Document:

EX-10.19

 Exhibit 10.19 

Constitution 
 TRUE GOLD

 CONSORTIUM PTY LTD 
 ACN 641
483 374 

 Table of Contents 
  

							
	 1.
	  	Definitions and interpretation	  	 	1	 
			
	 1.1
	  	Definitions	  	 	1	 
	 1.2
	  	Interpretation	  	 	2	 
	 1.3
	  	Replaceable rules	  	 	3	 
			
	 2.
	  	Proprietary company	  	 	3	 
			
	 3.
	  	Share capital	  	 	3	 
			
	 3.1
	  	Directors may issue shares	  	 	3	 
	 3.2
	  	Pre-emptive rights	  	 	3	 
	 3.3
	  	Rights attaching to ordinary shares	  	 	4	 
	 3.4
	  	Rights attaching to preference shares	  	 	4	 
	 3.5
	  	Company may redeem	  	 	4	 
	 3.6
	  	Exercise of vote and rights	  	 	5	 
			
	 4.
	  	Brokerage and commission	  	 	5	 
			
	 4.1
	  	How to pay brokerage and commission	  	 	5	 
	 4.2
	  	Issue of shares	  	 	5	 
			
	 5.
	  	Shares held on trust or jointly	  	 	5	 
			
	 5.1
	  	No recognition of trusts or other interests	  	 	5	 
	 5.2
	  	Joint owners	  	 	5	 
			
	 6.
	  	Certificates	  	 	6	 
			
	 6.1
	  	Entitlement to certificates	  	 	6	 
	 6.2
	  	Delivery to joint holders	  	 	6	 
			
	 7.
	  	Lien	  	 	6	 
			
	 7.1
	  	Lien on unpaid capital and money owing	  	 	6	 
	 7.2
	  	Exemption from lien	  	 	6	 
	 7.3
	  	Lien to apply to dividends	  	 	6	 
	 7.4
	  	Company’s right of sale	  	 	6	 
	 7.5
	  	Restrictions on sale	  	 	6	 
	 7.6
	  	Effecting sale	  	 	7	 
	 7.7
	  	Application of sale proceeds	  	 	7	 
	 7.8
	  	Taxation	  	 	7	 
			
	 8.
	  	Calls on shares	  	 	8	 
			
	 8.1
	  	Call by Directors	  	 	8	 
	 8.2
	  	Payment of call	  	 	8	 
	 8.3
	  	Terms of call	  	 	8	 
	 8.4
	  	Deemed time of call	  	 	8	 
	 8.5
	  	Liability of joint holders	  	 	8	 
	 8.6
	  	Interest on unpaid calls	  	 	8	 
	 8.7
	  	Fixed dates for calls	  	 	8	 
	 8.8
	  	Disabilities if calls unpaid	  	 	8	 
	 8.9
	  	Differentiation between Members	  	 	9	 
	 8.10
	  	Payment of calls in advance	  	 	9	 
	 8.11
	  	Evidence of call	  	 	9	 

							
	 9.
	  	Transfer of shares	  	 	10	 
			
	 9.1
	  	General	  	 	10	 
	 9.2
	  	Registration of transfers	  	 	10	 
	 9.3
	  	Pre-emptive rights on transfers of shares	  	 	10	 
			
	 10.
	  	Transmission of shares	  	 	11	 
			
	 10.1
	  	Transmission of shares on death	  	 	11	 
	 10.2
	  	Transmission of shares on bankruptcy or insolvency	  	 	12	 
	 10.3
	  	Transmission of shares on mental incapacity	  	 	12	 
			
	 11.
	  	Forfeiture of shares	  	 	13	 
			
	 11.1
	  	Default	  	 	13	 
	 11.2
	  	Notice of forfeiture	  	 	13	 
	 11.3
	  	Forfeiture	  	 	13	 
	 11.4
	  	Liability continues after forfeiture	  	 	13	 
	 11.5
	  	Statutory declaration is conclusive	  	 	13	 
	 11.6
	  	Disposal of forfeited shares	  	 	14	 
	 11.7
	  	Transfer of forfeited share	  	 	14	 
	 11.8
	  	Application to outstanding money	  	 	14	 
			
	 12.
	  	Alteration of capital	  	 	15	 
			
	 12.1
	  	Power to consolidate, divide and cancel	  	 	15	 
	 12.2
	  	Reduction of capital	  	 	15	 
			
	 13.
	  	General meetings	  	 	15	 
			
	 13.1
	  	Annual general meeting	  	 	15	 
	 13.2
	  	Power to convene general meeting	  	 	15	 
	 13.3
	  	Notice period	  	 	15	 
	 13.4
	  	Notice of general meetings	  	 	15	 
	 13.5
	  	Content of notice of general meetings	  	 	16	 
	 13.6
	  	Content of notice of annual general meeting	  	 	16	 
	 13.7
	  	Nature of business	  	 	16	 
	 13.8
	  	Notice of adjourned meeting	  	 	17	 
	 13.9
	  	Failure to give notice	  	 	17	 
			
	 14.
	  	Proceedings at general meetings	  	 	17	 
			
	 14.1
	  	Circular resolutions	  	 	17	 
	 14.2
	  	Sole Member resolutions	  	 	17	 
	 14.3
	  	Use of technology	  	 	17	 
	 14.4
	  	Quorum	  	 	17	 
	 14.5
	  	Effect of no quorum	  	 	18	 
	 14.6
	  	Chairperson of general meeting	  	 	18	 
	 14.7
	  	Vacancy in chair	  	 	18	 
	 14.8
	  	Adjournment	  	 	19	 
	 14.9
	  	Adjourned meetings	  	 	19	 
			
	 15.
	  	Voting at general meetings	  	 	19	 
			
	 15.1
	  	Voting	  	 	19	 
	 15.2
	  	Voting rights	  	 	19	 
	 15.3
	  	Voting by joint holders	  	 	19	 
	 15.4
	  	No entitlement to vote if calls are unpaid	  	 	19	 
	 15.5
	  	Voting by persons entitled to shares	  	 	20	 

							
	 15.6
	  	Voting by poll	  	 	20	 
	 15.7
	  	Casting vote of chair	  	 	21	 
	 15.8
	  	Objection to qualification of a voter	  	 	21	 
	 15.9
	  	Votes counted in error	  	 	21	 
			
	 16.
	  	Proxies	  	 	21	 
			
	 16.1
	  	Who can appoint a proxy	  	 	21	 
	 16.2
	  	Execution and form of proxies	  	 	21	 
	 16.3
	  	Member’s attorney	  	 	22	 
	 16.4
	  	Life of proxy	  	 	22	 
	 16.5
	  	Lodgement of proxies and powers of attorney	  	 	22	 
	 16.6
	  	Corporate representative	  	 	23	 
	 16.7
	  	Validity of proxy vote	  	 	23	 
			
	 17.
	  	Appointment and removal of Directors	  	 	23	 
			
	 17.1
	  	Number	  	 	23	 
	 17.2
	  	Appointment by Directors	  	 	23	 
	 17.3
	  	Appointment by Company	  	 	23	 
	 17.4
	  	Removal by Company	  	 	23	 
	 17.5
	  	Appointment and removal by majority shareholder	  	 	24	 
	 17.6
	  	Term of office	  	 	24	 
	 17.7
	  	Share qualification	  	 	24	 
	 17.8
	  	Vacation of office	  	 	24	 
			
	 18.
	  	Remuneration of Directors	  	 	24	 
			
	 18.1
	  	Remuneration of Directors	  	 	24	 
	 18.2
	  	Remuneration of Managing Director	  	 	25	 
	 18.3
	  	Remuneration of Alternate Director	  	 	25	 
	 18.4
	  	Additional remuneration of chairperson	  	 	25	 
	 18.5
	  	Remuneration of Directors for extra services	  	 	25	 
			
	 19.
	  	Powers and duties of Directors	  	 	25	 
			
	 19.1
	  	General management power	  	 	25	 
	 19.2
	  	Act in the best interests of a Holding Company	  	 	26	 
	 19.3
	  	Attorneys	  	 	26	 
	 19.4
	  	Power to borrow and give security	  	 	26	 
	 19.5
	  	Indemnity	  	 	26	 
	 19.6
	  	Other offices of Directors	  	 	27	 
	 19.7
	  	Director may act in professional capacity	  	 	27	 
			
	 20.
	  	Proceedings of Directors	  	 	27	 
			
	 20.1
	  	Calling and holding Directors’ meetings	  	 	27	 
	 20.2
	  	Circulating resolutions	  	 	27	 
	 20.3
	  	Telephone and other meetings	  	 	27	 
	 20.4
	  	Directors’ resolutions	  	 	28	 
	 20.5
	  	Minutes	  	 	28	 
	 20.6
	  	Director’s personal interests	  	 	28	 
	 20.7
	  	Quorum	  	 	29	 
	 20.8
	  	Chairperson	  	 	29	 
	 20.9
	  	Delegation to Committees	  	 	29	 
	 20.10
	  	Acts of Directors valid despite defective appointment	  	 	30	 
	 20.11
	  	Disabilities if calls unpaid	  	 	30	 
	 20.12
	  	Resolution by Sole Director	  	 	30	 

							
	 21.
	  	Managing Director	  	 	30	 
			
	 21.1
	  	Appointment and tenure	  	 	30	 
	 21.2
	  	Ceasing to hold office	  	 	31	 
	 21.3
	  	Powers	  	 	31	 
			
	 22.
	  	Alternate Directors	  	 	31	 
			
	 22.1
	  	Power to appoint an Alternate Director	  	 	31	 
	 22.2
	  	Appointment	  	 	31	 
	 22.3
	  	Rights and powers	  	 	31	 
	 22.4
	  	Alternate Director is not agent of appointor	  	 	32	 
	 22.5
	  	Termination of appointment	  	 	32	 
			
	 23.
	  	Secretary	  	 	32	 
			
	 24.
	  	Seal	  	 	32	 
			
	 24.1
	  	Safe custody	  	 	32	 
	 24.2
	  	Authority to use	  	 	32	 
	 24.3
	  	Additional Seal	  	 	32	 
			
	 25.
	  	Execution of documents	  	 	32	 
			
	 25.1
	  	Execution generally	  	 	32	 
	 25.2
	  	Execution without the Seal	  	 	33	 
	 25.3
	  	Execution using the Seal	  	 	33	 
	 25.4
	  	Execution by authorised persons	  	 	33	 
	 25.5
	  	Seal register	  	 	33	 
			
	 26.
	  	Records and inspection	  	 	33	 
			
	 27.
	  	Dividends and reserves	  	 	34	 
			
	 27.1
	  	Declaration	  	 	34	 
	 27.2
	  	Interim dividends	  	 	34	 
	 27.3
	  	Interest on dividends	  	 	34	 
	 27.4
	  	Reserves	  	 	34	 
	 27.5
	  	Entitlement to dividends	  	 	35	 
	 27.6
	  	Deduction from dividends of money owing	  	 	35	 
	 27.7
	  	Retention of dividends and transmission	  	 	35	 
	 27.8
	  	Payment of dividends by distribution of property	  	 	35	 
	 27.9
	  	Payment of dividends by cash	  	 	36	 
	 27.10
	  	Unclaimed dividends	  	 	36	 
			
	 28.
	  	Capitalisation of profits	  	 	36	 
			
	 28.1
	  	Authority to capitalise	  	 	36	 
	 28.2
	  	Appropriation and application	  	 	36	 
	 28.3
	  	Adjustment of Members’ rights	  	 	37	 
	 28.4
	  	Distribution	  	 	37	 
			
	 29.
	  	Notices	  	 	37	 
			
	 29.1
	  	How notice to be given	  	 	37	 
	 29.2
	  	When notice is given	  	 	38	 
	 29.3
	  	Notice to joint holders	  	 	38	 

							
	 30.
	  	Winding up	  	 	38	 
			
	 31.
	  	Indemnity	  	 	39	 
			
	 31.1
	  	Interpretation	  	 	39	 
	 31.2
	  	Scope of indemnity	  	 	39	 
	 31.3
	  	Insurance	  	 	39	 

 Constitution of TRUE GOLD CONSORTIUM PTY LTD 

ACN 641 483 374 
 A company limited by shares 

 

	1.	 Definitions and interpretation 

 

	1.1	 Definitions 

In this Constitution, unless the context requires otherwise: 

Act means the Corporations Act 2001 (Cth) as amended, supplemented or replaced from time to time; 

Alternate Director means any person who, for the time being, has been duly appointed and is acting as an alternate Director; 

Business Day means a day that is not a Saturday, Sunday, public holiday or bank holiday in the capital city of the State or Territory in
which the Company has its registered office; 
 Company means TRUE GOLD CONSORTIUM PTY LTD ACN 641 483 374 or as that name is changed
from time to time; 
 Constitution means this constitution of the Company as amended, supplemented or replaced from time to time; 

Director means a person appointed to the office of director of the Company and, where appropriate, includes any Alternate Director; 

Government Agency means any government or any public, statutory, governmental (including a local government), semi-governmental or
judicial body, entity, department or authority and includes any self-regulatory organisation established under statute; 
 Holding
Company has the meaning given to that term in the Act; 
 Law means: 

 

	 	(a)	 principles of law or equity established by decisions of courts; 

 

	 	(b)	 statutes, regulations or by-laws of the Commonwealth of Australia or
any State or Territory of the Commonwealth of Australia or a Government Agency; and 

  

	 	(c)	 requirements and approvals (including conditions) of the Commonwealth of Australia or any State or Territory of
the Commonwealth of Australia or a Government Agency that have the force of law; 

 Managing Director means any
person who, for the time being, is duly appointed and holds office as a managing Director; 
 Member means a registered holder of any
share of the Company or any person deemed by this Constitution to be such a person; 
 Office means the registered office for the time
being of the Company; 

  
 1 

 Register means the register of Members of the Company as required to be kept under
section 168 of the Act; 
 Seal means the common seal of the Company (if any) and includes any additional seal of the Company referred
to in clause 24.3; 
 Secretary means any person appointed to perform the duties of a secretary of the Company; 

Sole Director means any person who, for the time being, is the sole person to hold office as a Director; and 

Special Resolution has the same meaning as in section 9 of the Act. 

 

	1.2	 Interpretation 

In this Constitution, unless the contrary intention appears: 
  

	 	(a)	 the singular includes the plural and vice versa; 

 

	 	(b)	 a gender includes the other genders; 

 

	 	(c)	 headings are used for convenience only and do not affect the interpretation of this Constitution;

  

	 	(d)	 other grammatical forms of a defined word or expression have a corresponding meaning; 

 

	 	(e)	 a reference to a document is to that document as amended, novated, supplemented, extended or restated from time
to time; 

  

	 	(f)	 if something is to be or may be done on a day that is not a Business Day then it must be done on the next
Business Day; 

  

	 	(g)	 “person” includes a natural person, partnership, body corporate, association, joint venture,
governmental or local authority, and any other body or entity whether incorporated or not; 

  

	 	(h)	 “month” means calendar month and “year” means 12 consecutive months; 

 

	 	(i)	 a reference to all or any part of a statute, rule, regulation or ordinance (statute) is to that statute as
amended, consolidated, re-enacted or replaced from time to time; 

  

	 	(j)	 “include”, “for example” and any similar expressions are not used, and must not be
interpreted, as words of limitation; 

  

	 	(k)	 money amounts are stated in Australian currency unless otherwise specified; 

 

	 	(l)	 a reference to any agency or body that ceases to exist, is reconstituted, renamed or replaced, or has its
powers or functions removed (defunct body) is to the agency or body that performs most closely the powers or functions of the defunct body; and 

  
 2 

	 	(m)	 any expression in a provision of this Constitution that relates to a particular provision of the Corporations
Act has the same meaning as in that provision of the Corporations Act. 

  

	1.3	 Replaceable rules 

The replaceable rules contained in the Act are displaced under section 135(2) and do not apply to the Company except to the extent that they
are repeated in this Constitution. 
  

	2.	 Proprietary company 

The Company is a proprietary company and: 
  

	 	(a)	 the liability of Members is limited by shares; 

 

	 	(b)	 the number of Members is limited to 50 (counting joint holders of shares as one person); and

  

	 	(c)	 it must not engage in any activity that would require disclosure to investors under Chapter 6D, except in the
circumstances permitted by section 113(3). 

  

	3.	 Share capital 

 

	3.1	 Directors may issue shares 

Subject to the Act and this Constitution the Directors may: 
  

	 	(a)	 issue or dispose of shares on such terms and with such rights and restrictions as they think fit;

  

	 	(b)	 issue shares with such preferred, deferred or other special rights or restrictions whether with regard to
dividend, voting, return of capital or otherwise; and 

  

	 	(c)	 issue any preference shares on terms that they are, or at the option of the Company are liable, to be redeemed.

  

	3.2	 Pre-emptive rights 

 

	 	(a)	 Before issuing shares of a particular class, the Directors must offer them to the existing holders of shares in
that class. As far as practicable, the number of shares offered to each shareholder must be in proportion to the number of shares of that class that they already hold. 

 

	 	(b)	 To make the offer, the Directors must give the shareholders a statement setting out the terms of the offer,
including: 

  

	 	(i)	 the number of shares offered; and 

 

	 	(ii)	 the period for which it will remain open, such period to be determined by the Directors. 

 

	 	(c)	 The Directors may issue any shares not taken up under the offer under clause 3.2(a) as they see fit.

  
 3 

	 	(d)	 The Company may by resolution passed at a general meeting authorise the Directors to make a particular issue of
shares without complying with the procedure set out in clauses 3.2(a) and 3.2(b). 

  

	3.3	 Rights attaching to ordinary shares 

The ordinary shares confer on their holders: 
  

	 	(a)	 on a winding up of the Company, the right to participate pari passu with the holders of other ordinary shares
in the repayment of paid up capital and distribution of any surplus assets or profits of the Company; 

  

	 	(b)	 the right to receive notice of and attend any general meeting of the Company; 

 

	 	(c)	 the right to cast one vote on a show of hands at a general meeting of the Company and to cast one vote for each
ordinary share held on a poll; and 

  

	 	(d)	 the right to such dividends and bonus shares pari passu with the holders of other ordinary shares as the
Directors in their absolute discretion from time to time determine. 

  

	3.4	 Rights attaching to preference shares 

The preference shares confer on their holders: 
  

	 	(a)	 the right to receive notice of and attend any general meeting of the Company but no right to vote at such
general meetings; 

  

	 	(b)	 the right to vote at separate meetings of holders of preference shares where such meetings are required by the
Act to be convened; 

  

	 	(c)	 subject to the Act, the right to receive and be paid dividends as the Directors may from time to time
determine, provided that such dividends will: 

  

	 	(i)	 not be cumulative; 

  

	 	(ii)	 rank for payment in priority to the rights of the holders of ordinary shares; and 

 

	 	(iii)	 be payable at such time or times as the Directors may determine; and 

 

	 	(d)	 on a winding up of the Company: 

 

	 	(i)	 in priority to the holders of ordinary shares, the right to be repaid paid up capital up to the value at which
the preference shares were respectively issued; and 

  

	 	(ii)	 no right to participate in any surplus assets or profits of the Company. 

 

	3.5	 Company may redeem 

 

	 	(a)	 Subject to the Act, the Company may, by 30 days written notice to a holder for the time being of redeemable
preference shares or such other notice period as the Company and the holder of redeemable preference shares may mutually agree, redeem the whole or any part of such shares. 

  
 4 

	 	(b)	 On a redemption under clause 3.5(a), the Company will repay the value at which the redeemable preference shares
were issued. 

  

	3.6	 Exercise of vote and rights 

Subject to this Constitution, no person is entitled to vote or to exercise any right or privilege as a Member until the person is registered in the Register.

  

	4.	 Brokerage and commission 

 

	4.1	 How to pay brokerage and commission 

The Company may exercise the power to make payments by way of brokerage or commission conferred by the Act in the manner provided by the Act.

  

	4.2	 Issue of shares 

Payments by way of brokerage or commission may be satisfied by the payment of cash, by the allotment of fully or partly paid shares or partly
by the payment of cash and partly by the allotment of fully or partly paid shares. 
  

	5.	 Shares held on trust or jointly 

 

	5.1	 No recognition of trusts or other interests 

Except as required by the Act or by this Constitution, the Company will not: 

 

	 	(a)	 be required to recognise any person as holding a share on trust; or 

 

	 	(b)	 be bound by or compelled in any way to recognise (whether or not the Company has been given notice) any
equitable, contingent, future or partial claim, right or interest or any other right in any share except an absolute right of ownership in the holder listed in the Register. 

 

	5.2	 Joint owners 

Subject to this Constitution, if 2 or more persons are listed in the Register as the holders of a share: 

 

	 	(a)	 they are deemed to hold the share as joint tenants with rights of survivorship; 

 

	 	(b)	 they and their respective legal personal representatives are jointly and severally liable to pay all
instalments and calls in respect of the share; 

  

	 	(c)	 subject to clause 5.2(b), on the death of any one of them (evidence of which may be required by the Directors
as they think fit), the survivor or survivors are the only person or persons whom the Company may recognise as having any title to the share; and 

  

	 	(d)	 any one of them may give effectual receipts for any dividend or other distribution in respect of the share.

  
 5 

	6.	 Certificates 

  

	6.1	 Entitlement to certificates 

A person whose name is entered as a Member in the Register is entitled without payment to receive a certificate in respect of the share, signed
in any way authorised by clause 25, in accordance with the Act. In respect of a share or shares held jointly by several persons, the Company is not bound to issue more than one certificate. 

 

	6.2	 Delivery to joint holders 

Delivery of a certificate for a share to one of several joint holders is sufficient delivery to all such holders. 

 

	7.	 Lien 

  

	7.1	 Lien on unpaid capital and money owing 

The Company has a first and paramount lien: 
  

	 	(a)	 on every partly paid share for all money (whether presently payable or not) called or payable at a fixed time
in respect of that share; and 

  

	 	(b)	 on all shares registered in the name of a person (either solely or jointly with another person) for all money
presently payable to the Company by that person or the person entitled to the shares by reason of the death, mental incapacity, bankruptcy or insolvency of the first mentioned person. 

 

	7.2	 Exemption from lien 

The Directors may at any time exempt a share wholly or in part from the provisions of clause 7.1. 

 

	7.3	 Lien to apply to dividends 

The Company’s lien (if any) on a share extends to all dividends payable in respect of the share. 

 

	7.4	 Company’s right of sale 

Subject to clause 7.5, the Company may sell, in such manner as the Directors think fit, any shares on which the Company has a lien. 

 

	7.5	 Restrictions on sale 

A share on which the Company has a lien must not be sold unless: 
  

	 	(a)	 a sum in respect of which the lien exists is presently payable; and 

 

	 	(b)	 the Company has, not less than 14 days before the date of the sale, given to the registered holder for the time
being of the share or the person entitled to the share by reason of the death, mental incapacity, bankruptcy or insolvency of the registered holder a notice in writing setting out, and demanding payment of, such part of the amount in respect of
which the lien exists as is presently payable. 

  
 6 

	7.6	 Effecting sale 

 

	 	(a)	 The Directors may give effect to a sale referred to in clause 7.4 by authorising a person to transfer the share
sold to the purchaser. 

  

	 	(b)	 The purchaser of such a share: 

 

	 	(i)	 will be registered as the holder of the share; 

 

	 	(ii)	 is not responsible for the application of the purchase money; and 

 

	 	(iii)	 will possess a title which is not affected by any irregularity or invalidity in connection with the sale.

  

	 	(c)	 After the name of the purchaser is entered in the Register, no person may impeach the validity of the sale and
the remedy of any person aggrieved is in damages only and against the Company exclusively. 

  

	7.7	 Application of sale proceeds 

The Company will pay: 
  

	 	(a)	 the net proceeds of any sale or disposal referred to in clauses 7.4 and 7.6 towards satisfaction of the amount
in respect of which the lien exists; and 

  

	 	(b)	 the residue (if any) of the proceeds of sale to the person entitled to the shares at the date of sale.

  

	7.8	 Taxation 

If a liability is imposed on the Company to pay any tax or other charge in relation to the shares held by a person or by another person
entitled to the shares by reason of the death, mental incapacity, bankruptcy or insolvency of the first mentioned person (in each case, the (Relevant Person)) or any dividend or any entitlements due to the Relevant Person, the Company: 

 

	 	(a)	 must be fully indemnified by the Relevant Person from all such liability; 

 

	 	(b)	 has a lien on all dividends, bonuses and other moneys payable in respect of shares registered in the name of
the Relevant Person, including shares where the Relevant Person is one of several joint holders; 

  

	 	(c)	 may recover as a debt due from the Relevant Person any moneys paid by the Company in respect of such liability;
and 

  

	 	(d)	 may refuse to register a transfer of any shares by the Relevant Person until those moneys are recovered.

  
 7 

	8.	 Calls on shares 

 

	8.1	 Call by Directors 

Subject to the Act and this Constitution, the Directors may make a call on some or all of the Members in respect of any money unpaid on their
shares which is not by the terms of issue of those shares made payable at fixed times. 
  

	8.2	 Payment of call 

Upon receiving at least 14 days’ notice specifying the time and place of payment, each Member so notified must pay to the Company at the
time or times and place so specified the amount called on the shares. 
  

	8.3	 Terms of call 

The Directors may revoke, postpone or extend a call as they think fit, and may authorise or require a call to be paid by instalments. 

 

	8.4	 Deemed time of call 

A call will be deemed to have been made at the time when the Directors’ resolution authorising the call was passed. 

 

	8.5	 Liability of joint holders 

The joint holders of a share are jointly and severally liable to pay all calls in respect of the share. 

 

	8.6	 Interest on unpaid calls 

If a sum called in respect of a share is not paid before or on the day appointed for payment of the sum, the Member from whom the sum is due
must pay interest at a rate and on terms determined by the Directors. Interest may be calculated from the day appointed for payment of the sum to the time of actual payment. The Directors may waive payment of interest wholly or in part. 

 

	8.7	 Fixed dates for calls 

 

	 	(a)	 Any sum that, by the terms of issue of a share, becomes payable on allotment or at a fixed date is deemed to be
a call duly made and payable on the date on which by the terms of issue the sum becomes payable. 

  

	 	(b)	 In the case of non-payment of a sum referred to in clause 8.7(a), all
the relevant provisions of this Constitution as to payment of interest and expenses, forfeiture or otherwise apply as if the sum had become payable by virtue of a call duly made and notified. 

 

	8.8	 Disabilities if calls unpaid 

A Member may not exercise any right as a Member (including the right to receive a dividend, to be present at any meeting, to be counted in a
quorum or to vote at any meeting or on a poll) until that Member has paid: 

  
 8 

	 	(a)	 all calls due and payable by the Member whether alone or jointly with another person, together with interest
and expenses in respect of the calls; and 

  

	 	(b)	 all other sums (if any) presently payable by the Member in respect of any shares held by the Member, whether
alone or jointly with another person. 

  

	8.9	 Differentiation between Members 

The Directors may, on the issue of shares, differentiate between Members as to the amount of calls to be paid and the times of payment. 

 

	8.10	 Payment of calls in advance 

 

	 	(a)	 The Directors may: 

  

	 	(i)	 accept from any Member all or any part of the money unpaid on a share in excess of the sum actually called up;
and 

  

	 	(ii)	 cause the Company to pay interest at the rate agreed between the Directors and the Member paying the sum, on
the whole or any part of the amount so accepted (unless the Company in general meeting otherwise determines). 

  

	 	(b)	 Any amount paid in advance of calls will not be taken into account in ascertaining the amount of any dividend
payable on the shares in respect of which the advance is made. 

  

	 	(c)	 The Directors may repay an amount advanced under clause 8.10(a) on giving the relevant Member one month’s
notice in writing. 

  

	8.11	 Evidence of call 

 

	 	(a)	 In an action or other proceedings for the recovery of a call, it is sufficient, and conclusive evidence of the
debt, to prove that: 

  

	 	(i)	 the name of the defendant is entered in the Register as the holder or one of the holders of the share in
respect of which the call is claimed; 

  

	 	(ii)	 the resolution making the call is recorded in the minute book; and 

 

	 	(iii)	 notice of the call was given to the defendant in accordance with this Constitution, 

and it is not necessary to prove the appointment of the Directors who made the call or any other matter whatsoever. 

 

	 	(b)	 In this clause 8.11, reference to the term “defendant” includes a person against whom a set-off or counter-claim is alleged by the Company and the term “action or other proceedings for the recovery of a call” is to be construed accordingly. 

  
 9 

	9.	 Transfer of shares 

 

	9.1	 General 

Subject to this Constitution, a Member may transfer all or any of the Member’s shares by instrument in writing in any usual or common form
or in any other form executed by or on behalf of both of the transferor and transferee as the Directors accept. 
  

	9.2	 Registration of transfers 

 

	 	(a)	 A transferor of shares remains the holder of the shares transferred until the transfer is registered and the
name of the transferee is entered in the Register in respect of the shares. 

  

	 	(b)	 The Directors are not required to register a transfer of shares in the Company unless: 

 

	 	(i)	 the instrument of transfer has been duly stamped (if required by Law); 

 

	 	(ii)	 the instrument of transfer and any share certificates have been lodged at the Company’s Office;

  

	 	(iii)	 any fee payable on registration of the transfer has been paid; and 

 

	 	(iv)	 the Directors have been given all the information they reasonably require to establish the right of the
transferor to make the transfer. 

  

	 	(c)	 The Directors may, in their discretion and without assigning any reason, refuse to register a transfer of
shares in the Company. 

  

	 	(d)	 The Directors may suspend the registration of transfers of shares in the Company at such times and for such
periods as they determine. The period of suspension must not exceed in the aggregate 30 days in any calendar year. 

  

	9.3	 Pre-emptive rights on transfers of shares 

 

	 	(a)	 No shares in the Company will be transferred if there is more than one Member in the Company otherwise than in
accordance with this clause. 

  

	 	(b)	 A Member or person entitled by transmission who intends to transfer shares (Transferor) must give notice
in writing to the Directors of his or her intention to transfer and specify the shares (Relevant Shares) which he or she intends to transfer. The notice will constitute the Directors the agents of such member for the sale of the Relevant
Shares to other Members of the Company. 

  

	 	(c)	 Before the Directors authorise the transfer of any share or shares, the share or shares must first have been
offered to all other Members at a price to be agreed on by the transferor and the Directors of the Company. If the transferor and the Directors of the Company are unable to agree on a price, the price of the Relevant Shares will be a price which:

  

	 	(i)	 represents a fair market price; and 

 

	 	(ii)	 is determined by expert determination administered by the Australian Disputes Centre (ADC) in accordance
with the ADC Rules for Expert 

  
 10 

	 	
Determination which are operating at the time the matter is referred to ADC, which Rules are incorporated into this Constitution. The determination of such person in relation to the price of the
Relevant Shares will be final and binding on all Members of the Company. 

  

	 	(d)	 On the price being agreed or determined as above, the Directors must immediately give notice to all the other
Members of the Company of the number and price of the Relevant Shares and invite each of the Members to apply in writing within 21 days to purchase the Relevant Shares and to specify the maximum number of the Relevant Shares applied for.

  

	 	(e)	 At the expiration of the 21 days, the Directors must allocate the Relevant Shares to or amongst such Members as
have applied to purchase the Relevant Shares, and such allocation must be made so far as is practicable pro rata according to the number of shares of the Company already held by such Members respectively and up to a maximum in the case of each
Member of the number of the Relevant Shares which such Member applied to purchase. 

  

	 	(f)	 On such allocation being made, the transferor is bound on payment of the agreed or determined price to transfer
the Relevant Shares to the purchaser or purchasers, and if he or she defaults in so doing, the Directors may receive and give a good discharge for the purchase money on behalf of the transferor, and may authorise some person to transfer the Relevant
Shares to the purchaser or purchasers, and may enter the name or names of the purchaser or purchasers in the register as holder or holders by transfer of the Relevant Shares as purchased by him or her or them. 

 

	 	(g)	 If any of the Relevant Shares are not applied for or sold in accordance with the provisions of this clause, the
transferor may (subject to the provisions of this Constitution) at any time after the expiration of the 21 day period transfer the Relevant Shares not sold to any person and at any price not less than the price which had been agreed or determined.

  

	 	(h)	 Nothing in this clause will prevent a Member being a corporation from transferring any share or shares in the
Company to another corporation which is a subsidiary of that Member corporation, its parent or a subsidiary of the parent. 

  

	10.	 Transmission of shares 

 

	10.1	 Transmission of shares on death 

 

	 	(a)	 In the case of a death of a Member, the survivor where the deceased was a joint holder, and the legal personal
representative of the deceased where the deceased was a sole holder, will be the only persons recognised by the Company as having any title to or interest in the deceased’s shares. 

 

	 	(b)	 If the personal representative gives the Directors all the information they reasonably require to establish the
representative’s entitlement to be registered as holder of the shares: 

  

	 	(i)	 the personal representative may: 

 

	 	(A)	 by giving a written and signed notice to the Company, elect to be registered as the holder of the shares; or

  
 11 

	 	(B)	 by giving a completed transfer form to the Company, transfer the shares to another person; and

  

	 	(ii)	 the personal representative is entitled, whether or not registered as the holder of the shares, to the same
rights as the deceased Member. 

  

	 	(c)	 On receiving an election under clause 10.1(b)(i)(A), the Company must register the personal representative as
the holder of the shares. 

  

	 	(d)	 A transfer under clause 10.1(b)(i)(B) is subject to the provisions of this Constitution relating to the
transfer of shares. 

  

	 	(e)	 The estate of the deceased Member is not released from any liability in respect of the shares transmitted under
this clause 10. 

  

	10.2	 Transmission of shares on bankruptcy or insolvency 

 

	 	(a)	 If a person entitled to shares because of the bankruptcy or insolvency of a Member gives the Directors all the
information they reasonably require to establish the person’s entitlement to be registered as holder of the shares, the person may: 

  

	 	(i)	 by giving a written and signed notice to the Company, elect to be registered as the holder of the shares; or

  

	 	(ii)	 by giving a completed transfer form to the Company, transfer the shares to another person.

  

	 	(b)	 On receiving an election under clause 10.2(a)(i), the Company must register the person as the holder of the
shares. 

  

	 	(c)	 A transfer under clause 10.2(a)(ii) is subject to the provisions of this Constitution relating to the transfer
of shares. 

  

	 	(d)	 This clause 10.2 has effect subject to the Bankruptcy Act 1966 (Cth) and the Act. 

 

	10.3	 Transmission of shares on mental incapacity 

 

	 	(a)	 If a person entitled to shares because of the mental incapacity of a Member gives the Directors all the
information they reasonably require to establish the person’s entitlement to be registered as the holder of the shares: 

  

	 	(i)	 the person may: 

  

	 	(A)	 by giving a written and signed notice to the Company, elect to be registered as the holder of the shares; or

  

	 	(B)	 by giving a completed transfer form to the Company, transfer the shares to another person; and

  

	 	(ii)	 the person is entitled, whether or not registered as the holder of the shares, to the same rights as the
Member. 

  
 12 

	 	(b)	 On receiving an election under clause 10.3(a)(i)(A), the Company must register the person as the holder of the
shares. 

  

	 	(c)	 A transfer under clause 10.3(a)(i)(B) is subject to the provisions of this Constitution relating to the
transfer of shares. 

  

	11.	 Forfeiture of shares 

 

	11.1	 Default 

If a Member fails to pay a call or instalment of a call on or before the day appointed for payment of the call or instalment, the Directors
may, at any time after that date, serve a notice on such Member requiring payment of the unpaid amount of the call or instalment, together with any interest and all expenses that the Company has incurred by reason of the non-payment. 
  

	11.2	 Notice of forfeiture 

The notice referred to in clause 11.1 must: 
  

	 	(a)	 specify a day at least 14 days after the date of service of notice and a place at which the call or instalment
and the interest and expenses referred to in clause 11.1 are to be paid; and 

  

	 	(b)	 state that in the event of non-payment at the time and place appointed,
the share in respect of which the call was made or instalment is payable is liable to be forfeited. 

  

	11.3	 Forfeiture 

  

	 	(a)	 If the requirements of a notice served under clauses 11.1 and 11.2 are not complied with, any share in respect
of which the notice has been given may at any time after the date of non-compliance but before payment required by the notice has been made, be forfeited by a resolution of the Directors.

  

	 	(b)	 A forfeiture under clause 11.3(a) will include all dividends declared in respect of the forfeited shares and
unpaid before the forfeiture. 

  

	11.4	 Liability continues after forfeiture 

Any Member whose share is forfeited: 
  

	 	(a)	 ceases to be a Member in respect of the forfeited share; and 

 

	 	(b)	 remains liable to pay and must immediately pay to the Company all money that, at the date of forfeiture, was
payable to the Company in respect of the share, together with interest on those amounts from the date of forfeiture until payment, at such rate as the Directors determine. 

 

	11.5	 Statutory declaration is conclusive 

 

	 	(a)	 A statutory declaration that: 

 

	 	(i)	 the declarant is a Director or a Secretary of the Company; and 

  
 13 

	 	(ii)	 a share in the Company has been duly forfeited on a particular date, 

is conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share. 

 

	 	(b)	 The statutory declaration referred to in this clause 11.5 and the Company’s receipt for the price of the
share constitutes a good title to the share. 

  

	11.6	 Disposal of forfeited shares 

 

	 	(a)	 Any forfeited shares become the Company’s property and the Directors may sell or dispose of the shares as
they think fit, except that in the event of sale, the Directors will pay to the Member in whose name the share was registered immediately before the forfeiture, the residue (if any) of the proceeds of sale after satisfaction of all moneys due and
unpaid. 

  

	 	(b)	 Before any forfeited share is sold or disposed of, the forfeiture may be cancelled on such terms as the
Directors think fit. 

  

	 	(c)	 In relation to any sale or disposal under this clause 11.6, the Directors may arrange for an accountant or the
Company’s auditor to value the forfeited share. If the sale or disposal is made within three months of the date of the valuation, the valuation is conclusive evidence against the Member of the value of that share at the time of sale or
disposal. 

  

	11.7	 Transfer of forfeited share 

 

	 	(a)	 The Company may receive the consideration (if any) given for a forfeited share on its sale or disposition and
may execute a transfer of the share in favour of the person to whom the share is sold or disposed of. 

  

	 	(b)	 On the execution of the transfer, the transferee: 

 

	 	(i)	 will be registered as the holder of the share; 

 

	 	(ii)	 is not responsible for the application of any purchase money; and 

 

	 	(iii)	 will possess a title which is not affected by any irregularity or invalidity in connection with the forfeiture,
sale or disposal of the share. 

  

	 	(c)	 After the name of the transferee is entered in the Register, no person may impeach the validity of the transfer
and the remedy of any person aggrieved by the transfer is in damages only and against the Company exclusively. 

  

	11.8	 Application to outstanding money 

The provisions of this Constitution as to forfeiture apply in the case of non-payment of any sum that,
by the terms of issue of a share, becomes payable at a fixed time as if that sum had been payable by virtue of a call duly made and notified. 

  
 14 

	12.	 Alteration of capital 

 

	12.1	 Power to consolidate, divide and cancel 

Subject to the Act, the Company may by resolution: 
  

	 	(a)	 consolidate and divide all or any of its share capital into shares of larger value than its existing shares;

  

	 	(b)	 subdivide all or any of its shares into shares of smaller value, provided that in the subdivision the
proportion between the amount paid and the amount (if any) unpaid on each such reduced share is the same as it was in the case of the share from which the reduced share is derived; and 

 

	 	(c)	 cancel shares that, at the date of the resolution have not been taken or agreed to be taken by any person or
have been forfeited and reduce its share capital by the amount of the shares so cancelled. 

  

	12.2	 Reduction of capital 

Subject to the Act, the Company may, by resolution, reduce its share capital. 

 

	13.	 General meetings 

 

	13.1	 Annual general meeting 

If required to do so by the Act, the Company must hold an annual general meeting of the Company in accordance with the Act. 

 

	13.2	 Power to convene general meeting 

Any Director may, whenever the Director thinks fit, convene a general meeting of the Company’s Members. 

 

	13.3	 Notice period 

 

	 	(a)	 Subject to the Act and clause 13.3(b), the Company must give 21 days’ notice of general meetings
(including annual general meetings). 

  

	 	(b)	 The Company may call, on shorter notice than that specified in clause 13.3(a): 

 

	 	(i)	 an annual general meeting, if all the Members entitled to attend and vote at the annual general meeting agree
prior to the annual general meeting; and 

  

	 	(ii)	 any other general meeting, if Members holding at least 95% of the votes that may be cast at the general meeting
agree prior to the general meeting. 

  

	13.4	 Notice of general meetings 

 

	 	(a)	 Notice of every general meeting must be given in the manner authorised by clause 29 to: 

 

	 	(i)	 every Member; 

  

	 	(ii)	 every Director; 

  

	 	(iii)	 the auditor (if any); and 

  
 15 

	 	(iv)	 every person who establishes to the Directors’ satisfaction their entitlement to a share in consequence of
the death, mental incapacity, bankruptcy or insolvency of a Member and, who but for the death, mental incapacity, bankruptcy or insolvency (as the case may be) would have been entitled to receive notice of the meeting. 

 

	 	(b)	 Notice to joint Members may be given by sending it to the joint Member named first in the Register.

  

	13.5	 Content of notice of general meetings 

A notice of a general meeting must: 
  

	 	(a)	 specify the place, date and time for the meeting; 

 

	 	(b)	 except as provided by clause 13.6, state the general nature of the business to be transacted at the meeting;

  

	 	(c)	 if a special resolution is to be proposed at the meeting, set out an intention to propose the special
resolution and state the resolution; 

  

	 	(d)	 contain a statement of: 

 

	 	(i)	 each Member’s right to appoint a proxy; and 

 

	 	(ii)	 the fact that a proxy need not be a Member of the Company; and 

 

	 	(e)	 contain a statement that, if the Member appoints more than one proxy, each proxy may be appointed to represent
a specified proportion of the Member’s votes. 

  

	13.6	 Content of notice of annual general meeting 

It is not necessary for the notice of an annual general meeting to state that the business to be transacted at the meeting includes: 

 

	 	(a)	 the consideration of the financial statements and the reports of the Directors and auditor (if any);

  

	 	(b)	 the election of Directors and other officers in place of those retiring; 

 

	 	(c)	 the declaration of dividends; 

 

	 	(d)	 the appointment and fixing of the remuneration of the auditors; and 

 

	 	(e)	 any other business which, under this Constitution or the Act, is required to be transacted at an annual general
meeting. 

  

	13.7	 Nature of business 

All business will be special that is transacted at a general meeting, with the exception of: 

 

	 	(a)	 declaring a dividend; 

  
 16 

	 	(b)	 the consideration of the accounts, balance sheets, and the reports of the Directors and auditors; and

  

	 	(c)	 the election of the Directors or auditors (if any) or both. 

 

	13.8	 Notice of adjourned meeting 

When a meeting is adjourned, new notice of the resumed meeting must be given if the meeting is adjourned for 30 days or more. 

 

	13.9	 Failure to give notice 

Any resolution passed at a meeting is not invalidated by: 
  

	 	(a)	 the accidental omission to give notice of a meeting to any Member or
non-receipt of that notice by a Member; or 

  

	 	(b)	 the accidental omission to send out the instrument of proxy to a person entitled to receive notice or non-receipt of that instrument. 

  

	14.	 Proceedings at general meetings 

 

	14.1	 Circular resolutions 

 

	 	(a)	 A resolution may be passed without a general meeting being held if all the Members entitled to vote on the
resolution sign a document containing a statement that they are in favour of the resolution set out in the document. A body corporate’s representative may sign such a circular resolution. Each member of a joint membership must sign a circular
resolution. 

  

	 	(b)	 Identical copies of the document may be distributed for signing by different Members and taken together will
constitute one and the same document. 

  

	 	(c)	 The resolution is passed when the last Member signs the document, and satisfies any requirement in this
Constitution or the Act that the resolution be passed at a general meeting. 

  

	14.2	 Sole Member resolutions 

 

	 	(a)	 If at any time the Company has only one Member, it satisfies any requirement in this Constitution or the Act
that a resolution be passed by that sole Member recording the resolution and signing the record. 

  

	 	(b)	 A body corporate’s representative may sign a resolution referred to in clause 14.2(a).

  

	14.3	 Use of technology 

The Company may hold a meeting at 2 or more venues using any technology that gives Members a reasonable opportunity to participate. 

 

	14.4	 Quorum 

  

	 	(a)	 Except as otherwise provided in this Constitution, the quorum for a general meeting of the Company is 2 Members
present in person or by proxy, attorney or body corporate representative and the quorum must be present at all times during the meeting. 

  
 17 

	 	(b)	 No business will be transacted at any general meeting unless a quorum of Members is present at the time when
the meeting proceeds to business. 

  

	 	(c)	 For the purpose of determining whether a quorum is present: 

 

	 	(i)	 each person attending as a proxy, as a body corporate’s representative, or as a validly appointed attorney
of a Member, is deemed to be a Member; 

  

	 	(ii)	 if a Member has appointed more than one proxy, attorney or representative, only one may be counted; and

  

	 	(iii)	 if an individual person is attending both as a Member and as a proxy, attorney or representative, they may be
counted only once. 

  

	 	(d)	 If at any time the Company has only one Member, then that Member present in person or by proxy, attorney or
body corporate representative is a quorum. 

  

	14.5	 Effect of no quorum 

If a quorum of the Company’s Members is not present within half an hour after the time appointed for the meeting in the notice: 

 

	 	(a)	 if the meeting was convened on the requisition of Members, the meeting must be dissolved; or

  

	 	(b)	 in any other case: 

  

	 	(i)	 the meeting will be adjourned to the date, time and place that the Directors specify (or if the Directors do
not specify such details, the meeting is adjourned to the same day in the next week at the same time and place) except that if the meeting is adjourned for 30 days or more, notice of the resumed meeting must be given; and 

 

	 	(ii)	 if at a meeting resumed under clause 14.5(b)(i) a quorum is not present within half an hour after the time
appointed for the meeting, the meeting must be dissolved. 

  

	14.6	 Chairperson of general meeting 

The Directors may elect any person to chair general meetings of the Company. 

 

	14.7	 Vacancy in chair 

Where a general meeting is held and: 
  

	 	(a)	 a chairperson has not been elected by the Directors as provided by clause 14.6; or 

 

	 	(b)	 the chairperson declines to act or is not present within 15 minutes after the time appointed for the holding of
the meeting, 

  
 18 

 the Members present must elect one of their number to be chairperson of the meeting or part
of the meeting (as the case may be). 
  

	14.8	 Adjournment 

The chairperson must adjourn a general meeting if the Members present with a majority of votes at the general meeting agree or direct that the
chairperson must do so. 
  

	14.9	 Adjourned meetings 

 

	 	(a)	 Only unfinished business is to be transacted at a meeting resumed after an adjournment. 

 

	 	(b)	 A resolution passed at a meeting resumed after an adjournment is passed on the day it was in fact passed.

  

	15.	 Voting at general meetings 

 

	15.1	 Voting 

  

	 	(a)	 A resolution put to the vote at a general meeting must be decided on a show of hands unless a poll is demanded.

  

	 	(b)	 Before a vote is taken, the chairperson must inform the general meeting whether any proxy votes have been
received and how the proxy votes are to be cast. 

  

	 	(c)	 On a show of hands, a declaration by the chairperson is conclusive evidence of the result provided that the
declaration reflects the show of hands and the votes of the proxies received. Neither the chairperson nor the minutes need to state the number or proportion of the votes recorded in favour or against the resolution. 

 

	15.2	 Voting rights 

Subject to any rights or restrictions attached to any class of shares, each Member, entitled to vote may vote in person or by proxy, attorney
or body corporate representative authorised under the Act, at a meeting of the Members of the Company, and each Member has: 
  

	 	(a)	 on a show of hands, one vote; and 

 

	 	(b)	 on a poll, one vote for each share they hold. 

 

	15.3	 Voting by joint holders 

If a share is held jointly and more than one Member votes in respect of that share, only the vote of the Member whose name appears first in the
Register is counted. 
  

	15.4	 No entitlement to vote if calls are unpaid 

If calls and other sums due and payable on a Member’s share remain unpaid, that Member: 

 

	 	(a)	 is not entitled to be present at any general meeting; 

  
 19 

	 	(b)	 may not vote on any question or on a poll; and 

 

	 	(c)	 may not be counted in a quorum. 

 

	15.5	 Voting by persons entitled to shares 

 

	 	(a)	 Subject to clause 15.5(b), any person entitled to a share in consequence of the death, mental incapacity,
bankruptcy or insolvency of a Member, may vote at any general meeting in respect of that share as if they were the registered holder of the share. 

  

	 	(b)	 A person entitled to vote under clause 15.5(a) must satisfy the Directors of their right to be transferred the
share at least 48 hours before the scheduled time of the meeting or adjourned meeting at which that person proposes to vote, unless the Directors have previously admitted that person’s right to vote at that meeting. 

 

	15.6	 Voting by poll 

 

	 	(a)	 A poll may be demanded by: 

 

	 	(i)	 the chairperson; 

  

	 	(ii)	 at least 3 Members present in person or by proxy, attorney or body corporate representative entitled to vote on
the resolution; or 

  

	 	(iii)	 a Member or Members present in person or by proxy, attorney or body corporate representative representing at
least 5% of the total votes that may be cast on the resolution on a poll. 

  

	 	(b)	 A poll may be demanded: 

 

	 	(i)	 before a vote is taken; or 

 

	 	(ii)	 before or immediately after the voting results on a show of hands are declared. 

 

	 	(c)	 The percentage of votes that each Member holds is to be determined as at the close of business on the day
before the poll is demanded. 

  

	 	(d)	 The demand for a poll may be withdrawn. 

 

	 	(e)	 If a poll is duly demanded, it must be taken in such manner and, subject to clause 15.6(f), either immediately
or after an interval or adjournment or otherwise as the chairperson directs. The result of the poll is the resolution of the meeting at which the poll was demanded. 

 

	 	(f)	 A poll demanded on the election of a chairperson or on a question of adjournment must be taken immediately.

  

	 	(g)	 The demand for a poll does not prevent a meeting continuing for the transaction of any business other than the
question on which a poll has been demanded. 

  
 20 

	15.7	 Casting vote of chair 

In the case of an equality of votes, whether on a show of hands or on a poll, the chairperson of the meeting at which the show of hands takes
place or at which the poll is demanded has a casting vote (in addition to any vote that the chairperson may have had as a member). 
  

	15.8	 Objection to qualification of a voter 

 

	 	(a)	 An objection to a person’s right to vote at a general meeting: 

 

	 	(i)	 may only be raised at a general meeting or adjourned meeting at which the vote objected to is given or
tendered; and 

  

	 	(ii)	 must be determined by the chairperson of the meeting, whose decision is final. 

 

	 	(b)	 A vote not disallowed under an objection referred to in clause 15.8(a) is valid for all purposes.

  

	15.9	 Votes counted in error 

If any vote is counted which ought not to have been counted or might have been rejected, the error will not invalidate the resolution unless
the error is: 
  

	 	(a)	 detected at the same meeting; and 

 

	 	(b)	 of sufficient magnitude, in the opinion of the chairperson, as to invalidate the resolution.

  

	16.	 Proxies 

  

	16.1	 Who can appoint a proxy 

 

	 	(a)	 A Member who is entitled to attend and vote at a general meeting may appoint a person as that Member’s
proxy to attend and vote for that Member at a meeting of the Company. A proxy need not be a Member of the Company. 

  

	 	(b)	 The appointment may specify the proportion or number of votes that the proxy may exercise.

  

	 	(c)	 If the Member is entitled to cast more than one vote at a meeting, the Member may appoint 2 proxies. If the
Member appoints 2 proxies and the appointment does not specify the proportion or number of the Member’s votes each proxy may exercise, each proxy may exercise half of the Member’s votes. 

 

	 	(d)	 Any fractions of votes resulting from the application of clauses 16.1(b) or 16.1(c) must be disregarded.

  

	16.2	 Execution and form of proxies 

 

	 	(a)	 An instrument appointing a proxy is valid if it is in the form specified by the Directors from time to time and
is: 

  
 21 

	 	(i)	 signed by or on behalf of the Member of the Company making the appointment; and 

 

	 	(ii)	 contains the following information: 

 

	 	(A)	 the Member’s name and address; 

 

	 	(B)	 the Company’s name; 

 

	 	(C)	 the proxy’s name or the name of the office held by the proxy; and 

 

	 	(D)	 the meetings at which the appointment may be used. 

 

	(b)	 The proxy form must provide for the Member to vote for or against each resolution and may provide for
abstention to be indicated. 

  

	(c)	 An instrument appointing a proxy may specify the manner in which the proxy is to vote in respect of a
particular resolution. Where it does so, the proxy is not entitled to vote on the resolution except as specified in the instrument. A proxy may vote as the proxy thinks fit on any motion or resolution in respect of which no manner of voting is
indicated. 

  

	(d)	 An instrument appointing a proxy confers authority to demand or join in demanding a poll.

  

	(e)	 Despite clause 15.3, where an instrument of proxy is signed by all of the joint holders of any Shares, the
votes of the proxy so appointed must be accepted in respect of those Shares to the exclusion of any votes tendered by a proxy for any one of those joint holders. 

 

	16.3	 Member’s attorney 

A Member may appoint an attorney to act, or to appoint a proxy to act, at a general meeting. If the appointor is an individual, the power of
attorney must be signed in the presence of at least 1 witness. 
  

	16.4	 Life of proxy 

An instrument appointing a proxy will not be valid after 12 months from the date of its execution, unless it is expressly stated to be a
standing appointment or to extend for a longer period. 
  

	16.5	 Lodgement of proxies and powers of attorney 

 

	 	(a)	 If a Member appoints a proxy or an attorney, the following documents must be given to the Company at the Office
or at the place specified for the purpose in the notice calling the general meeting: 

  

	 	(i)	 the proxy’s appointment; and 

 

	 	(ii)	 if the appointment is signed by the appointor’s attorney, the authority under which the form was signed or
a certified copy of the authority; and 

  

	 	(iii)	 in the case of an attorney, the power of attorney or a certified copy of it. 

  
 22 

	 	(b)	 The appointment of a proxy or an attorney is valid for a meeting if the appointment and any authority are given
to the Company at least 24 hours before the general meeting at which the proxy is to be used. 

  

	16.6	 Corporate representative 

A Member that is a body corporate may appoint an individual to act as its representative at general meetings as permitted by the Act. 

 

	16.7	 Validity of proxy vote 

A vote cast in accordance with the terms of an instrument of proxy or of a power of attorney is valid if no notice in writing of: 

 

	 	(a)	 the previous death of the appointing Member; 

 

	 	(b)	 the mental incapacity of the appointing Member; 

 

	 	(c)	 the revocation of the proxy’s appointment; 

 

	 	(d)	 the revocation of the authority under which the proxy was appointed; or 

 

	 	(e)	 the transfer of the share in respect of which the proxy was given, 

has been received by the Company at the Office before the commencement of the meeting or adjourned meeting at which the proxy is used or
exercised. 
  

	17.	 Appointment and removal of Directors 

 

	17.1	 Number 

  

	 	(a)	 The number of Directors will not be less than 1 or more than 10, unless otherwise determined by ordinary
resolution of the Company. 

  

	 	(b)	 Where the number of Directors of the Company is 1, a single Director acting as a Sole Director may exercise all
the powers and discretions conferred on the Directors under this Constitution or under the Act. 

  

	17.2	 Appointment by Directors 

The Directors may at any time appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors,
provided that the total number of Directors does not at any time exceed the maximum number of Directors permitted under this Constitution. 
  

	17.3	 Appointment by Company 

The Company may by ordinary resolution passed in general meeting appoint any person to be a Director, either to fill a casual vacancy or as an
addition to the existing Directors. 
  

	17.4	 Removal by Company 

The Company may by ordinary resolution: 

  
 23 

	 	(a)	 remove any Director from office; and 

 

	 	(b)	 appoint another person as a Director instead. 

 

	17.5	 Appointment and removal by majority shareholder 

A Member holding more than 50% of the issued capital of the Company for the time being may by notice in writing, without assigning any reason:

  

	 	(a)	 remove any Director; and 

 

	 	(b)	 appoint another person as Director instead. 

 

	17.6	 Term of office 

Each of the Directors will hold office until the Director vacates office or is removed under this Constitution. 

 

	17.7	 Share qualification 

A Director need not be a Member of the Company. 
  

	17.8	 Vacation of office 

In addition to the circumstances in which the office of a Director becomes vacant by virtue of the Act, the office of a Director becomes vacant
if the Director: 
  

	 	(a)	 ceases to be a Director by virtue of the Act or this Constitution; 

 

	 	(b)	 becomes bankrupt or makes any arrangement or composition with his or her creditors generally;

  

	 	(c)	 is prohibited from being a Director by reason of any order made under the Act; 

 

	 	(d)	 becomes physically or mentally incapable of performing the Director’s duties; 

 

	 	(e)	 resigns by written notice to the Company; 

 

	 	(f)	 is absent from Directors’ meetings (without appointing an Alternate Director) without the consent of the
other Directors for a period of more than 6 months; or 

  

	 	(g)	 without the prior or subsequent consent of the other Directors, is directly or indirectly interested in any
contract or proposed contract with the Company and fails to declare the nature of the Director’s interest as required by the Act. 

  

	18.	 Remuneration of Directors 

 

	18.1	 Remuneration of Directors 

 

	 	(a)	 The Directors are to be paid such Directors’ fees as the Company determines by ordinary resolution.

  

	 	(b)	 The Company may also pay the Directors travelling and other expenses that they properly incur:

  
 24 

	 	(i)	 in attending meetings of the Directors or any committee of the Directors; 

 

	 	(ii)	 in attending any general meetings of the Company; or 

 

	 	(iii)	 in connection with the business of the Company. 

 

	18.2	 Remuneration of Managing Director 

A Managing Director appointed under clause 21 will (subject to the provisions of any contract between the Managing Director and the Company)
receive such remuneration, whether by way of salary, commission or participation in profits of the Company or of any other company in which the Company is interested or by any or all of these modes as determined by the Directors. 

 

	18.3	 Remuneration of Alternate Director 

 

	 	(a)	 Subject to clause 18.3(b), an Alternate Director appointed under clause 22 will look solely to the Director for
whom they are alternate for their remuneration. 

  

	 	(b)	 The Company may reimburse an Alternate Director for all travelling and other expenses properly incurred by them
in attending meetings or otherwise in connection with the business of the Company. 

  

	18.4	 Additional remuneration of chairperson 

In addition to the ordinary remuneration as Director, the chairperson of Directors elected under clause 20.8(a) is entitled to such additional
remuneration as may be fixed by ordinary resolution of the Company, provided that they are not entitled to any such additional remuneration by virtue of also holding the office of Managing Director. 

 

	18.5	 Remuneration of Directors for extra services 

Any Director who performs special services or goes or resides abroad for any purpose of the Company will be paid such extra remuneration,
whether by way of salary, commission or participation in profits of the Company or of any other company in which the Company is interested or by any or all these modes as determined by ordinary resolution of the Company. 

 

	19.	 Powers and duties of Directors 

 

	19.1	 General management power 

Subject to the Act, this Constitution and any resolution of the Company, the Directors: 

 

	 	(a)	 will manage the business of the Company; 

 

	 	(b)	 may exercise all such powers of the Company that are not, by the Act or this Constitution, required to be
exercised by the Company in general meeting, provided that: 

  

	 	(i)	 no resolution of the Company in general meeting will invalidate any prior act of the Directors which would have
been valid if such a resolution had not been made; and 

  
 25 

	 	(ii)	 any sale or disposal by the Directors of the Company’s main undertaking or a substantial proportion of its
assets will be subject to ratification by the Company in general meeting; and 

  

	 	(c)	 may pay all expenses incurred in promoting and forming the Company. 

 

	19.2	 Act in the best interests of a Holding Company 

As contemplated by section 187 of the Act, a Director may act in good faith in the best interests of any Holding Company of the Company. 

 

	19.3	 Attorneys 

  

	 	(a)	 The Directors may, by power of attorney under deed, appoint any person or persons to be the attorney or
attorneys of the Company with such powers, authorities and discretions (being powers, authorities and discretions vested in or exercisable by the Directors), for such period and subject to such conditions as they think fit. 

 

	 	(b)	 Any such power of attorney may contain provisions for the protection and convenience of persons dealing with
the attorney and may also authorise the attorney to delegate all or any of the powers, authorities and discretions vested in the attorney. 

  

	19.4	 Power to borrow and give security 

 

	 	(a)	 Without limiting the generality of clause 19.1, the Directors may for the purposes of the Company:

  

	 	(i)	 borrow money, with or without giving security for it; and 

 

	 	(ii)	 guarantee the performance of any obligation of the Company or of any other person. 

 

	 	(b)	 The Directors may borrow or provide security as they think fit and in particular by the issue of bonds,
debentures or debenture stock or any mortgage, charge or other security on the undertaking of the whole or part of the property of the Company (both present and future) including its uncalled capital. 

 

	 	(c)	 Debentures, debenture stock, bonds or other securities may be: 

 

	 	(i)	 made assignable free from any equities between the Company and the person to whom the same has been issued; or

  

	 	(ii)	 issued at a discount, premium or otherwise and with any special privileges as to redemption, surrender,
drawings, allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise, and any debentures may be re-issued notwithstanding that they may have been made
paid off or satisfied. 

  

	19.5	 Indemnity 

Subject to clause 31 and to the extent permitted by the Act, if any of the Directors or any other person becomes personally liable for the
payment of any sum primarily due from the Company, the Directors may execute a mortgage, charge or security over the whole or any part of the assets of the Company by way of indemnity to secure the Directors or persons so becoming liable from any
loss in respect of the liability. 

  
 26 

	19.6	 Other offices of Directors 

Subject to the Act, a Director may hold any other office or offices under the Company (except that of auditor) in conjunction with the office
of Director and on such terms as to remuneration and otherwise as the Directors may arrange. 
  

	19.7	 Director may act in professional capacity 

 

	 	(a)	 Subject to the Act and clause 19.7(b), any Director (or the Director’s firm) may act in a professional
capacity for the Company and the Director (or the Director’s firm) is entitled to remuneration for professional services as if the Director were not a Director. 

 

	 	(b)	 A Director (or the Director’s firm) must not act as the Company’s auditor. 

 

	20.	 Proceedings of Directors 

 

	20.1	 Calling and holding Directors’ meetings 

A Director may call a Directors’ meeting by giving reasonable notice to each Director. 

 

	20.2	 Circulating resolutions 

 

	 	(a)	 The Directors may pass a resolution without a Directors’ meeting being held if all the Directors entitled
to vote on the resolution sign a document containing a statement that they are in favour of the resolution set out in the document. 

  

	 	(b)	 Identical copies of the document may be distributed for signing by different Directors and taken together will
constitute one and the same document. 

  

	 	(c)	 The resolution is passed when the last Director signs the document. 

 

	20.3	 Telephone and other meetings 

Without limiting the power of the Directors to regulate their meetings as they think fit, a meeting of Directors or committee of Directors may
be held where one or more of the Directors is not physically present at the meeting, provided that: 
  

	 	(a)	 all Directors consent to the calling and the holding of the meeting by means of telephone or other form of
communication; 

  

	 	(b)	 all Directors participating in the meeting are able to communicate with each other effectively, simultaneously
and instantaneously by means of the agreed form of communication; 

  

	 	(c)	 notice of the meeting is given to all the Directors entitled to notice in accordance with the usual procedures
agreed on or laid down from time to time by the Directors and such notice does not specify that Directors are required to be present in person; 

  

	 	(d)	 in the event that a failure in communications prevents clause 20.3(b) from being satisfied by that number of
Directors which constitutes a quorum, then the 

  
 27 

	 	
meeting will be suspended until clause 20.3(b) is satisfied again. If clause 20.3(b) is not satisfied within 15 minutes from the time the meeting was interrupted, the meeting will be deemed to
have terminated; and 

  

	 	(e)	 any meeting held where one or more of the Directors is not physically present will be deemed to be held at the
location specified in the notice of meeting provided a Director is present at that location. If no Director is present at the location specified, the meeting will be deemed to be held at the location where the chairperson of the meeting is located.

  

	20.4	 Directors’ resolutions 

 

	 	(a)	 Subject to this Constitution, a resolution of the Directors must be passed by a majority of the votes of
Directors present and entitled to vote on the resolution. 

  

	 	(b)	 In case of an equality of votes, the chairperson of the meeting, in addition to his or her deliberative vote
(if any), has a casting vote. 

  

	20.5	 Minutes 

  

	 	(a)	 The Directors must cause minutes to be made of: 

 

	 	(i)	 all appointments of Directors, Alternate Directors and officers; 

 

	 	(ii)	 the names of the Directors present at each meeting of the Directors; 

 

	 	(iii)	 all orders made by the Directors; 

 

	 	(iv)	 all declarations made or notices given by any Director (either generally or specifically) of his or her
interest in any contract or proposed contract or of his or her holding of any office or property whereby any conflict of duty or interest may arise; and 

  

	 	(v)	 all resolutions and proceedings of meetings of Members and classes of Members and of the Directors, and retain
the minutes in a minute book for a period of at least 10 years or such other period as may be required under the Act. 

  

	 	(b)	 The minutes of a meeting must be signed by the chairperson of the meeting or the chairperson of the next
meeting. 

  

	 	(c)	 In the absence of evidence to the contrary, contents of the minute book that is recorded and signed in
accordance with this clause 20.5 is evidence of the matters shown in the minute. 

  

	20.6	 Director’s personal interests 

If a Director has a material personal interest in a matter that relates to the affairs of the Company other than an interest that does not have
to be disclosed under section 191(2) of the Act and the Director discloses the nature and extent of the interest and its relation to the affairs of the Company to the other Directors, in accordance with section 191 of the Act, then: 

 

	 	(a)	 the Director may vote on matters that relate to the interest; 

  
 28 

	 	(b)	 any transactions that relate to the interest may proceed; and 

 

	 	(c)	 if the disclosure is made before the transaction is entered into: 

 

	 	(i)	 the Director may retain benefits under the transaction even though the Director has the interest; and

  

	 	(ii)	 the Company cannot avoid the transaction merely because of the existence of the interest.

  

	20.7	 Quorum 

  

	 	(a)	 Subject to clause 20.7(c), at a meeting of Directors properly convened, the number of Directors whose presence
is necessary to constitute a quorum is such number as is determined by the Directors and, unless so determined, is 2. 

  

	 	(b)	 Subject to clause 20.7(c), if the office of a Director becomes vacant, the remaining Directors may act but, if
the total number of remaining Directors is not sufficient to constitute a quorum at a meeting of Directors, the Directors may act only for the purpose of increasing the number of Directors to a number sufficient to constitute a quorum or for the
purpose of convening a general meeting of the Company. 

  

	 	(c)	 Where the Company has a Sole Director, the Sole Director will constitute a quorum of Directors.

  

	20.8	 Chairperson 

  

	 	(a)	 The Directors must elect a Director to chair their meetings and may determine the period for which the Director
is to be the chairperson. 

  

	 	(b)	 Where a meeting of the Directors is held and: 

 

	 	(i)	 a Director has not already been elected to chair that meeting under clause 20.8(a); or 

 

	 	(ii)	 the previously elected chairperson declines to act or is not present within 15 minutes after the time appointed
for the holding of the meeting, 

 the Directors present must elect one of their number to chair the meeting or part of the
Meeting (as the case may be). 
  

	20.9	 Delegation to Committees 

 

	 	(a)	 The Directors may delegate any of their powers to a committee or committees consisting of such of their number
as they think fit. 

  

	 	(b)	 A committee must exercise the powers delegated to it in accordance with any directions of the Directors. The
effect of the committee exercising a power in this way is the same as if it had been exercised by the Directors. 

  

	 	(c)	 The members of a committee may elect one of their number as chairperson of their meetings.

  

	 	(d)	 Where a meeting of a committee is held and: 

  
 29 

	 	(i)	 a chairperson has not already been elected to chair that meeting under clause 20.9(c); or

  

	 	(ii)	 the previously elected chairperson is not present within 15 minutes after the time appointed for the holding of
the meeting or is unwilling to act, 

 the members present may elect one of their number to be chairperson of the meeting.

  

	 	(e)	 A committee may meet and adjourn as it thinks fit unless otherwise directed by the Directors.

  

	 	(f)	 Questions arising at a meeting of a committee must be determined by a majority of votes of the members present
and voting. 

  

	 	(g)	 In the case of an equality of votes, the chairperson has a casting vote, in addition to any vote the
chairperson has in the chairperson’s capacity as a member of the committee (if any). 

  

	20.10	 Acts of Directors valid despite defective appointment 

Any act done at any meeting of the Directors or of a committee of Directors by any person acting as a Director is, although it is later
discovered that there was some defect in the appointment of any such Director or that the Director was disqualified, is valid as if the Director had been duly appointed and was qualified to be a Director or to be a member of the committee. 

 

	20.11	 Disabilities if calls unpaid 

A Director is not entitled to be present, to be counted in a quorum or to vote at any meeting of Directors until that Director has paid: 

 

	 	(a)	 all calls on shares due and payable by that Director, whether alone or jointly with another person, together
with interest and expenses in respect of the calls; and 

  

	 	(b)	 all other sums (if any) presently payable by that Director in respect of any shares held by that Director,
whether alone or jointly with another person. 

  

	20.12	 Resolution by Sole Director 

Where a Sole Director signs a minute recording the Director’s decision to a particular effect, the recording of the decision counts as the
passing by the Director of a resolution to that effect. 
  

	21.	 Managing Director 

 

	21.1	 Appointment and tenure 

 

	 	(a)	 The Directors may appoint one or more Directors to be Managing Director of the Company. The appointment of
Managing Director will be for such period and on such terms as the Directors think appropriate. 

  

	 	(b)	 The Directors may, subject to the terms of any agreement entered into in a particular case, revoke any
appointment of Managing Director. 

  
 30 

	21.2	 Ceasing to hold office 

A Managing Director: 
  

	 	(a)	 is subject to the same provisions as to resignation and removal as the other Directors of the Company; and

  

	 	(b)	 immediately ceases to be a Managing Director if he or she ceases to be a Director. 

 

	21.3	 Powers 

  

	 	(a)	 The Directors may on such terms and conditions and with such restrictions as they think appropriate, confer on
a Managing Director any of the powers exercisable by the Directors. 

  

	 	(b)	 Any powers so conferred may be concurrent with, or be to the exclusion of, the powers of the Directors.

  

	 	(c)	 The Directors may at any time withdraw or vary any of the powers so conferred on a Managing Director.

  

	22.	 Alternate Directors 

 

	22.1	 Power to appoint an Alternate Director 

 

	 	(a)	 Subject to clause 22.1(b) and with the other Directors’ prior written approval, a Director (Appointing
Director) may appoint an Alternate Director to exercise some or all of the Appointing Director’s powers either indefinitely or for a specified period. An Alternate Director need not be a Director or Member. 

 

	 	(b)	 A Managing Director must not appoint an Alternate Director to act as Managing Director. 

 

	22.2	 Appointment 

The appointment of an Alternate Director must be in writing and a copy given to the Company. 

 

	22.3	 Rights and powers 

 

	 	(a)	 An Alternate Director: 

 

	 	(i)	 is entitled to notice of each Directors’ meeting and if the Appointing Director is not present at any such
meeting, the Alternate Director may attend and vote at that meeting in the Appointing Director’s place; and 

  

	 	(ii)	 is otherwise entitled to exercise all the powers of the Appointing Director in the Appointing Director’s
place (unless the appointment was limited to some only of the Appointing Director’s powers, in which case the Alternate Director may only exercise those powers). 

 

	 	(b)	 When an Alternate Director exercises the Appointing Director’s powers, the exercise of the powers is just
as effective as if the powers were exercised by the Appointing Director. 

  
 31 

	22.4	 Alternate Director is not agent of appointor 

An Alternate Director is responsible to the Company for his or her own acts and defaults as if the Alternate Director were an ordinary Director
and is not deemed to be an agent of the appointing Director. 
  

	22.5	 Termination of appointment 

 

	 	(a)	 The Appointing Director may terminate the Alternate Director’s appointment at any time.

  

	 	(b)	 The termination of an Alternate Director must be in writing and is not effective until a copy is given to the
Company. 

  

	 	(c)	 In any case, the appointment of an Alternate Director terminates when the Appointing Director ceases to hold
office as Director. 

  

	23.	 Secretary 

A Secretary of the Company holds office on such terms and conditions, as to remuneration and otherwise, as the Directors determine. 

 

	24.	 Seal 

  

	24.1	 Safe custody 

Where the Company has a Seal, the Directors must provide for its safe custody. 

 

	24.2	 Authority to use 

Where the Company has a Seal, the Seal must only be used by the authority of the Directors, or of a committee of the Directors authorised by
the Directors to authorise the use of the Seal. 
  

	24.3	 Additional Seal 

Where the Company has a Seal, the Company may have for use outside the state or territory in which the Office is located, one or more Seals
each of which must only be used in accordance with the provisions of this clause 24. 
  

	25.	 Execution of documents 

 

	25.1	 Execution generally 

 

	 	(a)	 The Company may execute documents (including deeds) in any way permitted by Law. 

 

	 	(b)	 Except where required by the Act, the Company need not have or use the Seal to execute documents or deeds. The
Directors may resolve whether or not the Company is to have or use a Seal. 

  
 32 

	25.2	 Execution without the Seal 

Without limiting clause 25.1(a), the Company may validly execute a document (including a deed) without using the Seal if the document is
signed: 
  

	 	(a)	 if the Company has more than one Director, by a Director and countersigned by another Director, Secretary or
another person appointed by the Directors to countersign that document or a class of documents in which that document is included; or 

  

	 	(b)	 if the Company has only one Director who is also the only Secretary or where the Company has only one Director
and no Secretary, by that Director where the Director states next to his or her signature that he or she is the Sole Director and, if applicable, sole Secretary of the Company. 

 

	25.3	 Execution using the Seal 

Without limiting clause 25.1(a), the Company may validly execute a document (including a deed) by fixing the Seal to the document and the
fixing being witnessed by: 
  

	 	(a)	 if the Company has more than one Director, by a Director and countersigned by another Director, a Secretary or
another person appointed by the Directors to countersign that document or a class of documents in which that document is included; or 

  

	 	(b)	 if the Company has only one Director who is also the only Secretary or where the Company has only one Director
and no Secretary, by that Director where the Director states next to his or her signature that he or she is witnessing the fixing of the Seal in his or her capacity as Sole Director and, if applicable, sole Secretary of the Company.

  

	25.4	 Execution by authorised persons 

Clauses 25.2 and 25.3 do not limit the ability of the Directors to authorise a person who is not an officer of the Company to execute a
document for and on behalf of the Company. 
  

	25.5	 Seal register 

 

	 	(a)	 The Secretary must record details of every document to which the Seal, if any, is fixed in a Seal register.

  

	 	(b)	 Where the Company has a Seal, the Seal register must be produced at each Directors’ meeting for the
purpose of the Directors approving the fixing of the Seal to each document recorded in the Seal register since the last Directors’ meeting. 

  

	26.	 Records and inspection 

 

	 	(a)	 The Directors must ensure that proper accounting and other records of the Company are kept and where required,
distributed, in accordance with the requirements of the Act. 

  
 33 

	 	(b)	 The Directors must determine whether and on what terms the accounting records and other documents of the
Company or any of them will be open to the inspection of Members other than Directors. 

  

	 	(c)	 A Member other than a Director does not have the right to inspect any document of the Company except as
provided by the Act or authorised by the Directors or by the Company in general meeting. 

  

	27.	 Dividends and reserves 

 

	27.1	 Declaration 

  

	 	(a)	 Subject to the Act, the Directors (without the sanction of a general meeting) or the Company in general meeting
on the recommendation of the Directors, may determine that a dividend be payable and specify: 

  

	 	(i)	 the amount; 

  

	 	(ii)	 the time for payment; and 

 

	 	(iii)	 the method of payment. 

 

	 	(b)	 A dividend declared by the Company in general meeting must not exceed the amount recommended by the Directors.

  

	 	(c)	 Subject to clause 3, dividends may be declared in respect of any class of shares to the exclusion of shares in
any other class or classes provided that the shares in any one class so participate equally among themselves in the dividends. 

  

	 	(d)	 If a dividend is declared on more than one class of shares, the dividend declared on the shares of any
particular class may be at a higher, lower or at the same rate as the dividend declared on the shares of other classes provided that the shares in any one class participate equally among themselves in any dividend declared in respect of that class.

  

	 	(e)	 There will be no objection to any resolution which declares a higher rate of dividend on the shares of a
particular class or classes than the dividend declared on the shares of any other class or classes. 

  

	27.2	 Interim dividends 

Subject to the Act, the Directors may authorise the payment to the Members of such interim dividends as in their judgment appear to be
justified. 
  

	27.3	 Interest on dividends 

Interest is not payable by the Company in respect of any dividend. 
  

	27.4	 Reserves 

  

	 	(a)	 The Directors may, before recommending any dividend, set aside out of the Company’s profits such sums as
they think proper as reserves, to be applied, at their discretion, for any purpose for which the Company’s profits may be properly applied. 

  
 34 

	 	(b)	 Pending any such application, the reserves may, at the discretion of the Directors, be used in the business of
the Company or be invested in such investments as the Directors think fit. 

  

	 	(c)	 The Directors may carry forward so much of the profits remaining as they consider ought not to be distributed
as dividends without transferring those profits to a reserve. 

  

	27.5	 Entitlement to dividends 

 

	 	(a)	 Subject to this Constitution, all dividends must be apportioned and paid proportionately to the amounts paid or
credited as paid on the shares. 

  

	 	(b)	 Where any share is issued on terms providing that it will rank for dividend as from a particular date, that
share ranks for dividend accordingly. 

  

	 	(c)	 An amount paid or credited as paid on a share in advance of a call must not be taken for the purposes of this
clause 27.5 to be paid or credited as paid on the share and will not confer a right to participate in profits. 

  

	27.6	 Deduction from dividends of money owing 

The Directors may deduct from any dividend payable to a Member all sums of money (if any) presently payable by the Member to the Company on
account of calls or otherwise in relation to shares in the Company. 
  

	27.7	 Retention of dividends and transmission 

The Directors may retain dividends payable on a share in respect of which any person under clauses 10.1, 10.2 or 10.3 is entitled to become a
Member or any person is otherwise entitled to take a transfer of that share, until the person becomes a Member in respect of that share. 
  

	27.8	 Payment of dividends by distribution of property 

 

	 	(a)	 When declaring a dividend, the Directors, or a general meeting on the recommendation of the Directors, may by
resolution direct payment of the dividend wholly or in part by the distribution of specific assets, including paid up shares in, or debentures of, any other corporation, and the Directors must give effect to such a resolution. 

 

	 	(b)	 Where a difficulty arises in regard to such a distribution under clause 27.8(a), the Directors may do any one
or more of the following: 

  

	 	(i)	 settle the matter as they consider expedient; 

 

	 	(ii)	 fix the value for distribution of the specific assets or any part of those assets; 

 

	 	(iii)	 determine that cash payments be made to any Members on the basis of the value fixed in order to adjust the
rights of all parties; and 

  

	 	(iv)	 vest any such specific assets in trustees as the Directors consider expedient. 

  
 35 

	27.9	 Payment of dividends by cash 

 

	 	(a)	 Any dividend, interest or other money payable in cash in respect of shares may be paid, at the Directors
discretion and at the sole risk of the intended recipient: 

  

	 	(i)	 by cheque sent by post directed to: 

 

	 	(A)	 the address of the Member as shown in the Register or, in the case of joint holders, to the address shown in
the Register as the address of the joint holder first named in the Register; or 

  

	 	(B)	 any other address as the Member or joint holders directs or direct in writing; or 

 

	 	(ii)	 by electronic funds transfer to an account with a bank or other financial institution nominated in writing by
the Member and acceptable to the Company; or 

  

	 	(iii)	 by any other means determined by the Directors. 

 

	 	(b)	 The Directors may decide to use different payment methods for different Members. 

 

	 	(c)	 Every cheque sent under clause 27.9(a)(i) must be made payable to the person to whom it is sent and will be
sent at that person’s risk. 

  

	27.10	 Unclaimed dividends 

Subject to the Act and any legislation relating to unclaimed money, all dividends unclaimed for one year after having been declared may be used
by the Directors for the benefit of the Company until claimed. 
  

	28.	 Capitalisation of profits 

 

	28.1	 Authority to capitalise 

The Company may, by ordinary resolution in general meeting and on the recommendation of the Directors, resolve that: 

 

	 	(a)	 it is desirable to capitalise any sum, being the whole or part of the amount for the time being standing to the
credit of any reserve account or profit and loss account or otherwise available for distribution to Members; and 

  

	 	(b)	 that sum may be applied, in any of the ways mentioned in clause 28.2, for the benefit of Members in the
proportions to which those Members would have been entitled in a distribution of that sum by way of dividend. 

  

	28.2	 Appropriation and application 

A sum distributed to Members in accordance with clause 28.1 may be applied: 

 

	 	(a)	 in paying up any amounts unpaid on shares held by Members; or 

 

	 	(b)	 in paying up in full unissued shares or debentures to be issued to Members as fully paid.

  
 36 

	28.3	 Adjustment of Members’ rights 

The Directors must do all things necessary to give effect to a resolution referred to in clause 28.1 and, in particular, to the extent
necessary to adjust the rights of the Members among themselves, may: 
  

	 	(a)	 issue fractional certificates or make cash payments in cases where shares or debentures become issuable in
fractions; and 

  

	 	(b)	 authorise any person to enter into, on behalf of all the Members entitled to any further shares or debentures
on the capitalisation, an agreement with the Company providing for the issue to them, credited as fully paid up, of any further shares or debentures or for the payment by the Company on their behalf of the amounts or any part of the amounts
remaining unpaid on their existing shares by the application of their respective proportions of the sum resolved to be capitalised, and any agreement made under an authority referred to in clause 28.3(b) is effective and binding on all the Members
concerned. 

  

	28.4	 Distribution 

  

	 	(a)	 If a distribution of capitalised profits is made on more than one class of shares, the distribution made on the
shares of any particular class may be at a higher, lower or at the same rate as the distribution made on the shares of another class, provided that the shares in any one class participate equally among themselves in any distribution made of
capitalised profits in respect of that class. 

  

	 	(b)	 There can be no objection to any resolution which declares a higher rate of distribution on the shares of any
class or classes than the distribution made on the shares of any other class or classes. 

  

	29.	 Notices 

  

	29.1	 How notice to be given 

 

	 	(a)	 A Member may, by written notice to the Secretary left at or sent to the Office, require that all notices to be
given by the Company or the Directors be served on the Member’s representative at an address specified in the notice. 

  

	 	(b)	 The Company may give a notice to any Member by: 

 

	 	(i)	 serving it on the Member personally; 

 

	 	(ii)	 properly addressing, prepaying and posting the notice to the Member or leaving it at the Member’s address
as shown in the Register or the address supplied by the Member to the Company for the giving of notices; 

  

	 	(iii)	 serving it in any manner contemplated in this clause 29.1 on a Member’s representative as specified by the
Member in a notice given under clause 29.1(a); 

  

	 	(iv)	 facsimile transmission to the facsimile number supplied by the Member to the Company for the giving of notices;

  

	 	(v)	 sending it by email to an email address nominated by the Member; 

  
 37 

	 	(vi)	 sending it via any other electronic means permitted by the Act and nominated by the Member for the giving of
notices, including providing an electronic link to the notice; or 

  

	 	(vii)	 giving it by any other means permitted or contemplated by this clause 29 or the Act. 

 

	29.2	 When notice is given 

A notice is deemed to be given by the Company and received by the Member: 

 

	 	(a)	 if delivered in person, when delivered to the Member; 

 

	 	(b)	 if posted, on the day after the date of posting to the Member, whether delivered or not; 

 

	 	(c)	 if sent by facsimile transmission, on the day after the date of its transmission; or 

 

	 	(d)	 if sent by email or other electronic means, on the day after the date of its transmission,

 but if the delivery or receipt is on a day which is not a Business Day or is after 4.00 pm (addressee’s time), it
is deemed to have been received at 9.00 am (addressee’s time) on the next Business Day. 
  

	29.3	 Notice to joint holders 

A notice may be given by the Company to joint Members by sending the notice to the joint Member first named in the Register or to an
alternative address (if any) nominated by that Member. 
  

	30.	 Winding up 

Subject to clause 3, if the Company is wound up, the liquidator may, with the sanction of a special resolution of the Company: 

 

	 	(a)	 divide among the Members in specie or in kind the whole or any part of the property of the Company and may for
that purpose set such value as they consider fair on any property to be divided and may determine how the division will be carried out as between the Members or different classes of Members; or 

 

	 	(b)	 vest the whole or any part of the Company’s property in trustees on such trusts for the benefit of the
contributories as the liquidator thinks fit, but so that no Member is compelled to accept any shares or other securities in respect of which there is any liability, 

or do both. 

  
 38 

	31.	 Indemnity 

  

	31.1	 Interpretation 

In this clause 31: 
  

	 	(a)	 proceedings means any proceedings, whether civil or criminal, being proceedings in which it is alleged
that the person has done or omitted to do some act in their capacity as an officer of the Company (including proceedings alleging that they were guilty of negligence, default, breach of trust or breach of duty in relation to the Company); and

  

	 	(b)	 officer has the meaning given to that term in section 9 of the Act. 

 

	31.2	 Scope of indemnity 

In addition to any other indemnity provided to an officer of the Company in accordance with the Act, and to the extent permitted by the Act and
any applicable Law: 
  

	 	(a)	 every officer of the Company will be indemnified out of the assets of the Company against any liability
incurred by them in relation to the execution of their office; 

  

	 	(b)	 no officer of the Company is liable for any loss or damage incurred by the Company in relation to the execution
of his or her office; 

  

	 	(c)	 every officer of the Company will be indemnified out of the assets of the Company against any liability which
he or she incurs: 

  

	 	(i)	 in defending any proceedings, whether civil or criminal, in which judgment is given in favour of the officer or
in which the officer is acquitted; 

  

	 	(ii)	 in connection with any application, in relation to any such proceedings, in which relief is granted under the
Act to the officer by the Court; and 

  

	 	(d)	 every officer of the Company will be indemnified out of the assets of the Company against any liability to
another person (other than the Company or a related body corporate of the Company) where the liability is incurred by the officer in their capacity as an officer of the Company, provided that this indemnity will not apply where the liability arises
out of conduct involving a lack of good faith. 

  

	31.3	 Insurance 

In addition to the payment of any other insurance premium by the Company in accordance with the Act, and to the extent permitted by the Act and
any applicable Law, the Company may pay the premium in respect of a contract insuring an officer of the Company against a liability: 
  

	 	(a)	 incurred by the officer of the Company in his or her capacity as officer, provided that the liability does not
arise out of conduct involving a wilful breach of duty in relation to the Company or a contravention of sections 182 or 183 of the Act; or 

  

	 	(b)	 for costs and expenses incurred by that officer of the Company in defending proceedings, whatever their
outcome. 

  
 39EX-10.20

 Exhibit 10.20 

 

			
	

	  	

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [*****], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL
AND WOULD LIKELY CAUSE COMPETITIVE HARM TO SECURITY MATTERS LTD. IF PUBLICLY DISCLOSED. 
 TrueGold Licensing Agreement 

Security Matters, Ltd 
 (Israel
Company No. 515125771) 
 and 

True Gold Consortium Pty Ltd 
 ACN
641 483 374 
 and 
 W.A. Mint Pty
Ltd 
 ACN 054 024 314 
 Draft
No: 4 
 Date: 26 July 2020 

K&L Gates 
 Melbourne
office 
 Ref: 7392718.00001 

 Table of Contents 
  

							
	1.	  	Definitions and interpretation	  	 	1	 
			
	1.1	  	Definitions	  	 	1	 
	1.2	  	Interpretation	  	 	6	 
			
	2.	  	Term	  	 	7	 
			
	3.	  	Licence	  	 	7	 
			
	3.1	  	Grant of licences	  	 	7	 
	3.2	  	Additional terms relating to Isorad Technology	  	 	8	 
	3.3	  	No other licence to be granted	  	 	8	 
	3.4	  	Sub-licensing	  	 	8	 
	3.5	  	Extension of Licence and Additional Licences	  	 	8	 
			
	4.	  	Transfer From Licensor To Licensee	  	 	9	 
			
	5.	  	The Licensee’s Use Of The Isorad Patents And Security Matters Patents	  	 	9	 
			
	6.	  	Ownership Of Intellectual Property Rights	  	 	10	 
			
	7.	  	Royalty Fees	  	 	10	 
			
	7.1	  	Royalty instalments	  	 	10	 
	7.2	  	R&D and cost reimbursement	  	 	10	 
	7.3	  	Effect of termination	  	 	10	 
	7.4	  	Taxes	  	 	10	 
	7.5	  	Late Payment Fee	  	 	10	 
			
	8.	  	Infringement	  	 	11	 
			
	8.1	  	Monitoring obligations	  	 	11	 
	8.2	  	Licensor’s right to take action in relation to Security Matters Technology and Isorad Technology	  	 	11	 
			
	9.	  	Records	  	 	11	 
			
	9.1	  	Licensee must maintain records	  	 	11	 
	9.2	  	Accountant or auditor may inspect records	  	 	11	 
			
	10.	  	GST	  	 	11	 
			
	11.	  	Limitation Of Liability	  	 	13	 
			
	11.1	  	Licensee exploits the Isorad Technology and Security Matters Technology at its own risk	  	 	13	 
	11.2	  	Exclusion of warranties	  	 	13	 
	11.3	  	Exclusion of indirect and consequential loss	  	 	13	 
			
	12.	  	Indemnities	  	 	14	 
			
	12.1	  	Indemnity by the Licensee	  	 	14	 
	12.2	  	Indemnity by the Licensor	  	 	14	 
	12.3	  	Contribution	  	 	14	 
			
	13.	  	Intellectual Property Registrations And Recordals	  	 	14	 
			
	13.1	  	Registration and recordals	  	 	14	 
	13.2	  	Ownership of Generated Data	  	 	15	 

 Table of Contents (ctd) 
  

							
			
	14.	  	Infringement And Third Party Proceedings	  	 	15	 
			
	14.1	  	Notice of infringement	  	 	15	 
	14.2	  	Response to infringement by a third party	  	 	15	 
	14.3	  	Survival of clause	  	 	16	 
			
	15.	  	Insurance	  	 	16	 
			
	15.1	  	Licensee to maintain insurance	  	 	16	 
	15.2	  	Requirements for insurance policy	  	 	16	 
	15.3	  	Evidence of insurance	  	 	16	 
	15.4	  	Compliance	  	 	16	 
	15.5	  	Survival of obligations	  	 	17	 
	15.6	  	Insurance requirements for End Users	  	 	17	 
			
	16.	  	Termination	  	 	17	 
			
	16.1	  	When the parties may terminate this agreement	  	 	17	 
	16.2	  	Termination for convenience	  	 	17	 
	16.3	  	Termination by Licensor	  	 	17	 
	16.4	  	Consequences of termination	  	 	17	 
			
	17.	  	Confidential Information	  	 	18	 
			
	17.1	  	Obligation	  	 	18	 
	17.2	  	Exceptions to confidentiality	  	 	18	 
	17.3	  	Survival of clause	  	 	18	 
			
	18.	  	Assignment	  	 	18	 
			
	19.	  	Post termination Restraints	  	 	19	 
			
	19.1	  	Qualification	  	 	19	 
	19.2	  	Circumstances	  	 	19	 
	19.3	  	Restrictive covenants	  	 	19	 
	19.4	  	Separate Restraints	  	 	20	 
	19.5	  	Exceptions	  	 	20	 
	19.6	  	Restraints reasonable	  	 	21	 
	19.7	  	Remedies	  	 	21	 
	19.8	  	Definition of Restraint Area	  	 	21	 
	19.9	  	Definition of Restraint Period	  	 	21	 
			
	20.	  	Warranties Of Capacity	  	 	21	 
			
	20.1	  	Representations and warranties	  	 	21	 
	20.2	  	Reliance on representations and warranties	  	 	22	 
	20.3	  	General warranties	  	 	23	 
	20.4	  	Power of attorney	  	 	23	 
			
	21.	  	Resolution of disputes	  	 	23	 
			
	21.1	  	Procedure for Resolving Disputes	  	 	23	 
	21.2	  	Negotiation	  	 	23	 
	21.3	  	Costs	  	 	24	 
			
	22.	  	General Provisions	  	 	24	 
			
	22.1	  	Entire agreement	  	 	24	 
	22.2	  	Variation	  	 	24	 
	22.3	  	Waiver	  	 	24	 
	22.4	  	Further assurances	  	 	24	 

  
 2 

 Table of Contents (ctd) 
  

							
	22.5	  	Governing law and jurisdiction	  	 	24	 
	22.6	  	Severance	  	 	25	 
	22.7	  	Preservation of existing rights	  	 	25	 
	22.8	  	No merger	  	 	25	 
	22.9	  	Relationship of parties	  	 	25	 
	22.10	  	Good faith	  	 	25	 
	22.11	  	Legal expenses	  	 	25	 
	22.12	  	Notices	  	 	25	 
	22.13	  	Counterparts	  	 	26	 

  
 3 

 TrueGold Patent Licensing Agreement 

Date    26 July 2020 
 Parties

  

	1.	 Security Matters, Ltd an Israeli corporation PC #515125771 c/- K&L Gates, L25, 525 Collins Street,
Melbourne, Victoria 3000 (Licensor) 

  

	2.	 True Gold Consortium Pty Ltd ACN 641 483 374 of 51b Marlow Street, Wembley, Western Australia 6108
(Licensee) 

  

	3.	 W.A. Mint Pty. Ltd. ACN 054 024 314 of 310 Hay Street, East Perth, Western Australia 6005 (WA
Mint) 

 Background 
  

	A.	 The Licensor is the owner or controller of the Security Matters Technology and has the right to exploit,
research, develop, use, produce and market the Isorad Technology pursuant to the Isorad Licence Agreement. 

  

	B.	 The Licensee wants the right to use the Security Matters Technology and the Isorad Technology to exploit,
research, develop, use, produce and market certain Products anywhere in the Territory 

  

	C.	 The Licensor will provide the Licensee with the Security Matters Technology and Isorad Technology to exploit,
research, develop, use, produce and market certain Products anywhere in the Territory. 

  

	D.	 W.A. Mint Pty Ltd represents one of the consortium parties under the Shareholders Agreement and makes certain
covenants under this agreement. 

 Agreed terms 
  

	1.	 Definitions And Interpretation 

 

	1.1	 Definitions 

In this agreement, unless the context clearly indicates otherwise: 

Address for Service means the address of each party appearing in this agreement or any new address notified by any party to all other
parties as its new Address for Service; 
 Allowable Deductions means the following items: 

 

	 	(a)	 amounts refunded or credited which reduce Licensee’s Revenue and includes any refunds for product or
services which is rejected, spoiled, damaged, out of date or returned; 

  

	 	(b)	 freight, shipment and insurance costs incurred in transporting products; 

 

	 	(c)	 direct taxes, tariffs and customs duties applied on the sale, exportation or importation of products;

 Business Contacts means the customers, clients, lenders, suppliers, service
providers, manufacturers, agents, distributors, joint-venture participants of the Licensor at any time; 
 Business Plan means the
business plan of the Licensee in accordance with the Shareholders Agreement. 
 Commencement Date means the date the last party signs
this agreement; 
 Confidential Information includes: 
  

	 	(a)	 this agreement; 

  

	 	(b)	 information or material proprietary to a party including object codes, user manuals and diagrams;

  

	 	(c)	 financial information relating to a party, information as to a party’s present or future business plans
and products, and any arrangements and agreements between a party and third parties; 

  

	 	(d)	 technical information, ideas, concepts, know-how, processes and
knowledge proprietary to a party; and 

  

	 	(e)	 any other confidential information or information designated by one party to the other party as being
confidential, and which comes into the possession of the other party as a result of the performance of its obligations or otherwise in connection with this agreement; 

Corporations Act means the Corporations Act 2001 (Cth); 

End User means an end user licensee of a Product who is granted a sub-licence to use a Product,
pursuant to clause 3.4. 
 Expert means a suitably qualified valuer as is appointed by the President for the time being of the
Institute of Chartered Accountants in Australia; 
 Field means the industry comprising gold as a precious metal being products that
have an ISO 4217 currency code “XAU”. 
 Generated Data means all data, including databases, generated or compiled by the
Licensee and any End User from the use of the Isorad Technology or the Security Matters Technology; 
 Gross Negligence means an act
or failure to act which, in addition to constituting negligence, was in reckless disregard or wanton indifference to the consequences; 

GST means any tax imposed on the supply of goods, services, real or personal property or other things or similar tax and includes the
goods and services tax as imposed by the GST Law; 
 GST Law has the meaning given to that term in A New Tax System (Goods and
Services Tax) Act 1999; 
 Insolvency Event means the occurrence of any one or more of the following events in relation to any
person: 

  
 2 

	 	(a)	 an application to a Court for an order that the person be wound up, declared bankrupt or that a provisional
liquidator or receiver and manager be appointed, unless the application is withdrawn, struck out or dismissed within 14 days of it being made; 

  

	 	(b)	 appointment of a liquidator or provisional liquidator; 

 

	 	(c)	 appointment of an administrator or a controller over any of the person’s assets; 

 

	 	(d)	 entry by the person into an arrangement or composition with one or more of its creditors, or an assignment by
the person for the benefit of one or more of its creditors; 

  

	 	(e)	 a proposal by the person of a reorganisation, moratorium, deed of company arrangement, administration or other
agreement involving or with one or more of its creditors; 

  

	 	(f)	 the proposed winding up or dissolution of the person; 

 

	 	(g)	 the person becomes insolvent as disclosed by its accounts or otherwise, states that it is insolvent or it is
presumed to be insolvent under an applicable law; 

  

	 	(h)	 the person becomes insolvent or under administration as defined in the Corporations Act or law to the
equivalent effect in the Territory or Licensee’s place of incorporation or action is taken which could result in that event; 

  

	 	(i)	 the person is taken to have failed to comply with a statutory demand in accordance with the Corporations Act or
law to the equivalent effect in the Territory or Licensee’s place of incorporation; 

  

	 	(j)	 a notice is issued under sections 601AB or 601AA of the Corporations Act or law to the equivalent effect in the
Territory or Licensee’s place of incorporation; 

  

	 	(k)	 a writ of execution is levied against the person or the person’s property; or 

 

	 	(l)	 anything that occurs under the law of any jurisdiction which has a substantially similar effect to any of the
above paragraphs; 

 Intellectual Property Rights means any intellectual and industrial property rights throughout
the world including rights in respect of or in connection with any confidential information, copyright (including future copyright and rights in the nature of or analogous to copyright including without limitation any database rights), moral rights,
inventions (including patents), trade marks, service marks, designs and circuit layouts, whether or not now existing and whether or not registered or registrable, and includes any right to apply for the registration of such rights and includes all
renewals and extensions and any other Intellectual Property Rights as defined in Article 2 of the World Intellectual Property Organisation Convention of 1967; 

Involvement means to be engaged interested or otherwise involved in, and includes any indirect or direct involvement, in any capacity,
or by any means either through the Licensor itself or any related, associated or affiliated person; 
 Isorad means Isorad Ltd., a
company duly registered under the laws of Israel, PC # 520027475 located having a place of business at Soreq NRC, Yavne 810000, Israel; 

  
 3 

 Isorad Developed IP means all Intellectual Property Rights created or developed by
Isorad from the Commencement Date relating to the Isorad Technology that is the subject of the Isorad Licence Agreement, and excludes Generated Data; 

Isorad Licence Agreement means the `License Agreement’ between Isorad as licensor, and the Licensor, dated 1 January 2015 as
varied on 10 July 2018 provided as a redacted version, with only the unredacted parts construed to be part of the Isorad Licence Agreement for the purposes of this Agreement; 

Isorad Patents means the items described in Item 1 of Schedule 1 as amended by the parties in writing from time to time, whether
registered, pending or registrable; 
 Isorad Patent Rights means Intellectual Property Rights in Isorad Patents, or Intellectual
Property Rights to which Security Matters is entitled, which are based on, related to, or resulting from, the Isorad Patents, (including any divisions, continuations, continuations in part, renewals,
re-issues, extensions, supplementary protection certificates, utility models and foreign equivalents of any of them) and rights with respect to patent applications and patentable inventions, including the
right to apply for registration of any such rights; 
 Isorad Technology means the following that are owned, in the possession or
control of, the Licensor that are the subject of the Isorad Licence Agreement and relating to the development and production of the Products being: 
  

	 	(a)	 the Isorad Patents; 

  

	 	(b)	 all Isorad Patent Rights corresponding to the Isorad Patents anywhere in the world; and 

 

	 	(c)	 all Intellectual Property Rights in the Know-How;

 Know-How means all Confidential Information in the Licensor’s or
Isorad’s possession or control pertaining to researching, developing, using, producing and marketing of the Products or services and necessary (or reasonably assistive) in the Field for the Licensee to have full benefit of the Isorad Patents or
the Security Matters Patents (as the case may be) and the Isorad Patent Rights or Security Matters Patent Rights (as the case may be); 

Late Payment Fee means a fee calculated at the Bank Bill Swap Bid Rate (BBSY) plus 2% per annum, accruing from day to day for each
payment due under this agreement but not made on the due date; 
 Licensee’s Improvements means all Confidential Information of a
technical nature and all Intellectual Property Rights, developed or acquired by the Licensee during the Term directly relating to or deriving from the Isorad Technology or the Security Matters Technology, including patentable inventions and
Confidential Information that originates with the Licensee or is acquired by the Licensee before the Licensor discovers those improvements, but excluding any Generated Data; 

Licensee’s Revenue means all revenue (excluding research grants) of the Licensee derived from using the Security Matters Technology
or the Isorad Technology in accordance with the licence in clause 3 (including any sub-licences), as determined in accordance with ordinarily accepted accounting principles in Australia, less Allowable
Deductions. Licensee’s Revenue does not include any amount collected as GST, or any money withheld by a debtor on account of the tax laws in the debtors’ country which the Licensee cannot claim as a tax credit in the period under review
for calculating the Royalty; 

  
 4 

 Materials means all documents, databases, records, genetic, biological and chemical
compounds and substances and other physical things which: 
  

	 	(a)	 comprise, contain, or embody the Security Matters Patents or the Security Matters Patent Rights or the Know-How in relation to the Field; and 

  

	 	(b)	 are reasonably necessary for Licensee to have full benefit of the Security Matters Patents or the Security
Matters Patent Rights or the Know-How in relation to the Field; 

 Payment
means any amount payable in connection with this agreement including any amount payable by way of indemnity, reimbursement or otherwise and includes the provision of any non-monetary consideration; 

Products means the products or services in relation to which the Security Matters Technology and the Isorad Technology is used in
accordance with this agreement; 
 Prospective Business Contacts means parties with whom the Licensor was, to the Licensee’s
knowledge, intending to enter into a relationship of customer, client, lender, supplier, service provider, manufacturer, agent, distributor or joint-venture participants as at the relevant time; 

Purpose means to commercialise and exploit Security Matters Technology and the Isorad Technology in all facets of the Field; 

Restricted Business means any business that competes with, or is of a similar nature to, the business carried on by the Licensor from
time to time including but not limited to: 
  

	 	(a)	 anti-counterfeit technologies; 

 

	 	(b)	 supply chain integrity technology; and 

 

	 	(c)	 brand authenticity. 

Royalty means a direct pass through of the Licensor’s royalty commitment to Isorad under the Isorad Licence Agreement (at the time
of this agreement 4.2% of revenues); 
 Security Matters Developed IP means all Intellectual Property Rights created or developed by
the Licensor from the Commencement Date relating to the Security Matters Technology, and excludes Generated Data; 
 Security Matters
Patents means the items described in Item 2 of Schedule 1 as amended by the parties in writing from time to time, whether registered, pending or registrable; 

Security Matters Patent Rights means Intellectual Property Rights in Security Matters Patents, or Intellectual Property Rights which are
based on, related to, or resulting from, the Security Matters Patents, (including any divisions, continuations, continuations in part, renewals, re-issues, extensions, supplementary protection certificates,
utility models and foreign equivalents of any of them, as well as any later patents or patent applications based on the Security Matters Patents or improvements and/or enhancements to them) and rights with respect to patent applications and
patentable inventions, including the right to apply for registration of any such rights; 
 Security Matters Technology means the
following that are either owned, in the possession or control of, the Licensor and relating to the development and production of the Products in the Field being: 

  
 5 

	 	(a)	 the Security Matters Patents; 

 

	 	(b)	 all Security Matters Patent Rights corresponding to the Security Matters Patents anywhere in the world; and

  

	 	(c)	 all Intellectual Property Rights in the Know-How and the Materials,

 including all future enhancements and improvements to the above; 

Shareholders Agreement means an agreement dated on or about the date of this agreement, governing the shareholding of the Licensee and
management and operation of the business of the Licensee. 
 Specified Countries means any of the Russian Federation, the
People’s Republic of China or India. 
 Soreq means Soreq NRC, Yavne 810000 Israel; 

Term means the period starting from the Commencement Date until the Termination Date; 

Termination Date means the earlier of the date on which this agreement is lawfully terminated under clause 16. 

Territory means the territory described in Item 3 of Schedule 1. 

 

	1.2	 Interpretation 

In this agreement unless the context clearly indicates otherwise: 
  

	 	(a)	 a reference to this agreement or another document means this agreement or that other document and any
document which varies, supplements, replaces, assigns or novates this agreement or that other document; 

  

	 	(b)	 a reference to legislation or a legislative provision includes any statutory modification, or
substitution of that legislation or legislative provision and any subordinate legislation issued under that legislation or legislative provision; 

  

	 	(c)	 a reference to a body or authority which ceases to exist is a reference to either a body or
authority that the parties agree to substitute for the named body or authority or, failing agreement, to a body or authority having substantially the same objects as the named body or authority; 

 

	 	(d)	 clause headings and the table of contents are inserted for convenience only and do not form part
of this agreement; 

  

	 	(e)	 the introduction accurately sets out the circumstances in which the parties have entered into this
agreement; 

  

	 	(f)	 a reference to a person includes a natural person, corporation, statutory corporation, partnership, the
Crown or any other organisation or legal entity; 

  

	 	(g)	 a reference to a natural person includes their personal representatives, successors and permitted
assigns; 

  

	 	(h)	 a reference to a corporation includes its successors and permitted assigns; 

  
 6 

	 	(i)	 an obligation or warranty on the part of 2 or more persons binds them jointly and severally and
an obligation or warranty in favour of 2 or more persons benefits them jointly and severally; 

  

	 	(j)	 a reference to a breach of warranty includes that warranty not being complete, true or accurate;

  

	 	(k)	 a requirement to do any thing includes a requirement to cause that thing to be done and a requirement not to do
any thing includes a requirement to prevent that thing being done; 

  

	 	(l)	 monetary amounts are expressed in Australian dollars; 

 

	 	(m)	 the singular includes the plural and vice-versa; 

 

	 	(n)	 a reference to a thing includes each part of that thing; and 

 

	 	(o)	 neither this agreement nor any part of it is to be construed against a party on the basis that the party or its
lawyers were responsible for its drafting. 

  

	2.	 Term 

This agreement begins on the Commencement Date and will continue for the Term. 

 

	3.	 Licence 

  

	3.1	 Grant of licences 

 

	 	(a)	 Subject to sub-clause 3.1(b), in consideration of payment of the
Royalty by the Licensee, the Licensor grants the Licensee: 

  

	 	(i)	 subject to clause 3.5(a) an exclusive, perpetual licence to use the Security Matters Technology for the Purpose
anywhere in the Territory (excluding where this agreement is terminated by the Licensor for the Licensee’s breach under clause 16); and 

  

	 	(ii)	 subject to clause 3.2, an exclusive, perpetual licence to use the Isorad Technology, for the Purpose anywhere
in the Territory. 

  

	 	(b)	 To the extent that the Licensee wish to use the Security Matters Technology or the Isorad Technology:

  

	 	(i)	 to assist or participate in a venture with the Government of any Specified Country; 

 

	 	(ii)	 in respect of any company that is owned or controlled by persons from any of the Specified Countries;

  

	 	(iii)	 in any of the Specified Countries, 

it must obtain the written consent of the Board of Security Matters, which may withhold its consent or exercise its discretion to partially or
conditionally consent as it sees fit. 

  
 7 

	 	(c)	 In respect of the Isorad Patents and the Security Matters Patents, the licence grant under this clause 3 is
further subject to clause 5(b) of this agreement. 

  

	 	(d)	 The Licensee agrees that it will not compete in any way with the Licensor outside of the Field.

  

	3.2	 Additional terms relating to Isorad Technology 

In relation to the Isorad Technology, the Licensee must comply with and will receive the benefit of, the additional terms from the Isorad
Licence Agreement applicable to the licensee in that Agreement, which are set out in Item 4 of Schedule 1, and which are incorporated by reference in this agreement, whereby: 
  

	 	(a)	 all references in the Isorad Licence Agreement to: 

 

	 	(i)	 ‘Company’ and ‘Isorad’ will be taken to mean the Licensee and the Licensor respectively as
defined in this agreement; 

  

	 	(ii)	 ‘Licensed Technology’ will be taken to mean the Isorad Technology as defined in this agreement;

  

	 	(b)	 subject to sub-clause 3.2(c), all capitalised terms in the Isorad
Licence Agreement will have the meaning as defined in the Isorad Licence Agreement, unless otherwise stated; 

  

	 	(c)	 in the event of any conflict between the defined terms, rights or obligations in the Isorad Licence Agreement
and this agreement, for the purposes of this clause 3 and clause 5(b), then the terms of the Isorad Licence Agreement shall prevail to the extent of any inconsistency. 

 

	3.3	 No other licence to be granted 

During the Term, the Licensor will not grant any other licence to any third party to use the Isorad Technology or the Security Matters
Technology for use in the Field. 
  

	3.4	 Sub-licensing 

The Licensee may grant to a End User a sub-licence to the object code of software that forms part of
the Licensed Technology on commercial arms’ length terms, embedded within the intended hardware (for example a “Reader”) but may not offer the Licensed Technology for further licence or distribution or as a separable piece from the
originally intended Security Matters Technology. 
  

	3.5	 Extension of Licence and Additional Licences 

 

	 	(a)	 If the Licensor or any other third party creates Security Matters Developed IP during the Term, the Licensor
acknowledges that the grant of licence in clause 3.1(a)(i) extends to cover this Security Matters Developed IP , and the Licensor grants to the Licensee a licence on the same terms as the licence specified in clause 3.1(a)(i) in respect of the
Security Matters Developed IP and Isorad Developed IP relevant to the Field from the date of its creation, for the Term. 

  

	 	(b)	 If the Licensee has created any Licensee’s Improvements during the Terms in respect of Security Matters
Technology which is usable outside of the Field, the Licensee grants the Licensor an exclusive, irrevocable, perpetual royalty free worldwide licence to use the Licensee’s Improvements. 

  
 8 

	 	(c)	 Commencing immediately on creation, if the Licensee creates any Licensee’s Improvements during the Term in
respect of Isorad Technology, subject to the prior written consent of Soreq, the grant of licence in clause 3.1(a)(i) extends to cover such Licensee’s Improvements on the same terms as specified in clause 3.1(a)(i) for the remainder of the
Term. 

  

	 	(d)	 In the event any of the Security Matters Patents are not granted: 

 

	 	(i)	 the licence granted in clause 3.1 continues irrespective; and 

 

	 	(ii)	 where any of the Security Matters Patents are not granted and no longer constitute Confidential Information
under this agreement, then any restrictions or obligations pertinent to those Security Matters Patents that are not granted, no longer apply with immediate effect to the Licensee, End User, W.A. Mint Pty Ltd and their officers, employees and agents
and are deemed unenforceable against them. 

  

	4.	 Transfer From Licensor To Licensee 

To give effect to the licences granted in clause 3, the Licensor will provide to the Licensee the Materials (or provide full access to such
Materials) on the Commencement Date. 
  

	5.	 The Licensee’s Use Of The Isorad Patents And Security Matters Patents 

 

	 	(a)	 The Licensee will allocate or acquire sufficient resources to fully and diligently exploit the licences granted
in clause 3 in a manner best calculated to yield maximum benefit to both Licensor and Licensee; 

  

	 	(b)	 During the Term and subject to clause 5(c), the Licensee and W.A. Mint Pty Ltd covenant: 

 

	 	(i)	 to only use the Isorad Patents and Security Matters Patents in relation to the Field; 

 

	 	(ii)	 not to deliberately have any Involvement in or with any Restricted Business; and 

 

	 	(iii)	 not to deliberately employ any competing technologies in the Field and warrant that the Security Matters
Technology will be the only covert marking technology employed in the Field 

  

	 	(c)	 The Licensor acknowledges and agrees that if the Licensee, W.A. Mint Pty Ltd, or any End Users, are required,
directed or instructed by published written document, [REDACTED] then the obligations and covenants in this clause 5 do not apply to the Licensee, W.A. Mint Pty Ltd, or the End Users, to the extent required to comply with that requirement or
direction. 

  

	 	(d)	 In the event that any party becomes aware that a requirement or direction from [REDACTED] is being considered
that would impact this Agreement, that party must immediately notify all other parties under this Agreement in writing and detailing the pertinent facts. 

  
 9 

	6.	 Ownership Of Intellectual Property Rights 

 

	 	(a)	 Each party owns all Intellectual Property Rights developed independently of this agreement.

  

	 	(b)	 Ownership of all Intellectual Property Rights in any of the Licensee’s Improvements in respect of the
Security Matters Technology vests absolutely upon creation with the Licensor. 

  

	 	(c)	 Ownership of all Intellectual Property Rights in any of the Licensee’s Improvements in respect of the
Isorad Technology vests absolutely upon creation with the Licensor and Soreq jointly. The Licensor grants a royalty free, perpetual and worldwide licence to the Licensee to use the Licensee’s Improvements in respect of the Isorad Technology for
all purposes that are related to the Field and will use its best endeavours to obtain consent to this licence by Soreq, if requested by the Licensee. 

  

	7.	 Royalty Fees 

  

	7.1	 Royalty instalments 

 

	 	(a)	 The Licensee must pay the Royalty by monthly instalments in arrears within 14 days after the last day of each
calendar month. 

  

	 	(b)	 The Licensee must provide to the Licensor, together with each Royalty payment, a statement detailing all
Licensee Revenue for the relevant month and identifying the Royalty amount and any applicable taxes. 

  

	7.2	 R&D and cost reimbursement 

The Licensee must pay the agreed costs owing to the Licensor for reimbursement of R&D and other costs under the Licensee’s Business
Plan (if any) by monthly instalments in arrears within 7 days after the last day of each calendar month. 
  

	7.3	 Effect of termination 

If this agreement is terminated for any reason during a month, then the Royalty for that month is payable 14 days after termination. 

 

	7.4	 Taxes 

Each payment of Royalty by the Licensee must be made with an additional amount equal to any goods and services, consumption, value added or
similar tax applying to that Royalty payment or imposed on the supply in respect of which the Royalty payment is made. 
  

	7.5	 Late Payment Fee 

The Licensee must pay a Late Payment Fee for each Payment that is not made on the due date. The Licensee’s obligation to pay the Late
Payment Fee is without prejudice to the Licensor’s other rights under this agreement. 

  
 10 

	8.	 Infringement 

  

	8.1	 Monitoring obligations 

Each party must use best endeavours to monitor infringement of the Intellectual Property Rights subject to this agreement on a worldwide basis
and must notify the other party immediately if it becomes aware of any: 
  

	 	(a)	 actual or threatened infringement of the Intellectual Property Rights; 

 

	 	(b)	 an allegation of claim (written or otherwise) that the use of the Intellectual Property Rights by Licensor,
Licensee or any End User infringes any third party rights. 

  

	8.2	 Licensor’s right to take action in relation to Security Matters Technology and Isorad Technology

 The Licensor must take all reasonable actions at its cost to: 

 

	 	(a)	 take action in relation to any unauthorised use of the Intellectual Property Rights subject to this agreement
or any breach of confidence; or 

  

	 	(b)	 to defend the rights of Licensor to the Intellectual Property Rights subject to this agreement.

  

	9.	 Records 

  

	9.1	 Licensee must maintain records 

During the Term and for a period of 7 years after termination or expiration, the Licensee must maintain in a manner approved by the Licensor
accurate records and accounts of the Licensee’s Revenue and any other information reasonably required by the Licensor. 
  

	9.2	 Accountant or auditor may inspect records 

The Licensee must permit any reasonable request of the Licensor to have an accountant or auditor of the Licensor during ordinary business hours
to inspect and verify any records required to be maintained by the Licensee under clause 9.1 and any supporting records held by the Licensee. The Licensee must give all reasonable assistance to the accountant or auditor to carry out the inspection
and verification and permit the accountant or auditor to take copies of any of those records. 
  

	10.	 GST 

  

	 	(a)	 Words or expressions used in this clause which are defined in the GST Law have the same meaning in this clause.

  

	 	(b)	 Unless a Payment is expressly stated to be inclusive of GST, all Payments have been calculated without regard
to GST. 

  

	 	(c)	 If the whole or any part of any Payment is consideration for a taxable supply, (whether or not the Payment is
in whole or in part expressed as an amount of money), unless a Payment is expressly stated to be inclusive of GST, the recipient of the supply must pay to the supplier, as additional consideration, an amount equal to the GST: 

  
 11 

	 	(i)	 to the extent that GST payable by the supplier on the taxable supply is attributable to a tax period of the
supplier during which consideration is received for that taxable supply, at the same time that that consideration is received and to the extent that the GST is attributed to that tax period; or 

 

	 	(ii)	 to the extent that the GST payable by the supplier on the taxable supply is attributable to a tax period of the
supplier during which an invoice is issued by the supplier for that taxable supply, at the first time that any of the consideration is payable on the taxable supply and to the extent that the GST is attributed to that tax period; or

  

	 	(iii)	 to the extent that the GST payable by the supplier on the taxable supply is not covered by (i) or (ii), at
the end of the tax period to which the GST is attributable and to the extent that the GST is attributed to that tax period. 

  

	 	(d)	 The supplier must deliver to the recipient (or the payer of the relevant consideration if different to the
recipient) a Tax Invoice for any taxable supply made under this agreement on the earlier of: 

  

	 	(i)	 the date any claim for payment for the taxable supply is made to the supplier; or 

 

	 	(ii)	 the date any amount is payable by the recipient to the supplier in respect of the taxable supply.

  

	 	(e)	 If a Payment to a party is a reimbursement or indemnification, calculated by reference to a loss, cost or
expense incurred by that party, then that Payment will be reduced by the amount of any input tax credit or reduced input tax credit to which that party is entitled for that loss, cost or expense. That party will be assumed to be entitled to full
input tax credits unless it can show the payer, to its reasonable satisfaction, otherwise prior to the date of any Payment. 

  

	 	(f)	 If an adjustment note is required by the GST Law to be provided by the supplier to the recipient or payer in
respect of any taxable supply made under this agreement, the supplier must deliver the adjustment note to the recipient or payer: 

  

	 	(i)	 where the supplier causes the relevant adjustment event, within 5 days of the date of that adjustment event; or

  

	 	(ii)	 otherwise, within 5 days after the supplier becomes aware of the relevant adjustment. 

 

	 	(g)	 If a party is a member of GST group, references to GST for which the party is liable and to input tax credits
to which the party is entitled include GST for which the representative member is entitled. 

  

	 	(h)	 No later than 10 days after the date of this agreement, the supplier will inform the recipient in writing of
the supplier’s Australian Business Number. 

  
 12 

	11.	 Limitation Of Liability 

 

	11.1	 Licensee exploits the Isorad Technology and Security Matters Technology at its own risk

 Except to the extent the Licensee is otherwise permitted to rely on this agreement or provided for in the agreement,
the Licensee agrees that it exploits the Isorad Technology and Security Matters Technology and researches, develops, uses, produces and markets the Products at the Licensee’s own risk. 

 

	11.2	 Exclusion of warranties 

Except as otherwise set out in this agreement, the Licensor has not made any and excludes all warranties, terms, conditions or undertakings,
whether express or implied, written or oral, statutory or otherwise including: 
  

	 	(a)	 any implied warranty of merchantability or of fitness for a particular purpose in respect of the Isorad
Technology or the Security Matters Technology, or its suitability for researching, developing, using, producing and marketing the Products; 

  

	 	(b)	 any warranties as to the validity or scope of any of the Isorad Patents or the Security Matters Patents;

 and to the full extent permitted by the laws of the Territory having jurisdiction, any conditions or warranties imposed
by legislation are excluded. 
  

	11.3	 Exclusion of indirect and consequential loss 

 

	 	(a)	 To the full extent permitted by the laws of the Territory having jurisdiction, the Licensor will not be liable
for any special, indirect or consequential loss or damages which do not arise naturally from a breach of this agreement and according to the usual course of things, including any indirect loss of profit arising in connection with this agreement.

  

	 	(b)	 To the full extent permitted by the laws of the Territory having jurisdiction, neither the Licensee nor any End
User will be liable for any special, indirect or consequential loss or damages which does not arise naturally from a breach of this agreement and according to the usual course of things, including any indirect loss of profit arising in connection
with this agreement. Notwithstanding the exclusion in this clause 11.3(b), the Licensee and any End User will not be entitled to rely on this exclusion where they have deliberately acted outside of the rights granted to it under clause 3.1 and 3.4
(as applicable) and / or breached the obligations in clause 17. 

  

	 	(c)	 To the full extent permitted by the laws of the Territory having jurisdiction, W.A. Mint Pty Ltd’s
liability in connection with this agreement (whether in contract, tort (including negligence), right of indemnity, or statute) will not under any circumstance exceed (cumulatively and in the aggregate) the sum of the Royalties paid to the Licensor
in the past 12 months. 

  
 13 

	12.	 Indemnities 

  

	12.1	 Indemnity by the Licensee 

The Licensee indemnifies and releases and must keep indemnified and released the Licensor, Isorad and their officers, employees and agents from
and against all actions, claims, demands, costs or expenses (including legal costs on a solicitor and own client basis) in connection with any injury (including death) to any person or loss of or damage to property which may arise from or as a
result of: 
  

	 	(a)	 any unlawful or Grossly Negligent act or omission of Licensee, its officers, employees and agents; or

  

	 	(b)	 infringement of any third party’s Intellectual Property Rights directly attributable to the
Licensee’s misuse and modification of the Isorad Technology or the Security Matters Technology, where the Licensee has actual knowledge of the third party’s Intellectual Property Rights, 

 

	12.2	 Indemnity by the Licensor 

The Licensor indemnifies and releases and must keep indemnified and released the Licensee, WA Mint, and their officers, employees and agents
from and against all actions, claims, demands, costs or expenses (including legal costs on a solicitor and own client basis) in connection with: any injury (including death) to any person; or loss, damage, expense, or liability of any form, which
may arise from or as a result of: 
  

	 	(a)	 any unlawful or Grossly Negligent act or omission of the Licensor, its officers, employees and agents; or

  

	 	(b)	 infringement of any third party’s Intellectual Property Rights arising from exploitation of the Isorad
Technology or Security Matters Technology by the Licensee in accordance with permitted rights in this agreement, 

  

	12.3	 Contribution 

A party’s liability under clauses 12.1 or 12.2 (as applicable) will be reduced proportionately to the extent that any unlawful or
negligent act or omission of that party or any of that party’s officers, employees or agents contributed to the injury, death or loss or damage to property referred to in clause 12.1 or 12.2 (as applicable). 

 

	13.	 Intellectual Property Registrations And Recordals 

 

	13.1	 Registration and recordals 

 

	 	(a)	 The Licensor will make (and will use best endeavours to ensure that Isorad makes) all best commercial efforts
to obtain and prosecute the grant of a patent (in a manner which maximises scope and minimises the risk of invalidity) pursuant to each application made at the date of this agreement and made in respect of any of the Security Matters Patents and
Isorad Patents, subject to reimbursement as set out in the Business Plan (if any). The Licensor must (and must use best endeavours to procure that Isorad) maintain and renew for the duration of the Term all Security Matters Patents and Isorad
Patents. 

  
 14 

	 	(b)	 The Licensee will not: 

 

	 	(i)	 record or attempt to record any interest in the Security Matters Patents or Isorad Patent Rights with public
authorities in any part of the Territory; or 

  

	 	(ii)	 challenge the validity of the Isorad Patents or Security Matters Patents or Security Matters Patent Rights or
Isorad Patent Rights and the Intellectual Property Rights included in the Security Matters Technology or Isorad Technology. 

  

	13.2	 Ownership of Generated Data 

 

	 	(a)	 The Licensee will own all Generated Data it creates. 

 

	 	(b)	 The Licensee agrees to use the blockchain solution and cloud based solution that the Licensor advises from time
to time to match the Licensor’s Generated Data and for date interoperability. 

  

	 	(c)	 The Licensee grants to the Licensor, a free non-exclusive, irrevocable,
perpetual, royalty free licence to use the Generated Data (subject to the requirements of, and compliance with, any privacy laws, including the Privacy Act 1988 (Cth)) to the extent that it relates to the Isorad Technology or the Security Matters
Technology anywhere in the Territory. 

  

	 	(d)	 The Licensor must not use the Generated Data in any manner that would constitute Restricted Business or would
create a commercial conflict with the Licensor. 

  

	14.	 Infringement And Third Party Proceedings 

 

	14.1	 Notice of infringement 

During the Term, each party must give the other party notice of: 
  

	 	(a)	 any claim or allegation that the exercise of the rights under this agreement constitutes an infringement of the
rights of any third party; and 

  

	 	(b)	 any third party’s infringement or threatened infringement of any Intellectual Property Rights in the
Isorad Technology or Security Matters Technology, of which it becomes aware. 

  

	14.2	 Response to infringement by a third party 

The parties will confer as to what steps (if any) are to be taken against any person infringing either the Isorad Patents or Security Matters
Patents or other Intellectual Property Rights in the Isorad Technology or the Security Matters Technology, and: 
  

	 	(a)	 the Licensee will be solely responsible for all costs (including legal costs), damages and expenses incurred
where the infringement relates to matters within the Field as the Licensee determines appropriate and will be solely entitled to any damages, profits or other compensation recovered by such proceedings. At the expense of the Licensee, the Licensor
will furnish to it all reasonably necessary assistance in relation to the proceedings; and 

  

	 	(b)	 the Licensor will be solely responsible for all costs (including legal costs), damages and expenses incurred
where the infringement relates to matters outside the Field 

  
 15 

	 	
as the Licensor determines appropriate and will be solely entitled to any damages, profits or other compensation recovered by such proceedings. At the expense of the Licensor, the Licensee will
furnish to it all reasonably necessary assistance in relation to the proceedings. 

  

	14.3	 Survival of clause 

This clause 14 survives expiration or earlier termination of this agreement. 

 

	15.	 Insurance 

  

	15.1	 Licensee to maintain insurance 

Each party must maintain throughout the Term professional indemnity, product liability and third party liability insurance with cover as agreed
in the Business Plan for each policy in respect of its exploitation of the Isorad Technology and Security Matters Technology. 
  

	15.2	 Requirements for insurance policy 

Each insurance policy taken out by the Licensor or Licensee must: 
  

	 	(a)	 note the Licensor or Licensee (as applicable) as a named insured under the policy; 

 

	 	(b)	 include a cross liability clause to the effect that every named insured under the policy is separately insured
under the policy and can therefore operate the policy and sue any of the other named insured parties, 

 and, as far as is
possible and to the extent that the premium on a policy including the following provisions is reasonable and does not result in a material price difference, must: 
  

	 	(c)	 include advance payment of defence costs; 

 

	 	(d)	 include payment of penalties and fines; and 

 

	 	(e)	 provide that where the insurer wishes to settle a dispute or action and the relevant insured or insureds do not
wish to so settle, the matter will be referred for determination by expert counsel relevant to the dispute (counsel to be agreed upon between the insurer and insureds or, failing agreement, appointed by the Australian Commercial Disputes Centre).
The expert’s decision whether or not to settle will be binding on the insurer and the insureds. 

  

	15.3	 Evidence of insurance 

Each party must produce evidence to the other of the currency of the insurance polices referred to in this clause 15 on request in writing from
the other party. 
  

	15.4	 Compliance 

Each party must comply with the terms of all insurance policies taken out under this agreement. 

  
 16 

	15.5	 Survival of obligations 

Each party’s obligations under this clause 15 survive expiration or earlier termination of this agreement for a period of 10 years from
the date of the latest of expiry or early termination. 
  

	15.6	 Insurance requirements for End Users 

The Licensee will use its best endeavours to ensure that any sub-licence granted by the Licensee over
the Security Matters Technology includes provisions to no less effect and extent than in this clause 15. 
  

	16.	 Termination 

  

	16.1	 When the parties may terminate this agreement 

Either party may terminate this agreement immediately by written notice if the other party: 

 

	 	(a)	 ceases to be a party to the Shareholders Agreement; 

 

	 	(b)	 materially breaches any term of this agreement which is capable of remedy, and does not remedy that breach
within 90 days of being requested by the requesting party in writing to do so; 

  

	 	(c)	 materially breaches this agreement and that breach is not capable of remedy; 

 

	 	(d)	 ceases to carry on business; or 

 

	 	(e)	 suffers an Insolvency Event. 

 

	16.2	 Termination for convenience 

The Licensee and/or the Licensor may terminate this agreement for convenience at any time after the third anniversary of the execution of this
Agreement on 24 months’ written notice. 
  

	16.3	 Termination by Licensor 

 

	 	(a)	 If lsorad terminates the license granted to the Licensor under the Isorad Licence Agreement and any applicable
cure period has expired, the Licensor may terminate this agreement as it relates to the Isorad Technology. 

  

	 	(b)	 For clarity, if clause 16.3(a) occurs, the licences granted in clause 3.1 continue (to the extent feasibly
possible, including as they relate to the Security Matters Technology); 

  

	16.4	 Consequences of termination 

Subject to clause 16.3(b), if this agreement is terminated: 
  

	 	(a)	 the Shareholders Agreement may be terminated by the Licensor; 

 

	 	(b)	 termination will not affect the rights or obligations which have accrued up to the date of termination or any
other rights and obligations which under the terms of this agreement are expressed to survive or are capable of surviving termination; 

  
 17 

	 	(c)	 the Licensee must stop using and exploiting the Isorad Technology and / or the Security Matters Technology;

  

	 	(d)	 the Licensee must return to the Licensor all Confidential Information and destroy any products developed, or
produced from the Isorad Technology and / or the Security Matters Technology; 

  

	 	(e)	 clauses 16.4(a), 16.4(c) and 16.4(d) will apply in relation to all of the Isorad Technology and / or the
Security Matters Technology and any sub-licence granted by the Licensee of the Security Matters Technology and will be novated to the Licensor on the same terms as are contained in the sub-licence between the Licensee and the End User. 

  

	17.	 Confidential Information 

 

	17.1	 Obligation 

Subject to this clause, each party must maintain in confidence all Confidential Information and ensure that the Confidential Information is
kept confidential. 
  

	17.2	 Exceptions to confidentiality 

A party (Recipient) may reveal Confidential Information of another party (Provider): 

 

	 	(a)	 if required by law or by any stock exchange to disclose, in which case the Recipient must immediately notify
the Provider of the requirement and must take lawful steps and permit the Provider to oppose or restrict the disclosure to preserve, as far as possible, the confidentiality of the Confidential Information; 

 

	 	(b)	 if the Confidential Information is in or enters the public domain for reasons other than a breach of this
agreement; 

  

	 	(c)	 if the Confidential Information is disclosed to the Recipient by a third party legally entitled to disclose
that information and who is not under an obligation of confidentiality to the Provider; or 

  

	 	(d)	 to its professional advisers to obtain professional advice. 

 

	17.3	 Survival of clause 

This clause 17 will survive the termination of this agreement. 
  

	18.	 Assignment 

This agreement is personal to each party and neither party may assign the rights or benefits of this agreement to any person except: 

 

	 	(a)	 if the proposed assignment is to a related body corporate, after obtaining the consent of the other party,
which the other party must not withhold if it is reasonably satisfied that the related body corporate has sufficient assets, resources and expertise to perform all of the obligations of the assigning party under this agreement; or

  
 18 

	 	(b)	 if the proposed assignment is to any other person, with the prior consent of the other party, which the other
party may give conditionally or withhold at its absolute discretion. 

  

	19.	 Post termination Restraints 

 

	19.1	 Qualification 

Clause 19.3(a) will not apply, or any if W.A. Mint Pty Ltdis required, directed or published in writing by the [REDACTED] 

 

	19.2	 Circumstances 

The Licensee acknowledges that it will: 
  

	 	(a)	 have a high level of access to Confidential Information; 

 

	 	(b)	 gain knowledge of the Security Matters Technology well beyond that in general circulation;

  

	 	(c)	 have knowledge of, and influence over, the clients of the Licensor because of the personal relationships the
Licensee will form; 

  

	 	(d)	 as a result of each of the foregoing, have the ability to cause significant damage to the Licensor,

 (collectively the Circumstances). 
  

	19.3	 Restrictive covenants 

To protect the Licensor’s interests in light of the Circumstances, the Licensee and W.A. Mint Pty Ltd agree that they will not, during the
Restraint Period and in the Restraint Area: 
  

	 	(a)	 (compete) have any Involvement in or with any Restricted Business; or 

 

	 	(b)	 (solicit Business Contacts) directly or indirectly: 

 

	 	(i)	 solicit or attempt to solicit any Business Contact, where such solicitation in any way relates to products or
services provided by the Licensor or to be received by the Licensor from the Business Contact; or 

  

	 	(ii)	 divert, entice or take away, or attempt to divert, entice or take away, any Business Contact; or

  

	 	(c)	 (solicit Prospective Business Contacts) directly or indirectly: 

 

	 	(i)	 solicit or attempt to solicit any Prospective Business Contact, where such solicitation in any way relates to
products or services proposed to be provided by the Licensor or proposed to be received by the Licensor from the Prospective Business Contact; or 

  

	 	(ii)	 divert, entice or take away, or attempt to divert, entice or take away, any Prospective Business Contact; or

  
 19 

	 	(d)	 (solicit personnel) directly or indirectly, offer to hire, entice away, or in any other manner persuade
or attempt to persuade any director, officer, employee, agent or representative of the Licensor who has held that position at any time within 12 months of the date of solicitation, to discontinue his, her or its relationship with the Licensor; or

  

	 	(e)	 (assist or procure) directly or indirectly assist any person to, or procure that any person, do any of
the acts or anything else contemplated by clauses (a) to (d) above (as applicable), 

 (each a Restraint). 

 

	19.4	 Separate Restraints 

 

	 	(a)	 Clause 19.3 has effect as comprising each of the separate provisions which results from application of the
Restraint Period and the Restraint Area to each category of conduct referred to in clauses 19.3(a) through 19.3(e). 

  

	 	(b)	 Each of these separate provisions operates concurrently and independently. 

 

	 	(c)	 If any separate provision referred to in clause 19.3 is unenforceable, illegal or void, that provision is
severed and the other provisions remain in force. 

  

	 	(d)	 If any separate provision in clause 19.3 is unenforceable, illegal or void in a jurisdiction but not in another
jurisdiction, then that provision is severed only in respect of the operation of this Agreement in the jurisdiction where it is unenforceable, illegal or void. 

 

	 	(e)	 For the avoidance of doubt, the parties intend that: 

 

	 	(i)	 the Restraint Area be the largest area enforceable and, if necessary, the Restraint Areas in the definition of
“Restraint Area” in clause 19.8 be read in such a manner that the parties have listed them in descending order of preference; and 

  

	 	(ii)	 the Restraint Period be the longest period enforceable and, if necessary, the Restraint Periods in the
definition of “Restraint Period” in clause 19.9 be read in such a manner that the parties have listed them in descending order of preference. 

  

	19.5	 Exceptions 

Nothing in clause 19.3 precludes the Licensee from: 
  

	 	(a)	 owning marketable securities of a corporation or trust which are listed on a recognised stock exchange in
Australia or elsewhere provided that the Licensee holds not more than 1% of the total marketable securities of the corporation or trust; or 

  

	 	(b)	 being Involved in a part of the business of any entity that in no way competes with the Company.

  
 20 

	19.6	 Restraints reasonable 

In light of the Circumstances the Licensee acknowledges that each of the separate provisions in clause 19.3 is a fair and reasonable restraint
of trade. 
  

	19.7	 Remedies 

The Licensee acknowledges that: 
  

	 	(a)	 a breach of clause 19.3 would be harmful to the business interests of the Group and monetary damages alone
would not be a sufficient remedy for a breach of clause 19.3; and 

  

	 	(b)	 in addition to any other remedy which may be available in law or equity, the Company, (any Group Company or any
combination of them) is entitled to interim, interlocutory and permanent injunctions (or any of them) to prevent breach of clause 19.3 and to compel specific performance of it. 

 

	19.8	 Definition of Restraint Area 

Restraint Area means: 
  

	 	(a)	 Worldwide or if that is not enforceable; 

 

	 	(b)	 Europe, Asia, North and South America, the Middle East, Australia and New Zealand or if that is not
enforceable; 

  

	 	(c)	 Europe, Asia, Australia, North and South America, and New Zealand or if that is not enforceable;

  

	 	(d)	 Asia, Australia and New Zealand, the United States or if that is not enforceable; 

 

	 	(e)	 Australia, United States and New Zealand or if that is not enforceable; 

 

	 	(f)	 Australia. 

  

	19.9	 Definition of Restraint Period 

Restraint Period means for a period of: 
  

	 	(a)	 24 months from the date of termination of this Agreement; or if that is not enforceable; 

 

	 	(b)	 12 months from the date of termination of this Agreement; or if that is not enforceable; 

 

	 	(c)	 6 months. 

  

	20.	 Warranties Of Capacity 

 

	20.1	 Representations and warranties 

The Licensor represents and warrants to the Licensee and W.A. Mint Pty Ltd (both on the date of this agreement and each day up to and including
the Termination Date) that: 

  
 21 

	 	(a)	 Rights, title and interest: it has all right, title and interest to grant the rights it grants to the
Licensee under this agreement (including full rights to grant the licenses set out in the agreement to the Isorad Technology and the Security Matters Technology); 

 

	 	(b)	 Non-infringement: the Licensee’s (and any End User’s)
use or exploitation of the Isorad Technology or Security Matters Technology in accordance with permitted rights in this agreement, will not infringe the Intellectual Property Rights of any third party; 

 

	 	(c)	 proper authorisation: its execution and delivery of this document has been properly authorised by all
necessary corporate action; 

  

	 	(d)	 corporate power: it has full corporate power and lawful authority to execute and deliver this document
and to perform or cause to be performed its obligations under this document; 

  

	 	(e)	 no breach: its execution of this document will not result in the breach of or default under any material
term or provision of any agreement or deed, or any writ, order or injunction, judgment, law, rule or regulation to which it is a party or is subject or by which it is bound; 

 

	 	(f)	 no third party right: to its knowledge, other than Soreq, there is no right of a person other than the
Licensor in respect of the Intellectual Property Rights subject to this agreement which conflicts with the rights granted to the Licensee under this agreement or which entitles the person to dispute the use of such Intellectual Property Rights by
the Licensee or its end user customers; 

  

	 	(g)	 no actions: to its knowledge there are no actions, claims, proceedings or investigations pending or
threatened against it or by, against or before any person which may have a material effect on the subject matter of this document; 

  

	 	(h)	 documents effective: this document constitutes its legal, valid and binding obligations, enforceable
against it in accordance with its terms (except to the extent limited by equitable principles and laws affecting creditors’ rights generally), subject to any necessary stamping or registration; 

 

	 	(i)	 no contravention: neither the execution of this document nor the carrying out by it of the transactions
that this document contemplates, does or will: 

  

	 	(i)	 contravene any law to which it or any of its property is subject or any order of any government agency that is
binding on it or any of its property; 

  

	 	(ii)	 contravene any undertaking or instrument binding on it or any of its property; or 

 

	 	(iii)	 contravene its constitution. 

 

	20.2	 Reliance on representations and warranties 

The Licensor acknowledges that the Licensee has executed this document and agreed to take part in the transactions that this document
contemplates in reliance on the representations and warranties that are made or repeated in this clause 19. 

  
 22 

	20.3	 General warranties 

Each party warrants to each other party that: 
  

	 	(a)	 this agreement creates legal, valid and binding obligations, enforceable against the relevant party in
accordance with its terms; and 

  

	 	(b)	 unless otherwise stated, it has not entered into this agreement in the capacity of trustee of any trust.

  

	20.4	 Power of attorney 

If an attorney executes this agreement on behalf of any party, the attorney declares that it has no notice of the revocation of that power of
attorney. 
  

	21.	 Resolution of disputes 

 

	21.1	 Procedure for Resolving Disputes 

 

	 	(a)	 Any dispute arising out of or in connection with this agreement, including any question regarding its
existence, validity or termination (Dispute) must be resolved in accordance with the procedure set out in this clause 21.1. 

  

	 	(b)	 Nothing in this clause 21 will prevent a party commencing court proceedings for the purposes of seeking urgent
injunctive or similar interim relief from a court. 

  

	 	(c)	 The sequence to resolve a Dispute is as follows: 

 

	 	(i)	 (negotiation) First, the Dispute will be resolved by negotiation in accordance with clause 21.2.

  

	 	(ii)	 (court) Second, if the Dispute remains unresolved (in whole or part) after the expiration period for
negotiation referred to in clause 21.2, then a Party will be entitled to commence court proceedings. 

  

	 	(d)	 Unless another Party fails to comply with any of the procedures set out in clause 21.2, and without prejudice
to clause 21.1(b), a Party is not entitled to commence court proceedings in relation to a dispute unless and until the procedures set out in clause 21.2 are complied with according to the sequence in clause 21.1(c) . 

 

	 	(e)	 Until a Dispute is finally agreed, determined, adjudicated or settled in accordance with the foregoing
provisions of this clause 21.1, the status quo will remain in relation to such matter. 

  

	21.2	 Negotiation 

  

	 	(a)	 (Dispute notice): A Party may give a Dispute notice to the other Party(s) in accordance with clause
21.2(b) setting out the matters the subject of the Dispute. 

  

	 	(b)	 (Requirements for Notice) A notice given under clause 21.2(a) must include or be accompanied by
reasonable particulars of the matters the subject of the Dispute and contain the position (including reasons for that position) of the Party who delivered the notice. 

  
 23 

	 	(c)	 (Good faith negotiation) The parties involved in the Dispute must attempt to resolve the Dispute within
10 Business Days (or such shorter period as the parties may agree in writing) from the date on which the Party receives a Dispute notice under clause 21.2(a). 

 

	 	(d)	 (Representatives negotiations) If the Dispute has not been resolved within the specified time period set
out in clause 21.2(c), then the parties must each appoint a representative with authority to negotiate in good faith (together, the Representatives) in an attempt to resolve the Dispute as soon as practicable and, in any event, within 5 Business
Days. 

  

	 	(e)	 (Representatives) The Representative appointed by: 

 

	 	(i)	 Licensor, is Haggai Alon; and 

 

	 	(ii)	 WA Mint and the Licensee, is Richard Hayes. 

 

	 	(f)	 (joint decision binding) The joint decision (if any) of the Representatives will be reduced to writing
and will be contractually binding on the parties. 

  

	21.3	 Costs 

Each Party will bear their own costs (including legal costs) in relation to any good faith negotiations undertaken pursuant to clause 21.2(c)
and any representatives negotiations undertaken pursuant to clause 21.2(d). 
  

	22.	 General Provisions 

 

	22.1	 Entire agreement 

This agreement constitutes the entire agreement between the parties regarding the matters set out in it and supersedes any prior
representations, understandings or arrangements made between the parties, whether orally or in writing. 
  

	22.2	 Variation 

This agreement must not be varied except by a later written document executed by all parties. 

 

	22.3	 Waiver 

A right created by this agreement cannot be waived except in writing signed by the party entitled to that right. Delay by a party in exercising
a right does not constitute a waiver of that right, nor will a waiver (either wholly or in part) by a party of a right operate as a subsequent waiver of the same right or of any other right of that party. 

 

	22.4	 Further assurances 

Each party must promptly execute all documents and do every thing reasonably necessary or desirable to give full effect to the arrangements
contained in this agreement. 
  

	22.5	 Governing law and jurisdiction 

 

	 	(a)	 The laws applicable in Western Australia govern this agreement. 

  
 24 

	 	(b)	 The parties submit to the non-exclusive jurisdiction of the courts of
Western Australia and any courts competent to hear appeals from those courts. 

  

	22.6	 Severance 

If any clause or part of any clause is in any way unenforceable, invalid or illegal, it is to be read down so as to be enforceable, valid and
legal. If this is not possible, the clause (or where possible, the offending part) is to be severed from this agreement without affecting the enforceability, validity or legality of the remaining clauses (or parts of those clauses) which will
continue in full force and effect. 
  

	22.7	 Preservation of existing rights 

The expiration or termination of this agreement does not affect any right that has accrued to a party before the expiration or termination
date. 
  

	22.8	 No merger 

Any right or obligation of any party that is expressed to operate or have effect on or after the completion, expiration or termination of this
agreement for any reason, will not merge on the occurrence of that event but will remain in full force and effect. 
  

	22.9	 Relationship of parties 

Unless otherwise stated: 
  

	 	(a)	 nothing in this agreement creates a joint venture, partnership, or the relationship of principal and agent, or
employee and employer between the parties; and 

  

	 	(b)	 no party has the authority to bind any other party by any representation, declaration or admission, or to make
any contract or commitment on behalf of any other party or to pledge any other party’s credit. 

  

	22.10	 Good faith 

Each party must act in good faith towards all other parties and use its best endeavours to comply with the spirit and intention of this
agreement. 
  

	22.11	 Legal expenses 

Each party must pay its own legal costs and disbursements in connection with the negotiation, preparation, execution and carrying into effect
of this agreement. 
  

	22.12	 Notices 

Form 
 Any notice, demand,
consent, approval, request or other communication (notice) to be given under this agreement must be in writing in the English language and must be given to the recipient at its address for service by being: 

 

	 	(a)	 hand delivered; 

  

	 	(b)	 sent by email transmission; 

  
 25 

	 	(c)	 sent by prepaid ordinary mail within Australia; or 

 

	 	(d)	 sent by prepaid Express Post International airmail to the address for service of the recipient party, if the
address for service of the sender and the recipient are in different countries. 

 Time 

A notice is given if: 
  

	 	(e)	 hand delivered, on the date of delivery; 

 

	 	(f)	 sent by email transmission during any Business Day, on the date that the sending party’s electronic
equipment reported that the email had been delivered; 

  

	 	(g)	 sent by prepaid ordinary mail within Australia, on the date that is 4 Business Days after the date of posting;
or 

  

	 	(h)	 sent by prepaid Express Post International airmail between countries, on the date that is 10 Business Days
after the date of posting. 

 Initial service details 

The addresses for service are initially as follows, however, each party may notify the other parties of their new address for service from time
to time: 
 Security Matters: 

Address: c/- K&L Gates, Level 25, 525 Collins Street, Melbourne 

Electronic mail: haggai@securitymattersltd.com 

Attention: Haggai Alon, CEO 

WA Mint: 
 Address:
310 Hay Street, East Perth, Western Australia 6005 
 Electronic mail: risk@perthmint.com 

Attention: Company Secretary 

True Gold: 

Address: 51B Marlow Street, Wembley, 6014 

Electronic mail: zeren@securitymattersltd.com 

Attention: Zeren Browne 
  

	22.13	 Counterparts 

This Agreement may be executed in any number of counterparts, each of which is an original. All of the counterparts together constitute the one
document, as if the signatures on the counterparts were on a single copy of this Agreement. A party who has executed a counterpart of this Agreement may deliver it to, or exchange it with, another party by emailing a pdf (portable document format)
copy of the entire executed counterpart to that other party at its address for service for electronic mail. 
 EXECUTED as an
agreement. 

  
 26 

 Executed as an agreement 
  

					
	Executed by Security Matters Ltd (Israel) by a duly authorized person in accordance with the laws of Israel:	 	 )
 )

)
	 	
			
	/s/ Haggai Alon	 		 	   

	Signature of Director	 		 	Signature of Witness
			
	Haggai Alon	 		 	 
	Name of Director	 		 	Name of Witness

  

					
	Executed by True Gold Consortium Pty Ltd ACN 641 483 374 in accordance with section 127(1) of the Corporations Act 2001 (Cth):	 		 	
			
	/s/ Zeren Browne	 		 	   

	Signature of Director	 		 	Signature of Director or Company Secretary
			
	Zeren Browne	 		 	 
	Name of Director	 		 	Name of Director or Company Secretary

  

					
	Executed by W.A. Mint Pty Ltd ACN 054 024 314 in accordance with section 127(1) of the Corporations Act 2001 (Cth):	 		 	
			
	/s/ Richard Hayes	 		 	/s/ David J. Koch
	Signature of Director	 		 	Signature of Director or Company Secretary
			
	Richard Hayes	 		 	David J. Koch - Company Secretary
	Name of Director	 		 	Name of Director or Company Secretary

  
 27

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