Document:

ASSET SALE AGREEMENT

DATE

THIS AGREEMENT is made on the date set out in item
1 of the schedule.

PARTIES

BETWEEN the parties described in item 2 of the schedule.

RECITALS

		A	The Vendor owns and uses the Assets in its Business.

		B	The Vendor has agreed to sell and the Purchaser has agreed to purchase
the Assets subject to the terms and conditions of this agreement.

AGREEMENT

THE PARTIES AGREE THAT:

		1	INTERPRETATION

		1.1	Definitions

In this agreement, unless the subject or the
context otherwise requires:

		(a)	‘ASSETS’ means the assets as described in item 4 of the schedule;

		(b)	‘BUSINESS’ means the business conducted by the Vendor as
described in item 3 of the schedule;

		(c)	‘COMPLETION DATE’ means the date specified in item 5 of the
schedule or such other date as agreed in writing between the Vendor and the Purchaser;

		(d)	‘DEPOSIT’ means the amount set out in item 7 of the schedule;

		(e)	‘PURCHASER’ means the person so described in item 2 of the
schedule; 

		(f)	‘PURCHASE PRICE’ means the price as specified in item 6 of
the schedule; and

		(g)	‘VENDOR’ means the person so described in item 2 of the schedule.

		1.2	Construction

In this agreement, unless the subject or the
context otherwise requires:

		(a)	words importing the singular include the plural and vice versa;

		(b)	words importing one gender include the other gender;

		(c)	a reference to any party or other person includes that person’s
successors and permitted assigns;

		(d)	a reference to a statute, ordinance or other legislation includes any
amendment, replacement or re-enactment for the time being in force and includes all regulations, by-laws and statutory instruments
made thereunder;

	

    	 

    	 

    
		(e)	a reference to this or any other document includes a reference to that
document as amended, supplemented, novated or replaced from time to time;

		(f)	a reference to a recital, clause or schedule is a reference to a recital,
clause or schedule of this agreement;

		(g)	a reference to writing includes all means of reproducing words in a tangible
and permanently visible form;

		(h)	a reference to time is a reference to time in the State specified in
item 8 of the schedule;

		(i)	a reference to a person includes a natural person, corporation, partnership,
trust, estate, joint venture, sole partnership, government or governmental subdivision or agency, association, cooperative and
any other legal or commercial entity or undertaking;

		(j)	the headings in this agreement do not affect its interpretation; and

		(k)	the recitals and the schedule form part of this agreement. SALE AND PURCHASE

		1.3	The Vendor agrees to sell and the Purchaser agrees to buy from the Vendor
all the Vendor’s right, title and interest in the Assets for the Purchase Price.

		2	PURCHASE PRICE

		2.1	The Purchase Price is payable pursuant to a Promissory Note made on the
date set out in item 1 of the schedule. 

		2.2	Any money payable in accordance with this agreement will be made or tendered
in Australian currency either in cash or by a draft or cheque drawn by a bank as defined by the Banking Act 1959.

		3	OBLIGATIONS OF VENDOR

		3.1	Until the Completion Date the Vendor will inform and keep the Purchaser
informed of any matter which materially affects the Business and will consult the Purchaser before taking any action in respect
of such matter.

		3.2	The Vendor agrees that until the Completion Date it will not, except
where such action or activity is in the ordinary course of business:

		(a)	enter into any abnormal or unusual transactions relating to or adversely
affecting any or all of the Assets;

		(b)	incur any liabilities in relation to any or all of the Assets;

		(c)	grant or agree to grant any encumbrance over any or all of the Assets.

		4	PROPERTY AND POSSESSION

		4.1	Possession of the Assets will be given to the Purchaser on the Completion
Date.

		4.2	Until the Completion Date all Assets are at the risk of the Vendor.

		5	ACTION AT COMPLETION

		5.1	The Vendor will on the Completion Date:

	

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		(a)	deliver such of the Assets as are capable of delivery to the Purchaser
or to such location as directed in writing by the Purchaser;

		(b)	deliver to the Purchaser all instruments of transfer, assignments, conveyances
and any other documents executed by the Vendor which are reasonably required by the Purchaser to transfer, assign or convey each
of the Assets to the Purchaser; and

		(c)	do all such other acts and things and execute all such other documents,
(which will be in a form reasonably acceptable to the Purchaser) as may be necessary or desirable to be done or executed in order
to transfer, assign or convey the Assets to the Purchaser.

		6	VENDOR’S WARRANTIES

		6.1	The Vendor warrants that the Assets:

		(a)	are the Vendor’s sole and absolute property and are not subject
to any encumbrance;

		(b)	will be in substantially the same state and condition (fair wear and
tear excepted) at the Completion Date as at the date of this agreement.

		7	GST

		7.1	GST definitions

For the purpose of this Clause 7:

		(a)	‘GST’ means GST within the meaning of the GST Act;

		(b)	‘GST Act’ means the A New Tax System (Goods and Services
Tax) Act 1999 (as amended);

		(c)	expressions set out in italics in this clause bear the same meaning as
those expressions in the GST Act.

		7.2	Amounts otherwise payable do not include GST

To the extent that a party makes a taxable
supply in connection with this agreement, except where express provision is made to the contrary, and subject to this Clause
7, the consideration payable by a party under this agreement represents the value of the taxable supply for
which payment is made.

		7.3	Liability to pay GST

Subject to Clause 7.4, if a party makes a taxable
supply in connection with this agreement for a consideration which under Clause 7.2 represents its value, then
the party liable to pay for the taxable supply must also pay, at the same time and in the same manner as the value is
otherwise payable, the amount of any GST payable in respect of the taxable supply.

		7.4	Tax invoice

A party’s right to payment under Clause
7.3 is subject to a valid tax invoice being delivered to the party liable to pay for the taxable supply.

	

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		7.5	GST warranties

If, in connection with this agreement, rights
or benefits under or in connection with any other agreement are conferred on the Purchaser, or if obligations owed under any other
agreement are assumed by the Purchaser, including assumption or conferral by way of assignment or novation, the Vendor warrants
that, if any GST is liable to be paid in connection with any taxable supply made by the Purchaser under that other agreement
(including that other agreement as assigned or novated), the Purchaser is or will be entitled to recover from the party required
to pay for the taxable supply, an amount so that after meeting any liability to pay GST, the Purchaser retains the same
amount as if GST was not payable in connection with the taxable supply.

		7.6	Indemnity

The Vendor agrees to keep the Purchaser indemnified
against all loss, liability or expense suffered by the Purchaser arising directly or indirectly from a breach of Clause 7.5.

		8	MISCELLANEOUS

		8.1	Further acts

Each party agrees to do all things that may be
necessary or desirable to give full effect to every part of this agreement if asked in writing by another party to do so.

		8.2	Assignment

Neither the rights nor the obligations of any
party under this agreement may be assigned, transferred, subcontracted or otherwise disposed of, in whole or in part, without the
prior written consent of the other parties.

		8.3	Waiver

No waiver by any party of any default in the
strict and literal performance of or compliance with any provision, condition or requirement of this agreement is to be deemed
to be a waiver of strict and literal performance of and compliance with any other provision, condition or requirement in this agreement,
nor to be a waiver of or in any manner release any party from strict and literal performance of and compliance with any provision,
condition or requirement in the future, nor will any delay or omission of any party to exercise any right in any manner impair
the exercise of any such right accruing to such party thereafter.

		8.4	Notice

Any notice, demand or other communication to
be given or required to be made pursuant to this agreement is to be in writing and is to be given by post, facsimile or hand to
a party at the party’s address as set out in item 2 of the schedule or at such other address or facsimile number as is notified
by one party to the other.

		8.5	Costs

Each party is responsible for its own costs in
relation to the preparation and execution of this agreement.

	

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		8.6	Stamp duty

The Purchaser must bear and is responsible for
all stamp duty on or in respect of:

		(a)	this agreement;

		(b)	the sale, purchase or assignment of any property or interest under this
agreement; and

		(c)	any instrument or transaction contemplated by this agreement.

		8.7	Provisions severable

If any provision of this agreement is invalid,
illegal or unenforceable in any respect the validity, legality and enforceability of the remaining provisions will not be affected
and such invalid, illegal or unenforceable provision is to be severed from this agreement.

		8.8	Governing law

This agreement is governed by and construed in
accordance with the laws of the State specified in item 8 of the schedule and the parties irrevocably submit to the jurisdiction
of the courts of that State.

		8.9	Entire agreement

This agreement sets out the entire agreement
and understanding between the parties with respect to the subject matter of this agreement and supersedes all prior agreements,
understandings and representations.

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SIGNATURES

EXECUTED by the parties.

EXECUTED by

Camtech Investments Pty Ltd as trustee for Munro Family Trust

ABN 98 863 980 372

in accordance with section 127(1) of the

Corporations Act 2001 (Commonwealth)

by authority of its directors:

	 	 	/s/ D. Munro
	Signature of Director/Secretary* of Vendor	 	Signature of Director of Vendor
	*delete whichever is not applicable	 	 
	 	 	 
	 	 	Director
	Office held	 	Office held
	 	 	 
	 	 	Darryl James Munro
	Name of Director/Secretary* of Vendor

(in block letters)	 	Name of Director of Vendor

(in block letters)
	
        *delete whichever is not applicable

         
	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXECUTED by

Renegade Engine Company Pty Ltd

ACN 150 395 565

in accordance with section 127(1) of the

Corporations Act 2001 (Commonwealth)

by authority of its directors:

 

	 	 	/s/ Sonny Nugent
	Signature of Director/Secretary* of Purchaser	 	Signature of Director of Purchaser
	*delete whichever is not applicable	 	 
	 	 	 
	 	 	Director
	Office held	 	Office held
	 	 	 
	 	 	Sonny Nugent
	Name of Director/Secretary* of Purchaser	 	Name of Director of Purchaser
	(in block letters)	 	(in block letters)
	*delete whichever is not applicable	 	 

 

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SCHEDULE

	ITEM 1	 	 
	 	 	 
	Date of Agreement:	 	22nd April 2013
	 	 	 
	ITEM 2	 	 
	 	 	 
	Parties (Heading and Clause 10.4):	 	 
	 	 	 
	 	Vendor:	Camtech Investments Pty Ltd as trustee for Munro Family Trust
	 	 	ABN 98 863 980 372
	 	 	c/- 47 Nerang Street, Nerang in the state of Queensland, Australia
	 	 	(the ‘Vendor’)
	 	 	 
	 	Purchaser:	Renegade Engine Company Pty Ltd
	 	 	ACN 150 395 565
	 	 	1st Floor, 15 Short Street, Southport in the state of Queensland, Australia
	 	 	(the ‘Purchaser’)
	 	 	 
	ITEM 3	 	 
	 	 	 
	Business (Recital A and Clause 1.1(b)):	 	Engineering Workshop
	 	 	 
	ITEM 4	 	 
	 	 	 
	Assets (Clause 1.1(a)):	 	Plant and Equipment and Goodwill
	 	 	All other assets, properties and rights of every kind and character whether real or personal, tangible or intangible, wherever located and whenever acquired, owned by the Vendor and used in connection with the Business.
	 	 	 
	ITEM 5	 	 
	 	 	 
	Completion Date (Clause 1.1(c)):	 	22nd April 2013
	 	 	 
	ITEM 6	 	 
	 	 	 
	Purchase Price (Clauses 1.1(f) and 4.1):	 	Plant and Equipment – $70,000
	 	 	Goodwill - $200,000
	 	 	Total - $270,000
	 	 	 
	ITEM 7	 	 
	 	 	 
	Deposit (Clauses 1.1(d) and 4.1(a)):	 	$NIL
	 	 	 

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	ITEM 8	 	 
	 	 	 
	Time and Governing law	 	 
	 	 	 
	(Clauses 1.2(h) and 10.8):	 	Queensland, Australia
	 	 	 
	ITEM 9	 	 
	 	 	 
	Conditions precedent (Clause 2.1):	 	NILPROMISSORY
NOTE

 

 

		DATE:	19th April 2013

 

		BORROWER:	Novagen Finance Pty Ltd (A.C.N. 156 045 180)

 

BORROWER’S MAILING
ADDRESS:Level 1

			13-15 Short Street

			Southport, Queensland 4215

 

		LENDER:	Darryl James Munro and Lynda Marie Stewart

 

PLACE FOR PAYMENT:Level
1

			13-15 Short Street

			Southport, Queensland 4215

 

PRINCIPAL AMOUNT:$270,000

 

ANNUAL INTEREST RATE:5%
on unmatured amounts;

			10% on matured, unpaid amounts

 

TERMS OF PAYMENT:

 

 

 

 

 

 

Borrower promises to pay to the order of Lender the Principal
Amount plus interest at the Annual Interest Rate. This note is payable at the Place for Payment and according to the Terms of Payment.
All unpaid amounts are due when called by the Lender. After maturity, Borrower promises to pay any unpaid principal balance plus
interest at the Annual Interest Rate on matured, unpaid amounts.

 

If Borrower defaults in the payment of this note or in the performance
of any obligation in any instrument securing or collateral to this note, Lender may declare the unpaid principal balance, earned
interest, and any other amounts owed on the note immediately due. Borrower and each surety, endorser and guarantor waive all demand
for payment, presentation for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest
and notice of protest, to the extent permitted by law.

 

Borrower also promises to pay reasonable attorney’s fees
and court and other costs if this note is placed in the hands of an attorney to collect or enforce the note. These expenses will
bear interest from the date of advance at the Annual Interest Rate on matured unpaid amounts. Borrower will pay Lender these expenses
and interest on demand at the Place for Payment. These expenses and interest will become part of the debt evidenced by the note
and will be secured by any security for payment.

 

Interest on the debt evidenced by this note will not exceed
the maximum rate or amount of non-usurious interest that may be contracted for, taken, reserved, charged or received under law.
Any interest in excess of that maximum amount will be credited on the Principal Amount or, if the Principal Amount has been paid,
refunded. On any acceleration or required or permitted prepayment, any excess interest will be cancelled automatically as of the
acceleration or prepayment or, if the excess interest has already been paid, credited on the Principal Amount or, if the Principal
Amount has been paid, refunded. This provision overrides any conflicting provisions in this note and all other instruments concerning
the debt.

 

Each Borrower is responsible for all obligations represented
by this note.

 

When the context requires, singular nouns and pronouns include
the plural.

 

 

 

 

 

/s/ Micheal Nugent

Micheal Nugent

NOVAGEN FINANCE PTY LTD

(A.C.N 156 045 180)

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