Document:

EX-4.22

	
	

  

 Exhibit 4.22 
  

 
 

 
 Advisory Services Agreement 

19 September 2013 
 This agreement
(“Agreement”) will confirm our understanding that Healthios Capital Markets, LLC (“Advisor”) whose principal place of business is 1101 Skokie Blvd, Suite 240, Northbrook, IL 60062 has been engaged to act as the financial advisor
on a “best efforts” basis for Medifocus Inc. and/or its affiliates, whose principal place of business is The Exchange Tower Suite 1800, 130 King Street West; M5X 1E3 Toronto, ON ; Canada (“Client”) on the terms and conditions set
forth in this Agreement. 
  

	1)	Advisor shall provide financial advisory services as set forth herein in connection with an offering of debt or equity securities made in accordance with an exemption from registration under the Securities Act of 1933
(an “Initial Private Placement”). While Advisor acknowledges prior engagement of Maxim Group LLC (“Maxim”) and the validity of the June 27, 2013 between Maxim and the Client, upon successful completion of the initial Private
Placement of no less than $3 million, Client agrees to also engage Advisor on a non-exclusive basis for subsequent transactions that may be consummated by Client (each a “Transaction”): (i) an offering of debt or equity securities
made in accordance with an exemption from registration under the Securities Act of 1933 (a “Subsequent Private Placement”), (ii) one or more strategic alliances (each a “Strategic Alliance”, as defined in Paragraph 8) below,
and/or (iii) a sale, merger, consolidation, tender offer, business combination or similar transaction or any other of the business, assets, or stock of the Client or any other similar transaction in which the holders of the Client’s voting
power immediately before the closing of such transaction own less than 50% of the voting power of the surviving entity immediately after the closing of any such transaction (a “Sale”). Notwithstanding the foregoing, Maxim shall be offered
an opportunity to participate in the Initial and Subsequent Private Placements and Sale upon terms mutually agreeable to Healthios, Maxim and the Client. In its role as financial advisor, the Advisor will assist the Client in: (a) preparing
descriptive materials; (b) identifying prospective acquirors, partners or investors; (c) evaluating offers received from prospective acquirors, partners or investors; and (d) conducting discussions and negotiations looking toward the
consummation of a transaction. These efforts and this work notwithstanding, it is ultimately the Client’s responsibility for the Transaction as it is the Client that is undertaking the transaction. Advisor acknowledges and agrees that the
Client reserves the right, in its sole discretion, to reject any and all proposals made to it with respect to a potential Transaction, to decline to furnish further information and to terminate discussions and negotiations at any time. In the event
that the Client elects not to complete any Transaction, no amounts shall be payable hereunder (other than the reimbursement of expenses provided for in Paragraph (4)) and amounts payable in accordance with Schedule I hereto). Advisor shall not
act as a principal in the Transaction and will have no authority to bind Client. 

  

	2)	 The engagement will have a term of six months commencing with the Client’s acceptance of this agreement (the “Initial Period”) and will
be extended for additional one-month periods under the terms set forth herein unless either party has given written notice of termination to the other party not later than 30 days prior to the end of the Initial Period or any subsequent

 

	
	

  

	 	
one-month extension. Termination of Advisor’s engagement hereunder for any reason shall not affect Client’s obligations to pay to Advisor fees accruing prior to such termination to the
extent provided for herein, to provide indemnification as provided in Schedule I hereto, and to reimburse expenses as set forth in this Agreement. Any termination of this engagement hereunder shall not be effective until all fees and expenses owed
to Advisor have been made in full. Any legal expenses incurred by Advisor relating to efforts to collect fees and expenses outstanding and owed by Client shall be borne by Client. The Initial Period and any extensions beyond the Initial Period and
through the termination of this engagement are hereinafter referred to as the “Engagement Period”. 

  

	3)	For our services hereunder, the Client will pay the Advisor a non-refundable monthly retainer (“Retainer”) of $15,000 for the first four months and $5,000 for subsequent months, with the first payment payable
as of the execution of this Agreement, and the subsequent payments to be due promptly upon the monthly anniversary of the date of this Agreement. The Client also agrees to pay all of our reasonable out-of-pocket expenses, including fees and
disbursements of our counsel; such expenses to be paid in cash upon submission of an invoice by Advisor from time to time. Expenses shall not exceed $5,000 without prior approval of the Client (It being understood that the Client’s attorney
will be responsible for the drafting of all transaction documents). 

  

	4)	If an agreement for an Initial Private Placement is entered into or consummated (i) within the Engagement Period (including any extensions thereof) or (ii) not later than one year after the expiration of such
period (including any extensions thereof), with a party (or any affiliate thereof) introduced to the Client by Advisor or as to which Advisor rendered any services hereunder, the Client agrees to pay Advisor a fee equal to 6% of the aggregate
consideration received in such Private Placement, such fee to be payable in cash at the time of closing. Advisor shall also receive compensation in the form of a warrant which would entitle Advisor to purchase an amount of Client securities equal to
5% of the Aggregate Consideration in the same security and at the same price as the Private Placement. Such warrant shall have a term of five years, be exercisable on a non-cash basis in the event of a change in control of the Client, and have such
other terms and conditions as are customary in such transactions. For the purpose of clarity, investors introduced by the Client and Maxim, including but not limited to current and prospective investors in Hong Kong and China shall not be subject to
the Advisor Private Placement Fee. 

  

	5)	If an agreement for a Subsequent Private Placement is entered into (i.e. a definitive, binding agreement) or consummated (i) within the Engagement Period (including any extensions thereof) or (ii) not later
than one year after the expiration of such period (including any extensions thereof), with a party (or any affiliate thereof) introduced to the Client by Advisor or as to which Advisor rendered any services hereunder, the Client agrees to pay
Advisor a fee at least equal to the fee paid to Maxim for such transaction. If no fee is paid to Maxim then the Client agrees to pay the Advisor a fee equal to the fees for an Initial Private Placement. For the purpose of clarity, investors
introduced by the Company and Maxim, including but not limited to current and prospective investors in Hong Kong and China shall not be subject to the Advisor Private Placement Fee.

 

	
	

  

	6)	The Client will be responsible for the contents of any documents used in the offering of the Client’s securities, and the Client represents that such documents will not, as of the date of any offer or sale of such
securities, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading. All offering materials must be approved by
the Client prior to their use. The Client understand that the Advisor will be acting as its agent in the placing of the Client’s securities and that the Advisor’s responsibility in this transaction is limited to a best efforts basis in
placing such securities, with no commitment by the Advisor to purchase or place the Client’s securities. Offers and sales of securities of the Client will be made in accordance with the exemption from registration under the Securities Act of
1933 available under Rule 506 of Regulation D promulgated thereunder. 

  

	7)	If a Strategic Alliance(s) is entered into or consummated within (i) the Engagement Period, or (ii) not later than one year after the expiration of such Engagement Period, with any party (or an entity owned,
controlled by or affiliated with such party) identified to the Client by the Advisor as non exclusive advisor or as to which the Advisor rendered any services hereunder, then the Client agrees to pay the Advisor a fee at least equal to the fee paid
to Maxim for such transaction. If no fee is paid to Maxim then the Client agrees to pay the Advisor a fee equal to 3% of the aggregate consideration. 

  

	8)	 In the event that the Client consummates a Strategic Alliance through more than one closing or with more than one partner, the Client agrees that the
aggregate consideration used to calculate the Advisor’s fee hereunder shall be the sum total of the aggregate consideration received or to be received from each such partner. For the purposes of calculating Advisor’s fee under Paragraph
(7) above, aggregate consideration shall include, but not be limited to: (a) all payments made at closing for equity securities, equity security rights or similar rights; (b) technology access fees or similar up-front payments;
(c) other future product royalties and payments to be made to the Client or its employees for which the Strategic Alliance partners(s) (each a “Partner”) is obligated either absolutely or upon the attainment of milestones;
(d) funding by the Partner (through reimbursement or otherwise) relative to research and development, clinical trials and related expenditures, whether such work is performed or managed by the Client or the Partner, provided that such amounts
are committed to and specifically quantified and defined in an agreement with the Client; (e) reimbursement of expenses (to the extent that such reimbursement is done at prevailing market rates) and (f) the repayment or assumption by the
Partner of obligations of the Client, including indebtedness for money borrowed or amounts owed by the Client to inventors or owners of technology. It is further understood that aggregate consideration shall not be reduced by the amount of the fee
due the Advisor hereunder. In the event that a portion of aggregate consideration is to be received after the closing (“Future Consideration”), the fee to the Advisor related to such Future Consideration shall be paid upon receipt of such
Future Consideration by the Client, its shareholders or employees. The appropriate fee on such Future Consideration shall be determined based upon the cumulative aggregate consideration received by the Client, its shareholders or employees. A
Strategic Alliance may include, but is not limited to: (a) a joint venture, partnership, license or other contract for the research, development, manufacturing, marketing, distribution, sale or other activity relating to the Client’s
present and/or future products; (b) the purchase of, or commitment to purchase from the Client, less than a majority of the business, assets or stock of the Client by a Partner; (c) the sale of any of the Client’s assets or any rights
in respect to its products and/or 

 

	
	

  

	 	
technology; and (d) a commitment to provide funding for all or part of the Client’s research and development activities, whether such work is performed or managed by the Client or the
Partners. It is also understood that should the Client enter into any Strategic Alliance transaction that the Client agrees to engage the Advisor for any subsequent Sale of the Client, at that time, on the same terms as set forth herein.

  

	9)	If a Sale of all or part of the Client is entered into or consummated (i) within the Engagement Period, or (ii) not later than one year after the expiration of such Engagement Period, with any party (or an
entity owned, controlled by or affiliated with such party) identified to the Client by the Advisor (as non-exclusive advisor) or as to which the Advisor rendered any services hereunder, then the Client agrees to pay the Advisor a fee at least equal
to the fee paid to Maxim for such transaction. If no fee is paid to Maxim then the Client agrees to pay the Advisor a fee equal 3% of the aggregate consideration. 

 

	10)	In the event that the Client consummates the Sale through more than one closing or with more than one acquiror, the Client agrees that the aggregate consideration used to calculate the Advisor’s fee hereunder shall
be the sum total of the aggregate consideration received or to be received from each such acquiror. For purposes of calculating Advisor’s fee under Paragraph (9) above, the aggregate consideration paid with respect to the business, assets
or stock of the Client shall be equal to the total of all cash, securities and/or other assets paid for such business, assets or stock by the acquiror. Aggregate consideration shall also include: (a) any commercial bank, lease obligations or
similar indebtedness of the Client that is repaid or for which the responsibility to pay is assumed by the acquiror in connection with such transaction, (b) the greater of the stated value or the liquidation value of preferred stock of the
Client that is assumed or acquired by the acquiror that is not converted into common stock upon the consummation of such transaction, (c) future product royalties and payments for which the acquiror is obligated either absolutely or upon the
attainment of milestones or financial results (“Acquiror Future Payments”) and (d) reimbursement of expenses (to the extent that such reimbursement is done at prevailing market rates). The fee to the Advisor related to Acquiror Future
Payments shall be paid upon receipt of such Acquiror Future Payments by the Client, its shareholders or employees. The appropriate fee on such Acquiror Future Payments shall be determined based upon the cumulative aggregate consideration received by
the Client, its shareholders or employees. It is further understood that aggregate consideration shall not be reduced by the amount of the fee due the Advisor hereunder. For the purposes of calculating our fee, securities constituting part of
aggregate consideration that are traded on a national securities exchange or system shall be valued at the average of the closing prices thereof for the twenty trading days ending two days prior to the date of the consummation or closing on any such
transaction. Such securities which are traded over-the-counter shall be valued at the mean between the latest bid and asked prices during such twenty-day period. Any debt or other securities of the acquiror shall be valued at their fair market
value. In the event a Sale of the Client is consummated through a multiple-step transaction wherein the acquirer is not obligated either absolutely or upon the attainment of milestones or financial results to make future payments to further increase
its ownership in the Client (the “Multiple-Step Payments”), the Client agrees to pay the Advisor a fee on such Multiple-Step Payments, and such fee shall be calculated and paid pursuant to this Paragraph (10). Such fee shall be payable
when such Multiple-Step Payments are made and shall be in addition to the fee paid to the Advisor in the first step of such transaction. The appropriate fee on such Multiple-Step Payments shall be determined based upon the cumulative aggregate
consideration received by the Client, its shareholders or employees as outlined in the above example for Acquiror Future Payments.

 

	
	

  

	11)	Any financial advice rendered by us pursuant to this agreement may not be disclosed publicly in any manner without our prior written approval and will be treated by us as confidential. The Client will provide us with
all financial and other information requested by us for the purposes of rendering our services pursuant to this agreement. 

  

	12)	All non-public information given us by the Client will be treated by us as confidential. We may rely, without independent verification, on the accuracy and completeness of all information furnished to us by the Client
or any other party or potential party to any transaction contemplated by this agreement. 

  

	13)	Since the Advisor will be acting on behalf of the Client in connection with its Engagement hereunder, the Client agrees to the provisions with respect to its indemnity of the Advisor and other matters set for in
Schedule I and that such Schedule is an integral part of this agreement and shall survive any termination or expiration of the agreement. 

  

	14)	This agreement, Schedule I, and any rights, duties or obligations hereunder may not be waived, amended, modified or assigned, in any way, in whole or in part, without the prior written consent of, and shall inure to the
benefit of and be binding upon the successors, assigns and personal representatives of, each of the parties hereto. 

  

	15)	In case any provision of this agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this agreement shall not in any way be affected or impaired
thereby. 

  

	16)	This agreement and any claim or dispute of any kind or nature whatsoever arising out of, or relating to, this agreement or Advisor’s engagement hereunder, directly or indirectly (including any claim concerning
advice provided pursuant to this agreement), shall be governed by and construed in accordance with the laws of the State of Illinois and to be resolved through arbitration in Illinois. Any rights to trial by jury with respect to any claim, action or
proceeding, directly or indirectly, arising out of, or relating to, this agreement or Advisor’s engagement hereunder are waived by Advisor and the Client.

 

	
	

  

	17)	All communications and notice hereunder shall be in writing and shall be e-mailed, hand-delivered or telecopied and confirmed to the parties hereto as follows: 

If to Advisor: 
 W. Gregory
Shearer 
 Managing Director 

Healthios Capital Markets, LLC 

1101 Skokie Blvd. Suite 240 

Northbrook, IL 60062 
 Fax:
(847) 948-3080 
 If to the Client: 

Augustine Y. Cheung 
 Chief
Executive Officer 
 Medifocus Inc 

10240 Old Columbia Road Suite G 

Columbia, MD 21046 
 U.S.A. 

Phone: 410-290-5734 
 Fax:
410-290-7255 
 Please confirm that the foregoing is in accordance with your understanding by signing and returning to us the enclosed
duplicate of this letter. 
  

			
	Sincerely yours,
	
	Healthios Capital Markets, LLC
		
	By:	 	/S/ W. Gregory Shearer
		 	W. Gregory Shearer
		 	Managing Director
		
	By:	 	  

		 	David B. Loucks
		 	Chairman and CEO

  

					
		 	Medifocus Inc.
			
		 	By:	 	/S/ Augustine Y. Cheung
		 		 	Augustine Y. Cheung
		 		 	CEO

 
 

	
	

  

 SCHEDULE I - INDEMNIFICATION AGREEMENT 

The Client agrees to indemnify Advisor, any controlling person of Advisor and each of their respective directors, officers, employees, agents, affiliates and
representatives (each, an “Indemnified Party”) and hold each of them harmless against any and all losses, claims, damages, expenses, liabilities, joint or several (collectively, “Liabilities”) to which the Indemnified Parties may
become liable, directly or indirectly, arising out of, or relating to the Agreement to which this Schedule I is attached, unless it is finally judicially determined that the Liabilities resulted from the gross negligence, bad faith or willful
misconduct of any Indemnified Party. The Client further agrees to reimburse each Indemnified Party immediately upon request for all expenses (including reasonable attorneys’ fees and expenses) as they are incurred in connection with the
investigation of, preparation for, defense of, or providing evidence in, any action, claim, suit, proceeding or investigation, directly or indirectly, arising out of, or relating to, the Agreement or Advisor’s services thereunder, whether or
not pending or threatened and whether or not any Indemnified Party is a party to such proceeding. The Client also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Client
or any person asserting claims on behalf of or in right of the Client, directly or indirectly, arising out of or relating to, the Agreement or Advisor’s services thereunder, unless it is finally judicially determined that such liability
resulted from the gross negligence, bad faith or willful misconduct of such Indemnified Party. In the event that an Indemnified Party is requested or required to appear as a witness in any action brought by or on behalf of or against the Client or
any affiliate of the Client, in which such Indemnified Party is not named as a defendant, the Client agrees to reimburse Advisor for all expenses incurred by it in connection with such Indemnified Party’s appearing and preparing to appear as
such a witness, including, without limitation, the reasonable fees and disbursements of its legal counsel. 
 The Client agrees that, without Advisor’s
prior written consent, it will not settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any claim, action, suit, proceeding or investigation in respect of which indemnification could be sought hereunder
(whether or not Advisor or any other Indemnified Party is an actual or potential party to such claim, action, suit, proceeding or investigation), unless (a) such settlement, compromise, consent or termination includes an unconditional release
of each Indemnified Party for any liabilities arising out of such claim, action, suit proceeding or investigation and (b) the parties agree that the terms of such settlement as they relate to any Indemnified Party and the fact of any
Indemnified Party’s involvement therein shall remain confidential, except to the extent disclosure may be required by applicable law or regulation or by legal, governmental or administrative process. 

The Client and Advisor agree that if any indemnification or reimbursement sought pursuant to the first paragraph of this Schedule I is for any reason
unavailable or insufficient to hold Advisor harmless (except by reason of the gross negligence, bad faith or willful misconduct of an Indemnified Party) then, whether or not Advisor is the person entitled to indemnification or reimbursement, the
Client and Advisor shall contribute to the Liabilities for which such indemnification or reimbursement is held unavailable in such proportion as is appropriate to reflect (a) the relative benefits to the Client on the one hand and Advisor on
the other hand, in connection with the transaction to which such indemnification or reimbursement relates or (b) if the allocation provided by clause (a) above is not available, in such proportion as is appropriate to reflect not only the
relative benefits referred to in such clause (a), but also the relative fault of the parties as well as any other relevant equitable consideration, provided, however, that in no event shall the amount to be contributed by Advisor exceed the fees
actually received by Advisor under the Agreement. The Client agrees that, for the purposes of this paragraph, the relative benefits to the Client and Advisor of the contemplated transaction (whether or not such transaction is consummated) shall be
deemed to be in the same proportion that the aggregate consideration payable, exchangeable or transferable (or contemplated to be payable, exchangeable or transferable) in such transaction bears to the fees paid or payable to Advisor as financial
advisor under the Agreement. 
 The rights of the Indemnified Parties referred to above shall be in addition to any rights that any Indemnified Party may
otherwise have.EX-4.23

 Exhibit 4.23 

Medifocus Inc. 
 130 King
Street West, Suite 1800 Toronto, Ontario 
 M5X 1E3 

January 5, 2014 
 STRICTLY PERSONAL AND CONFIDENTIAL

 Mr. Ernie Eves 
 18805 Centreville Creek Road 

Caledon, ON L7K 2M2 
 Dear Ernie: 

 

	RE:	Resignation from Medifocus Inc. 

 Per our recent discussions, you advised Medifocus Inc. {the
Company) that you were considering voluntarily agreeing to remove your name from consideration as a candidate for re-election as director of the Company at the Company’s next Annual Meeting of Shareholders to be held on January 6, 2014
at 10:00 a.m {the Meeting). This letter is to confirm the terms and conditions upon which you agree to voluntarily remove your name from consideration as a candidate for re-election at the Meeting {the Separation Agreement): 

 

	 	1.	You agree, effective immediately, to remove your name as candidate for re-election as a director of the Company at the Meeting. 

  

	 	2.	You will be paid in full any present and accrued director fees earned, but unpaid, up to and including January 6, 2014, which you acknowledge and agree with the Company to be $19,775 in the aggregate. 

 

	 	3.	The stock options to purchase 150,000 common shares in the Company at $0.19 per common share held by Onawa Investments Inc., which, in accordance with the terms of the Company’s Stock Option Plan, would otherwise
expire 90 days after the date that you cease to be a director of the Company, shall, subject to regulatory approval (including for greater certainty TSX Venture Exchange approval), be extended until, and, unless exercised, terminate on,
January 6, 2016. All other terms of your stock options shall remain unamended. 

  

	 	4.	You shall not be entitled to any other compensation with respect to your directorship and shall not be entitled to any other termination or severance pay. 

 

	 	5.	In order to receive the amounts set out in the above paragraphs, you will be required to execute a copy of this letter, as well as the enclosed Full and Final Release, which will, among other things, signify your
acceptance of these arrangements. 

  

	 	6.	You will provide to the Company any necessary documentation requested by the Company and take all necessary action so that the parties hereto may fulfill their respective obligations hereunder. 

 

	 	7.	It is agreed that this letter shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the courts of Ontario with respect to any matter arising hereunder or related hereto. 

	 	8.	It is agreed that if any provision this letter or the application thereof to anyone, or under any circumstances, is adjudicated to be invalid or unenforceable, such invalidity or unenforceability shall not affect any
other provision or application of this letter which can be given effect without the invalid or unenforceable provision or application. 

	 	9.	This letter and the enclosed Full and Final Release constitute the entire agreement between the parties with respect to the voluntary removal of your name from consideration as a candidate for re-election at the Meeting
and the associated rights and obligations. 

 This Separation Agreement must be treated as strictly confidential. You must not disclose the
terms and conditions to any other person, except your legal and financial advisers, or as may be required by law. You shall not disparage the Company, its directors, officers, employees and advisors in any manner. 

The Separation Agreement is open for your acceptance until January 6, 2014 at 9:59 a.m. If you do not respond by such time this offer will become null
and void. 
 Ernie, please take some time to review this offer and seek the advice you may require. If you have any questions with regard to this letter, or
any other matter in relation to your directorship with the Company, please feel free to contact me. 
  

	
	Sincerely.
	
	/S/ Augustine Y. Cheung
	Dr. Augustine Y. Cheung, President and CEO
	Medifocus Inc.
	
	Enclosures

  
 - 2 - 

 ACKNOWLEDGEMENT AND ACCEPTANCE 

I, Ernie Eves, acknowledge I have read and understand the terms and conditions as set out in this letter. 

I further acknowledge that I have had an opportunity to seek independent advice with respect to this matter. The foregoing terms and provisions
are hereby acknowledged accepted and agreed to 5th day of January, 2014. 
  

					
	Kaitlin Gillen /S/ Kaitlin Gillen	 		 	/S/ Ernie Eves
	Witness Name and Signature	 		 	ERNIE EVES

 MUTUAL FULL AND FINAL RELEASE 

IN CONSIDERATION of the terms set out in the letter (the Letter) from MEDIFOCUS INC. (the Company) to ERNIE EVES (the Director and
together with the Company, the Parties) dated January 5, 2014 and such other good and valuable consideration, the sufficiency and adequacy of which is herein acknowledged, the Director, hereinafter called the Releasor, which term
includes the Director’s heirs, executors, administrators, legal personal representatives and assigns, hereby remises, releases and forever discharges the Company, its officers, directors, employees, servants, agents, advisors, shareholders,
representatives, affiliates and subsidiaries and each of their respective present and former predecessors, successors, assigns, officers, directors, employees, servants, agents, advisors, shareholders, representatives, affiliates, subsidiaries and
their respective heirs, administrators, executors, personal representatives and assigns, as the case may, and all related or affiliated companies, hereinafter jointly and severally referred to as the Releasee, from any and all actions, causes
of action, claims, loss, covenant and demands of any kind whatsoever, including any claim which the Director, or its heirs, administrators, executors, personal representatives and assigns, or any of them, may have (now or in the future) or may have
had, whether known now or in the future, whether arising at common law, by statute, tort, contract or otherwise, by reason of or in any way arising out of or relating to the Director’s position as a director of the Releasee or the cessation
thereof save and except for, and without prejudice to, any claim or right which the Releasor may have pursuant to the Letter. This Full and Final Release specifically includes a release of any claims before any court, administrative tribunal or
board under any statute or otherwise whatsoever. 
 AND ALSO IN CONSIDERATION of the terms set out in the Letter, and such other good and valuable
consideration, the sufficiency and adequacy of which is herein acknowledged, the Company hereby releases and forever discharges the Director from any and all actions, causes of action, contracts and covenants, whether expressed or implied, claims
and demands for damages, indemnity, entitlements, costs, interest, loss or injury of any nature in kind whatsoever arising to the date hereof, which may have had, may now have or may have hereafter in respect of any action, or an action committed by
the Director during the course of his tenure as a director of the Company. 
 AND THE PARTIES HERETO, agree that they will not disclose the terms of
this Full and Final Release, or any part hereof, to anyone except to the extent necessary to review its terms with their financial and legal advisors, and as required by law. 

AND EACH PARTY HERETO, HEREBY DECLARES that it fully understands the nature and terms of this Full and Final Release and that it accepts the said terms
and consideration for the purpose of making full and final compromise, adjustment and settlement of all claims as aforesaid. 
 AND THE RELEASOR, HEREBY
CONFIRMS that it has read the entry of this Full and Final Release and been afforded an opportunity to obtain independent legal advice to review the contents of the Letter and this Full and Final Release and confirms that it is executing them
voluntarily and without duress. 
 AND EACH PARTY HERETO, HEREBY CONFIRMS that it has not assigned, and agrees that it shall not assign to any other
person or entity, any of the actions, causes of action, claims, losses, covenants and demands and other claims relating to any matter covered by this Full and Final Release. 

 IN WITNESS WHEREOF, the Parties hereto, have executed this Full and Final Release on the 5th day of
January, 2014. 

							
	Kaitlin Gillen 

	 	}	 		 	

	  
	 		 	  

	Witness Name and Signature	 		 		 	ERNIE EVES
			
	  
	 		 	  

	Name and Title	 		 		 	MEDIFOCUS INC.

  
 - 2 -

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