation, arbitration, proceeding, judgment, order, damages, loss,
liability, injury, costs, expenses (including, without limitation, reasonable attorneys’ fees and witness and other defense
costs), settlement, and other payment obligation of any Indemnitee arising from or in connection with or related to: (i) any promotion,
marketing, import, representation, offer, sale, resale, distribution, or supply of any Licensed Product or any Commercial Unit
or violation of this Agreement, (ii) any activities of performance of, or any claims by, or any non-conformance or conduct of,
any Licensee Personnel, (iii) any collection, storage, processing, transmission, disclosure including unauthorized disclosure,
or use of any Anonymized End User Data or any End User Identifiable Data, including any data or security breach or Interference,
or any Database, or any failure to comply with any provision of Section 4 or any applicable law related to any data or information
including, without limitation, any failure to obtain all required consents and approvals for collection, storage, processing,
transmission, disclosure, and use of any Anonymized End User Data or any End User Identifiable Data as provided or contemplated
under this Agreement, (iv) any direct or indirect infringement or violation of any Proprietary Right of any third party resulting
from, in connection with, or related to any activities of Licensee or any Licensee Personnel, and/or (v) any negligence or willful
misconduct or violation of any applicable law of Licensee or any Licensee Personnel (regardless of any contributory or comparative
negligence of any Indemnitee, but not for any damages to the extent resulting from such contributory or comparative negligence
of any Indemnitee).

 

7.5
Savings Clause. Only in the event, and solely to the extent, that any part or provision of the foregoing provisions in
this Section 7 is invalid or unenforceable in any particular state or jurisdiction, such part or provision shall be interpreted
both to be valid and enforceable and to conform to the greatest extent possible to the intent and purpose of such part or provision
as set forth in this Section 7 and this Agreement.

 

    	 	14	 

     

    

 

7.5A
Indemnity by Licensor. Licensor hereby agrees to defend, indemnify, and hold harmless Licensee, all Affiliates, and all
officers, directors, employees, and agents of Licensee or any Affiliate (collectively, the “Licensee Indemnitees”)
from and against any claim, action, suit, litigation, demand, allegation, arbitration, proceeding, judgment, order, damages, loss,
liability, injury, costs, expenses (including, without limitation, reasonable attorneys’ fees and witness and other defense
costs), settlement, and other payment obligation of any Licensee Indemnitee arising from or in connection with or related to:
(i) any third party claim that the exercise by the Licensee of its rights under this License Agreement in respect of the Licensed
Product is in violation of their property or rights, and (ii) any Licensed Product regulatory or quality recall or any consumer
or user claims or liability in relation to Licensed Product (regardless of any contributory or comparative negligence of any Licensee
Indemnitee, but not for any damages to the extent resulting from such contributory or comparative negligence of any Licensee Indemnitee).

 

8.
Term; Termination

 

8.1
Term.

 

This
Agreement shall commence on the Effective Date and continue until terminated in accordance with Section 8.2.

 

8.2
Termination.

 

a.
Licensee may terminate this Agreement by providing Licensor with written notice of termination in the event: (i) of a material
breach of this Agreement by Licensor, which material breach shall be identified in such written notice, and which termination
shall become effective at the end of thirty (30) days of such written notice of termination unless Licensor fully cured such material
breach within such thirty (30) day period; or (ii) that Licensor discontinues its business operations, takes steps to dissolve
or cease to exist, admits its inability to pay its debts as they become due, files or is or becomes subject to a petition in bankruptcy
(or similar reorganization proceeding) or makes a general assignment for the benefit of its creditors, or becomes subject to the
appointment of a receiver. Licensee also may terminate this Agreement at any time after the tenth (10th) anniversary of the Effective
Date by providing Licensor 180 days’ prior written notice.

 

b.
Licensor may terminate this Agreement by providing Licensee with written notice of termination in the event that Licensee discontinues
its business operations in relation to the Licensed Products, or takes steps to dissolve or cease to exist.

 

8.3
Effect of the End of the Term.

 

a.
Upon the termination of this Agreement, Licensee shall, and Licensee shall cause Licensee Personnel to, (i) immediately cease
any promotion, marketing, import, representation, offer, sale, resale, distribution, or supply of any Licensed Product, use of
any Licensed Trademarks and any Licensed Material, and any other licensed activities, (ii) pay all amounts of Compensation owed
and unpaid, (iii) return to Licensor (or, if and to the extent expressly requested by Licensor to Licensee, irretrievably destroy
or dispose of as directed by Licensor) all Licensed Products not sold (provided that Licensee shall deliver any Licensed Product
at that time already sold by Licensee), all Confidential Information of Licensor, all copies of any Licensed Material, and any
other Licensor Property in the direct or indirect possession or control of Licensee or any Licensee Personnel, and (iv) irretrievably
delete any copy or manifestation of any Confidential Information of Licensor and any Licensed Material that may remain in the
possession or control of Licensee or any Licensee Personnel after such return, destruction, or disposal. Upon Licensor’s
request, Licensee shall certify to Licensor Licensee’s full compliance with the terms of this Section 8.3(a).

 

b.
Upon the termination of this Agreement, Licensee shall promptly: (i) transfer to Licensor each Database and the Correlation Database,
together with all passwords and access information thereto, in an unencrypted, readable, and formattable form with all data and
information therein or related thereto (including, without limitation, all End User Identifiable Data), keeping the Anonymized
Database and its data strictly separate from the End User Identifiable Databased and its data, and keeping each Database strictly
separate from the Correlation Database, and (ii) following such successful transfer and receipt by Licensor, following confirmation
thereof by Licensor, irretrievably and finally delete all Anonymized End User Data, all Anonymized Identifiers, all End User Identifiable
Data, and all other data and information related to any End User or Anonymized Identifier, in the possession or under the control
of Licensee or any Licensee Personnel, and (iii) certify to Licensor Licensee’s full compliance with the terms of this Section
8.3(b).

 

    	 	15	 

     

    

 

c.
Upon the termination of this Agreement in any way, Licensee shall promptly transfer all Regulatory Approvals and any other approvals
applied for or held by the Licensee to Licensor or a third party or third parties identified by Licensor to Licensee, and take
any action necessary to legally effect such transfer, at Licensee’s risk, responsibility, cost, and expense. Licensee may
not transfer, agree to transfer, promise, or be committed in any way to transfer any Regulatory Approval/ and any other approvals
applied for or held by the Licensee to any third party without Licensor’s express prior written consent.

 

8.4
Survival. All provisions in Section 3 (with regard to any Compensation owed and unpaid), Section 4.5, Sections 4.1-4.4
and 4.6 (with regard to any performance or non-performance prior to compliance with Section 8.3(b)), Section 5, Section 6 (other
than Sections 6.2 and 6.3), Section 7, Section 8.3, and Section 9, and this Section 8.4, and Section 1 as relating to such surviving
provisions, shall survive the termination, cancellation or expiration of this Agreement.

 

9.
Miscellaneous

 

9.1
Remedies; Injunctive Relief. Licensee recognizes that, in the event of any breach or anticipated breach of any provisions
in Sections 2, 4, 5, 6, and/or 8.3 by Licensee, Licensor’s right to damages may not be sufficient to avoid, prevent, or
compensate Licensor for any harm arising from such breach. Therefore, Licensee expressly agrees that Licensor is entitled to seek
injunctive relief or specific performance, without need or obligation to post any bond, to enforce any right, license, obligation,
agreement, covenant, term and condition in or under Sections 2, 4, 5, 6, and/or 8.3 against Licensee, in addition to any other
rights and remedies available to Licensor, including, without limitation, any damages, all as Licensor elects in its sole discretion.

 

9.2
Relationship of the Parties. The Parties agree that they are independent contractors and will always represent themselves
to any third parties only as an independent contractor. The Parties are not, and nothing in this Agreement shall be interpreted
that the Parties are, partners, joint venturers, co-owners or otherwise participants in a joint or common undertaking. The employees
or agents of one Party are not, and shall not be construed to be, employees or agents of the other Party, and such other Party
shall not be liable for, have any obligations to, and may not be bound by such employees and agents of the first Party.

 

9.3
Compliance with Law. Each Party shall perform all activities and obligations under or in connection with this Agreement
in accordance with all applicable law. Each Party shall comply with all applicable trade, import and export laws, rules and regulations
with respect to any Licensed Product and Licensed Material and their use or deliverable. If requested by a Party, the other Party
agrees to sign written assurances and other export-related documents as may be required to comply with U.S. export regulations.
In addition, each Party specifically agrees to comply with all applicable anti-corruption law (including, without limitation,
the U.S. Foreign Corrupt Practices Act, as amended from time to time, the Bribery Act 2010 of the United Kingdom, and any other
applicable foreign or domestic anti-bribery and anti-corruption laws and regulations, and any laws intended to implement the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions).

 

9.4
Assignment. Licensee may not transfer this Agreement, or assign any right or delegate any responsibility or obligation
of Licensee under this Agreement, in whole or in part, without the prior written consent of Licensor. Any attempted transfer,
assignment, or delegation by Licensee in contravention of the foregoing shall be null and void. Licensor may transfer this Agreement,
and assign any right and delegate any responsibility or obligation of Licensor, at any time without consent or notice to Licensee.
This Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the Parties. Nothing
in this Agreement shall prevent Licensor from, or limit Licensor in, assigning or transferring or granting any right (subject
to Section 2.2) in or to any Licensor Property.

 

    	 	16	 

     

    

 

9.5
Entire Agreement; Amendment; Waiver. This Agreement constitutes the entire understanding and agreement between the Parties
hereto related to the subject matter hereof. Neither this Agreement nor any term or provision hereof may be waived, changed, discharged
or terminated except by an instrument in writing signed by the person against whom the enforcement of any waiver, change, discharge
or termination is sought. No modification, amendment, supplement to or waiver of any provision of this Agreement will be binding
upon the Parties unless made in a writing identifying the relevant provisions and signed by each Party through its authorized
representative. A failure of either Party to exercise any right provided for herein shall not be deemed to be a waiver of any
right hereunder. An transfer, assignment, or delegation permitted under Section 9.4 shall not constitute any modification, amendment,
variation, or extension under the immediately preceding sentence if this Agreement does not change as a result of such assignment
(other than the identity and contact information of the assignor to the assignee).

 

9.6
Governing Law. THE VALIDITY, ENFORCEABILITY, INTERPRETATION, AND PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY UNITED
STATES FEDERAL LAWS, TO THE EXTENT APPLICABLE, AND THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REGARD
OF ANY CONFLICT OF LAWS PROVISION THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION, AND THE TERMS OF
THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH SUCH LAWS.

 

9.7
Disputes

 

a.
In the event of any controversy or claim arising out of, relating to or in connection with the License, any provision of this
Agreement, or the rights or obligations of the Parties hereunder, the Parties shall try to settle their differences amicably between
themselves. Either Party may initiate such informal dispute resolution by sending written notice of the dispute to the other Party,
and within ten (10) days after such notice appropriate representatives of the Parties shall meet for attempted resolution by good
faith negotiations. If such representatives are unable to resolve promptly such disputed matter, it shall be referred to the CEO
(or equivalent) of Licensor and to the CEO (or equivalent) of Licensee, for discussion and resolution. If such personnel are unable
to resolve such dispute within thirty (30) days of initiating such negotiations, unless otherwise agreed by the Parties, such
dispute shall proceed to mediation as provided under Section 9.7(b).

 

b.
If a dispute arises out of or relates to this Agreement, or the breach thereof, and if the dispute cannot be settled through negotiation,
then the Parties agree to try in good faith to settle the dispute by non-binding mediation with a neutral mediator; provided,
however, that, in the case of a legal dispute, if such mediation has not occurred within sixty (60) days after a written
request for mediation by either Party, then either Party may proceed to resolution pursuant to Section 9.7(c). Each Party has
the right to pursue provisional relief from any court, such as attachment, preliminary injunction, replevin, etc. to avoid irreparable
harm, maintain the status quo, or preserve the subject matter of the dispute, even though mediation has not been commenced or
completed.

 

c.
Any dispute of a legal nature arising out of or connected with the interpretation or enforcement of the legal duties, rights and
obligations under this Agreement, including without limitation, its validity, application or termination, that cannot be settled
by negotiation pursuant to Section 9.7(a) or mediation pursuant to Section 9.7(b) shall be referred to and finally resolved by
arbitration by the ICC International Court of Arbitration of the International Chamber of Commerce. The arbitration shall consist
of a single arbitrator mutually agreed by the Parties, or, in the absence of such agreement, the arbitration shall consist of
a panel of three (3) arbitrators who shall arbitrate the dispute, one to be selected by Licensor, one to be selected by Licensee,
and the third to be selected by mutual agreement of the first two (2) arbitrators so selected. Any arbitration shall take place
in Sydney, Australia, and any arbitration proceeding shall be conducted according to the laws selected under Section 9.6. The
Parties shall conduct the arbitration as expeditiously as possible. Within fifteen (15) days after the conclusion of the arbitration
hearing, the arbitrators shall issue a written award and statement of decision describing the essential findings and conclusions
on which the award is based, including the calculation of any damages awarded. The arbitrators shall not be authorized to reform,
modify or materially amend this Agreement or any provision hereof. The arbitrators shall be authorized to grant any temporary,
preliminary or permanent equitable remedy or relief that they determine to be just or equitable and within the scope of this Agreement,
including an injunction or order for specific performance. The award of the arbitrator shall be final and binding and may be enforced
by any court having jurisdiction. The Parties waive any right to appeal the arbitration award, to the extent a right to appeal
may be lawfully waived. Each Party retains the right to seek judicial assistance (i) to compel arbitration; (ii) to obtain interim
measures of protection pending or during arbitration; and (iii) to enforce any decision of the arbitrator, including the final
award.

 

    	 	17	 

     

    

 

d.
Notwithstanding the provisions of Sections 9.7(a) – 9.7(c), (i) Licensor may seek, obtain, and enforce any injunctive relief
(including, without limitation, for preliminary, emergency, temporary, permanent, or final injunction, specific performance, or
other similar relief under any applicable law) pursuant to Section 9.1, for any threatened or commenced infringement of any Proprietary
Right or misappropriation of any Technology, and/or for asserting any ownership in or to any Licensor Property; and (ii) Licensor
may, but shall not obligated to, proceed under Sections 9.7(a) – 9.7(c) with regard to any cross-claim or third-party claim
or other assertion of a claim by Licensor in a third party’s legal proceeding against Licensor, Licensee, or both Parties.
With respect to any of the foregoing in this Section 9.7(d), and with regard to the enforcement of any arbitration award rendered
pursuant to Sections 9.7(a) – 9.7(c), each Party consents and submits to the non-exclusive jurisdiction of, waiving any
objections to personal jurisdiction in, competent state and federal courts in the State of New York, United States of America
for any litigation or proceeding, and to the venue of such litigation or proceeding in New York City (Borough of Manhattan), New
York, United States of America.

 

e.
All proceedings under this Section 9.7 shall be conducted in the English language and all documents exchanged between the Parties
and/or submitted in the context of a proceeding under this Section 9.7 shall be in English or shall be accompanied with a certified
English translation of the original document.

 

9.8
Severability. If any provision of this Agreement is held to be invalid or unenforceable, the meaning of said provision
will be construed, to the extent feasible, so as to render the provision enforceable, and if no feasible interpretation shall
save such provision, it will be severed from the remainder of this Agreement, as appropriate. The remainder of this Agreement
shall remain in full force and effect unless the severed provision is essential and material to the rights or benefits received
by either Party. In such event, the Parties will use their best efforts to negotiate, in good faith, a substitute, valid and enforceable
provision or agreement, which most nearly effects the Parties’ intent in entering into this Agreement, as appropriate.

 

9.9
Notices. All notices, demands, or other communications to be given or delivered to a Party under or by reason of a provision
of this Agreement shall be in writing and shall be deemed to have been given to such Party when: (i) delivered personally to such
Party at, or sent to such Party by reputable express courier service (charges prepaid) to, such Party’s address set forth
in the caption of this Agreement or another address notified hereunder in writing at least thirty (30) days before such notice,
demand, or other communication by such Party to the other Party, addressed to the attention of (a) the CEO (or equivalent) if
notice is to Licensee, or (b) addressed to the attention of CEO (or equivalent) if notice is to Licensor.

 

9.10
Counterparts. This Agreement may be executed in one or more counterparts (any one of which may be by facsimile or PDF),
all of which shall constitute one and the same agreement.

 

9.11
Consent. Any waiver or consent that may be provided by Licensor under this Agreement may be given or not given in Licensor’s
sole discretion having regard to, amongst other things, without limitation, its own business interests.

 

10.
Additional rights in relation to platform technology.

 

10.1
Right of First Refusal. In the event that the Licensor develops intellectual property using a printable organic thin film
transistor for the detection or measurement of indicators other than the Indicators (“New Indicator IP”) and
is seeking to license the use of the New Indicator IP in the Territory, the Licensor must notify the Licensee in writing of the
terms of the proposed New Indicator IP license. The Licensee shall have thirty (30) days from the date of provision by the Licensor
of a license agreement in relation to the New Indicator IP to exercise its right to enter into the license agreement and Licensor
shall negotiate in good faith with Licensee during such 30 day period. In the event that the Licensee does not exercise its rights
under this Section 10 to enter into a license agreement in the Territory in respect of any New Indicator IP, Licensor may license
the New Indicator IP to any party in its discretion, without further reference to the Licensee; provided the economic terms of
such license are no more favorable to such party than the economic terms of the last license agreement offered to Licensee.

 

[Signature
Page Follows]

 

    	 	18	 

     

    

 

IN
WITNESS WHEREOF, each Party has executed this Agreement as of the Effective Date.

 

	LICENSOR:	 	LICENSEE:
	 	 	 
	Life
    Science Biosensor Diagnostics Pty Ltd.	 	GBS
    Inc
	 	 	 	 	 
	By:	/s/
    Con Tsigounis	 	By:	/s/
    Harry Simeonidis
	Name:	Con
    Tsigounis	 	Name:	Harry
    Simeonidis
	Title:	Director	 	Title:	President
	Date:	 12
     September 2019	 	Date:	 12
     September 2019

 

 

    	 	19	 

     

    

 

Schedule
1

 

Licensed
Products

 

The
Licensed Product comprises a product using the Organic Thin Film Technology, the Biosensor Technology encompassing but not limited
to:

 

	 	●	a
    biosensor strip for one or more Indicator, including glucose Indicators; and
	 	●	a
    proprietary smartphone application for the purpose reading, storing, analyzing and providing patient support programs for
    any one or more of the Indicators; and/or
	 	●	a
    dedicated sensor strip reading device

 

that
is derived from the Licensed Rights.

 

    	 	Schedule 1 - 1	 

     

    

 

Schedule
2

 

Licensed
Rights

 

As
advised by the Licensor to the Licensee from time to time in writing, but includes the following:

 

	 	1.	The
    invention(s) described in PCT/AU2013/000207 and associated patent applications: Australian provisional patent application
    2012900885; PCT/AU2013/000207; Chinese patent application 201380022888.2; US patent application 14/382927;
	 	 	 
	 	2.	The
    invention(s) described in the publication ‘printable organic thin film transistors for glucose detection incorporating
    ink jet printing of the enzyme recognition element, and the invention(s) described in PCT/AU2016/050555 and associated patent
    applications: PCT/AU2016/050555 and the National Phase applications it will ultimately produce; and
	 	 	 
	 	3.	all
    project intellectual property within the field,

 

and
any other rights in relation to such inventions with respect to existing and future patents (including any divisions, continuations,
continuations in part, renewals, reissues, extensions, supplementary protection certificates, utility models and foreign equivalents)
and rights with respect to existing and future patent applications and patentable inventions in respect of glucose detection.

 

    	 	Schedule 2 - 1	 

     

    

 

Schedule
3

 

Licensed
Trademarks

 

Common
law trade mark ‘Glucose Biosensor’

 

Such
registered marks as advised in writing by the Licensor to the Licensee from time to time

 

    	 	Schedule 3 - 1	 

     

    

 

Schedule
4

 

Royalties

 

1.
For each jurisdiction in the Territory, for the one year period commencing on the first day of the first fiscal quarter that starts
after the receipt of all required Regulatory Approvals in such jurisdiction, and for the one year period commencing on each anniversary
of such day (each, a “Royalty Year”), the Licensee must pay the Licensor the Yearly Projected Royalties (as
defined below), in four equal installments (the “Royalty Installments”) on the first day of each fiscal quarter
during such Royalty Year (each, a “Royalty Quarter”) or by the 5th day after the Yearly Projected
Royalties for the Royalty Year have been determined in accordance with this Schedule, if later.

 

2.
At the end of each fiscal quarter, the Licensee will calculate the actual royalties that were generated in accordance with Section
5 of this Schedule in each jurisdiction in the Territory in that fiscal quarter (“Actual Quarterly Royalties”)
and submit such calculations to the Licensor (“Royalty Calculations”). Within 3 days after receiving the Royalty
Calculations, the Licensor will either confirm in writing that it accepts the Royalty Calculations or provide written calculations
or other evidence showing any adjustments it requires the Licensee to make to the Royalty Calculations (“Royalty
Amendment Notice”). Within 3 days after receiving the Royalty Amendment Notice, the Licensee must amend the Royalty
Calculations to conform with the Royalty Amendment Notice, unless the calculations in the Royalty Amendment Notice are materially
incorrect. If the Licensee, acting reasonably, forms the opinion that the calculations in the Royalty Amendment Notice are materially
incorrect, then the procedure under section 9.7 of the Agreement will apply for the purpose of determining the correct Royalty
Calculations.

 

3.
For any jurisdiction and fiscal quarter with respect to which a Royalty Installment was paid, if the Actual Quarterly Royalties
for such jurisdiction and fiscal quarter (as provided by the Royalty Calculations) are greater than the Royalty Installment for
such jurisdiction and fiscal quarter, the Licensee will pay the Licensor the calculated difference between the Actual Quarterly
Royalties and the Royalty Installment for such jurisdiction and fiscal quarter within 30 days after the Royalty Calculations are
accepted by the Licensor or resolved by the parties under section 9.7. For the avoidance of doubt, each Royalty Installment shall
act as the minimum royalty payment, and there will be no adjustment if the Actual Quarterly Royalties for a jurisdiction are less
than the Royalty Installment for a jurisdiction for a Royalty Quarter.

 

4.
For any jurisdiction and fiscal quarter with respect to which a Royalty Installment was not paid, the Licensee will pay the Licensor
the Actual Quarterly Royalties for such jurisdiction and fiscal quarter within 30 days after the Royalty Calculations are accepted
by the Licensor or resolved by the parties under section 9.7.

 

5.
Royalty payments shall be:

 

	 	a.	13%
    based on Net Sales of Commercial Units prior to the latest Expiry Date of the Patents covered by the License, and 3% based
    on Net Sales of Commercial Units after such date; and
	 	 	 
	 	b.	13%
    based on Net Sales of an optional dedicated reading device.

 

6.
No later than 30 days prior to the beginning of each Royalty Year for a jurisdiction in the Territory, the parties agree to meet
in good faith to determine the expected market growth of such jurisdiction during such Royalty Year in respect of the traditional
addressable blood glucose monitoring market in such jurisdiction plus the then existing market for the Licensed Product (“Expected
Market Growth”). The Expected Market Growth will be based on ‘off the shelf’ market research as agreed between
the parties. If the parties cannot agree on the Expected Market Growth or cannot agree that a 7% Additional Growth Percentage
(as defined below) is reasonably attainable by the Company, within 7 days prior to the beginning of a Royalty Year, either party
may commission an independent qualified third party to determine the Expected Market Growth for the period and the Additional
Growth Percentage that is reasonably attainable. The parties agree to share the cost of any such third-party report commissioned.
The Expected Market Growth and Additional Growth Percentage either determined by agreement between the parties or reported by
a commissioned third party will be applied annually at the first day of each Royalty Year.

 

    	 	Schedule 4 - 1	 

     

    

 

7.
The Licensee must, on the first day of each Royalty Year for each jurisdiction in the Territory for which all required Regulatory
Approvals have been received, or on such later date as the Expected Market Growth and Additional Growth Percentage have been determined
in accordance with Section 6 of this Schedule, submit to the Licensor the Yearly Projected Royalties for such jurisdiction and
Royalty Year. The “Yearly Projected Royalties” shall be calculated in accordance with Section 5 of this Schedule
based on sales projections for Commercial Units to be sold by the Licensee in such jurisdiction during such Royalty Year as follows:

 

	 	a.	for
    the first Royalty Year for a jurisdiction in the Territory, the sales projections for the quantity of Commercial Units to
    be sold by the Licensee in that Royalty Year shall be as determined and agreed by the parties, and
	 	 	 
	 	b.	for
    each subsequent Royalty Year for a jurisdiction in the Territory, the sales projections for the quantity of Commercial Units
    to be sold by the Licensee in that Royalty Year shall be the Commercial Units sold during the prior Royalty Year multiplied
    by the Expected Market Growth, plus 7%, or such other percentage as is determined in accordance with Section 6 of this Schedule,
    for each Royalty Year through the tenth (10th) Royalty Year (the “Additional Growth Percentage”).

 

8.
For the avoidance of doubt, Actual Quarterly Royalties, Royalty Calculations, Royalty Amendment Notices, Expected Market Growth,
Additional Growth Percentages, Yearly Projected Royalties and Actual Quarterly Royalties are calculated, projected and determined
on a jurisdiction by jurisdiction basis.

 

    	 	Schedule 4 - 2	 

     

    

 

Schedule
5

 

Requirements

 

Licensee
shall promote, market, manufacture, import, offer, sell, and supply the Licensed Products, and all Commercial Units, in accordance
with all applicable law and the following requirements, or as otherwise advised in writing by the Licensor:

 

	 	1.	All
    Licensed Products and Commercial Units will be manufactured and supplied to each distributor or End User without the supply
    or inclusion of any other product in accordance with: (i) any Regulatory Approvals and laws regulations and by-law of any
    Regulatory Authority; and (ii) any Good Manufacturing Practices; 
	 	 	 
	 	2.	All
    Licensed Products must be promoted and offered for use only in accordance with its regulatory approved use in the Territory
    and in accordance with all relevant medical governance regulation;
	 	 	 
	 	3.	Ensure
    that all Licensed Product is packaged in accordance with all regulatory requirements in the Territory including in an accepted
    language in the Territory;
	 	 	 
	 	4.	The
    Licensed Products and Commercial Units must be supplied to distributors or End Users, in accordance with any Regulatory Approvals
    received from Regulatory Authorities. The Licensee must not interfere with, re-arrange, add or subtract from the supplied
    packaging of the Licensed Products and Commercial Units;
	 	 	 
	 	5.	The
    Licensed Products and Commercial Units must be supplied to distributors or End Users in the label and packaging form as approved
    by any Regulatory Authority and may not include any branding of the Licensee or any other third party; 
	 	 	 
	 	6.	The
    Licensed Products and Commercial Units must be supplied to each End User in quantities as directed by the Licensor in writing;
	 	 	 
	 	7.	Licensee
    must satisfy all regulatory requirements pertinent to vigilance and risk management of the device as provided by the Regulatory
    Authorities.
	 	 	 
	 	8.	Sufficient
    records must be collated and retained to allow all Licensed Products and Commercial Units to be recalled if required by any
    government agency in the Territory or the Licensor; and
	 	 	 
	 	9.	The
    Licensor must retain samples of each batch of the Licensed Products for a period of 7 years.
	 	 	 
	 	10.	The
    Licensor must, subject to regulatory requirements in the Territory, package all Licensed Product in accordance with the reasonable
    written requirements of the Licensee.
	 	 	 
	 	11.	The
    Licensor must to the best of its abilities supply and fulfill requests for all materials & information within its control
    necessary for the licensee to fulfill its obligations under this agreement. 

 

    	 	Schedule 5 - 1Exhibit 4.5

 

DD3 ACQUISITION CORP.

 

DESCRIPTION OF SECURITIES

 

The following summary
of the material terms of the securities of DD3 Acquisition Corp. (“we,” “us,” “our” or “the
company”) is not intended to be a complete summary of the rights and preferences of such securities and is subject to and
qualified by reference to our amended and restated memorandum and articles of association incorporated by reference as an exhibit
to the company’s Annual Report on Form 10-K for the year ended June 30, 2019 (the “Report”), and applicable British
Virgin Islands law. We urge you to read our amended and restated memorandum and articles of association in their entirety for a
complete description of the rights and preferences of our securities.

 

Certain Terms

 

In this document,
unless the context otherwise requires:

 

		·	references to our “sponsor”
refer to DD3 Mex Acquisition Corp, a company affiliated with our executive officers;

 

		·	references to “founder shares”
refer to our ordinary shares initially purchased by our sponsor in a private placement prior to our initial public offering;

 

		·	references to “initial shareholders”
refer to the holders of the founder shares prior to our initial public offering and their permitted transferees, as applicable;

 

		·	references to “ordinary shares”
refer to our ordinary shares, no par value;

 

		·	references to “public shares”
and “public warrants” refer to our ordinary shares and warrants which were sold as part of the units in our initial
public offering;

 

		·	references to “public shareholders”
refer to the holders of our public shares, including our sponsor, officers and directors to the extent they purchase public shares,
provided that their status as “public shareholders” shall only exist with respect to such public shares;

 

		·	references to “private units”
refer to the units that were sold in private placements in connection with our initial public offering;

 

		·	references to “private shares”
and “private warrants” refer to our ordinary shares and warrants which were sold as part of the private units;

 

		·	references to “management”
or our “management team” refer to our officers and directors;

 

		·	references to “EarlyBirdCapital”
refer to EarlyBirdCapital, Inc.; and 

 

		·	references to “representative’s
shares” refer to the ordinary shares issued in connection with our initial public offering to EarlyBirdCapital, as representative
of the several underwriters.

 

General

 

We are a company incorporated
in the British Virgin Islands as a BVI business company (company number 1987067) for the purpose of entering into a merger, share
exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities, which we refer to in this document as our initial business combination, and our affairs are governed
by our amended and restated memorandum and articles of association, the BVI Business Companies Act, 2004, or the Companies Act,
and the common law of the British Virgin Islands. We are authorized to issue an unlimited number of ordinary shares of no par value
and preferred shares of no par value. The following description summarizes certain terms of our securities as set out more particularly
in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information
that is important to you.

 

Units

 

Each unit consists
of one ordinary share and one warrant. Each warrant entitles the holder to purchase one ordinary share at $11.50 per share. The
ordinary shares and warrants underlying the units began to trade separately on October 23, 2018, and holders have the option to
continue to hold units or separate their units into the component pieces.

 

     

     

    

 

Ordinary Shares

 

As of the date of
the Report, there were 7,223,200 ordinary shares outstanding, consisting of 5,565,000 public shares, 27,825 representative’s
shares, 239,125 private shares held by the initial shareholders and 1,391,250 founder shares held by the initial shareholders.

 

Under the Companies
Act, the ordinary shares are deemed to be issued when the name of the shareholder is entered in our register of members. Our register
of members is maintained by our transfer agent, Continental Stock Transfer & Trust Company, which entered the name of Cede
& Co. in our register of members on the closing of our initial public offering as nominee for each of the respective public
shareholders. If (a) information that is required to be entered in the register of members is omitted from the register
or is inaccurately entered in the register, or (b) there is unreasonable delay in entering information in the register, a
shareholder of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin
Islands Courts for an order that the register be rectified, and the court may either refuse the application or order the rectification
of the register, and may direct the company to pay all costs of the application and any damages the applicant may have sustained.

 

At any general meeting
on a show of hands every ordinary shareholder who is present in person (or, in the case of a shareholder being a corporation, by
its duly authorized representative) or by proxy will have one vote for each share held on all matters to be voted on by shareholders.
Voting at any meeting of the ordinary shareholders is by show of hands unless a poll is demanded. A poll may be demanded by shareholders
present in person or by proxy if the shareholder disputes the outcome of the vote on a proposed resolution and the chairman shall
cause a poll to be taken. Prior to the consummation of our initial business combination, the rights attaching to ordinary shares
(including those provisions designed to provide certain rights and protections to our ordinary shareholders) may only be amended
by a resolution of persons holding 65% (or 50% if approved in connection with our initial business combination) of our outstanding
ordinary shares attending and voting on such amendment. Other provisions of our amended and restated memorandum and articles of
association may be amended prior to the consummation of our initial business combination if approved by a majority of the votes
of shareholders attending and voting on such amendment or by resolution of the directors. Following the consummation of, or in
connection with, our initial business combination, the rights and obligations attaching to our ordinary shares and other provisions
of our amended and restated memorandum and articles of association may be amended if approved by a majority of the votes of shareholders
attending and voting on such amendment or by resolution of the directors. Our board of directors is divided into three classes,
each of which will generally serve for a term of three years with only one class of directors being elected in each year.
There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the
shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends
when, as and if declared by the board of directors out of funds legally available therefore.

 

We do not currently
intend to hold an annual meeting of shareholders until after we consummate our initial business combination. Therefore, if our
shareholders want us to hold a meeting prior to such consummation, they may requisition the directors to hold one upon the written
request of members entitled to exercise at least 30 percent of the voting rights in respect of the matter for which the meeting
is requested. Under British Virgin Islands law, we may not increase the required percentage to call a meeting above such 30 percent
level.

 

Our amended and restated
memorandum and articles of association require us to provide our public shareholders with the opportunity to redeem their shares
upon the consummation of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest (net of taxes payable), divided by the number of then outstanding public
shares, subject to the limitations described herein and any limitations (including but not limited to cash requirements) agreed
to in connection with the negotiation of terms of a proposed business combination. For illustrative purposes, based on funds in
the trust account of approximately $56.6 million on June 30, 2019 as set forth in the Report, the estimated per share redemption
price would have been approximately $10.17. The per-share amount we will distribute to investors who properly redeem their shares
will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our initial shareholders have agreed
to waive their redemption rights with respect to their founder shares, private shares and public shares in connection with the
consummation of our initial business combination. We intend to obtain shareholder approval in connection with our initial business
combination. If we so decide, we will, like many blank check companies, offer to redeem public shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval (assuming
we are not deemed to be a foreign private issuer at such time), we will consummate our initial business combination only if a majority
of the votes of shareholders who being so entitled attend and vote at the general meeting are voted in favor of the business combination.
However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions,
if any, could result in the approval of our initial business combination even if a majority of our public shareholders vote, or
indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. We
will give not less than 10 days nor more than 60 days prior written notice of any such meeting, if held, at which a vote shall
be taken to approve our initial business combination.

 

     

     

    

 

If we seek shareholder
approval in connection with our initial business combination (assuming we are not deemed to be a foreign private issuer at such
time), our initial shareholders have agreed to vote their founder shares, private shares and any public shares purchased during
or after our initial public offering in favor of our initial business combination. Each public shareholder may elect to redeem
their public shares irrespective of whether they vote for or against the proposed transaction.

 

Notwithstanding the
foregoing, if a shareholder vote is not required for business or other legal reasons, or if we are deemed to be a foreign private
issuer at such time, we will, pursuant to our memorandum and articles of association, offer to redeem our public shares pursuant
to the tender offer rules of the Securities and Exchange Commission, or the SEC, and file tender offer documents with the SEC prior
to consummating our initial business combination. Our amended and restated memorandum and articles of association require these
tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC’s proxy rules.

 

Pursuant to our amended
and restated memorandum and articles of association, if we are unable to consummate our initial business combination by April 16,
2020, we will, as promptly as reasonably possible but not more than ten business days thereafter, distribute the aggregate amount
then on deposit in the trust account (net of taxes payable, and less up to $50,000 of interest to pay liquidation expenses), pro rata
to our public shareholders by way of redemption and cease all operations except for the purposes of winding up of our affairs.
This redemption of public shareholders from the trust account will be effected as required by and by function of our amended and
restated memorandum and articles of association and prior to any formal voluntary liquidation of the company. Our initial shareholders
have agreed to waive their right to receive liquidating distributions with respect to their founder shares if we fail to consummate
our initial business combination by April 16, 2020. However, if our initial shareholders or any of our officers, directors or affiliates
acquire public shares, they will be entitled to receive liquidating distributions with respect to such public shares if we fail
to consummate our initial business combination within the required time period.

 

Our shareholders are
entitled to receive ratable dividends when, as and if declared by the board of directors out of legally available funds. In the
event of a liquidation or winding up of the company after our initial business combination, our shareholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for
each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders
with the redemption rights set forth above.

 

Founder Shares

 

The founder shares
are identical to the ordinary shares included in the units sold in our initial public offering, and holders of founder shares
have the same shareholder rights as public shareholders, except that (i) the founder shares are subject to certain transfer
restrictions, as described in more detail below, and (ii) our initial shareholders agreed (A) to waive their rights to liquidating
distribution with respect to their founder shares and public shares in connection with the consummation of our initial business
combination and (B) to waive their redemption rights with respect to their founder shares if we fail to consummate our initial
business combination by April 16, 2020, although they will be entitled to redemption rights with respect to any public shares they
hold if we fail to consummate our initial business combination within such time period. Our initial shareholders have agreed to
vote their founder shares, private shares and any public shares purchased during or after our initial public offering in favor
of our initial business combination and our officers and directors have also agreed to vote any public shares purchased during
or after our initial public offering in favor of our initial business combination.

 

Our initial shareholders
have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees as described below)
until, (1) with respect to 50% of the founder shares, the earlier of one year after the date of the consummation of our initial
business combination and the date on which the closing price of our ordinary shares equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after our initial business combination and (2) with respect to the remaining 50% of the founder shares, one year
after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent to our initial
business combination, we consummate a liquidation, merger, stock exchange or other similar transaction which results in all of
our shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

During the escrow
period, the holders of the founder shares will not be able to sell or transfer their securities except for transfers, assignments
or sales (i) to our or our sponsor’s officers, directors, consultants or their affiliates, (ii) to an entity’s
members upon its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of the laws of descent
and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to us for no value for cancellation
in connection with the consummation of our initial business combination, or (vii) in connection with the consummation of a business
combination at prices no greater than the price at which the shares were originally purchased, in each case (except for clause
(vi) or with our prior consent) where the transferee agrees to the terms of the escrow agreement and to be bound by these transfer
restrictions, but will retain all other rights as our shareholders, including, without limitation, the right to vote their ordinary
shares and the right to receive cash dividends, if declared. If dividends are declared and payable in ordinary shares, such dividends
will also be placed in escrow. If we are unable to effect a business combination and liquidate, there will be no liquidation distribution
with respect to the founder shares.

 

     

     

    

 

Preferred Shares

 

Our amended and restated
memorandum and articles of association authorizes the creation and issuance without shareholder approval of an unlimited number
of preferred shares divided into five classes, Class A through Class E each with such designation, rights and preferences
as may be determined by a resolution of our board of directors to amend the amended and restated memorandum and articles of association
to create such designations, rights and preferences. We have five classes of preferred shares to give us flexibility as to the
terms on which each Class is issued. Unlike Delaware law, all shares of a single class must be issued with the same rights and
obligations. Accordingly, starting with five classes of preferred shares allows us to issue shares at different times on different
terms. No preferred shares are currently issued or outstanding. Accordingly, our board of directors is empowered, without shareholder
approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights, which could adversely affect
the voting power or other rights of the holders of ordinary shares. However, the underwriting agreement prohibits us, prior to
our initial business combination, from issuing preferred shares which participate in any manner in the proceeds of the trust account,
or which vote as a class with the ordinary shares on our initial business combination. We may issue some or all of the preferred
shares to effect our initial business combination. In addition, the preferred shares could be utilized as a method of discouraging,
delaying or preventing a change in control of us. Although we do not currently intend to issue any preferred shares, we may do
so in the future.

 

The rights of preferred
shareholders, once the preferred shares are in issue, may only be amended by a resolution to amend our amended and restated memorandum
and articles of association provided such amendment is also approved by a separate resolution of a majority of the votes of preferred
shareholders who being so entitled attend and vote at the class meeting of the relevant preferred class. If our preferred shareholders
want us to hold a meeting of preferred shareholders (or of a class of preferred shareholders), they may requisition the directors
to hold one upon the written request of preferred shareholders entitled to exercise at least 30 percent of the voting rights
in respect of the matter (or class) for which the meeting is requested. Under British Virgin Islands law, we may not increase the
required percentage to call a meeting above 30 percent.

 

Under the Companies
Act there are no provisions which specifically prevent the issuance of preferred shares or any such other “poison pill”
measures. Our amended and restated memorandum and articles of association also do not contain any express prohibitions on the issuance
of any preferred shares. Therefore, the directors, without the approval of the holders of ordinary shares, may issue preferred
shares that have characteristics that may be deemed anti-takeover. Additionally, such a designation of shares may be used in connection
with plans that are poison pill plans. However, as noted above under the Companies Act, a director in the exercise of his powers
and performance of his duties is required to act honestly and in good faith in what the director believes to be the best interests
of the company.

 

Warrants

 

As of the date of
the Report, there were 5,804,125 warrants to purchase ordinary shares outstanding, consisting of 5,565,000 public warrants and
239,125 private warrants. Each warrant entitles the registered holder to purchase one ordinary share at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of
an initial business combination or October 16, 2019. However, no warrants will be exercisable for cash unless we have an effective
and current registration statement covering the ordinary shares issuable upon exercise of the warrants and a current prospectus
relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable
upon exercise of the public warrants is not effective within 90 days following the consummation of our initial business combination,
warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed
to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9)
of the Securities Act of 1933, as amended, provided that such exemption is available. If that exemption, or another exemption,
is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay
the exercise price by surrendering the warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the
product of the number of ordinary shares underlying the warrants, multiplied by the difference between the exercise price of the
warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
for this purpose will mean the average reported last sale price of the ordinary shares for the five trading days ending on the
trading day prior to the date of exercise. The warrants expire on the fifth anniversary of our completion of an initial business
combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

     

     

    

 

The private warrants,
as well as any warrants underlying additional units we issue to our sponsor, officers, directors or their affiliates in payment
of working capital loans made to us, are identical to the warrants underlying the units sold in our initial public offering
except that such warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable
by us, in each case so long as they are still held by our sponsor or its permitted transferees.

 

We may call the warrants
for redemption (excluding the private warrants and any warrants underlying additional units issued to our sponsor, officers,
directors or their affiliates in payment of working capital loans made to us but including any outstanding warrants issued upon
exercise of the unit purchase option issued to EarlyBirdCapital), in whole and not in part, at a price of $0.01 per warrant:

 

		·	at any time after the warrants become exercisable;

 

		·	upon not less than 30 days’ prior written notice of redemption to each warrant holder;

 

		·	if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per
share (as adjusted for share splits, share dividends, reorganizations and recapitalizations), for any 20 trading days within a
30-trading day period ending on the third business day prior to the notice of redemption to warrant holders; and

 

		·	if, and only if, there is a current registration statement in effect with respect to the ordinary
shares underlying such warrants.

 

​The right to
exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after
the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s
warrant upon surrender of such warrant.

 

The redemption criteria
for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial
exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so
that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.

 

If we call the warrants
for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to
do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for
that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares
underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”
(defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale
price of the ordinary shares for the five trading days ending on the third trading day prior to the date on which the notice of
redemption is sent to the holders of warrants.

 

The warrants were
issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of the holders of at least
50% of the then outstanding warrants (including the private warrants) in order to make any change that adversely affects the interests
of the registered holders.

 

The exercise price
and number of ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including in the event
of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants
will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.

 

The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants
and receive ordinary shares. After the issuance of ordinary shares upon exercise of the warrants, each holder will be entitled
to one vote for each share held of record on all matters to be voted on by shareholders.

 

Under the terms of
the warrant agreement, we have agreed to use our best efforts to have declared effective a prospectus relating to the ordinary
shares issuable upon exercise of the warrants and keep such prospectus current until the expiration of the warrants. However, we
cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the ordinary shares
issuable upon exercise of the warrants, holders will be unable to exercise their warrants for cash and we will not be required
to net cash settle or cash settle the warrant exercise.

 

     

     

    

 

Warrant holders may
elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to
exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess
of 9.8% of the ordinary shares outstanding.

 

Private Units

 

The private units
(including the private warrants or ordinary shares issuable upon exercise of the private warrants) will not be transferable, assignable
or salable until after the completion of our initial business combination (except, among other limited exceptions, to our officers
and directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us so long as they
are held by members of the sponsor or their permitted transferees. Otherwise, the private units have terms and provisions
that are identical the units sold in our initial public offering except the warrants included in the private units will
be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial purchasers
or their permitted transferees. If the warrants included in the private units are held by holders other than the holders who
purchased such units or their permitted transferees, the warrants will be redeemable by us and exercisable by the holders
on the same basis as the warrants included in the units sold in our initial public offering. The price of the private units
was determined in negotiations between our sponsor and the underwriters for our initial public offering, with reference to the
prices paid by initial shareholders for such units in special purpose acquisition companies, which had recently consummated
their initial public offerings.

 

Purchase Option

 

We sold to EarlyBirdCapital
(and/or its designees) an option to purchase up to 250,000 units at $10.00 per unit. The units issuable upon exercise
of this option are identical to those sold in our initial public offering.

 

Dividends

 

We have not paid any
cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of a business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and
general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business
combination will be within the discretion of our then board of directors. It is the present intention of our board of directors
to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any
dividends in the foreseeable future.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent
for our securities and warrant agent for our warrants is Continental Stock Transfer & Trust Company, One State Street, New
York, New York 10004.

 

Listing of Our Securities

 

Our units, ordinary
shares and warrants are listed on the Nasdaq Capital Market under the symbols “DDMXU,” “DDMX” and “DDMXW,”
respectively.

 

Amended and Restated Memorandum and
Articles of Association

 

As set forth in our
amended and restated memorandum of association, the objects for which are established are unrestricted and we shall have full power
and authority to carry out any object not prohibited by the Companies Act or as the same may be revised from time to time, or any
other law of the British Virgin Islands.

 

Our amended and restated
memorandum and articles of association contain provisions designed to provide certain rights and protections to our shareholders
prior to the consummation of our initial business combination. These provisions cannot be amended without the approval of 65% (or
50% if approved in connection with our initial business combination) of our outstanding ordinary shares attending and voting on
such amendment. Our initial shareholders, who beneficially own approximately 22.6% of our ordinary shares as of the date of the
Report, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the
discretion to vote in any manner they choose. Prior to our initial business combination, if we seek to amend any provisions of
our amended and restated memorandum and articles of association relating to shareholders’ rights or pre-business combination
activity, we will provide dissenting public shareholders with the opportunity to redeem their public shares in connection with
any such vote on any proposed amendments to our amended and restated memorandum and articles of association. We and our directors
and officers have agreed not to propose any amendment to our amended and restated memorandum and articles of association that would
affect the substance and timing of our obligation to redeem our public shares if we are unable to consummate our initial business
combination by April 16, 2020. Our initial shareholders have agreed to waive any redemption rights with respect to any founder
shares, private shares and any public shares they may hold in connection with any vote to amend our amended and restated memorandum
and articles of association prior to our initial business combination.

 

     

     

    

 

Specifically, our
amended and restated memorandum and articles of association provide, among other things, that:

 

		·	If we are unable to consummate our initial business combination by April 16, 2020, we will, as
promptly as reasonably possible but not more than ten business days thereafter, distribute the aggregate amount then on deposit
in the trust account (net of taxes payable, and less up to $50,000 of interest to pay liquidation expenses), pro rata to our
public shareholders by way of redemption and cease all operations except for the purposes of winding up of our affairs. This redemption
of public shareholders from the trust account shall be effected as required by function of our amended and restated memorandum
and articles of association and prior to commencing any voluntary liquidation;

 

		·	​except in connection with the consummation of our initial business combination, prior to
our initial business combination, we may not issue additional shares that would entitle the holders thereof to (i) receive
funds from the trust account or (ii) vote on any initial business combination;

 

		·	​although we do not intend to enter into our initial business combination with a target business
that is affiliated with our sponsor, directors or officers, we are not prohibited from doing so. In the event we seek to complete
our initial business combination with a target that is affiliated with our sponsor, officers or directors, we, or a committee of
independent directors, would obtain an opinion from an independent accounting firm, or independent investment banking firm that
our initial business combination is fair to the company from a financial point of view; and

 

		·	​we will not effectuate our initial business combination with another blank check company
or a similar company with nominal operations.

 

​In addition,
our amended and restated memorandum and articles of association provide that under no circumstances will we redeem our public shares
in an amount that would cause our net tangible assets to be less than $5,000,001 upon the consummation of our initial business
combination.

 

Changes in Authorized Shares

 

We are authorized
to issue an unlimited number of shares. We may by resolution of directors or shareholders:

 

		·	consolidate and divide all or any of our unissued authorized shares into shares of larger or smaller
amount than our existing shares;

 

		·	​cancel any ordinary shares which, at the date of the passing of the resolution, have not
been taken or agreed to be taken by any person; or

 

		·	​create new classes of shares with preferences to be determined by resolution of the board
of directors to amend the amended and restated memorandum and articles of association to create new classes of shares with such
preferences at the time of authorization, although any such new classes of shares, with the exception of the preferred shares,
may only be created with prior shareholder approval.

 

​Pre-emption Rights

 

There are no pre-emption
rights applicable to the issuance of new shares under our amended and restated memorandum and articles of association.

 

Variation of Rights of Shares

 

As permitted by the
Companies Act and our amended and restated memorandum of association, we may vary the rights attached to any class of shares only
with: (i) in the case of the ordinary shares prior to our initial business combination, the consent of not less than 65% (or
50% if for the purposes of approving, or in connection with, the consummation of our initial business combination) of the votes
who are in attendance and vote at a meeting, or (ii) in the case of the preferred shares, 50% of the votes of shareholders who
being so entitled attend and vote at a meeting of such shares, except, in each case where a greater majority is required under
our amended and restated memorandum and articles of association or the Companies Act, provided that that for these purposes the
creation, designation or issue of preferred shares with rights and privileges ranking in priority to an existing class of shares
is deemed not to be a variation of the rights of such existing class and may in accordance with our amended and restated memorandum
and articles of association be effected by resolution of directors without shareholder approval.

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