Document:

Exhibit 10.32

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

WARRANT TO PURCHASE ORDINARY SHARES 

 

G
Medical Innovations LTD.

 

	Warrant Shares: 170,713	 

 

THIS WARRANT TO PURCHASE
ORDINARY SHARES (the “Warrant”) certifies that, for value received, ALPHA CAPITAL ANSTALT or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time after the earlier of: (i) the date that the Company issues Ordinary Shares in its next equity financing
of at least $5,000,000, including without limitation, an initial public offering (“Next Equity Financing”),
or (ii) June 30, 2022 (such date, the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time)
on February 17, 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase from G Medical
Innovations Ltd., an Israeli corporation (the “Company”), up to 170,713 Ordinary Shares (the “Warrant
Shares”) as subject to adjustment hereunder. The purchase price of one Warrant Share under this Warrant shall be equal
to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated February 17, 2021, among the Company and the purchasers signatory thereto.

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency that the Company may designate by notice in writing to the registered Holder at the address of the Holder appearing on the
books of the Company) and the Transfer Agent of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two
(2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein)
following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in
the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any
assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

     

     

    

 

b) Exercise
Price. The exercise price per Ordinary Share under this Warrant shall be the per share price of the Company’s Ordinary
Shares in its Next Equity Financing, subject to adjustment hereunder (the “Exercise Price”). If the Next Equity
Financing does not occur prior to June 30, 2022, the Exercise Price shall be $0.05.

 

c) Cashless
Exercise. If at any time after the six-month anniversary of the applicable Closing Date, there is no effective registration
statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant
may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)	=	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

  

	 	(B)	=	the Exercise Price of this Warrant, as adjusted hereunder; and

 

	 	(X)	=	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

  

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position
contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary
Shares are then listed or quoted on a Trading Market, the bid price of the Ordinary Shares for the time in question (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary
Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported, or (d) in all
other cases, the fair market value of an Ordinary Share as determined by the Company in good faith, taking into consideration customary
valuation metrics and methodologies.

  

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“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares then listed
or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding
date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are
then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per Ordinary Share so reported, or (d) in all other cases,
the fair market value of an Ordinary Share as determined by the Company in good faith, taking into consideration customary valuation
metrics and methodologies.

  

	 	d)	Mechanics of Exercise.

 

	 	i.	Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Company or, as applicable, the Company’s authorized transfer agent (the “Transfer Agent”) to the Holder either in certificate form (if the Warrant Shares or not then listed or quoted for public trading) or (if the Warrant Shares are then listed or quoted for public trading) by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”) if the Transfer Agent in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Ordinary Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (such date, the “Warrant Share Delivery Date”) provided that the Warrant Share Delivery Date shall not be deemed to have occurred until such time that the Company has received the aggregate Exercise Price. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

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ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant Shares or Ordinary Shares subject to any such rescinded exercise notice
concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration
of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate
evidencing such restored right).

 

 

v. No
Fractional Shares or Scrip. No fractional Warrant Shares shall be issued upon the exercise of this Warrant. As to any fraction
of an Ordinary Share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election,
either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price
or round up to the next whole Ordinary Share.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.

 

vii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

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e) Holder’s
Exercise Limitations. From and after the date that the Company has a class of its equity securities registered under, or is
otherwise subject to or is voluntarily complying with the reporting requirements of, the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), the Company shall not effect any exercise of this Warrant, and a Holder shall not have the right
to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and
any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary
Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding
Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer
Agent setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder, the Company shall
within one Trading Day confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case,
the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of
the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number
of Ordinary Shares or Ordinary Share Equivalents outstanding immediately after giving effect to the issuance of Warrant Shares
represented by Warrants Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

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Section 3. Certain
Adjustments.

 

a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise
makes a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary
Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant),
as applicable, (ii) subdivides outstanding Ordinary Shares into a larger number of shares, as applicable, (iii) combines (including
by way of reverse share split) outstanding Ordinary Shares into a smaller number of shares, as applicable, or (iv) issues by reclassification
of Ordinary Shares or any shares of capital stock of the Company, as applicable, then in each case the Exercise Price shall be
multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after
such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record
is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder's right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any Ordinary Shares as a result of such Distribution to such extent) and the
portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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c) Fundamental
Transaction. If, at any time while this Warrant is outstanding,(i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary
Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by
the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been
issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Warrant Shares for
which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section
2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary
Share, in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Ordinary
Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction.  The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 3(c) pursuant to written agreements in form and substance
reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction
and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

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d) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an Ordinary Share, as the case
may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall
be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

e) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required
in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. If the Company’s securities are then publicly listed or traded, to the extent that any notice provided in
this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Report on an appropriate form. The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

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Section 4. Transfer
of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

  

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5. Miscellaneous.

 

a) No
Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

    9

     

    

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary Shares and a sufficient
number of shares to provide for the issuance of the Warrant Shares and underlying Ordinary Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the Warrant Shares needed for the Transfer Agent to issue the necessary Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the applicable Trading Market upon which the Ordinary Shares may be listed. The Company covenants that
all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its articles of association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares and Warrant Shares acquired upon the exercise of this Warrant, if not registered
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.

 

h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Ordinary Shares or as a shareholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

    10

     

    

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

  

    11

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	G Medical Innovations LTD. 
	 	 	 
	 	By:	/s/ Yacov Geva
	 	 	Name: Yacov Geva
	 	 	Title: CEO

 

    12

     

    

 

NOTICE OF EXERCISE

 

TO:
G Medical Innovations LTD.

 

(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take
the form of (check applicable box):

 

☐ in lawful money of the United
States; or

 

☐ if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth
in subsection 2(c).

 

(3) Please issue said
Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

  

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of
Investing Entity: _________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: ________________________________________________________________________________________

 

    13

     

    

 

ASSIGNMENT FORM

 

(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to purchase Warrant Shares.)

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: _______________	 	 
	 	 	 
	Holder’s Address: _______________	 	 

 

 

14Exhibit
10.33

  

CLAYTON
UTZ

 

Controlled
Placement Deed

 

G
Medical Innovations Holdings Limited

Company

 

Acuity
Capital Investment Management Pty Ltd as trustee for the Acuity Capital Holdings Trust

Option
Holder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clayton
Utz

Lawyers

Level
18 333 Collins Street Melbourne VIC 3000 Australia

DX
38451 333 Collins VIC

T
+61 3 9286 6000 F +61 3 9629 8488

 

www.claytonutz.com

 

Our
reference 934/18421/80140880

 

     

     

    

 

	 	9.2	Reimbursements
    and similar payments	13
	 	9.3	GST
    payable	13
	 	9.4	Variation
    to GST payable	13
	10.	Notices	13
	 	10.1	How
    notice is to be given	13
	 	10.2	When
    notice taken is to be received	14
	11.	Entire
    agreement	14
	12.	General	14
	 	12.1	Amendments	14
	 	12.2	Assignment	14
	 	12.3	Consents	14
	 	12.4	Costs	14
	 	12.5	Counterparts	14
	 	12.6	Further
    acts and documents	15
	 	12.7	Severance	15
	 	12.8	Waivers	15
	13.	Governing
    law and jurisdiction	15
	 	13.1	Governing
    law and jurisdiction	15
	Schedule 1 Warranties	17
	Schedule 2 Option Exercise Request	20
	Schedule 3 Option Exercise Notice	21
	Schedule 4 Fees	22
	Schedule 5 Trustee limitation of liability 	23
	Schedule 6 Suspension	23

 

     

     

    

 

Controlled
Placement Deed dated 5 September 2018

 

	Parties	G
    Medical Innovations Holdings Limited ARBN 617 204 743 of Willow House Cricket Sq, Grand Cayman, Cayman Islands (Company)
	 	 
	 	Acuity
    Capital Investment Management Pty Ltd ACN 132 459 093 as trustee for the Acuity Capital Holdings Trust of Level 24, International
    Tower Three, 300 Barangaroo Avenue, Sydney NSW 2000 (Option Holder)

 

Background

 

	A.	The
                                         Company is a public company which is listed on the ASX.

 

	B.	The
                                         Company has agreed to grant to the Option Holder an option for the Option Holder or its
                                         nominee to subscribe for Shares on the terms and conditions set out in this deed.

 

Operative
provisions

 

 

 

	1.	Definitions and interpretation

 

	1.1	Definitions

 

In
this deed:

 

ASIC
means the Australian Securities and Investments Commission.

 

ASX
means ASX Limited ACN 008 624 691 or the equities market operated by it, as the context requires.

 

Business
means the business conducted by the Company.

 

Business
Day means a day that is not a Saturday, Sunday or public holiday and on which the banks are open for business generally in
Sydney, New South Wales.

 

Completion
means completion of the issue of the Shares in accordance with clause 4.

 

Completion
Date has the meaning given in clause 2.6(d) and 4.3, or where the context allows, in clause 4.4(d).

 

Corporations
Act means Corporations Act 2001 (Cth).

 

Encumbrance
means a mortgage, charge, pledge, lien, encumbrance, security interest, title retention, preferential right, trust arrangement,
contractual right of set-off, or any other security agreement or arrangement in favour of any person, whether registered or unregistered,
including any Security Interest.

 

Exercise
Price means, in respect of the Shares the subject of each Option Exercise Notice, a price per Share equal to the greater of:

 

		(a)	90%
                                         of the volume weighted average price of Shares traded by the Option Holder on ASX during
                                         the relevant Valuation Period as notified to the Company by the Option Holder; and

 

		(b)	the
                                         Floor Price for the relevant Valuation Period,

 

as
modified for applicable fee rebates in accordance with Schedule 4, and Exercise Price Adjustment, any Reorganisation or for dividends.

 

    	 	Page 1 of 23

     

    

 

Exercise
Price Adjustment has the meaning given in clause 2.9.

 

Exercise
Value means the Option Shares multiplied by the Exercise Price (ignoring any Exercise Price Adjustment in accordance with
clause 2.9).

 

Floor
Price is the minimum price at which the Company will issue Shares to the Option Holder on the Completion Date for a given
Valuation Period in relation to the relevant Option Exercise Request as specified in the Option Exercise Request.

 

GST
has the meaning given in the GST Act.

 

GST
Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth).

 

Indemnified
Losses means, in relation to any fact, matter or circumstance, all losses, costs, charges, damages, expenses, penalties and
other liabilities arising out of or in connection with that fact, matter or circumstance including all legal and other professional
expenses on a solicitor-client basis incurred in connection with investigating, disputing, defending or settling any claim, action,
demand or proceeding relating to that fact, matter or circumstance (including any claim, action, demand or proceeding based on
the terms of this deed).

 

Issuance
Discount means, in respect of the Shares the subject of each Option Exercise Notice, the difference between the volume weighted
average price of Shares traded by the Option Holder on ASX during the relevant Valuation Period as notified to the Company by
the Option Holder and the Exercise Price.

 

Listing
Rules means the listing rules of ASX.

 

Maximum
Exercise Value has the meaning given in clause 2.4(d)

 

Maximum
Option Shares is such number of Option Shares as are permitted to be issued:

 

		●	without
                                         approval of the Company’s shareholders under Listing Rule 7.1 and 7.1A from time to time;
                                         or

 

		●	where
                                         the Company has received shareholder approval at a meeting of its shareholders to issue
                                         in excess of that allowable under Listing Rule 7.1 and 7.1A, the number of shares allowable
                                         in accordance with that meeting.

 

Maximum
Option Size is $10,000,000. The Maximum Option Size cannot be exercised in full if it requires the Company to issue more than
the Maximum Option Shares.

 

Option
has the meaning given in clause 2.1.

 

Option
Exercise Request means a notice given by the Company to the Option Holder substantially in the form set out in Schedule 2.

 

Option
Exercise Notice means a notice given by the Option Holder to the Company substantially in the form set out in Schedule 3.

 

Option
Expiry Date means 31 December 2020. Where Option Expiry Date is not a Business Day, the Option Expiry Date will be the following
Business Day.

 

Option
Shares has the meaning given in clause 2.6(b).

 

Option
Start Date means 5 September 2018. Where Option Start Date is not a Business Day, the Option Start Date will be the following
Business Day.

 

    	 	Page 2 of 23

     

    

 

Recipient
has the meaning given in clause 9.3. 

 

Regulatory Authority means:

 

		(a)	any
                                         government or local authority and any department, minister or agency of any government;
                                         and

 

		(b)	any
                                         other authority, agency, commission or similar entity having powers or jurisdiction under
                                         any law or regulation or the listing rules of any recognised stock or securities exchange.

 

Reorganisation
means, in relation to the Company:

 

		(a)	a
                                         dividend;

 

		(b)	a
                                         bonus issue;

 

		(c)	a
                                         return or reduction of capital or buy-back whether by way of a distribution of cash or
                                         other assets of the Company;

 

		(d)	any
                                         share split, consolidation, subdivision or similar action in relation to the share capital
                                         of the Company; or

 

		(e)	any
                                         other reorganisation, recapitalisation or reclassification or similar event in relation
                                         to the share capital of the Company.

 

Security
Interest has the meaning given in section 12 of the Personal Property Securities Act 2009 (Cth).

 

Shares
means fully paid ordinary shares in the capital of the Company. 

 

Supplier
has the meaning given in clause 9.3.

 

Tax
means any tax, levy, excise, duty, charge, surcharge, contribution, withholding tax, impost or withholding obligation of whatever
nature, whether direct or indirect, by whatever method collected or recovered, together with any fees, penalties, fines, interest
or statutory charges.

 

Trust
means the Acuity Capital Holdings Trust as defined in clause 7.1 and referred to in Schedule 5.

 

Trustee
means Acuity Capital Investment Management Pty Ltd ACN 132 459 093 as trustee of the Trust.

 

Unrebated
Fees has the meaning given in Schedule 4.

 

Valuation
Period means the period specified by the Company to the Option Holder in the Option Exercise Request in accordance with clause
2.5.

 

Warranties
means the warranties set out in in this deed, including Schedule 1.

 

	1.2	Business Days

 

If
the day on which any act to be done under this deed is a day other than a Business Day, that act must be done on or by the immediately
preceding Business Day except where this deed expressly specifies otherwise.

 

    	 	Page 3 of 23

     

    

 

	1.3	General rules of interpretation

 

In
this deed headings are for convenience only and do not affect interpretation and, unless the contrary intention appears:

 

		(a)	a
                                         word importing the singular includes the plural and vice versa, and a word of any gender
                                         includes the corresponding words of any other gender;

 

		(b)	the
                                         word including or any other form of that word is not a word of limitation;

 

		(c)	if
                                         a word or phrase is given a defined meaning, any other part of speech or grammatical
                                         form of that word or phrase has a corresponding meaning;

 

		(d)	a
                                         reference to a person includes an individual, the estate of an individual, a corporation,
                                         a Regulatory Authority, an incorporated or unincorporated association or parties in a
                                         joint venture, a partnership and a trust;

 

		(e)	a
                                         reference to a party includes that party’s executors, administrators, successors and
                                         permitted assigns, including persons taking by way of novation and, in the case of a
                                         trustee, includes any substituted or additional trustee;
	 	 	 
	 	 (f)	a
                                         reference to a document or a provision of a document is to that document or provision
                                         as varied, novated, ratified or replaced from time to time;

 

		(g)	a
                                         reference to this deed is to this deed as varied, novated, ratified or replaced from
                                         time to time;

 

		(h)	a
                                         reference to a party, clause, schedule, exhibit, attachment or annexure is a reference
                                         to a party, clause, schedule, exhibit, attachment or annexure to or of this deed, and
                                         a reference to this deed includes all schedules, exhibits, attachments and annexures
                                         to it;

 

	 	(I)	a reference to an
    agency or body if that agency or body ceases to exist or is reconstituted, renamed or replaced or has its powers or function
    removed (obsolete body), means the agency or body which performs most closely the functions of the obsolete body;

 

		(j)	a
                                         reference to a statute includes any regulations or other instruments made under it (delegated
                                         legislation) and a reference to a statute or delegated legislation or a provision
                                         of either includes consolidations, amendments, re-enactments and replacements;

 

		(k)	a
                                         reference to $ or dollar is to Australian currency; and

 

		(I)	this
                                         deed must not be construed adversely to a party just because that party prepared it or
                                         caused it to be prepared.

 

 

 

	2.	Option

 

	2.1	Grant of Option

 

The
Company irrevocably grants to the Option Holder an option to require the Company to issue and allot Shares to the Option Holder
or its nominee for the Exercise Price per share on the terms and conditions set out in this deed (Option).

 

    	 	Page 4 of 23

     

    

 

	2.2	Consideration for Option

 

In
consideration for the grant of the Option, the Option Holder pays to the Company the sum of $10 (receipt of which the Company
hereby acknowledges).

 

	2.3	Exercise of Option

 

		(a)	The
                                         Option Holder may only exercise the Option after it has received an Option Exercise Request.

 

		(b)	The
                                         Company may issue an Option Exercise Request at any time following the date of this deed
                                         up to one Business Day prior to the Option Expiry Date.

 

		(c)	The
                                         Option Holder is not obliged to exercise the Option.

 

		(d)	The
                                         Option Holder may exercise the Option for the Valuation Period relating to a given Option
                                         Exercise Request received from the Company by giving the Company an Option Exercise Notice.

 

		(e)	The
                                         Option Holder may exercise the Option for one or more Valuation Periods.

 

		(f)	The
                                         Option cannot be exercised for a Valuation Period to the extent it requires the Company
                                         to issue more than the Maximum Option Shares in any 12 month period.

 

	2.4	Option Exercise Request

 

An
Option Exercise Request:

 

		(a)	May
                                         be sent by the Company to the Option Holder at any time from and including the Option
                                         Start Date to and including one Business Day prior to the Option Expiry Date;

 

		(b)	Must
                                         specify the Valuation Period;

 

		(c)	Must
                                         specify the Floor Price applicable to the relevant Valuation Period;

 

		(d)	Must
                                         specify one or both of the following:

 

		(i)	the
                                         maximum dollar value of shares to be issued by the Company, for the relevant Valuation
                                         Period (Maximum Exercise Value); and

 

		(ii)	the
                                         maximum number of shares to be issued by the Company, for the relevant Valuation Period
                                         (Maximum Number of Exercise Shares);

 

		(e)	Must
                                         not specify:

 

		(i)	a
                                         Maximum Exercise Value which when added to the sum of the product of all Option Shares
                                         and Exercise Prices in respect of previous Option Exercise Notices, in aggregate exceeds
                                         the Maximum Option Size; or

 

		(ii)	a
                                         Maximum Number of Exercise Shares which when added to all Option Shares issued in respect
                                         of previous Option Exercise Notices, in aggregate exceeds the Maximum Option Shares.

 

		(f)	Must
                                         be given by 4pm on the Business Day before the requested Valuation Period Start Date;

 

    	 	Page 5 of 23

     

    

 

		(g)	Must
                                         be signed by, or on behalf of, the Company;

 

		(h)	Must
                                         be in substantially the same form provided for in Schedule 2;
	 	 	 
	 	(i)	Once
                                         given, may be amended by Notice in writing at the discretion of the Company to change
                                         the Valuation Period End Date (such new Valuation Period End Date to be a date after
                                         the date of the Notice); and

 

		(j)	Once
                                         given, may only be revoked with the consent of the Option Holder.

 

The
Option Holder and the Company may agree from time to time agree to alter the form of the Option Exercise Request to include additional
information.

 

	2.5	Valuation Period

 

The
Valuation Period must be included by the Company in an Option Exercise Request delivered to the Option Holder under clause 2.4
and must:

 

		(a)	Specify
                                         a start date for the Valuation Period that is a Business Day (Valuation Period Start
                                         Date);

 

		(b)	Specify
                                         an end date for the Valuation Period that is a Business Day (Valuation Period End
                                         Date), which is on or after the Valuation Period Start Date. The Valuation Period
                                         End Date must be a date no later than one Business Day prior to the Option Expiry Date;

 

		(c)	Be
                                         for a period which:

 

		(i)	is
                                         no less than one Business Day and no more than 20 Business Days; and

 

		(ii)	must
                                         not overlap with any previous Valuation Period.

 

	2.6	Option
    Exercise Notice 
	 	 
	 	An Option
    Exercise Notice:

  

		(a)	May
                                         be sent by the Option Holder to the Company at any time, but no later than five Business
                                         Days after the Valuation Period End Date, unless otherwise agreed with the Company;

 

		(b)	Must
                                         specify the number of Shares to be issued by the Company (Option Shares) which
                                         may be (at the sole election of the Option Holder) any number of Option Shares:

 

		(i)	up
                                         to but not exceeding the Maximum Number of Exercise Shares; or

 

		(ii)	which
                                         when multiplied by the Exercise Price does not exceed the Maximum Exercise Value;

 

		(c)	Must
                                         specify the Exercise Price, which is equal to the price per Option Share;

 

		(d)	Must
                                         specify a date on which Completion is to take place (Completion Date). This date
                                         must be no more than seven (7) Business Days after the Valuation Period End Date, unless
                                         otherwise agreed with the Company;

 

		(e)	Must
                                         be signed by, or on behalf of, the Option Holder;

 

    	 	Page 6 of 23

     

    

 

		(f)	Must
                                         specify the name and address of the nominee if the Option Shares are to be issued to
                                         a nominee of the Option Holder; and

 

		(g)	Must
                                         be in substantially the same form provided for Schedule 3.

 

	2.7	Lapse of Option

 

The
Option will lapse on the Option Expiry Date.

 

	2.8	Early termination of Option by the Company

 

		(a)	The
                                         Company may terminate the Option prior to the Option Expiry Date by giving a written
                                         notice to the Option Holder (Termination Notice).

 

		(b)	The
                                         Termination Notice must specify a date on which the Controlled Placement Deed terminates
                                         that is not less than five Business Days from the date of the Termination Notice (Termination
                                         Date).

 

		(c)	Where
                                         the Termination Date is during a Valuation Period, the Valuation Period End Date for
                                         the relevant period will be taken to be the Termination Date.

 

		(d)	For
                                         the avoidance of doubt, the Option Holder may issue an Option Exercise Notice to the
                                         Company for the Option Exercise Request affected by the termination notice.

 

		(e)	Notwithstanding
                                         the termination, the Company must comply with any obligations of the Company arising
                                         prior to the Termination Date under this deed, including:

 

		(i)	to
                                         issue any Option Shares in accordance with clause 4; and

 

		(ii)	to
                                         pay any outstanding Fees (including the Termination Fee (if applicable)) set out in Schedule
                                         4.

 

	2.9	Not used

 

 

 

	3.	Fees

 

	3.1	Fees payable by the Company

 

The
Company agrees to pay the Option Holder the Fees set out in Schedule 4 on the terms and conditions set out therein.

 

	3.2	Company payment obligations

 

The
Company must pay the Fees to the Option Holder by no later than the dates specified in Schedule 4 by:

 

		(a)	electronic
                                         funds transfer to the account of an Australian bank specified by the Option Holder and
                                         confirmed by the Company to the Option Holder by notice;

 

		(b)	unendorsed
                                         bank cheque drawn on an Australian bank or other immediately available funds; or

 

		(c)	in
                                         any other manner reasonably required by the Option Holder in writing.

 

    	 	Page 7 of 23

     

    

 

 

 

	4.	Completion

 

	4.1	Subscription and issue

 

On
Completion:

 

		(a)	the
                                         Option Holder (or its nominee) must subscribe at the Exercise Price for the Option Shares
                                         specified in the relevant Option Exercise Notice; and

 

		(b)	the
                                         Company must issue to the Option Holder for the Exercise Price the Option Shares specified
                                         in the relevant Option Exercise Notice.

 

	4.2	Issue not for the purpose of on-sale

 

The
Company acknowledges that it is not granting the Option or issuing the Option Shares for the purpose of the Option Holder (or
its nominee) selling or transferring the Option Shares, or granting, issuing or transferring interests in, or options over, the
Option Shares.

 

	4.3	Time and place for Completion

 

In
respect of each Option Exercise Notice given under this deed, Completion must take place at Level 2, 261 George Street, Sydney
NSW 2000 at 9.00am on the Completion Date, or at any other place, date or time as the Company and the Option Holder agree in writing.

 

	4.4	Company’s obligations

 

The
Company must:

 

		(a)	no
                                         later than the relevant Completion Date:

 

		(i)	issue
                                         to the Option Holder (or its nominee) the Option Shares free from all Encumbrances; and

 

		(ii)	apply
                                         to ASX for the Option Shares to be immediately quoted on ASX, including by signing and
                                         lodging with ASX an Appendix 3B in respect of the Option Shares;

 

		(b)	as
                                         soon as is reasonably practicable despatch (or have the Company’s share registry despatch)
                                         holding statements to the Option Holder in respect of the Option Shares;

 

		(c)	in
                                         circumstances where the Company is permitted to issue either a notice under section 708A(6)
                                         of the Corporations Act or a prospectus, at the time of issue of the Option Shares:

 

		(i)	on
                                         and from Completion do all things necessary to ensure that the Option Shares can be transferred
                                         by the Option Holder (or its nominee) on and from Completion without the need for disclosure
                                         under the Corporations Act (or other applicable law), including by giving to ASX a notice
                                         under section 708A(6) of the Corporations Act or issuing a cleansing prospectus at the
                                         time of issue of the Option Shares; and

 

		(ii)	on
                                         the issue of the Option Shares, ensure that at that time all material information (including
                                         any inside information and any information that will be disclosed to satisfy the requirements
                                         of Case 1 of section 708A of the Corporations Act) is disclosed to ASX.

 

    	 	Page 8 of 23

     

    

 

		(d)	in
                                         circumstances where the Company is not permitted to issue either a notice under section
                                         708A(6) of the Corporations Act or a cleansing prospectus, at the time of the Completion
                                         Date stated in the Option Exercise Request, the Company must give Notice as soon as is
                                         reasonably practicable in writing to the Option Holder to extend the Completion Date
                                         (“Extended Completion Notice”). The Extended Completion Notice must state a
                                         new Completion date which must be the earlier of:

 

		(i)	The
                                         soonest available time which the company is permitted to issue a notice under 708A(6)
                                         or issue a prospectus;

 

		(ii)	20
                                         Business Days; and

 

		(iii)	15
                                         Business Days, prior to the Option Expiry Date,

 

with
such date becoming the new Completion Date for the relevant Option Exercise Notice.

 

	4.5	Option Holder payment obligations

 

The
Option Holder must pay, or procure that its nominee pays, an amount equal to the Exercise Price multiplied by the number of Option
Shares exercised to the Company by no later than the Completion Date by:

 

		(a)	electronic
                                         funds transfer to the account of an Australian bank specified by the Company and confirmed
                                         by the Option Holder to the Company by notice; or

 

		(b)	in
                                         any other manner reasonably required by the Company in writing.

 

	4.6	Interdependence of obligations at Completion

 

The
obligations of the parties under clauses 4.4(a) and 4.5 are interdependent and must be performed, as nearly as possible, simultaneously.
If any obligation specified in clauses 4.4(a) or 4.5 is not performed on or before Completion then, without limiting any other
rights of the parties, Completion is taken not to have occurred and any document delivered under clause 4.4(a) or payment made
under clause 4.5 must be returned to the party that delivered it or paid it.

 

 

 

	5.	Reorganisation

 

Where
the Company undertakes any Reorganisation prior to the lapse of the Option, the Option Holder may adjust the terms of the Option
such that the Option Holder is placed in no worse an economic position than if the Reorganisation had not taken place.

 

For
the avoidance of doubt the Company and the Option Holder agree that the mutual intent of the Parties is to preserve the proportionality
of the Option Holder’s Option Shares upon issue should a Reorganisation occur after an Option Exercise Request has been issued
by the Company and before the relevant Completion Date relating to such Option Exercise Notice has taken place.

 

 

 

	6.	Company Warranties

 

	6.1	Warranties

 

The
Company warrants to the Option Holder that each Warranty is true and correct and not misleading or deceptive (including by omission)
from the date of execution of this deed up to and including the Option Expiry Date, except where the Warranty specifies that an
alternative period should apply.

 

    	 	Page 9 of 23

     

    

 

	6.2	Reliance

 

The
Company acknowledges that the Option Holder has entered into this deed in reliance on the Warranties.

 

	6.3	Warranties separate

 

Each
Warranty is to be treated as a separate warranty and is not limited by reference to any other warranty or any other provision
of this deed.

 

	6.4	Survival

 

Each
Warranty will remain in full force and effect after Completion and a claim for breach of Warranty shall not be limited to breaches
identified before Completion.

 

	6.5	Warranties not limited by inquiries or knowledge

 

No
Warranty is excluded or limited by:

 

		(a)	any
                                         inquiry or investigation made by or on behalf of the Option Holder or any of its representatives;

 

		(b)	any
                                         actual or constructive knowledge of the Option Holder or any of its representatives that
                                         any Warranty is or may be incorrect; or

 

		(c)	any
                                         other act, matter or thing.

 

	6.6	Indemnity for breach of Warranty

 

Without
limiting any other remedy available to the Option Holder, the Company indemnifies the Option Holder against, and must pay to the
Option Holder on demand:

 

		(a)	the
                                         amount of any Indemnified Loss suffered or incurred by the Option Holder arising out
                                         of or in connection with the breach of any Warranty; and

 

		(b)	an
                                         amount equal to any additional Tax assessable on the Option Holder arising out of or
                                         in connection with the receipt by the Option Holder of a payment under this clause 6.6.

 

	6.7	Adjustment

 

Any
payment made to the Option Holder for a breach of Warranty may be treated as an adjustment to the Exercise Price.

 

 

 

	7.	Option Holder Warranties

 

	7.1	Capacity and authorisation

 

Acuity
Capital Investment Management Pty Ltd (Trustee) has entered into this deed as trustee for the Acuity Capital Holdings Trust
(Trust). The provisions contained in this clause 7.1 and the provisions contained in Schedule 5 will apply to the Trustee
for so long as it serves as trustee for the Trust. The Trustee is a company properly incorporated and validly existing under the
laws of Australia, has the legal right and full corporate power and capacity to execute, deliver and perform its obligations under
this deed and has obtained all necessary authorisations and consents and taken all other actions necessary to enable it to do
so.

 

    	 	Page 10 of 23

     

    

 

	7.2	Valid obligations

 

This
deed constitutes (or will when executed constitute) valid legal and binding obligations of the Option Holder in accordance with
its terms and is enforceable against the Option Holder in accordance with its terms.

 

	7.3	Eligible investor

 

The
Option Holder is a person who falls within an exempt offer category set forth in section 708 of the Corporations Act.

 

	7.4	Breach or default

 

The
execution, delivery and performance of this deed by the Option Holder does not and will not result in a breach of or constitute
a default under:

 

		(a)	any
                                         agreement to which the Option Holder is party;

 

		(b)	any
                                         provision of the constitution of the Option Holder; or

 

		(c)	any
                                         law or regulation or any order judgment or determination of any court or Regulatory Authority
                                         by which the Option Holder is bound.

 

	7.5	Solvency

 

None
of the following events has occurred in relation to the Option Holder:

 

		(a)	a
                                         receiver, receiver and manager, liquidator, provisional liquidator, administrator or
                                         trustee is appointed in respect of the Option Holder or any of its assets or anyone else
                                         is appointed who (whether or not as agent for the Option Holder) is in possession, or
                                         has control, of any of the Option Holder’s assets for the purpose of enforcing an Encumbrance;

 

		(b)	an
                                         event occurs that gives any person the right to seek an appointment referred to in paragraph
                                         (a);

 

		(c)	an
                                         application is made to court or a resolution is passed or an order is made for the winding
                                         up or dissolution of the Option Holder or an event occurs that would give any person
                                         the right to make an application of this type;

 

		(d)	the
                                         Option Holder proposes or takes any steps to implement a scheme of arrangement or other
                                         compromise or arrangement with its creditors or any class of them;

 

		(e)	the
                                         Option Holder stops paying its debts when they become due or is declared or taken under
                                         any applicable law to be insolvent or the Option Holder’s board of directors resolves
                                         that the Option Holder is, or is likely to become at some future time, insolvent;

 

		(f)	any
                                         person in whose favour the Option Holder has granted any Encumbrance becomes entitled
                                         to enforce any security under that Encumbrance or any floating charge under that Encumbrance
                                         crystallises; or

 

    	 	Page 11 of 23

     

    

 

		(g)	any
                                         event under any law which is analogous to, or which has a substantially similar effect
                                         to, any of the events referred to in paragraphs (a) to (f).

 

 

 

	8.	Confidentiality

 

	8.1	No announcement or other disclosure of transaction

 

Except
as permitted by clause 8.2 each party must keep confidential the existence of and the terms of this deed and all negotiations
between the parties in relation to the subject matter of this deed.

 

	8.2	Permitted disclosure

 

Nothing
in this deed prevents a person from disclosing matters referred to in clause 8.1:

 

		(a)	if
                                         disclosure is required to be made by law or the rules of a recognised stock or securities
                                         exchange and the party whose obligation it is to keep matters confidential or procure
                                         that those matters are kept confidential:

 

		(i)	has
                                         not through any voluntary act or omission (other than execution of this deed) caused
                                         the disclosure obligation to arise; and

 

		(ii)	has
                                         before disclosure is made notified the other party of the requirement to disclose and,
                                         where the relevant law or rules permit and where practicable to do so, given the other
                                         party a reasonable opportunity to comment on the requirement for and proposed contents
                                         of the proposed disclosure;

 

		(b)	if
                                         disclosure is reasonably required to enable a party to perform its obligations under
                                         this deed;

 

		(c)	to
                                         any professional adviser of a party who has been retained to advise in relation to the
                                         transactions contemplated by this deed or any auditor of a party who reasonably requires
                                         to know;

 

		(d)	with
                                         the prior written approval of the other party; or

 

		(e)	where
                                         the matter has come into the public domain otherwise than as a result of a breach by
                                         any party of this deed.

 

 

 

	9.	GST

 

	9.1	Interpretation

 

The
parties agree that:

 

		(a)	except
                                         where the context suggests otherwise, terms used in this clause 9 have the meanings given
                                         to those terms by the GST Act (as amended from time to time); and

 

		(b)	any
                                         consideration that is specified to be inclusive of GST must not be taken into account
                                         in calculating the GST payable in relation to a supply for the purpose of this clause.

 

    	 	Page 12 of 23

     

    

 

	9.2	Reimbursements and similar payments

 

Any
payment or reimbursement required to be made under this deed that is calculated by reference to a cost, expense, or other amount
paid or incurred will be limited to the total cost, expense or amount less the amount of any input tax credit to which an entity
is entitled for the acquisition to which the cost, expense or amount relates.

 

	9.3	GST payable

 

If
GST is payable in relation to a supply made under or in connection with this deed then any party (Recipient) that is required
to provide consideration to another party (Supplier) for that supply must pay an additional amount to the Supplier equal
to the amount of that GST at the same time as other consideration is to be provided for that supply or, if later, within five
Business Days of the Supplier providing a valid tax invoice to the Recipient.

 

	9.4	Variation to GST payable

 

If
the GST payable in relation to a supply made under or in connection with this deed varies from the additional amount paid by the
Recipient under clause 9.3 then the Supplier will provide a corresponding refund or credit to, or will be entitled to receive
the amount of that variation from, the Recipient. Any payment, credit or refund under this paragraph is deemed to be a payment,
credit or refund of the additional amount payable under clause 9.3.

 

 

 

	10.	Notices

 

	10.1	How notice is to be given

 

Each
communication (including each notice, consent, approval, request and demand) under or in connection with this deed:

 

		(a)	must
                                         be given by email;

 

		(b)	must
                                         be in writing and in English (or accompanied by a certified translation into English);

 

		(c)	must
                                         be addressed as follows (or as otherwise notified by that party to each other party from
                                         time to time):

 

		(i)	if
                                         to the Company:

 

		Attention:	Dr.
                                         Yacov Geva
	 	 	 
	 	Email:	yacovg@gmedinnovations.com
	 	 	 
	 	CC:	Brendan
                                         de Kauwe

 

		(ii)	if
                                         to the Option Holder:

 

	 	Attention:	Acuity Capital Execution Team
	 	 	 
	 	Email:	execution@acuitycapital.com.au
	 	 	 
	 	Cc:	stephen.earl@acuitycapital.com.au

 

    	 	Page 13 of 23

     

    

 

		(d)	must
                                         be in pdf or other format that is a scanned image of the original of the communication,
                                         including a handwritten signature, and be attached to an email that states that the attachment
                                         is a communication under this deed.

 

	10.2	When notice taken is to be received

 

Each
communication (including each notice, consent, approval, request and demand) under or in connection with this deed is taken to
be received by the addressee at the time the email was sent unless the party sending the email knows or reasonably ought to suspect
that the email and the attached communication were not delivered to the addressee’s domain specified in the email address notified
for the purposes of this clause 10, but if the communication would otherwise be taken to be received on a day that is not a working
day or after 5.00 pm, it is taken to be received at 9.00 am on the next working day (working day meaning a day that is
not a Saturday, Sunday or public holiday and on which banks are open for business generally, in the place to which the communication
is sent).

 

 

 

	11.	Entire agreement

 

To
the extent permitted by law, this deed constitutes the entire agreement between the parties in relation to its subject matter
including the issue of the Option Shares and supersedes all previous agreements between the parties in relation to its subject
matter.

 

 

 

	12.	General

 

	12.1	Amendments

 

This
deed may only be varied by a document signed by or on behalf of each party.

 

	12.2	Assignment

 

A
party cannot assign or otherwise transfer any of its rights under this deed without the prior consent of each other party.

 

	12.3	Consents

 

Unless
this deed expressly provides otherwise, a consent under this deed may be given or withheld in the absolute discretion of the party
entitled to give the consent and to be effective must be given in writing.

 

	12.4	Costs

 

Each
party must pay its own costs and expenses in connection with:

 

		(a)	negotiating,
                                         preparing, executing and performing this deed; and

 

		(b)	any
                                         subsequent consent, agreement, approval, waiver or amendment relating to this deed.

 

	12.5	Counterparts

 

This
deed may be executed in any number of counterparts and by the parties on separate counterparts. Each counterpart constitutes an
original of this deed, and all together constitute one deed.

 

    	 	Page 14 of 23

     

    

 

	12.6	Further acts and documents

 

Each
party must promptly do, and procure that its employees and agents promptly do, all further acts and execute and deliver all further
documents (in form and content reasonably satisfactory to that party) required by law or reasonably requested by another party
to give effect to this deed.

 

	12.7	Severance

 

If
any provision or part of a provision of this deed is held or found to be void, invalid or otherwise unenforceable (whether in
respect of a particular party or generally), it will be deemed to be severed to the extent that it is void or to the extent of
voidability, invalidity or unenforceability, but the remainder of that provision will remain in full force and effect.

 

	12.8	Waivers

 

Without
limiting any other provision of this deed, the parties agree that:

 

		(a)	failure
                                         to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise
                                         or enforcement of, a right, power or remedy provided by law or under this deed by a party
                                         does not preclude, or operate as a waiver of, the exercise or enforcement, or further
                                         exercise or enforcement, of that or any other right, power or remedy provided by law
                                         or under this deed;

 

		(b)	a
                                         waiver given by a party under this deed is only effective and binding on that party if
                                         it is given or confirmed in writing by that party; and

 

		(c)	no
                                         waiver of a breach of a term of this deed operates as a waiver of another breach of that
                                         term or of a breach of any other term of this deed.

 

 

 

	13.	Governing law and jurisdiction

 

	13.1	Governing law and jurisdiction

 

This
deed is governed by the law applying in New South Wales, Australia. Each party irrevocably submits to the non-exclusive jurisdiction
of the courts having jurisdiction in that state and the courts competent to determine appeals from those courts, with respect
to any proceedings that may be brought at any time relating to this deed and waives any objection it may have now or in the future
to the venue of any proceedings, and any claim it may have now or in the future that any proceedings have been brought in an inconvenient
forum, if that venue is in accordance with the provisions of this clause 13.1.

 

    	 	Page 15 of 23

     

    

 

	Signed
    as a deed.	 	 
	 	 	 
	Executed
    by G Medical Innovations Holdings Limited ARBN 617 204 743 in accordance with section 127 of the Corporations Act
    2001 (Cth):	 	 
	 	 	 
	/s/
Yacov Geva	 	 
	Signature
    of director	 	Signature
    of company secretary/director
	 	 	 
	Yacov
Geva	 	 
	Full
    name of director	 	Full
    name of company secreatary/director
	 	 	 
	Executed
    by Acuity Capital Investment Management Pty Ltd ACN 132 459 093 as trustee for the Acuity Capital Holdings Trust in
    accordance with section 127 of the Corporations Act 2001 (Cth):	 	 
	 	 	 
	/s/
    Stephen Earl	 	 
	Signature
    of sole director of corporate trustee 	 	 
	 	 	 
	Stephen
    Earl	 	 
	Full
    name of sole director of corporate trustee	 	 

 

    	 	Page 16 of 23

     

    

 

Schedule
1 Warranties

 

 

 

	1.	Company

 

	1.1	Capacity and authorisation

 

The
Company:

 

		(a)	is
                                         a company properly incorporated and validly existing under the laws of Australia;

 

		(b)	has
                                         the legal right and full corporate power and capacity to:

 

		(i)	execute
                                         and deliver this deed; and

 

		(ii)	perform
                                         its obligations under this deed and each transaction effected by or made under this deed,

 

and
has obtained (or will obtain prior to the issue of any Option Shares) all necessary authorisations and consents and take all other
actions necessary to enable it to do so (including all approvals of the shareholders of the Company which may be required under
the Listing Rules and the Corporations Act in order for the Company to issue Option Shares to the Option Holder on the exercise
of the Option).

 

	1.2	Valid obligations

 

This
deed constitutes (or will when executed constitute) valid legal and binding obligations of the Company in accordance with its
terms and is enforceable against the Company in accordance with its terms.

 

	1.3	Breach or default

 

The
execution, delivery and performance of this deed by the Company does not and will not result in a breach of or constitute
a default under:

 

		(a)	any
                                         agreement to which the Company is party;

 

		(b)	any
                                         provision of the constitution of the Company; or

 

		(c)	any
                                         law or regulation or any order, judgment or determination of any court or Regulatory
                                         Authority by which the Company is bound.

 

	1.4	Solvency

 

None
of the following events has occurred in relation to the Company:

 

		(a)	a
                                         receiver, receiver and manager, liquidator, provisional liquidator, administrator or
                                         trustee is appointed in respect of the Company or any of its assets or anyone else is
                                         appointed who (whether or not as agent for the Company) is in possession, or has control,
                                         of any of the Company’s assets for the purpose of enforcing an Encumbrance;

 

		(b)	an
                                         event occurs that gives any person the right to seek an appointment referred to in paragraph
                                         (a);

 

    	 	Page 17 of 23

     

    

 

		(c)	an
                                         application is made to court or a resolution is passed or an order is made for the winding
                                         up or dissolution of the Company or an event occurs that would give any person the right
                                         to make an application of this type;

 

		(d)	the
                                         Company proposes or takes any steps to implement a scheme of arrangement or other compromise
                                         or arrangement with its creditors or any class of them;

 

		(e)	the
                                         Company stops paying its debts when they become due or is declared or taken under any
                                         applicable law to be insolvent or the Company’s board of directors resolves that the
                                         Company is, or is likely to become at some future time, insolvent;

 

		(f)	any
                                         person in whose favour the Company has granted any Encumbrance becomes entitled to enforce
                                         any security under that Encumbrance or any floating charge under that Encumbrance crystallises;
                                         or

 

		(g)	any
                                         event under any law which is analogous to, or which has a substantially similar effect
                                         to, any of the events referred to in paragraphs (a) to (f).

 

 

 

	2.	Option Shares and share capital

 

	2.1	Valid issue of Option Shares

 

The
Option Shares will upon issue to the Option Holder (or its nominee) have been validly issued and fully paid up.

 

	2.2	Share capital

 

The
shares in the Company details of which are set out in the most recent Appendix 3B disclosed by the Company to ASX prior to the
date of this deed constitute, before the issue of the Option Shares, the whole of the issued share capital of the Company and
all such shares have been validly issued and fully paid up.

 

	2.3	Option Shares

 

		(a)	Other
                                         than on the dates disclosed in Schedule 6 (if any) the Option Shares are in a class of
                                         securities that have been, and will be, quoted at all times in the three months before
                                         the issue of the Option Shares.

 

		(b)	Trading
                                         in the Company’s shares has not been, and will not be, suspended for more than a total
                                         of five days in the 12 month period immediately preceding the issue of the Option Shares
                                         (or such shorter period during which the shares have been quoted).

 

		(c)	No:

 

		(i)	exemption
                                         under sections 111AS or 111AT of the Corporations Act; or

 

		(ii)	order
                                         under sections 340 or 341 of the Corporations Act,

 

covered
the Company, or any person, as a director or auditor of the Company at any time during the 12 month period immediately preceding
the issue of the Option Shares (or such shorter period during which the Company’s shares have been quoted).

 

		(d)	ASIC
                                         has not made, and to the best of the Company’s knowledge will not before Completion make,
                                         a determination under sub-section 708A(2) of the Corporations Act that it is satisfied
                                         that the Company has, within the previous 12 months, contravened any of the provisions
                                         listed in that sub-section.

 

    	 	Page 18 of 23

     

    

 

		(e)	Case
                                         1 of section 708A of the Corporations Act is and will be applicable such that a subsequent
                                         offer of the Option Shares for sale will not require disclosure under the Corporations
                                         Act. In particular, the Company will not be issuing the Option Shares for the purpose
                                         of the Option Holder selling or transferring them (or granting, issuing or transferring
                                         interests in, or options over, them).

 

		(f)	The
                                         Company is not aware of any reason why ASX would not grant quotation of all Option Shares
                                         on ASX.

 

		(g)	Approval
                                         is not required by shareholders of the Company to issue the Option Shares.

 

	2.4	Third party rights

 

There
is no Encumbrance, option, right of pre-emption, right of first or last refusal or other third party right (other than options
to subscribe for fully paid ordinary shares in the Company, the details of which are in the public domain) created by the Company
over any of the share capital of the Company.

 

	2.5	No Encumbrances

 

The
Option Shares will upon issue to the Option Holder (or its nominee) be free from any Encumbrances.

 

	2.6	Ranking

 

The
Option Shares will upon issue to the Option Holder (or its nominee) rank pari passu with all other Shares in all respects (including
with respect to rights to dividends).

 

	2.7	Transfer

 

The
Option Shares will upon issue to the Option Holder (or its nominee) be able to be transferred by the Option Holder (or its nominee)
to a third party without the need for disclosure under the Corporations Act (or any other applicable law).

 

 

 

	3.	Disclosure by the Company

 

	3.1	Listing Rules

 

		(a)	The
                                         Company has at all times complied with, and is currently in compliance with, its obligations
                                         under Listing Rule 3.1.

 

		(b)	On
                                         the date of the issue of the Option Shares the Company is not withholding from disclosure
                                         to ASX any information which would have a material effect on the price or value of its
                                         Shares, whether under Listing Rule 3.1A or otherwise.

 

	3.2	Constitution

 

A
true and complete copy of the constitution of the Company has been disclosed to ASX by the Company before the date of this deed.

 

    	 	Page 19 of 23

     

    

 

Schedule
2 Option Exercise Request

 

[On
Company letterhead]

 

[Date]

 

Acuity
Capital Investment Management Pty Ltd as trustee

for
the Acuity Capital Holdings Trust

International
Tower Three, Level 24

300
Barangaroo Avenue

Barangaroo
NSW 2000

 

By
email: execution@acuitycapital.com.au

 

Attention:
Acuity Capital Execution Team 

 

Notice
of request to exercise Option

 

We
refer to the Controlled Placement Deed between us dated [insert date of deed] (Deed). Words and expression defined
in the Deed have the same meaning when used in this notice.

 

We
request that you exercise the Option granted to you under the Deed, with the following terms:

 

Valuation
Period Start Date [insert date] 

 

Valuation
Period End Date [insert date] 

 

Floor
Price [insert price]

 

Maximum
Number of Exercise Shares [insert number of shares]

(optional)

 

and/or

 

Maximum
Exercise Value [insert value]

 

This
notice constitutes an Exercise Request for the purposes of the Deed.

 

We
confirm that we have not disclosed any price-sensitive information to Acuity Capital that has not also been disclosed to the ASX.

 

 

[Insert
name]

For
and on behalf of

G
Medical Innovations Holdings Limited

 

    	 	Page 20 of 23

     

    

 

 

Schedule
3 Option Exercise Notice

[On Option Holder letterhead]

 

[Date]

 

G
Medical Innovations Holdings Limited

Willow House Cricket Sq

#VALUE!

By
email: [TBC]

 

Attention:
[TBC]

 

Notice
of exercise of Option

 

We
refer to the Option Exercise Request from you to us dated [insert date of Exercise Request] and the Controlled Placement
Deed between us dated [insert date of deed] (Deed). Words and expression defined in the Deed have the same meaning
when used in this notice.

 

We
exercise the Option granted to us under the Deed and require you to issue to us [insert number of Option Shares] Option
Shares on the terms and conditions set out in the Deed.

 

In
accordance with clause 2.6(c) of the Deed we specify $[insert] as the price per Share (being the Exercise Price under the
Deed).

 

In
accordance with clause 2.6(d) of the Deed we specify [insert date] as the Completion Date.

 

This notice constitutes an Option
Exercise Notice for the purposes of the Deed.

 

 

 

[Insert
name]

For
and on behalf of

Acuity
Capital Investment Management Pty Ltd as trustee for the Acuity Capital Holdings Trust

 

    	 	Page 21 of 23

     

    

 

Schedule
4 Fees

 

In
accordance with clause 2.8, clause 3 and this Schedule 4, the following fees are payable by the Company.

 

 

 

	1.	Transaction Fee

 

The
Company must pay the Option Holder a Transaction Fee of $30,000 at the earlier of:

 

		(a)	the
                                         Option Start Date; or

 

		(b)	five
                                         Business Days following the date of this deed.

 

The
Option Holder may agree to accept the Transaction Fee in the form of Shares. If the Option Holder does agree to accept
the Transaction Fee in the form of Shares, the share price per share will be equal to a 10% discount to the five day
volume weighted average price of the Shares prior to the Shares being issued.

 

 

 

	2.	Non-utilisation Fee

 

Not
applicable.

 

 

 

	3.	Termination Fee

 

Not
applicable.

 

 

 

	4.	Rebate of Fees to Company

 

Not
applicable.

 

    	 	Page 22 of 23

     

    

 

Schedule
5 Trustee limitation of liability

 

In
accordance with clause 7.1 and this Schedule 5 the following provisions are applicable.

 

	1.1	Limitation

 

Subject
to clause 1.3 of this schedule and to the extent permitted by law:

 

		(a)	the
                                         liability of the Trustee to any other party in respect of any cause of action, claim
                                         or loss arising under this deed (Claim) is limited to the extent that the Trustee
                                         is entitled and able to recover from the property of the Trust (after taking account
                                         of the costs of exercising its right of indemnity or exoneration);

 

		(b)	no
                                         further Claim may be made against the Trustee for any amount outstanding after exercise
                                         of such rights; and

 

		(c)	this
                                         limitation of the Trustee’s liability applies despite any other provision of this deed
                                         and extends to all liabilities and obligations of the Trustee in any way connected with
                                         any representation, warranty, conduct, omission, agreement or transaction related to
                                         this deed.

 

	1.2	Acknowledgment of limitations

 

The
parties agree and acknowledge that they will not, in respect of any Claim:

 

		(a)	subject
                                         to clause 1.3 of this schedule, bring proceedings against the Trustee for any Claim or
                                         amount that is not provided for in this clause; or

 

		(b)	seek
                                         to wind up, dissolve or appoint an administrator, manager, receiver, liquidator or other
                                         similar officer to the Trustee or its assets except to the extent that the steps taken
                                         affect any property of the Trust or the Trustee’s right of recourse against, and indemnity
                                         from, the property of the Trust and nothing else.

 

	1.3	Exception

 

The
limitation in clause 1.1 of this schedule does not apply in respect of a Claim to the extent that:

 

		(a)	the
                                         right of indemnity, exoneration or recoupment out of the property of the Trust; or

 

		(b)	the
                                         actual amount recoverable from the Trustee in exercise of those rights,

 

is
reduced (in whole or in part) or does not exist, as a result of the Trustee acting fraudulently, negligently, with wilful misconduct
or in breach of trust.

 

	1.4	Limitation on authority

 

Acts
and omissions of a person, who is appointed to perform a particular function in relation to the Trustee will not be considered
to be the fraud, negligence, wilful misconduct or dishonesty of the Trustee for the purposes of clause 1.3 of this schedule.

 

Schedule
6 Suspension

 

Dates
the Company has been in suspension in the 12 months prior to the Option Start Date:

 

[XX]

 

END

 

 

 

Page
23 of 23

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